April t, 1889.] THE TROPICAL AGRICULTURIST. 
669 
The planting operations of the Company, so far as 
tne result obtained is conerned, have again proved 
disappointing to the Board, and it is on this account 
that the nee profit shown on the year's working is 
less than was anticipated, as the Board have every 
reason to be satisfied with the progress of the Com- 
pany's general mercantile business. The Directors 
fully anticipate that this latter will steadily continue 
to increase with the improving prosperity of Ceylon, 
which is yearly being brought about by the maturing 
of the large areas of tea planted in the island. 
The unlooked for result of the planting operations 
of the Company during the past year was due to cir- 
cumstances which no foresight could control, and 
which in a more or less degree affected the whole 
planting community of Ceylon. During the early 
part of the past year, Ceylon was visited by a drought 
of unprecedented severity and duration, and for some 
three and a half months many of the Company's own 
and their constituents' Estates were practically wiih- 
out a drop of rain; such a want of moisture would 
of necessity have a marked effect on a crop like Tea, 
where the yield is dependent on the bushes con- 
stantly throwing out new leaves, and the result was 
that on very many Estates the yield of Tea fell far 
short of estimated returns, in several cases resulting 
in a loss instead of a profit. 
The Company, moreover, incurred considerable ex- 
penditure during the past year on Tea Factories, 
Planting, Nurseries, &c., and as only a small portion 
of the Tea on their properties is in full bearing,', it 
was impossible that the crop secured during such an 
untoward season could cover expenditure ; although 
the Board are glad to say that some of their Estates 
gave better yields than they had looked for under 
the circumstances. 
So far as the year has gone the present season has 
been a favourable one for the growth of Tea, and on 
the Company's Estates, where there is now a total 
area of 1,092 acres under Tea, the yield has been very 
satisfactory and largely in excess of the past seasou ; 
and as during the present year there is no necessity 
for the expenditure of any considerable sum on 
Factories, &c, the Board look forward with con- 
fidence to a greatly improved result in the Com- 
pany's planting operations. 
The Board - would briefly refer to the other products 
in which the Company is in a minor degree interested. 
Coffee, formerly the mainstay of Ceylon, is more and 
more becoming a thing of the past, and it is un- 
safe to base any calculations on the future of this 
product. The Board are, therefore, glad to say that 
the future prosperity of the Company depends almost 
entirely upon tea, which product is gradually supplant- 
ing coffee on nearly the whole area of their estates. 
The Company still has a considerable area of cin- 
chona bark, which is growing well ; but the price 
which this article at present realises in the London 
market does not warrant the Directors in looking to 
it for any considerable profit during the year. 
The supply from Ceylon will now no doubt rapidly 
decrease, tea having been planted where cinchona 
formerly stood, and a more paying range of price may 
then be looked for. 
The following figures show the total exports of coffee, 
tea, and estimates for the cinchona from Ceylon for a 
series of years and the current season. It will be seen 
from the latter that a very large increase in the produc- 
tion of tea is expected, and thatthere willagain bea large 
falling off in the coffee crop as compared with previous 
years. 
Total Shipments of Coffee, Tea, and Cinchona from 
Ceylon, for the year ending 30th September, 
Coffee Tea Cinchona, 
cwt. lb. lb. 
1877 ... 1)43,000 1,775 5(5,500 
1884 ... 323,000 2,263,000 11,493,000 
1885 ... 314,000 3,797.000 11,678,000 
1886 ... 223,000 7,170,000 15,365,000 
1W ... 180,400 12,000,000 14,400,000 
1888 ... 136,300 20,756,000 11,700,000 
Estimate for the year ending 30th September, 
1889 ... 80,000 35,000,000 9,000,000 
Mr. John Brown, Chairman of the Board, left for 
Ceylon in December, and will inspect the properties 
in which the Company is interested. 
Mr. H. H. Potts, a member of the Board, retires 
from office on this occasion, and being eligible offers 
himself for re-election. 
Messrs. Deloitte, Dever, Griffiths & Co., the Audi- 
tors, also offer themselves for re-election. 
By order, J. Alec. Roberts, 
London, 5th February 1889. Secretary. 
Balance Sheet, 30th September, 1888. 
Dr. 
Capital Authorised — 
10,000 Ordinary Shares of 
£10 each ... 
20,000 6 per cent. Prefer- 
ence Shares of £5 each 
£ s. d. £ 
100,000 0 0 
100,000 0 0 
s. d. 
£200,000 0 0 
To Capital issued — 
10,000 Ordinary Shares, 
£7 paid ... ... 70,000 0 0 
3,630 Preference Shares, 
£5 paid ... ... 18,150 0 0 
Do Debentures 
Do Bills Payable ... 
Do Loans, Ceylcn... 
Do Loans, London... 
Do Sundry Creditors, Ceylon... 
Do Sundry Creditors, London 
Do Profit and Loss Balance... 
88,150 0 0 
10,200 0 0 
8,904 15 1 
0,400 0 0 
2,000 0 0 
4,266 3 5 
1,796 14 9 
1,168 U 11 
£122,885 14 2 
Cr. 
By Colombo Establishment— £ s. d 
Freehold Premises, Build- 
iugs, Machinery, &c. ... 20,000 0 0 
Do Estates ... ... 70,000 0 0 
As per last Account... 
Do Machinery, &o„ as per last 
account 
Do Amount added during the 
year ... ... 
s. d. 
£'JO,000 0 
1,600 7 2 
807 16 11 
2,408 4 1 
Do Advances against Crops... 16,779 6 11 
Do Sundry Debtors, Ceylon 9,032 18 1 
Do Stock of Boues, Stores, 
Furniture, Sec, in Ceylon 10,313 15 1 
Do Cash at Bankers and in 
hand, Ceylon ... ... 811 14 2 
Less Exchange 
Do Sundry Debtors, London ... 
Do Produce in London and afloat 
Do Office Furniture, London 
Do Cash at Bankers and in 
hand, London 
39,345 18 i 
li9,345 18 4 
13,376 18 9 
115,968 19 
1,400 5 
3,566 4 
150 0 
1,800 4 0 
£122,885 14 2 
Audited and found correct, 
Deloitte, Deveb, Griffiths & Co., 
Chartered Accountants, 4, Lothbury, London, E. C. 
4th February, 1889. 
1S87-88. Profit and Loss Account for Year 
ending 30th September, 1888. 
Dr. 
To Salaries and Office Expenses, Colombo 
To Rent, Salaries and Office Expenses, 
London ... 
To Directors' Fees ... ... £10o 0 0 
To Managing Directors' Fee to Mr. 
Browu, winch includes ex- 
penses of his present visit to 
Ceylon ... ... 200 0 0 
£ s. d. 
1,761 12 10 
303 5 0 
300 0 0 
