January x, x88 9 ] THE TROPICAL AGRICULTURIST. 
\&3 
now well pleased wilh results, aDd we must trust to 
Providence and keep turning round the old wbeel. I 
am sorry to bear of so many deaths of good and true 
friends of mine in Ocylon: a sad blow to me, people that 
had a kind and good encouraging word always lor me. 
James D. Watson, 
THE KELANI VALLEY TEA ASSOCIATION, 
LIMITED. 
Directors:— G. W. Paine, Esq , Chairman; Donald 
Andrew, lieq., L. F. Davies, Esq., and D. A C. 
Scott, Esq. 
Keport of the Board of Direotors, to be presented 
to the shareholders at their Second Annual Meeting 
to be held at the Office of the Company, 16, Philpot 
Lane, London, E. 0., on Thursday, the 22ud day of 
November, 1888, at 2-30 p.m. 
.i T keDirectors have pleasuro in herewith laying before 
the .Shareholders the lr Report with the Accounts and 
balance-sheet for the year ending 30th Juno 1888 
Ihe oponing-np of the Company's property is pro- 
ceeding satisfactorily, and the tea produce ! from the 
old clearing has turned out of excellent quality. 
Xhe small held has produced for the year 3 814 lb 
of tea, giving an average of 421 lb. to the acre' 
-the groan amount realized was £'183 18s 9d, which 
may be considered a very satisfactory result. The 
acreage now under cultivation consists of •— 
9 acres tea in full bearing. (This field on resurvey 
turned out 9 and not 10 acres as mentioned 
in last Keport) : 
■10 acres tea, 21 mouths old, coming into bearing. 
220 „ „ 12 
216 „ cleared and 'being planted this year. 
Ihe woathor during the past year has been ab- 
normally dry, and the growth of the plants on the 
last division has been somewhat delayed, but, from 
recent advices we lean, that rains have been abund- 
nnt, a„d that the nowly-plauted fields are now making 
satisfactory progress, 
The Directors authorized the pnrehase from Go- 
vernment of a small block of laud (20 acres) adjoin- 
ing their property, which, they were advised by 
then Manager, it was in the interests of the Ooni- 
J,rt" y f a° T ac< l u " re ' "J" 3 'his pnrcha.o has been 
ettected. lu reference to the Accounts, the Directors 
bavo departed from the very usual course in Tea 
Companies of debiting all d-ar-,.. to the I' t ,,„ 
Development Acoount until the gardens come into 
bearing, preferring to keep the Capital expenditure 
as low as possible. The Hem "Directors' Fees" 
although appearing as a charge against Profit and 
i. has not been drawn, nor do the directors pro- 
_„„ ■ . . . — ui«,»u, nui uu me uirectors pro- 
«»rli ,"u t , b ° Se feea untl1 8Uch tinle as profits are 
earned Of the £4,250 authorized issue of Deben- 
tores, Bond,, for £2,450 have been placed, and appli- 
cants for the balance are available when the money 
is required 1 he Directors consider tho future pro- 
spects of the Company so favourable, they purpose 
further developing the e-tato and erecting permanent 
bu. d.ngs, machinery, &c. To do this efficiently, a 
s r M H8t,0 ,r 0f , CRpilHl n,ft y 8hort 'y bor " ni ° "coca. 
Auditor, retires in accordance with the Articles of 
Association, and, being eligible, offers himself for ro- 
M?w i . r r f W " Pa,n "' Chairman! 
J lulpot Lane, London, E.C , 10th Nov. 1888 
li.M.AM k Shi ft, .f i ni: 30 in, |»ss. 
Liabilities 
' Capital Account - 
nominal Cupit .1 
Shares of X10 each ... 
Capital I.iau u ,i 
In BAD Sharon of £1d 
MObi on which £5 
Share has been rnlltd 
"P 
ISO /ully-fKiiJ Vendor*' 
Shores 
-U.OOu 0 0 
10,000 0 0 
1,230 
1,400 
0 0 
Less call unpaid 
To Debenture Account — 
Debentures issued to date 
To Hills Payable 
To Sundry Creditors 
To Directors' Fees 
To Kxi'h.nKe Account — 
Am uut Outstanding... 
5,700 
2 
0 0 
0 0 
Asset*. 
By Degalessa Estate — 
Baluuco from last Ac- 
count 
Interest paid to Vendors 
on purchase money ... 
Paid for 20 acres Crown 
Lands 
Expenditue Developing 
New Clearings 
By Preliminary Expenses— 
iialance Outstanding ,. 
By Cos'. Advunces — 
Balance Outstanding, 
H3,3dl-06 at Is 6d per 
Kupee 
By Produce Shipments — 
Current Seuson's Tea 
realized!. tier 30th June 
By Sundry Debtors 
By Cash at Hunkers 
Cash in hand 
By Profit and Loss Account 
s, d. 
5,748 0 0 
0 0 
1,5 u 0 0 
'71 1 G 
20o 0 o 
232 10 9 
£9,652 2 3 
£ s. d. 
5,586 
89 
44 
2,919 
8.C69 9 2 
97 13 9 
249 16 7 
82 IS 11 
27 11 11 
291 11 6 
233 0 5 
Pbofit and Loss Account, June 30th? rfsV 
s. d. 
expenses, Auditor's I-ee. Stationery, &e. 
writ\en D off . XPeDSeS ' Pr °I»rti<>na> per cent 
To Interest on Debentures'" 
To Telegrams ... 
To Income Tax ... 
To Directors' Pees 
By Balance from last Account 
By Profit on Sales of Tea 
By Profit on Bice, supplied to coolie's 
By Interest Received 
By Balance carried to Balance Sheet"' 
140 8 
2 
32 11 
2 
41 7 
3 
9 19 
9 
3 1 
8 
200 0 
0 
£427 8 
0 
33 3 
3 
84 11 
8 
73 1 
2 
4 11 
6 
233 0 
6 
£127 8 0 
THE PROFITS OF THE MILL INDUSTRY 
IN BOMBAY. 
(FBOM A COKHESPONDENT.) 
The Manchester manufacturers were lately engaged 
in emu feting the discussion of the Big-Eudians and 
the l.ittle-Eiidiaus of Swift, und they are not yot sure 
wnetner they are losing an important section of their 
trade by fluctuating exchange or declining freights or 
the long working hours of the Bombay operative* 
lo them the following tables will doubtless supply 
rood for reflection, and it is to be hoped that Such 
reflection may mduce on their part sobriety in tho 
treatment of a problem, the right solutiou of which 
concerns their interests so vitally. The tables ,„ 
question contain a summary 0 f tho accounts of the 
boj.buy cotton mills for one whole year, such year 
•'"ding ,n son,,, ras. h will, December, ltfiM, Hud in 
others with June, 1888. For obvious reasons, we have 
included only tho*o mills which are in normal working 
order and which publish th, ir account e fer th. ir 
jl..r..|...|.l,,.. Borne of them make up their accounts 
'•''•>• 3*» and in tl.oir enses we have had to set out 
their h K ures f 0 us lo show their operations for .no 
whole year. The mills ; ,ro also divided into eroup». 
according to the uat.oual.ty ot their manager-, for. M 
wo shall show further en, tho working Bud condition 
