October i, 1889.] TH£ TROPICAL 
AGRICULTURIST. 
243 
of Uva it will be 3 per cent, also free of la- 
come Tax. Eecollecting for how long a time the 
shareholders have had to be content without any 
dividend at all, we think they may fairly bp con- 
gratulated on this turn in the tide of their affairs. 
The figures we have quoted above as to the esti- 
mated income in the yield of tea must lead to the 
anticipation, that, if all goes fairly well with coffee 
and other subsidiary articles of production, a much 
more pleasing dividend may be announced when 
the next annual reports are issued. Those now 
under comment make reference to the improving 
condition of the London tea market, a state of 
things while there is every reason to hope may 
be progressive. That even with the low prices of 
late ruling these Companies have attained a com- 
paratively good average of price, warrants the hope 
of a much better average for the present year, and 
if that hope be justified, the tremendous increase 
in outturn must insure quite a brilliant prospect 
for the directors to report upon when the operations 
of the present season shall have been closed. 
OUVAH COFFEE COMPANY LIMITED. 
Capital £100,000 in 10,000 Shares of £10 each. 
Directors. 
John Browu, Esq., Managing Director; H. H. Pott 
Esq. ; L. Famin, Esq. ; Edward Conder, Esq. 
Kbport. 
The following Accounts are now presented to Share- 
holders: — Profit and Loss Account for Crop 1887-88. 
Balance Sheet made up to 31st May 1889. 
Crop, 1887-88. 
On reference to last year's Beport it will be seen that 
it was not then thought that the original estimate of 
3,300 cwts. of Coffee would be realised ; and although 
this was the case, the shortcoming was not so large 
as was then expeoted, the actual weight sold being 
3,061 cwts. 3 qrs. 7 lb. The average price of the Coffee 
sold in London was 85s 4d per cwt., the total proceeds 
derived from this product being £12,783 9s 3d. The 
weight of tea sold amounted to 78,771 lb. inclusive of 
8,8U0 lb. bought from neighbouring Estates, and manu- 
factured at the Company's factories, the estimated 
yield being well exceeded. The tea brought the satis- 
factory average of Is O^d per lb., and a total value 
of £4,163 3s 3d. The estimated quantity of Cinchona 
Bark was also harvested, 77,722 lb. being sold at an 
average of 5d per lb. producing £1,697 13s : a small 
quantity of Cocoa was also sold for £41 8s 6d, making 
the total value of the produce secured on the Company's 
Estates £18,685 14s Od. The next item on the credit 
side of the profit and loss account is £1,214 9s lOd 
UDd6r the heading of Machinery account, being the 
amount spent during season 1887 88 on tea factories 
and machinery. This work being of a permanent 
character, and carried out for the treatment of future 
tea crops, the Board have decided to carry forward 
the expenditure and to write it off out of the profits 
of future years. The total expenditure for the year in 
Oeylon and London, after allowing for profit on Ex- 
change, amounted to £16,767 2s 7d, thus showing 
a profit of £3,133 Is 3d on the Season's working. 
To this has to be added the balance of £86 19s Od 
brought forward last year, giving at total sum of 
£3,220 0s 3d. at the credit of Profit and Loss account. 
On the 10th January last a dividend of 1£ per 
cent was paid ou the capital of the Company, which 
absorbed £1,500 of the last named sum, and the 
Directors now recommend the distribution of a further 
dividend of 1J percent, making 3 per cent for the 
year free of Income Tax. To meet the dividend now 
proposed the sum of £1,500 will be required, leaving 
a balance of £220 0s 3d to be carried forward to 
next account. 
Crop, 1888-89. 
The prospects for the above season are by no means 
so favourable as they at one time appeared. The ori- 
ginal es'imate of the Coffee Crop was 2,000 cwts., and 
this off an area of 1,231 acres was by no means a 
sanguine expectation ; it is now certain, however, that 
the Crop of Coffee will not exceed 1,500 cwts., thus 
shewing a heavy reduction to be faced. The Coffee 
tree in Oeylon has for years had to contend with 
pests which have threatened its very existence, aud it 
is only on specially favourable Estates, where it has 
been throughly well cultivated and cared for, that it 
has been able to hold out against the oombined at- 
tacks of leaf disease and green bug. There are thou- 
sands of acres in Oeylon where Coffee has altogether 
ceased to exist, but the Company's Estates are amongst 
those fortunate ones, where, by good cultivation, the 
Coffee has still been preserved. Although these pests are 
now more or less in abeyance, past experience shews 
that it would be foolhardy to predict what results 
the Coffee is likely to shew in future years. At the 
same time the Board feel justified in informing 
Shareholders that the latest reports state that the 
Coffee on the Company's properties is looking vi- 
gorous and healthy, and as though it would bear a 
good Crop for the following season. 
Coffee is now a very valuable product, and the 
Board have determined not to replace any more of 
it with Tea for the present, in the hope that it may 
recover, and they feel sure that unless Coffea is to 
become extinct in Ceylon, the Company's Estates are 
amongst those that will recover. 
A further area of 67 acres of Tea has been planted 
during the past year, and the acreage is now as 
follows : — 
Tea. 
5| 4i H 2ft 1J 6 
years, years, years, years, years, mths. 
Planted Total 
Nov. -Deo. ..1883... 1884. ..1885...1886... 1887. ..1888...acres 
Glen Alpin 
Group ... 9... 145... 272... 26... 16... 57... 525 
Narangalla 
Estate 82... 93 1... 176 
Hindagalla 
Estate 120.. 85 9... 214 
Total acreage 
and present — > 
age ... 9... 347... 450... 26... 16... 67... 915 
All the Tea continues to grow very satisfactorily, 
and the yield of leaf is steadily increasing as the Tea 
gains age. The estimated Crop for Season 1888-89 is 
177,000 lb., and there is every reason to believe that it 
will be secured. During the past eight months, how- 
ever, the Tea Market has exhibited great weakness, 
and extremely low prices have been ruling, the average 
selling price will consequently be much lower than last 
year, and the profit on Tea cultivation during the 
above season will thus be materially less than was 
expected. 
The present demand runs chiefly for fine Teas, and 
the Company's Estates are now altering their style of 
plucking to meet the requirements of the trade. This 
finer plucking will somewhat reduce the yield, but this 
will be more than made up by the higher price the 
Tea will realise. The Tea Market has also somewhat 
improved. 
A fair harvest of Oinchoua Bark will be secured 
but the price of this article rules very low. As a con- 
siderable quantity of the Tea Crop, and nearly the 
whole of the Coffee and Bark, has yet to come for- 
ward and be sold, it is as yet impossible to eay 
whether Crop 1888-89 is likely to shew a satisfactory 
result. Mr. Brown has lately returned from visiting the 
Company's properties, aud will state to the Meeting the 
opinions he then formed with regard to the condition 
and future prospects of the Estates. A copy of his 
remarks will also be sent to each Shareholder. 
SPRING VALLEY COFFEE COMPANY 
LIMITED. 
Report to be presen:ed to the Twenty-fourth Or- 
dinary General Meeting of the Company on Thursday 
the 8th day of August 1889, at 12 o'clock noon. 
Shareholders are herewith furnished with copies of 
the following Accounts, viz., profit and loss Aooouut 
