466 



THE TROPICAL AGRICULTURIST. 



[Jan. I, 1887. 



THE NEW DIMBULA COMPANY, LIMITED. 



DiEECTOEs' Report and Accounts, Season 1885-86. 

 Directors. — Herbert Brooks, Esq., Chairman, W. S, 

 Bennett, Esq., W. J. Carver, Esq., J. B. Blorpbew. 

 Esq. Manager in Ceylon — Mr. F. R. SabouacUere. 

 Agents in Colombo — Messrs. J. M. Robertson & Co. 

 Chief Estate Superintendent— Mr. J. E. A. Dick- 

 Ludcr. Solicitors — Messrs. R. S. Taylor, Son & Hum- 

 bert. Auditor — Mr. G. Sneath (Messrs. Price, Water- 

 house & Co.) Bankers— The Nt w Oriental Bank Cor- 

 poration, Limited. Secretary — Mr. J. Swan. 



Tiie directors have pleasure in presenting their First 

 Annual Report for the season ending 30th June, 1886. 

 This comprises the period from the formation of the 

 Company on the 15th March, 18S5, to the above date. 

 Referring to their circular of the 11th January last, 

 they have to mention that no additional shares have 

 been issued, and that the list has been closed. 



The prime cost of the estate has been £20,938 4s. 

 If to this is added the £64,120 of Bonus Shares, issued 

 in terms of the prospectus, the nominal cost of the 

 property will then be £85,058 4s. The " working ac- 

 count " for the season shows a balance at credit, trans- 

 ferred to " profit and loss account," of £1,610 Is 8d. 

 To the former has been debited all expenditure in 

 Ceylon on upkeep and crop, and charges in London ; 

 also all expenses incurred in the formation of the Com- 

 pany. It will be noticed that two-thirds of the value 

 of the Cinchona Bark have been deducted from the 

 proceeds and transferred to a " Tea Extension Fund," 

 the Directors, after mature consideration, being of 

 opinion that the whole of the said proceeds could not 

 justly be considered as belonging to income, inasmuch 

 as the capital value of the Cinchona plantations has 

 been depreciated by somewhat extensive felling. This 

 balance of £1,610 Is 8d. will suffice to provide for the 

 full dividend of 8 per cent, per annum on the A Shares, 

 leaving a small balince to be carried forward to next 

 account. The Directors will propose a resolution to 

 this effect. An interim Dividend at the above rate for 

 the period ending 3l8t December last has already been 

 paid. The " Tea Extension Fund " has been created 

 for the purpose, mainly, of planting a considerable 

 portion of the estate with tea in place of Coffee. The 

 expenditure already incurred in this direction, amount- 

 ing to £3,545 2s Id., has been debited to this account. 

 The property now consists of 700 acres of coffee in 

 bearing ; 1,204 acres of Tea, of which 50 acres are already 

 in bearing ; 255 acres of Cinchona ; and 96G acres of 

 forest, &c. — Total 3,125 acres. The Directors are of 

 opinion that the considerable measure of success which 

 has attended the first year's operations of the Com- 

 pany is, to a large extent, due to the careful manner 

 in which their interests have been watched over by 

 their Manager, their Agents, and the Chief Estate Super- 

 intendent, and to the zeal and ability displayed by their 

 Secretary. The Director who retires by rotation is Mr. 

 W. S. Bennett, who, being eligible, offers himself for 

 re-election. By order of the Board, J. Swan, Secre- tarv. 

 52, Gracechurch Street, London E. 0. Nov. 5th 1886. 

 Working Account 1885-0, for the Season ending 

 30th June, 1886. 

 Dr. 

 To Expenditure in Ceylon — 

 Ordinary expenditure on Crop — 



£ s. d. £ 3. d. 



Coffee ... ... 5,039 6 7 



Tea ... ... 612 16 5 



Cinchona ... 1,875 11 11 



7,527 14 11 



„ Expenditure, including interest, in 

 Ceylon and London attending the 

 purchase of the Estate and the 

 formation of the Company ... 1,358 3 H 



„ Expenditure in Loudon — 

 Directors' Fees, Secretary and Gen- 

 eral Office Expenses ... ()70 9 11 

 „ Balance carried to " Profit and Loss 



Account ... ... 1,610 1 8 



N. B. — The Expenditure in Ceylon is 

 for thirteen m®nths, and in London 



for fifteen months 



£11,166 10 



Cr.' 

 Bvnet proceeds of produce sold in London — 

 Coffee ... ... 6,011 4 



Tea ... .. 815 13 2 



Cinchona Bark ... 10,1)40 8 



17,766 17 10 

 Less two-thirds of value 

 of Bark transferred to 

 "Tea Extension Fund 7,293 7 1 



,, net proceeds of produce 

 sold in Ceylon — 

 Coffee ... ... 48 12 6 



Tea ... ... 12 11 3 



Cinchona Bark ... 88 3 1 



10,473 10 9 



,, Commission on Sales of Produce &c. 

 „ Balance of Interest ... 



Dr. 



Tea Extension Fund. 

 To Expenditure in Ceylon, in replanting 

 and improving the Estate, viz. : — 

 Coffee ... ... -112 14 



Tea ... ... 3,035 5 8 



Cinchona ... 97 2 10 



149 6 10 



181 16 11 



61 15 6 



£11,166 10 



Balance carried to next Account as 

 per Balance Sheet ... 



Dr. 



3,545 

 3,748 



1 







Balance Sheet, June 30th, 1886. 

 To Capital Unissued — 



£ s. d. £ B. d. 

 1,792 A Shares 17,920 

 429 B „ 4,290 



2,159 C „ 21,,590 



43,800 



,, Capital Subscribed — 



2,208 A Shares 22,080 

 ,, Bonus Capital — 

 5,571 B Shares 55,710 

 841 C „ 8,410 



86,200 



£7,293 7 1 



In alll3,000 Shares. 86,200 



Total Capital 130,000 



To Sundry Creditors — 



Acceptances outstanding 6,761 5 

 Accounts do 132 18 7 



■ 6,893 19 



,, Amount of Tea Extension Fund, as per 



Account herewith ... ... 3,748 5 



„ Balance (as per Profit and Loss Account; 900 8 11 



£97,742 12 11 

 Note.— The Cumulative Dividend of 8 

 per cent per annum, payable to the B 

 Shareholders out of future profits, amounts 

 to £4 110 3s Id. Cr. 



By Prime Cost of the Estate 

 including Coolies' Pay in 

 Arrear ... ... 20,938 4 



„ Amount of Bonus Capital 



as per Contra ... 64,120 



Total Nominal Cost of the 



Estate ... ,. 85,058 4 



By Cash at Bankers — 



Deposit and Current Ac- 

 counts ... ... 9,739 13 4 



Amount of Petty Cash... 5 16 7 



9,795 9 11 



,, Office Furniture ... ... 35 



„ Produce on hand and in transit, 30th 



June, 1886, since realized ... 2,708 l9 



„ Unpaid Calls, since paid ... 145 



Dr. £97,742 12 11 



To Interim Dividend at the rate of 8 per 

 cent p( r annum, for the half-year end- 

 ing 31at December, 1885, on A Shares 709 12 9 

 „ Balance carried to next Account as 



per Balance Sheet ... ... 900 8 11 



£1,B10 1 8 



