JULV tj 1886.J 



THE TROPICAL AGRICULTURISl*, 



^5 



not damaged. Damage by smoke would probably not 

 be detected except by tasting. 



The Chairman observed that teas would become 

 affected by remaining long in the atmosphere of the 

 wharf. 



Mr. Peek said the water ran down the sides of the 

 packages, and, therefore, tho.sc besides the two at the 

 top and bottom must be more or less affected. He 

 thought all the packages in the warehouse destroyed 

 ought to bave been handed over to the insurance offices 

 as salvage, and that a claim ought to have been made 

 on all of them. 



I'he Chairman said that that was the only .safe plan. 



The discussion was contibued by Mr. f eaisc, Mr. 

 Worthington, Mr. Harrison, and the Chairman. 



The Secretary and Mr. Peek suggested that the pro- 

 prietors of the wharf should be asked to give a list of 

 all teas lying on April 2Ist in t)ie building destroyed, 

 and on the west of it. The Secretary promised to 

 forward copies to all members of. the Association. — 

 //. <t- C. .Mail. 



TEA COMPANIES REPORT. 



Darjeeling Company, Limited. 



Nominal capital £250,000, in 12,500 shares of £20 

 each ; paid-up capital £135,420, in 6,771 shares of 

 £20 each. Directors :.Tohn Farley Leith, Esq., Q. C, 

 Chairman ; Sir George Macleay, k. c. m. g. ; William 

 Sangster, Esq.; James Percy Leith, Esq.; Henry 

 Smith, Esq. Calcutta Agents ; Messrs, Begg, Dunlop 

 and Co. General Manager ; William Roberts, Esq. 



The following is the report of the directors, to be 

 made to the members at the twenty-first annual 

 ordinary meeting, to be held on May 10th. 



The directors beg to present their annual report 

 and several accounts for the consideration and ap- 

 proval of the members of the Darjeeling Company, 

 Limited. 



The directors are pleased to be able to state that 

 the gross profit derived from the operations of 1885 

 amounts to ii 14,253, which is an increase of £2,429 over 

 the gross profit realized in 1884, and after setting 

 apart a sufficient sum to meet the payments of com- 

 missions on profits and income-tax, the sum of £12,249 

 16s M will remain as net profits. 



The directors accordingly have the pleasure to re- 

 commend to the members of the company the declar- 

 ation of a dividend at the rate of fight per cent, 

 clear of Income Tax, (which is one per cent above the 

 dividend paid this time last year), and to carry the 

 residue, say £1,416, to the credit of the reserve fund, 

 which will then amount to £5,384 IBs 2d of undivided 

 profits. 



The croj) of 1885 amounted to 511,037 lb. of tea, 

 showing a considerable increase of 37,831 lb. over 

 the crop of 1884; and the average price per lb. was 

 Is 5"72d against Is 5'41d in 1884; thus clearly in- 

 dicatiug that the increased quantity of tea made 

 in 1885 did not in any way reduce the high 

 standard of quahty that has been maintained for some 

 years past. The proceeds of the sales amount to 

 £37,196 19s lOd, being an increase of £3,219 19s 7d over 

 l.^S4. 



There was a further decline in the rates of exchange 

 between India and London during the year 1885, and 

 consequently the difference between these rates and 

 the par rate of two shillings per rupee on the amount 

 of drafts (£17,000) negotiated by our Calcutta agents 

 was £4,330 lOd, showing an increase of £1,037 Is lid, 

 over 1884, when drafts to the extent of £16,500 were 

 drawn. 



Thus the proceeds of the crop of tea, and the differ- 

 ence in the rates of exchange, amount to £41,526 8d ; 

 and adding to this the sum of £64 12s 5d, realized by 

 the sale of teas in small boxes in 1884, the total rec* ipts 

 amount to £41,590 I3s Id, being £4,268 4d, above tiic 

 bum realized iu 1884 under similar headings. 



Compaimg the debit side of this profit and loss 

 account for 1885 witii that for 1884, it will be found 



that the expenditure at Darjeeling was £1,315 2s ^A 

 iu excess of that in 1884. 



Miscellaneous expenditure was £57 5s 7d lees than ia 

 1884. 



Insurance and charges on tea show a large iuLrease 

 of £681 13s Id over 1884, caused by the extra charges on 

 the increased quantity of tea manufactuied and sold, 

 and by largely enhanced rates levied for warehousing 

 and working teas in London. 



Thus the total expenditure in 1885 was £27,337 Ss 8d 

 being £1,839 10s Id more than in 1884, and the gross 

 profit in 1885 was £14,253 ; against gross profit in 1884 ; 

 £11,824 ; iucrea.ve in 1885, £2,429. 



The usual cmpaiative statements for the past three 

 years are now i\ corded : — 



Total Oit-hihk ofTea and Cost at Plantation, 



lb. 

 Acres. lb. per acre. R. 



In 1883 ... 1,562 ... 473,810 at 303 ... 182,965 

 Iu 1884 ... 1.586 ... 473,206 at 298 ... 174,932 

 In 1885 ... 1,661 — 511,037 at 307 ... 188,082 



GEOSS EXPENDITUBE AND COST PER LB, OF TFA, 

 after DEDUCTING THE DIFFERENCE IN THE RatES 



OF Exchange. 



In 1883, £25,461 ... cost per lb. Is l7d 

 In 1><84, £23,s56 ... „ Is 18d 



In 1885, £25,010 ... „ Os 91d 



Account Sales Weights of Tea, Average Prices 



AND Pkoceeps. 



In 1883, 463,681 lb. at Is 6'59d, £5,927 

 In 1884, 468.289 „ at Is 5-41d, £33,975 

 In 1885, 503,754 „ at Is 5 72d, £37,195 



The diiectors have recommended a dividend at the 

 rate of 8 per cent, the members will be asked to con- 

 firm the same resolution, ujakiug it payable on aud 

 after May 10th, clear of income-tax. 



From 1883 crop of tea, at 7t per cent 

 „ 1884 „ 7' ., 



„ 1885 „ 8 ,, 



The amount to the credit of this fund on 3lst 



December 1884 was £3,275 11 



From profit and loss account, 1884 693 7 9 



From profit and loss account, 1885 



£3,968 8 8 

 1,416 4 6 



Total . . . . £5,384 13 2 



This reserve fund has been found most useful in 



the financial arrangements of the company, more 



particularly as there is no other working capital 



available. 



The following are the estimates prepared by the 

 manager at Darjeeling, showing the probable quant- 

 ity of tea that will be made during season 1886, and 

 the expenditure at Darjeeling for cultivating and 

 maintaining the several plantations in a high state 

 of efficiency, and for gathering, manufacturing and 

 packing the crop of tea. 



Estimated Ckop of Tea and Expenditure 



lb. 



Ambotia Plantation 

 Ging do. 



Tukdah do. 



Phpobsering do. 

 Sudder Charges 



208,000 



140,000 



112,000 



72,000 



IN 1886. 

 R. 



58,372 



47,669 



37,720. 



2.10O4 



12,827 



Totals 532,000 181,292 



These estimates cjmpaie favourably with the actual 

 results of the previous seaso.!, v'z. :— Crop of 1886, 

 estimated .332,000 lb ; outlay, l8Sw, estin.ated Rial, 292. 

 Crop;of 188.5, actual 511,037 lb ; outlay. 188.J, actual 

 Iil88,083. lucrbase, 18S6, estimated 20,963 lb ; outlay 

 dticrease, estimated RG,791. 



Sir Georg« Macluay retires by rotation on .this occa- 

 sion from the direction and, being eligible, lie oftV.rs 



himself for re-election as a director of the 



Company. 



Mr. John W. Roberts, the auditor of the company, 

 begs to offer himself for re-elecCi'tu for tljn ensnitiu- 

 year. — H.andC. Med. 



