1 66 
THE TROPICAL AGRICULTURIST. [September i, 1888. 
costing 8j<3 and selling at lid on a capital of £68. The 
Assam, Jokai Assam), Jhanzi, Panitola, Attaree Khat 
and Wilton Tea Companies all declared 10 per cent divi- 
dends, the Assam Company producing out and away the 
largest crop of 2,188,733 lb. at 287 lb. per acre from 
8,834 acres, costing the high figure of ll^d and sell- 
ing at only Is Of d per lb. on the low capital per acre 
of £21. This last item is explained by the fact that 
the Assam Company got their land for a mere song 
from those who had tried and failed. The Jokai (Assam) 
Company produced 791,727 lb. at 456 lb. per acre from 
2,130 acres, costing only 8Jd and selling at Hid per 
lb. on a capital per acre of £31. The Jhanzie Tea 
Association produced 408,109 lb. at 328 lb. per acre 
from 1,595 acres, costing 10Jd and selling at Is l|d 
per lb., on a capital per acre of £34. The Panitola 
Company produced 658,135 lb. at the high rate of 
655 lb. per acre from 1,233 acres, costing 9d and 
selling at Is Ojd per lb. on a capital of £53 per acre. 
The Attaree Khat Tea Company produced 302,5541b. 
at 4601b. per acre from 760 acres, costing 7§d,and 
selling at Is 0|d, on a oapital per acre of £54. 
The Wilton Company produced 310,752 lb. at 440 lb. 
per acre from 735 acres, costing 8§d and selling at 
ll|d per lb. on a capital per acre of £38. The Tiphook 
Tea Company declared a dividend of 12 per cent, 
producing 184,3101b. at 2491b. per acre from 830 
acres, costing 9§d and selling at Is 2d, on a 
capital per acre of £31. The Jorehaut and the 
Brahmapootra Tea Companies each declared a 
very encouraging dividend of 15 per cent, the 
former producing 1,202,303 lb. at 311 lb. per acre on 
4,570 acres costing 9Jd and selling at Is ljd per lb. 
on a capital per acre of only £22 : the latter producing 
1,118,4611b. at 50J lb. per acre from 2,695 acres, cost- 
ing only 8d and selling at lljd per lb. on a capital 
of £43 per acre. The Borokai Tea Company finishes, or 
rather heads, the list with a grand dividend of 16 per 
cent. The crop was 310,800 lb. at 351 lb. per acre from 
1,038 acres, costing 9£ and selling at the very remu- 
nerative average of Is 3|d on a capital per acre 
of£40. 
The ' profit per mature acre ' stands in the following 
order : — 
£ s. d. 
Panitola Tea Company ... 9 12 4 
Indian Do. of Cachar... 9 12 0 
Borokai Do. ... ... 9 3 9 
Attaree Khat Do. ... ... 9 2 1 
Moabund Do. ... ... 7 19 6 
Brahmapootra Tea Company ... 7 16 4 
Scottish Assam Do. ... ... 7 2 4 
Lebong Do. ... ... 6 16 8 
Borelli Do 6 14 6 
Upper Assam Do. ... ... 6 13 11 
Doom Dooma Do. ... ... 6 13 10 
Luckimpore Do. ... ... 5 18 4 
Darjeeling Company ... ... 5 6 5 
Jokai Assam Tea Company ... 5 5 1 
Wilton Do. ... ... 5 4 6 
Jorehaut Do 4 16 10 
Dooars Do. ... ... 4 12 8 
Dejoo Do. ... ... 4 4 9 
Tiphook Do. ... ... 3 19 8 
Jhanzio Tea Association... ... 3 13 0 
Noakacharee Do. ... ... 2 8 8 
Assam Company ... ... 2 3 9 
Land Mortgage Bank of India ... 2 2 1 
British Indian Do. ... 1 19 3 
Against the above results of Indian Tea Com- 
panies we have those of only one Ceylon, the 
Ceylon Tea Plantations Company, available for com- 
parison. Full statistics were supplied by Mr. H. K. 
Rutherford, the Ceylon Manager, which were embodied 
in the June number of the Tropical Agriculturist of 
the present year. Taking the same items as are 
mentioned in regard to the Indian Companies, we fiDd 
that the Ceylou Tea Plantations Company (consisting 
of Mariawatte, Dunedin, Dewalakanda, Sembawatte, 
and Mudamana) produced 504,3801b. at the rate of 
403 lii. per bearing acre from 1,267 acres costing 5 - 57d 
[ o. Li. and nulling at Is Id. The dividend declared was 
15 per cent, equal to the second highest dividend de- 
clared by the Iadiau Tea Companies. 
IMPOETANT AMALGAMATION OF INDIAN 
TEA COMPANIES. 
We understand that the amalgamation of the Jokai, 
the Panitola, the Tiphook, and the Kamptie Guallie 
Tea Companies is accomplished, and that these concerns 
now form the Jokai Asiam Tea Company, with a 
capital of £250,000 in £10 shares, of which £170,000 
is paid up. The result of this amalgamation will be 
watched with interest. The following is the award 
of the arbitrators iu the uiion ol the Jokai and 
Panitola Companies, together with a statement of 
the comparative values. Issued by two eminent authori- 
ties on all that concerns tea property, they cannot 
fail to be interesting. 
Awaed. 
In arriving at our valuation of the Panitola Tea 
Company's property, we understand that it is its 
comparative value to that of the Jokai Company's 
property as represented by its capital that is wanted, 
not its actual value, which we would estimate con- 
siderably higher, in the same way as the actual value 
of the Jokai Company's proptrty, as represented by 
the present market price of its shares, is considerably 
higher than its capital value. 
As it is as a dividend-paying concern that the 
properties must be viewed, we have based our valu- 
ation, as the accompanying figures will show, mainly 
on the average profits per acre of the tea over five 
years' old during the last three seasons, but with 
some modifications which we think reasonable on 
account of the extent of waste land, the number of 
contract labourers, and the amount of reserve funds 
held by each company. 
We have thought it unnecessary, and possibly mis- 
leading, to make any separate valuation of the younger 
plant, seeing that its cost in the case of both com- 
panies has been defrayed out of revenue, that the pro- 
portion of young to mature plant is about the same 
in each case, and that we have no reliable figures upon 
which to base any separate valuation. 
Regarding the waste lauds, we have valued the fee 
simple lands at considerably less than we should have 
done a number of years ago, partly because owing to 
the development of the Assam Coal Fields and im- 
proved tea machinery, such large tracts of land are not 
now required for the supply of firewood and charcoal, 
and partly that they are not now so saleable as they 
once were, and that little or no income is derivable from 
them. For similar reasons and that they add to the 
annual expenditure in the shape of rent, we have put 
no capital value at all on leasehold and pottah lands ; 
besides this there is not much difference in the extent 
of such lands held by the respective companies. 
Regarding the allowance in favour of Panitola on ac- 
count of labour contracts, we think this only fair, because 
though each concern is supposed to have a fairly effi- 
cient supply of both labour and machinery we consider 
that contract labour, of which Panitola has about 50 
per cent, more per acre, is more reliable, and therefore, 
of more value. In arriving at the amount we have 
allowed we hnve given due consideration to the fact 
of Panitola giving a much larger yield per acre, and 
therefore requiring a larger staff of coolies per acre for 
plucking and manufacture, though not for cultivation. 
Taking all the foregoing into consideration, and 
from what we personally know of the two Companies' 
properties, we are of opinion that taking its paid-up 
Share Capital of £64,550 as the value of the Jokai 
Company's property, the relative value of the Panitola 
Company's property is £56,000. 
R. Gokdon Shaw. 
Waltek S. Wabren. 
June 28th, 1888. 
Comparative Value. 
Jokai average profits for years, 
1885-87 ... ... £4 13 2 per acre. 
Panitola „ „ „ 7 11 10 ,, 
If Jokai, with a profit of £4 13s 2d per acre, has 
a capital of £30 6s Id per acre (1887 account), 
Panitola, with a profit of £7 lis 10d, should Lo 
worth £49 7s 9d per aore. , 
