, 1893-06-10
THE COLONIAL COMPANY, LTD.
(Fr0m the DemerGro ArgoSy,.)

company Limited, that was neIu III 1OuuOn
i'll the month of March, bat we have been
prevented noticing it sooner, and its interest,
especi ally to a sugar community, Ia not SO
ephemeral as to be entirely d~issipated In the
course of two or three weeks. The Company
are entitled to be regarded as the pioneers of
improved sugar factories. in the West Indies,
and this is an honour that, If their brother
planters will not voluntarily accord it to them,
they are determined shall never he overlook
ed, if periodical reference to it by members OF
the directorate can save 1t from OBLIVION. "A
lOint-stock corporation may not have a soul
to be saved or a body to be kicked, but it has
a directorate susceptible to praise or blame
as, in the case of the Company under notice, the
ordinary shan eholders who have received not
dividend for a long series of years, do no
allow The directors to ~languish for want of
the latter attention. we would be churllsh to
deny them the praise to which we honestly
believe they are entitled. It is true that if
the success Of a company is to be Judged by
the regularity and amount of its dividends,
the Colonial Company, Limited, since the
heavy drop in he price Of sugar IN 1884,
cannot be regarded as anything short of a
failure, for there has cen an interruption IN
the pay ment Of dividends since the year
aforesaid. But the test we have quoted does
not apply universally, and the history Of the
Colonial Company, Limited, furnishes an ex-
ception, for although no dividends have
been paid, large sums Of money have been
cleared annually. if not regularly, and devot-
cd TO the absolutely necessary purpose OF
placing the Company's estates in the position
to make sugar at a profit. it has / cen a long,
weariSome lane, the monotony to the ordina-
ny shareholders being relieved by nothing
more cheerful than o call towards the unpaid
portion Of tLeir shares; but the turning is
now at hand and the day is not far Oh when
the ordinary stock Of the Company will once
more find a quotation III the share market.
At the meeting we have referred to, the Chair
man reported the profit on the working OF the
estates during 1892 to have been &30,499,
which had enabled the directors to pay tho
dividend on Preference shares for the years
1891 and 1892; place $4,000 to tho reserve
fund and carry forward 94 299 to next years
profit and loss account. He said the Compa-
ny's muscovado estates had, as usual, lost
money, but they We're now all disposed OF,
save Petersfield in Trinidad, and there we're
special reasons why this estate should BE-
maintained for the present. The usine in
Trinidad Was now in splendid order, capable
of turning out a very large quantity Of sugar,
the estimated crop Of he current year 1928
being placed by Mr.. Abell, whom the Chair
man described as "a canny oarefal body" not
likely to overstate, at $500 tons. OF course,
the extension Of the usine and the improve
Juents on other estates have cost an enormous
amount of money, and as debentures to a
large extent had also to De redeemed. the
Company we're indebted for All overdraft t.
their bankers, and it would be necessary to-
wards the reduction Of this loan either to
make another call or issue a fresh lot Of dc.
bentures. The shareholders will be glad to
learn that the alternative of another call has
been obviated by an arrangement for a loan
Of &135 900, which the directors have been
allie to negotiate, at interest Of six per cent.
The new debenture debt will be secured by q
lien over the Trinidad usine, and a mortgage
on Pins. Friends, Success and Petershall in
this colony and the debt is to be paid in 5,
6, and Z years. 1t may be said that this is
not improving the position of the shareholders,
the property representing their investment
being now hypotheoated to the debenture
holders; and if there were no probability of
the debenture debt ever beil 8 redeemed, the
observation might have some weight. although
not very much. The money now realised by
the debentures will place the directors upon
velvet; and with the means of paying off loans
that are overdue, and with funds enough to
work the collective properties without rails
ing the wind, the prospects at the same time
of good returns from the estates, being all
~ n I L. -. a