April i, 1889.! THE TROPICAL 
AGRICULTURIST. 
66? 
The total crop was 69,940 lb., and the plucking area 
172 acres of tea, 3f years old. The yield per acre was 
404 lb. This yield is encouraging, and the new lands 
opened should, the Directors aie confident, yield much 
heavier crops than the 172 acres. 
As no prosptctus was issued at the formation of the 
Company, it is considered advisable in this report to 
inform the Shareholders as to the prospects which may 
reasonably be looked for in the future. 
The Company's property consists of: — 
172 acres tea in bearing, planted, in 1885. 
208 „ do 1887. 
100 „ do 1888. 
70 „ being opened. 
293 „ Forest. 
843 acres Total. 
The amount of uucalled capital is RIO, 000 and in order 
to construct the necessary buildings and New Tea 
Factory, and equip the same with Machinery, it will 
probably be necessary to expend R15,000 over and above 
this sum. 
The Directors propose to develope the estate to the 
exteut of bringing 550 acres of tea into bearing and 
build and equip the Factory entirely out of profits. 
By adopting this course the Company would place 
itself in a very strong position, as it would then possess 
550 acres of tea, with Factory and Machinery, and 293 
acres of forest at a capital rate of E350, (or say £25 
sterling,) per cultivated acres. 
The property, the Directors estimate, would thus be 
capable of yielding gradually increasing dividends up 
to 20 per cent, and they base this statement on the 
following calculations : — 
A yield of 600 lb. per acre (when the 550 
acres are in bearing) with the selling 
price of tea in Colombo at cents 40 
and cost of production ... ... ... „ 28 
Profit per lb cents 12 
would yield a return of R72 per acre, which equals 20 
per cent on a capital outlay of R350 per acre. 
The. Directors would therefore strongly advocate the 
support of the Shareholders to the policy they propose. 
It will be necessary for the Shareholders to elect a 
new Board of Office-bearers and fix the remuneration 
to Directors- 
H. K. Ruthebfokd, Managing Director. David 
Fairweather, A. P. Crawley-Boevey, Directors. 
16th February, 1889. 
CAPITAL AND LIABILITII 
I. 0 afital. 
Dr. 
1,700 Shares of R1U0 fully paid up 
200 ,, on which R50 paid ... 
IS. 
waJfjRtu c. 
170,(100 00 
10,000 00 
180,000 
II. Debts Owing by the Company. 
To balance due Superintendent for 
salary & Coolies wages ... ... 1,240 
To Ohetty for Rice supplies ... 0,806 
To Sundry supplies of Tea Seed, &c. 6,042 
To Carson & Co., for sundries ... 1,932 
To Auditors's Fees 52 
00 
02 
43 
22 
23 
50 
VI. Profit and Loss. 
Per balance 
16,d73 45 
2,957 46 
R199.0H0 91 
PROPERTY AND ASSETS. 
III. Property (Immoveable)— Held by the 
Or. Company. R. c. 
Purchase of Northbrook, Matalawa, 
Yataderia Estates 140,000 00 
Land siuce purchased 2,077 81 
Improvements on Estates ... ,.. 10,152 71 
Cul'ivation of 208 acres not in bearing 5,120 00 
Buildings 3,575 46 
I eoperty (Moveable) — Held by the Company. 
Maihinery 3,119 33 
Tea Nurseries 5,4£9 83 
IV. 
8.K09 2L 
Debts Owing to the Company — Con- 
sidered Good. 
Advances (Coast) 3,814 94 
Other Advances... 144 67 
Estimated value of Shipments sold but 
not yet accounted for ... ... 3,733 31 
Estimated value of Tea in Colombo or 
enroute 3,811 10 
Disbursements on account crop 1889 
V. Cash — In Bank 
In hand ... 
11,504 02 
2,797 80 
15,189 02 
4 88 
15,193 90 
E199,030 91 
Pbgfit and Loss Account. 
Dr. R 
To Cultivation expenses R 4,808 47 
„ Manufacturing expenses 11,536 86 
„ General charges, supervision, &c. 9,098 46 
25,443 79 
,, Legal Expenses — formation of Coy. 1,445 50 
„ Stationary, Postages and Petties 249 85 
„ Auditor's Fees ... 52 50 
„ Interest ... 9 61 
„ Balance ... 2,957 46 
B30.158 71 
Audited and found correct — John Guthrie, 
15th Februarv 1889. Auditor. 
Or. R c 
By local Sales of Made Tea 42,202 lb. 
„ „ „ 21,06S lb. Green 
Leaf =Made Tea 
5,267 lb.=47 ,469 lb. 18,923 91 
„ Shipments of Tea .. 22,471 lb. 11,207 30 
,, Transfer fees 
30,131 21 
27 50 
irectors 
160,925 98 
R30,158 71 
H.'K. Rutherford, Managing Director, 
David Fairweather, 
A. P. Crawley-Boevey, 
George J. Jameson, Secretary. 
Colombo, 15th February 1889. 
Mr. Mackenzie begged to point out to the meet- 
ing that as the Company was a small one, it was 
absolutely necessary to curtail expenditure of esta- 
blishments as much as possible, as it could not stand 
the drain in that respect like much larger companies ; 
he therefore proposed that the office of Managing 
Director and Secretary be held by one person, and 
thought the Company could not do better than appoint 
Mr. J. H. Starey for this work, as the present 
Managing Director was proceeding to England. — This 
was seconded by Mr. D. Fairweather and unanimously 
carried. 
The Chairman then proposed and Mr. A. P. Craw- 
ley-Bof.vey seconded the resolution: — "That Mr. H. V. 
Masefield be elected a Director in place of Mr. A. P. 
Crawley-Boevey and that Mr. D. Fairweather retain 
his seat on the board as Director." — Carried. 
Proposed by Mr.W. Mackenzie:— "That the Directors' 
and Secretary's remuneration for the year 1839 be 
covered by the sum of Rl,600, the amount to be 
apportioned by the directors themselves." — Carried. 
Proposed by Mr. J. R. Fairweather and seconded 
by Mr. J. H. Starey:— " That Mr. J. Guthrie heap- 
pointed auditor for the year and that his fee be 
fixed at K52\ r >0". — Carried. 
Proposed by Mr. MasffiElD and seconded by Mr. 
Tarrant : — " That the retiring directors be remune- 
rated for their services during the past year as follows, 
viz: The Managing Director B600 and the other 
two directors at RloO each."— Carried. 
