iSs 
THE tropical agriculturist, [September i, 1891. 
snd at the time when produce was b(-in% brouRht by 
thousands of tons into Port Lonis— that market was 
in a state of panin, and baycrs, bciug cut off an tlioy 
were by want of telegraphic comrannioatiou with the 
rest of the world, and bewildered by the reports re- 
ceived by every fresh mail, completely lost all their 
spirit and ooulidence. This, theretore, was one set of 
difficulties with which wo bad to contend. And thou, 
again, secondly as to (leylon. The report itself ex- 
plains to yon how the expense of the maintenance of 
our estates there was iiicreaned by the high price of 
silver remittances from Europe to the cast. The average 
cost ot the rupee was mnehabovethat of late years, and, 
consequently, except for any provision we could make 
by financial management to oonuteraol tliis source of 
loss, the cost of laying down Iho rupees to provide for 
the upkeep of the properties was enhanced. If any 
further explanation is required of tliese matters, I 
cannot do better than to read to you an extract from 
an able address lately delivered on the same sub- 
ject : — “ The year und- r review has been an excep- 
tional year as far as the crop is concerned. It looked 
promising for a considerable period, and it was only 
when the ciushings look place that the result was 
found to be not only below the estimate, but con- 
siderably below the average. That was one of the 
oiroumetanoes we had no abrolute control over and 
the next to combine with it was that at the particular 
juncture when our sugars were sent to the market, 
there were violent fluctuations and nncontrollablo con- 
tortions of the silver market. This, gentlemen, 
coming exactly at the moment when our sugars were pul 
upon the market, was of course mort serious. I do 
not propose to go into tho vast and wide questions 
connected with silver, but I will only point out to you 
that tho effect of these fiuotustiuns upon tho result of 
the working of the year to us was this, that the ex- 
pense in planting and maturing our crop and bringing 
it to the market was as though we had paid with 
half-crowns, and when we had to sell, we had to sell in 
florins.” That, gentlemen, expresses tho aitnatiou very 
clearly, and in counectiou with this there are some 
points to which 1 may advert in the balance-sheet, fu 
that account, after the statement of capilal, which is 
the same as lust year, ociue the acoeptances which are 
less by some Td.OOt) or £5,000 than provioosly ; but the 
Bcoonntsipayablo on the other band are more. This 
however, is amply accounted for by the slow realiaa! 
lions of sugar from our own estates and thoae estates 
with which no are connected. Money was every- 
where going out, and very little is coming in ; 
but, besides this, if you look at the aasets 
side of the account, you will see that the 
lii bilily is fully oountorbalanced there by the value 
of the stocks of sugar, tea, cinoboim, cocos, coffee, 
and csrdsmcmi in hand, amonutiog to about £4j),000. 
With regard to this I my hero mention that wo 
have placed the values 01 the stocks of sugar, tra, 
cinchona, &c., together this year instead of seirarat- 
iug them in order to compare at a glance tlie values 
with tho values put iu the profit and loss account 
below under the head of “ Produce in hand.” With 
regard, then, to the much larger stocks of produce 
unsold and iu band this year than at the corres- 
ponding date last yoar, the slate of things in the 
market iu Mauritius amply accounts for iti The surplus 
produce consisted of stocks of sugar which could not 
till after some delay be readsed, except at a great 
sacrifice. Ey waiting, as our manager has done, a 
great part has been satisfactorily sold, and soon very 
little sugar will remain unsold iu Mauritius, f may also 
inform you that theso stocks have keeu taken at very 
low prices, so that there is no doubt whatever as to tho 
most satiafaolory rralisution. Not to detain you 
longer, the account closes with a bHianoo of 
iT6,2‘22, as against iilS.SOO last year. And 
ourof this we recommend you to declare a dividend 
at the rate of 7 per cent on the preferred shares and 
6 per cent on the ordinary shares, in proportion to the 
amount of capital paid up. Turning back for a moment 
to the ryort, it is satisfactory to notice that the 
increase in the company’s tea has fully carried out 
the antioipitioDs which weto made in the forecast 
placed bef. -ra you some years ago. And also it is 
satisfactory to note that the position of the company’s 
tea with reference to the produce of other estates in 
Ceylon has been well maintained. We also mention 
improvements In msnufsoture. On out Britannia 
estate aililitional evaporating power has been added, 
and a large amount of canes can be treated other than 
the produce of the estate itself. The advautsges of 
tile system of the central factory are too well-known 
to need more reference. With regard to the other 
states in whioh we are interested, yuo will be glad to 
learn that an exception to the common deficiency of 
tlie sugar crop, to which I liavo alluded, wss presented 
m the enso of the Beau Sejoiir Company's estate. 
That company usually makes a crop ot soniothiug 
under seven and n-half million ponuds of sugar 
per auiinm ; but last year, that is, in tho 
year under review, it made 8.800,000 Ib. and it is 
expected that their crop will be a very good one this 
year. In closing thi se remarks upon sugar, gaotlo- 
men, I may point out to you the paragraph iu which 
wo mention that, after receiving the resigns tion of 
Mr. Msodouald, we elected Mr. Jsmes Shaw, lately 
connected with the firm of Meears. Parry & Co., of 
Mailras, to fill the place on our board. I have no 
doubt that bis name is well known to many of you 
as that of a promiuerit member of the Indian fi >anoial 
world, and also of the firm te whioh I havo alluded. 
As snob he has been interested tor many years in 
the management of Eastern estates, and he is also 
conversant with sugar mannfaotnre ami with the details 
of sugar machinery We expect the company will 
d- rive gnat bviufit from his advice aud nssistmee. 
In ooiiclasiun, gentlemen, tho reports whioh we 
have received from our estates show that they 
are all iu excellent condition, and that the mana- 
gers are very hopeful as to the yields during 
the coming season, and I trust that a year of fair 
prices and good oreps is before ns. I now bog to 
move that the directors’ report and statement of ac- 
counts to March 31sl 1801, be, and they are hereby 
adopted. 
Mr, James Shaw seconded, 
Mr. Field asked for some explanation with regard to 
the entry of i.2,600 on the debit side of the profit and 
I' sa account put down as *’ Balance of suspense account 
(stamps on share warrants) written I'fl.” 
The Chairman said the cost of the sh'>re warrants had 
been placed to a suspense aoe<>unt, which tbev had 
been gradnally writing off. The item of £2,000 now 
showed the writing off of Iho whole balance of that 
suspense account. They wonld be longer troubled with 
it henooforward. They were now quite free from tlie 
charge. 
Dr. Lloyd asked if the directors could give the share- 
holders a list of the estates and dotsila of the profit aud 
loss each year. 
Tho Chairman said he did not think it would be 
desirnble in the mlerosts of the oompany to give such 
information which might be made use of by competing 
companies. 
A shareholder wi.shod to know in the interest of 
the preferfiioo flbarebolderA how much remained to bo 
carried forward after tho payment of the 7 aud 6 per 
cent dividends. 
The Ohairmau : The amount carried forward ia £2392. 
Mr, Seton saiu the ebureholdera wonld be glad to 
have an expression of opiniQ0 from tho obairman as 
to the future pro-^pocts of tea in Oeylon. Those 
luterPBted m luUiaQ tra were regarding with some 
nnea«it'e«8 the eQurtnfmo inoreaiing production of tea 
in Coylon. It would be iuteresting to the shareholders 
to know what t he obairman thou*<ht abool tlie question 
of over-prodootioD. He was quite aware that Chir.a 
tea wa^ ialliug off, but the production Of the Indian 
article win lapidly iocroaoing and (.'oylon was coming 
on, and it seemed to him that uuIc^h new markets 
were opened up the result of all this prodnotiou would 
he to cause a heavy fall iu prices. Ho invited the 
ohnlriuaii to express his opinion on tho subject. 
The Ohaiiman said he thought the invitation 
g'Ten him to say a words on this subject was one 
w^ioh he ehonid not accept if he took the advice 
