AfRiL r, 1892.J 
I'HF TfJOPlCAL AGRICULTURIST. 
7^3 
from CJd to say 8d, or a much largrr business than 
is at present passitg would be inevitable. The 
quality of the bulk of the supplie-i on offer is slill 
UDsatisfaotory, and no larger business can be done 
in medium and fine grades until there is a change 
for the better in this respeot. The public sales 
comprised 15,137 packages, of which about l.OCO 
were withdrawn. The arrivals for the week are ; — 
The “Breconshire,” from Yokohama and Hong 
Kong; " Oonfaa ’’ and “ Polyphemus,” from Shang- 
hai, Foochow, Hong Kong and Oolombo ; “ Clan 
Grant ” and " Assaya ” from Calcutta and Oolrmbo; 
“ City of Calcutta “from Calcutta; and the “Avoca” 
from Colombo. — H. cO C. Mail, Jan. Ii9tb. 
• » 
HOEREKELLY ESTATES COMPANY, 
LIMITED. 
The annual ordinary general meeting of ahare- 
holdera of ibeabove Company aae held at their regia 
tered office No. 22, Baillie Street, F< rt, at about 1-30 
this afternoon, tbeie not leing a sufficient number ot 
members to term a quorum at the advertised time v z., 
1pm. Mr.H W. Bois (the Obairman of the Company) 
pri aided, and the others prearni were Mesare. C B. H. 
Symons (Managing D rector), K. Cbrietian and Percy 
Bois (Directors), V, A. Julius, A. Schulze, W. Ander- 
son, 8. Green, and It. L. M, Brown (Secretary). Several 
sharelioldurs were repiesri. ted by proxies. 
The notice convening the meeting was read and, the 
minutes of the previous meeting having also been read, 
were confirmed. 
The t HAiRMAN.io moving the adoption of the report 
and tbe accounts ciilmiited tberiwitb, said tbst, as 
they bad been in the bands of tbe shareholders fur 
some days past, they might be taken as read. 
He had little to add to the information contained 
therein, bnt be ft It bound to state that the resnlts 
for the year under review were disappointing in 
some messuro. for, whereas the crop of nuts gathered 
during last year was larger than that of the previous 
year, tbe profit for the year amounted to B20,024 38 
against H20,]88 in 1890. Tbe decn-sso in tbe profit 
nothwithstauding a larger crop, was due to increased 
expenditure, chitfiy under the item of manuring. Tbo 
directors bad earried out a system of manuring in the 
hope that correvpouding beoofils would aocute to tbe 
tharebolilers. Tbe amount spmt for manure last year 
wae 114,547 agsinst B2,lGd iu the year 1800 or an 
iuotesse of B2,381. If this item were deducted from 
the expenditure side in the accounts, they would still 
fall short of their expectations. It might be perhaps 
suggested that, as the beneficial rt suits will not be 
thewn tor many years, the coat should be carried to 
a suspense acionnt instead cf being brought in as a 
current expendi ure ; but tbe direoiois, after due oon- 
aideratiOD, bad decided that each year should carry 
its new expenditure, as they found by expeiiei.oe 
that an oppo tuno moment for bringing snob ex- 
pendituio iu'o 'he accoui ts rover arrived. There was 
an item of R1,0C0 onistand ng for a period of two 
years, be understood, on account of the new clesrUig, 
which has now been brought to accoi nt. and at the 
present moment there was no item of deferred ex- 
pinditure to be brought to acrount. It would bo 
observed that a sum ot H1968 b2 bed between written 
off for depreciation of Blent and Machiiery in tbe 
acQnunts, which has been done in acoorclai ce with the 
custom of tbo last two years. Tbe amount shown 
iu the accounts as the value of property held by tbe 
Company was largely in excess of its actual value, 
aud It was suggested that it would be a benefit to 
the Company if tbe capital were written down to the 
actual value of the estate. He did nut wish to press 
the matter at the present time beoau>e he would be 
leaving the island shortly ; but he would leave it to 
his snoeessors to take the necessary steps in that 
direction, and he would recommend the suggestion 
tdurse likely to tend to tho benefit of share- 
holders. The pluokinga of the nuts fell short owing 
to unfavoursble weather, and the crops which shon'd 
have been gathered in November aid Deceo her last 
have not yet bien colhcted, and will sccrrdingly 
come into this year's operation. He bad nothing to 
add, and concluded by troving tbe adoption of the 
report and com octed aoconuts. 
Mn. A. ScHungR seronded the motion, which on 
being put to the meeting was carried unanimously, 
Bisiug immediately after, the Cuaiuuan called 
attention to tbo fact that, whereas in last year’s ac- 
count a ba acceof only K820-24 was brought forward 
from 1800, they were now carrying forward the much 
largir sum of B2,457'38 which, perhaps, might enable 
them to declare abetter dividend for tbe current year. 
Mr. W. Andbbson proposed, and Mr. Gbxep secon- 
ded, that a dividend at the rate of S per cent per 
annum payable on the Isi of April next be declared on 
tbe ordinary shares. — Carried. 
Tbe CiiaibBan then stated that tbe next bus inea 
was to elect two directors in the place of Messrs. H. 
Bois end E. Gb'isiien. It was nereseery that they 
should be proposed by two sbareboldi rs not on tbe di- 
reolioD. As regards himself, be wae about to leave the 
island, and it would be necessary to elect a director in 
his place. 
Mr. V. A. Jruua proposed and Mr. Anderson secon- 
ded that Mr. Christian be re-elected director,— Oar- 
ried. 
Breposed by Mr. Percy Bois and seconded by Mr. 
C. E. H. Symons that Mr. Jnliusbe elected a director 
in place of Mr. B- ie. 
On the n.otion of Mr. SoHDlzE, seconded by Mr, 
Groen, Mr. S. T. Riclimund was appointed auditorfor 
1892 on a foe of KIOO. 
Ibore being no ether business to ho transacted the 
meeting terminated about 2 p.m. 
REPonT OP THE directors. 
1. Tbe accounts now submitted for 1891 shew that 
the profit on the year's working, after writing off 
Kl,9fi8'82 for depreciation of plant and machinery at 
the usnal rate, amounts to R]9,195 14, which, with the 
balance of R829'24 brought toi ward from 1890, makes 
a total of R20,024'38avuilablefnrdistribution. 
2. Tbe Directors recommindtbat a dividend at tbe 
rate of five per cent, be declareel on the paiii-np capi- 
tal of tbe company, thereby absorbing R17, 867— and 
leaving R2,487 38 as a balance to be oerried forward 
to 1892. 
3. It is satisfactory to note that tbe yield of copra 
is gradually increasing ; and, as the result of 
observation and experience, the direotors have re- 
solved to carry out a syslemsiio course of manuring 
the whole estate. Tbe expenditure under this bead- 
ing has in const quence been considerably increased, but 
every confidence is fell that ntuUs which should 
become apparent in 1893 will jneiift the outlay, pro- 
vided the tcasons are normal. The crop for 1892 
proroiess to be a fair one, and will probably not shew 
material iiifferenoe in outturn from that of last 3 ear 
4. The working of tho season 1889, 1890, and 1891 
compares as tollows (the item of interest being 
excluded) : — 
Expenditure on Estate 
Slid in Oolomto 
Office .. R33, 448-77 29,492-09 38,676 28 
Qu-iitity of Copperah 
produced 0..ndiea 805 941 
Do. Coir Filtre made 
Ballots .. 43,868 21,860 
Average price obtained for 
Coppersb per candy R39-3G 39 94 
Do. Coir Fibre, per owt. 4-54 616 
5. Two Directors — Messrs. Henry Bois and E. Cbriis- 
tian — retire and eligible for re-election. 
6. The Sbarelioldera have to appoint ea Auditor 
for 1892. 
996 
41,804 
41-08 
3-65 
By order of tho Board of Directors, 
R. Lewis M. Brown, 
Colombo, 6th February, 1892. Seoretary. 
— Local “ Times,’’ Feb. ICth, 
