JAH, t, tB8f,] tHE TROPICAL AGRICULTURIST. 



435 



PLANTING IN CEILON: SCOTTISH TEUST 



AND LOAN COMPANY OF CEYLON, LIMITED. 



We are indebted to the local agents Messr.x. 

 Cumberbatch & Co. for a copy of the Eeport for 

 the year ending August, 1880: — 



Capital, ... ... £250,000 



First issue (fully subscribed) £150,000 



Of which paid up, ... £45,000 



The Directors beg to preseut their Ninth Report 

 to the Shareholders, being for ye.ir to 31st August 

 1880. Since last Report the price of Coffee has materi- 

 ally improved, and Ceylon Tea is steadily main- 

 taining the favourable promise of former years, but 

 owing to the shortness of the Coffee crop, the heavy 

 fall (50 per cent.) in the price of Cinchona, and to 

 the fact that the Tea Plantations on the Estates in 

 the Company's hands are not yet of sufficient age 

 to give substantial returns, the Directors are of 

 opinion that it would be in the best interests of the 

 the Company to retain rather than to distri- 

 bute the balance at the credit of Profit and Loss 

 Account. 



The iJirectors have to explain that owing to the 

 want of full information, at the time of making up 

 last year's Accounts, as to the apportionment of the 

 produce of the different crops and years they were 

 led to include in the Estate produce on hand and in 

 transitu, at the end of 1881-h.5, aconsiderable quantity 

 ot Cinchona which really belonged to the crop ot' 

 1885-86. The prices at which the produce was va- 

 lued in the last account were fully realized, but 

 the error regarding quantity requires a re-adjust- 

 ment of Accounts by taking the sum of £2,560 

 6s. 7d. out of the balance of Profit and Loss at 

 31st August 1885 and placing it to the credit of the 

 Estates for the year to which the preseut Accounts 

 refer. The balance therefore of £6,805, 8s 6d at credit 

 of Profit and Loss at the end of last year must be 

 reduced to £4,245, Is lid. 



The Compauy's Estates beiug now thoroughly in hand, 

 there has been no difficulty in determhiing what pro- 

 duce belongs to the year 1885-86, and care has been 

 taken, as on the former occasion, to adopt a safe basis 

 of valuation. Of the £4,651, 'is worth .of produce 

 stated as on hand or i?i traagitii, £3,321, 2s has since 

 the cluse of the Account been satiafactorily realised. 



The net return from the Company's Estates for the 

 year is £2,764, 13s 9d, us against £3,354, 19s 6d for 

 last year (which is the corrected return after deduct- 

 ing £2,560, 6s 7d of ciop over-credited as above ex- 

 plained). Had the ptice of Cinchona not fallen so con- 

 siderably, the return for this year would have shown a 

 considerable improvement over that of last. 



The Company have now 863 acres of Tea under cul- 

 tivatiov, and 177 acres more are prepared for planting. 

 The Directors have ordered the erection of the Com- 

 pany's first Tea f;ictory, which will srrve for two of 

 the estates, Aunfield and Kahauwatte, from which some 

 crop is expected during the current season. 



The iutdiest on mortgages in arrear last year has 

 been paid up. Of the £1.723 19 9d. Interest in arrear 

 at the cluse of the account, £820 lis lid. has been 

 tither paid or provided fur to the satisfaction of the 

 Directors. Payment of £487 10s. of the balance, which 

 is all due by one estate, has been deferred by arrange- 

 ment until Tea production commences, — -the Proprie- 

 ors having undertaken to expend at least this amount 

 tin Tea extension, — and the remainder is being gra- 

 dually paid off by consignments of produce to the Com- 

 pany's Agent in Loudon. 



Sums amounting to £10,148 IS 6d. have been re- 

 ceived during the year in extinction and reduction of 

 Loans, and of the five remaining rupee loans the Direc- 

 tors have arranged for the conversion of three into 

 sterling. 



The Debentures which the Company agreed to re- 

 new at Whitsunday last were renewed at a reduced 

 rate of interest, and the Directors have further re- 

 duced tho rate for renewals at Martiuinaa. The De- 

 benture Debt has been reduced during the year from 

 t'64,92') to fti0,375, and will ibe further reduced at 

 Maninmas from Cash on Deposit. It will then stand 

 at little more than 50 per cent, of tlu uncalled Capital. 



The Balance at the Credit of Profit and Loss 

 Account is . . . . £3,522 5 2 



and the Directors propose to carry 

 to Reserve Fund. . . 1,000 



Leaving .. £2,522 5 2 



to be carried forward to next account. 



Under the rotation fixed by the Directors Mr. 

 Kidston retires from office at the Meeting ; he is 

 eligible for re-election in terms of Section \A of the 

 Articlts ' t Association. 



BALANCE-SHEET AT 31ST AUGUST 1886. 



£.50,667 14 10 



Loans made in Ceylon 



Real Estate at the amount of the 



Bonds foreclosed 

 Tea cultivation— Amount expended 



on Estates for year 



1884-85 .. ..£1,286 9 4 



Do. for year 1885-86.. 1,192 1 6 



Cash Balances — Royal 



Bank of Scotland . , £.S,711 9 a 

 Chartered Mercantile 



Bank .. .. 6i51 5 



Sums on Temporary 



Deposit ., .. 7,900 



Ceylon Agents ., 24 l3 9 



£12,297 8 

 rc.s.v— Due Secretary .. 24 10 8 



Balance due by Oriental Bank Corpor- 

 ation, in Liquidation (ex Interest), 

 5s per £ 



Interests on Investments and Depotits — 

 Accrued £895 10 1 

 In Arrear 1,723 19 9 



£2,t;i9 9 10 



y^.'.s.',— Accrued on De- 

 bentures.. .. 989 2 3 



42,770 16 8 



2,478 10 10 



12,272 17 

 464 



Value of Estate produce on hand or 



/;( triiusitK, as estimated . . 

 Office Furniture (Londonj. . 



1,630 7 7 



4,651 2 

 30 





 



£114,965 9 8 



Or. 

 Capital -First Issue of 15,000 Shares 



of £10 each, whereon £;{ per Siiare 



have been paid up .. ..fJ5,0J0 



Borrowed on Debenture .. .. 10,375 u 



Reserve Fund .. .. .. 5,500 



Outstanding Accounts . . . . 568 4 6 



Profit and Loss Acccount for Balance 3,522 5 2 



£114,965 9 8 



Profit and Lafs Account for the Year 



31sT August 1886. 

 Dr. 

 Interest on Debentures paid and 



accrued, ... ... £3,440 17 10 



Commission to Ceylon Agents, 67 5 1 



Commission on Debentures, ... 231 13 

 General Charges, including Office Rents, 



Auditor's Fee, Outlays in Ceylon 



etc., ... .. 231 13 1 



Telegrams ... ... 23 14 8 



Debenture Stamps, ... ... 8 13 



Home Salaries, ... ... 510 



Directors' Remuneration, ... 200 



Postages, ... ... 12 9 



Incorae-Tax, ... ... 122 18 6 



Bilaiice of Profit, ... ... 3,522 5 2 



C,'. £8,370 9 4 



Balance at 3 1st August l8.'-5, £6,805, 



8s 61, undor deduction of £2,560, 



6s 7ii found to be applic.ible to 



ye;»r 1SS.-.-86, ... £4,245 1 11 



Zf.<s Carrieil to Reserve Fund, 3,500 



£745 1 11 



