The annual meeting of shareholders was held at the wfice of the General Agent, Mr. George McBain, on Thursday after: noon, 31st March, 1892. There were present Messre. G. McBain (Chairman) F. W, Such, J. Maitland (Dis A.J. Little, J. Limby, W. G. Gibson, A. Thurburr JW. Mactavish, H. Dyer, T. Pemberton, J. E, Judah, J. S. Nuzer, Drummond Hay, and M. Dyce, representing in all 431 shares, 'The notice convening the meeting having been read, 'The Chairman said—'The Directors' report and statement of accounts having been in your hands for some days I will with your permission take them as read.
Tam greatly afraid you must consider the result of operations for 1890 extremely unsatisfactory.
The tors quite share this feeling from an investor's point of view, but. explained at our last meeting planting ventures have al: uost invariably to contend with many unforeseen difficulties and lo in their infancy, and if they are sufficiently robust to overcome these, success is almost sure to follow. I think we possess the necessary vigour and I therefore look very hopefully on the Company's future, an opinion which I am glad to think is shared by my brother Directors and the compavy's manager.
The Amsterdam tobacco market was in a terribly depressed state throughout the whole of last season and sales as a rule were unprofitable, The feeling became more accentuated as the season advanced, until it seemed to culminate in somethigappronchin panic. From all information I can gather it would appear that the loss to planters simply on the sale of their produce must reach from $7,000,000 to $10,000,000.
Many who were accounted wealthy in the spring of the year were beggared in the autumn, 80 that altogether 1891 is a black-letter year for Sumatra, This astrous condition of affairs i! various causes, chief amongst them being the prohibitive Customs duty in force in the United States; many who have studied the question entertain the belief that American buyers must reappear this year notwithstanding tie crushing duty of G. $2 per Ib., there being no leaf which can compete with that of Sumatra as in every way a suitable wrapper for all classes of ci "According to latest, advices the tous of the Amsterdam market is improving and it is devoutly to be hoped it will return to its normal state before long, as but. few of the estates which have struggled through last year's adversities could survive a repetition of such experiences, A very strong
Text read from the printed page and cleaned; old type leaves the occasional error.