, 1885-01-07
THE MEETING OF THE FACTORY
SHAREHOLDERS.
Translated from Morgenbladet.)

\1iu"S'0teU Jfom 4H~OTgcNOt0Qet)
The st. Croix Factory Company held
their annual meeting yesterday evening
Saturday 80 NOvemher). The Directors
Chairman, Councillor Tietgen, gave an
account of the past years work. Long
long ago the West Indies had been con
ceived as yielding gold and beautiful
scenes, now it was the reverse, all tidings
from that quarter told of failure. When
it was believed that all difficulties had
been struggled through and overcome,
something or other was sure to turn up to
bring the brighter prospects to nothing.
At the last meeting the speaker had stat
ed that there was promise of an exceed
lngly good crop, and the results had cor
responded with these good expectations.
The factory had received 1l54 millions
OF pounds of canes, from which had been
made 1896 begs, or about 10 million
pounds of sugar. The canes had scarcely
been as sweet as in the preceding year,
but the return was nevertheless doubled,
and 1t was the largest return since the
factory had been established. All the
stations had been in good condition to
receive the crop, and the campaign was
finished i'll 81 months. Only one, rather
small, accident had occurred, namely the
burning of the Glynn Station, but that
had not caused any stoppage in the manu-
f~acture, and the loss, 1000 Kr., had been
covered by the Insurance. In spite of all
this, the results of the years work was
less than nothing. The accounts were not
yet so far forward that the position conll
be exactly stated, bat this mach however
might be slid, that the result would be a
loss. Had the conditions in regard to
crop been ever SO favourable, this result
must have followed as II consequence of
the condition of things as regards prices.
The Directors had been very cautious in
their calculations, but Such a considerable
fall of price as that which had taken
place it had not been possible to f~oresee.
The price fell from day to day aud went
from 1926 down to 32.24 not a week pass
when the price did not fall 5 cents. In
such circumstances there was nothing to
be done. The low prices did not, even
cover the planters working expenses, and
one of two things must happen, either the
planters must give up cultivating sugar
or the prices must rise. In regard to the
coming crop the prospects We're of the
best; it was expected that it would be
as good as that of the past season, and
with an improvement in prices the facto-
ry could yet do some profitable work.
The accounts for 18o2-83-the last years
accounts, as already remarked, are not
made up-show an income 100000 Kro-
nerS. From this goes as interest on pre-
ference shares 70, $50 Kr. leaving a nett
result of 29,319 Kr. which is not even
sufficient for covering the amount which,
according to the Constitution, is to be
written off for wear and tear. namely
74,572 Kr.
Mr.. Seidelin would suggest whether it
would not be right to take steps to obtain
the interest of 5 per cent on the share
capital which the Colonial Council have
guaranteed.
Mr.. Tietgen explained that the agree
ment with the Colonial Council must, ac-
cording to the Interpretation of the law
yers be understood in this way, that it
would be the affair of each shareholder to
put his claim in force as against the Colo
NAL Council. The Directors could not
come forward us acting for the sharehold-
ers, unless they had special powers of at
torney from them, and it was therefore
considered right that the shareholders
should came forward independently. AS
yet however, nobody had taken such
steps.
The accounts were confirmed Mer-
chant IGrossererI Holm was reelected as
Director. AS Auditors were elected
Bill-Broker G. Plum, and Merchant
JerSie.