OnThuredayafternoon, the 16th inst., the amiral general meeting of the shareholders in this Company.was held at the oth ces of the General Agent, Mr. George McBain, who presided, There were present Messrs. R. M. Campbell (Director) F, B. Aubert, W.B. Buyers, C. A. L. Dunn, R. Francis, J. Findlay, P, V. Grant, A. W, Simpson, Osborne, J. Prentice, J. 8, Nnzer, J. Sullivan, and E, Major, representing 461 shares, The Chairman said the accounts were made up in the usual form, and on that occasion he did not think there was much to tell the shareholders, The Directors had tried te give in a few words the exact sition of the Company and its prospects, hey would observe Inst year they onl; planted 320 fields, they had a very. sufi factory output of 2,540 picula, and the Manager suid that the erp of tobacco was of very good quality, and looking to the great reduction there had been in the production of Sumatra he thought they might expect to get a good round figure for the crop this yenr. Last year was ductive #3 they could have wi still the Manager said the tobees was good. Tt was not perhaps as good as they. could have wished, but it gave x profit of Tle, 14,000 which would make a goud percentage on their capital.. He (the Chairman) telegraphed to the Manager the other day as 1 how things looked at present, so that he might be able to give the shareholders the latest information, and the Manager had replied There is x very favourable change in the market, Both estates present crop good quality, Next crop our prospects are very favourable." There had been a great fidod in the Company's district. n few week nye, but fortunately ne ry was done to the estate, The share: holders would observe the Directors did not propose to distribute the profitsimaedintely. hey had been very short of funds ever ince the commencement und they must not: now do anything to hamper the working of the Company, and he thought the shire. holders would agree with him that it would not be wise to distribute anything under the circumstances just now. The crop had been shipped and the Manager had been drawing upon them for the last two months and had remitted the money to pay for the drafts, He (the Chairman) thought about the end of May they might be able to distribute some money amongst the shareholders without interfering with the Company's financial position, "About that time they hoped to gut news of the first sales of the crop, A discussion followed in which Messrs. Dunn, Major, Francis, Aubert and Findlay, took part.
The Chairman in reply telegrams were necessarily an expense item but if anything could be done in the way of devising a new code he would be only too glad. The reason why the dividend was recommended the report in the way ib eas, was because the Directors wished to be able to pay it in May, when funds would be available without having to call. the ehxreholders together again. He explained certain items in the accounts and stated that there were come 700 Chinamen, 160 te 200 Javanese men and some 100 Javanese women employed on the estate. The property was only some seven miles from he Shanghai Langkat Company's po:
80 that it was quite possible oil existed. Surface traces lind, however, not been found, although there was some water which seemed to have a sulphurous smell.
Mr. Aubert then proposed, Mr, Findlay seconded, and it was agreed That the report and accounts as presented to the meeting be adopted and passed.
Mr. W. B. Buyers proposed That the profit on the working account for 1891 amounting to $20,021.93 be disposed of in the manner recommended by the Directors, viz., That a dividend of $13.40 on each old share and $6.25 on each new shure be distributed at such time as may suit the finances of the Company, thus absorbing $12,710 and that the balance of $7,311.93 be carried to reserve.
Mr. P, V, Grant seconded and the motion was carried nem, con.
The Chairman said that coning to the next resolution he must. express the regret of Company ut the loss of their good friend Mr. Maitland. Mr. Maitland was succeeded by Mr, Wood, who had since retired.
Iv was propose! by Mr. Osborne and seconded by Mr J. Prentice That Messrs. H. J. Such, R, M, Campbell and Geo, McBain be elected Directors for the ensuing year, The resolution was then put and carried unanimously.
On the motion of Mr. Dunn, seconded by Mr. Francis, Mr. H. J. Limby wns then re-elected auditor for the ensuing year, wud the Chairman announced that that eouclud~ ed the business ut the moti Mr, E, Mujor, in proposing a vote of thanks to the General Agent, sail ho was sure the meeting would admit that Mr. Me Bain had taken extreme trouble in looking after the affairs of the Company, and be deserved every credit for what he had done (applause).
The Chnirman briefly acknowledged the cumplinient, and the prosvedings terminntdistributed so soon as.the Company's finances will permit, probably about the end of May: next.
Crop 1892. is credited. in-the fermenting sheds with 2,541 piculs from 320 fields, a considerably higher average than in the previous ear.
The Manager is satisfied with the quality of the leaf and this circumstance couple with a greatly reduced production in Sumatra, the entire crop being estimated at only 130,000 bales, gives the Directors every confidence in anticipating that the year's opera-9 tions will prove a financial success.
Crop 1893.—The usual preparations are in progress for the cultivation of 370 fields. The Manager reports very favourably on the soil and prospects generally. It is also encouraging to be able to add that the Sumatra crop is, expected to he about the same in quantity as that of 1892, Directors.—It is with very deep regret that the Directors have to record the removal by death of their valued colleague Mr. Jobo Maitland. That gentleman was succeeded by Mr, Thomas Wood who retired last month. Mr. R. M. Campbell has consented to occupy the seat thus made vacant, subject to the approval of his London Office.
The present Board retire in accordance with the Articles of Association, but, being eligible, offer themselves for re-election, The "Auditor, Mr. H. J. Limby, offers himself for re-election Bavance Sueer, 31st December, 1892, 1 Tis.
Text read from the printed page and cleaned; old type leaves the occasional error.