September i, 1882.] THE TROPICAL AGRICULTURIST. 



197 



about what they reported as expected in the half-yearly 



report of 20th December 1881, viz., about 18,500 ewt. 



It was about 28,000 ewt. in 1878—1879 



14,300 „ „ 1879—1880 



13,650 „ „ 1880—1881 



And it i.s now 18,500 „ „ 1881—1882 



They regret to say the prices realized have been on tha 

 average from 5s to (is per ewt. less than last year, or 

 about Us per ewt. less than in 1879-80: this, on about 

 18,500 ewt., materially reduces the credit to profit and 

 loss for Ceylon business, but still that credit this year is 

 £26,176 4s Ud, .i^'ainst £17,214 4s 7d last year. 



2. — As to the ensuiug crop, 1882-3, the advices are im- 

 perfect .ind at present not favourable : the weather, Janu- 

 ary to March, was bad, and the blossoms were poor and 

 injured: some improvement has however, since taken place, 

 which may favourably affect the crop, and the Directors 

 hope for increased quantities of tea and cinchona. 



3. — The crop of sugar from Mauritius of 1881-2 on the 

 Company's estates was about 5,()00,000ib. against 

 4,362,804 lb. in 1880-1, as per previous reports. The prices 

 in the average were 2s per 100 lb. higher : thus, and 

 from absence of the unfavourable debits which appeared 

 in last year's report, the loss of last year, £21,413 Is 3d 

 is changed this year to a gain of £8,124 12s llil. The Direct- 

 ors are very glad also to inform the proprietors that three 

 out of the four estates owned by this Company at Maur- 

 itius have been sold and paid for in cash : they are also 

 glad to state that the item, £64,026 3s 3d, " Mortgages 

 and other securities at IMauritius,'^ as per report of last 

 year, has been all realized and credited in the present 

 accounts ; the only remaining estate of the Company at 

 Mauritius, Chamouny, left a fair profit last year, and the 

 account of its coming crop is favourable. The above realiz- 

 ations have caused a further loss of £14,750 10s 3d, which 

 has been carried to the debit of estimated deficiency in 

 value of assets. The Du-ectors beg to acknowledge the 

 great assistance they have received from their able agents, 

 Messrs. Ireland, Fraser & Co., in the general management 

 of these affairs. 



4. — To the credit of the estimated deficiency account, 

 there have been carried further credits from shares for- 

 feited £3.437 12s 9d, and shares surrendered £4,640, and 

 the balance now at the debit of this account is £305,677 Os 3d 

 against £299,004 2s 9d. 



And now further as to the accounts : 



5. — The balance sheet for the past year is annexed ; the 

 main assets are taken at the valuations of the 31st of 

 March 1878, as has been always done since that date. 

 It has not been found possible to have new valuations, 

 opinions difl'eriug widely, particularly as to the value of 

 estates partly planted with cinchona among the coffee, 

 and in separate plantations ; the scarcity of money, and 

 fluctuating and unseasonable weather, also making values 

 generally changeable and uncertain. The Directors are giving 

 much attention to the increase of cinchona and tea. and 

 generally to making the most judicious use possible of the 

 properties. 



The landed and otiier properties in Ceylon stand this 

 year at £569,862 19s 7d against £566,003 16s 4d last year. 

 Full details of the acreage under coft'ee, tea, cinchona, 

 and other products in Ceylon will be found in the an- 

 nexed schedule. 



The cost of cinchona cultivatioir in reference to trees 

 not matured is shewn this year under a separate head- 

 ing. Part of this amount was expended in previous years, 

 but was included in other accounts. As the bark comes 

 to market hereafter and brings in revenue, this outlay 

 will be gradually recouped : further expenditure on new 

 planting will on the other hand be debited to this account 

 year by year. 



The investment amount at Mauritius is now reduced to 

 £61,190 14s 6d, and the general balance at the debit of 

 profit and loss is £7'',928, against £81,976 Os 9d last year. 



On the other side full details are given as to capital 

 paid up ; the amount of debentures outstanding is r duced 

 from £78.238 10s to £54,600, and the interest upon them 

 from £6,434 10s 6.1 to £4,123 Is 9d. The lialiilities of the 

 Company altogether apart from capital, as compared with 

 .last year, are reduced to the extent of £150,228 17s 7d. 



G.^The crop of tea from the Company's estates in 

 Ceylon amounted last year to 123,000 lb. A .special man- 

 ager for this article has recently been appointed, under 



whose durection it is confidently expected that the Cum- 

 pany's tea will still fiu'tber improve in quality, and the 

 Agency business be increased. Cinchona has been largely 

 planted, and the number of trees and plants of it now 

 growing on the Company's estates has been estimated at 

 4,817,398; many die before m.'ituring, but are replaced by 

 others, and even if one-tliird only arrive at maturity, a 

 very considerable support is being built up for future years. 



India Rubber. — Continued attention is being paid to this 

 cultivation, and to the introduction of new varieties. 



7. — The law suits in Ceylon are still pending. The Direct- 

 ors assm-e the proprietors that they are making every 

 effort, with the assistance of their able legal advisers, to 

 make progress with them. The small legal case at Jlaur- 

 itius the Company are again advised has been decided 

 in their favor with costs, 



8. — The Directors decided it was necessary to make 

 another call on the proprietors, payable on the 10th May 

 last, of £1 per share ; they are glad to .say it was promptly 

 met, and to the present date about £21,540 has been paid 

 of it, and every possible attention is being given to what 

 is outstanding ; these receipts of course are not in the pre- 

 sent accounts. 



The following is a memorandum of the previous calls, 

 and with the full details in the balance sheet, supplies all 

 particulars of the capital account: — 



Fully paid shares owned by proprietors ... 4,375 



Shares owned by proprietors and liable 

 to further calls ... ... ... ... 28,709 



(Of these 28,769 shares there were arrears 

 of calls due in respect of 3,087 on 31st 

 March last amounting to £17,545 10s for 

 part of which some security is held.) 



Total shares forfeited and surrendered ... 4,350 



£37,5,30 



The Directors wish again to e.xprcss their sympathy with 

 their fellow-proprietors at the continuous calls without 

 dividends ; they are necessary, and it can only be hoped 

 that time and good sea,sons, industry and unceasing eft'ort, 

 may give some advantageous result. 



9. — The Directors much regret tO' have to inform the 

 proprietors of the death of their esteemed colleague, Major- 

 General Biu-n, since the last meeting. Mr. G. S. Simpson 

 and Mr. P. F. Robertson are the two Du'ectors who retire 

 by rotation this year, and being eligible, will be proposed 

 by the Board for re-election. 



10. — The shareholders will be requested to elect Auditors 

 for the ensuing year. — Geoege Sd.\kt SurpsoN, Chamnan. 



St. Clements House, 27 Clements Lane, B.C., 17th June, 

 1882. 



THE TEA ENTERPRIZE IN CEYLON : 

 ESPECIALLY WITH REFERENCE TO THE 

 REDEMPTION OF UNPROFITABLE OR 

 ABANDONED COFFEE LAND. 

 Having, from a period dating buck a full score of 

 years, pressed on the coffee planters of Ceylon the 

 advisability of not trusting their fortunes exclusively 

 to one product, but to give due attention to cinchona 

 and tea, we are naturally pleased to see our advice 

 so extensively and, for the interests of planters and 

 the colony, so beneficially followed. The aspect of 

 tlic tea cnterpi-ize specially dwelt on by Mr. C. Shand, 

 in his reassuring letter which we publish today, is 

 that of the rfdemption of unprofitable or abandoned 

 oolTee land by planting it up with tea. This process 

 Mr. Shand holds, can be accomplished so inexpensively, 

 that, if but lialf the average quantity of leaf yielded 

 by estates cut out from the primitive forest is obtained 

 from sucii resusciiated land, the enterprize in the one 

 case will pay as well as that in 'he other. With just the 

 serious qualification nientioi- I by Mr. Shand, of the 

 effect of the present crisis in the coffee enterprize on 

 our supply of|immigrant3, there can be no doubt of our 



