756 
THE TROPICAL 
AGRICULTURIST. [May i, 1889. 
rusal by all who take an interest in the subject. 
Only a f e win Ceylon have probably seen the Professor's 
book, and those who read Mr. Benson's review are 
not likely to purchase a oopy, as it is heavily dis- 
credited by one who has had all the advantages of 
the special education that the Professor himself en- 
joyed, to whioh however he has added fifteen years of 
Indian experience in his department. 
The matters dealt with in this pamphlet are quite 
as important to Ceylon as India, and the opinions 
of a man of Mr. Benson's attainments and experience 
is worthy of full consideration. 
4. 
INDIAN TEA COMPANIES. 
On page 757 we have reproduced a table 
which cannot fail to receive attention from 
our tea planters who want to form some idea 
of the working of the great Indian Tea Industry. 
The statistics given by Mr. Henry Earnshaw are 
very full and- apparently compiled with the great- 
est care. We proceed to remark on the more promi- 
nent facts. 
This table of results is for some of the large Indian 
Tea Companies (registered in London) in season 
1887 and it reads unpleasantly in April 1889, for a fall 
of at least 2d or more per lb. in the interval, 
in the selling price at home, seems to sweep 
away the bulk of the profits mentioned in line A. 
" Commission to managers," we see, ranges (reckon- 
ing exchange,) at from 1| to 3 \ Ceylon cents per lb. 
These commissions to managers will also be in danger 
of being swept away, we should imagine. 
The two largest Companies mentioned are the 
"Assam Company" yielding 2,118,106 lb., and the 
"Land Mortgage Bank of India, Ltd.", yielding 
1,969,168 lb. The first (costing £23-10-8 capital 
value per cultivated acre) is said to have a reserve 
fund (on capital of £187,160) of 20-62 per cent, 
or say roughly £37,432. The gross proceeds of 
the tea in 1887 are stated to have averaged Is 
l'41d per lb. yielding a profit to the shareholders of 
l-86dperlb. Now the average price of 1,787 packages 
of this estate's tea for week ending 22nd Feb. 1889 
was but lljd per lb., or a loss of fully 2d per lb. 
compared with 1887. At this rate of loss on an 
annual crop of, say 2,000,000 lb. of tea, it will 
take only about two years to swallow up the reserve 
fund. In the case of the second Company (the 
Land Mortgage Bank of India, Ltd.) instanced, 
there appears to be no reserve fund to fall back 
upon and as the capital paid up is said to be 
rather more than £344,000 representing capital cost 
£42-15-11 per cultivated acre and the profit in 1887 
was only l-76d per lb., it seems impossible for such a 
huge Company, yielding nearly two millions lb. of 
tea in 1887, to go on many years longer, unless 
indeed prices improve. 
The Borokai Tea Company, Ltd., with a paid-up 
capital of £43,560 and 1,038 acres cultivated costing 
about £42 per acre — (say roughly K630) — the yield 
being 331 lb. per acre giving a orop in 1887 of 310,800 
lb., average cost of which is stated at 9'82d per lb. 
seems to have yielded a profit in 1887 to the share- 
holders of 6-27d per lb., the average gross proceeds per 
lb. being Is 4-09d. Ceylon men might gather some 
useful hints from the factories and mode of pluck- 
ing adopted on this estate. Where is it situated 
and what is the distance from the shipping port, 
and what is the mode of transport ? Perhaps some 
of our correspondents and readers in India can 
give us this information. Notwithstanding the high 
cost per acre of tea the shareholders' profit per 
cent on capital in 1887 is placed at 18-07 per cent 
(D) — topping in thiB respect every other Company. 
The British Indian Tea Company deserves notice, 
because the cost per acre of tea is put down at no 
less than £119 8s 9d, say 2,039 cultivated acres 
representing a paid-up capital of £243,300: this 
estate must be well managed j for, over its 688.8B6 
lb. the average total cost per lb. was apparently only 
7"02d although the gross proceeds average per 
lb. was only 9-15d per lb. After giving Olid per 
lb. to the manager in commission, it left a profit 
to the shareholders of 2 02d per lb., the yield 
per acre being 396 lb. shareholders' profit in 
capital being very low only 2-38 per cent. But 
before long, where will be the capital represent- 
ing £119 odd per acre cost of tea ? The table in Its 
fullness is an extremely interesting statement to 
lay before Ceylon tea planters at the present 
moment, as it dearly proves, we think, that they 
have much to be thankful for. Indeed, unless 
Indian tea gardens can afford to work much cheaper 
than they appear to have been doing, many of them 
it is evident must soon be snuffed out. 
♦ 
THE FISH-CUBING INDUSTBY IN 
MADBAS AND CEYLON. 
We have received a copy of the proceedings of 
the Madras Board of Revenue submitting to the 
Government a report on the fish-curing operations 
in that Presidency during the year 1887-88. It 
appears that the number of yards on the Madras 
coast actually worked during the year, was 145 
against 141 in the previous year, and the weight 
of fish brought to be cured was 37,495 tons against 
30,373 tons in the previous year, so that 23*4 
per cent increase was shown on 1886-87. 
The figures given for fish-curing in Ceylon look 
insignificant, indeed, when compared with the above. 
In 1887-88 there were only three yards worked 
even at Hambantota and Gandara in the Southern, 
and at Udappa in the North- Western, Province. 
The fish cured in these three yards was only 524£ 
tons against 37,495 tons in Mauras. 
The financial results of the operations in the 
opposite Presidency during 1887-88 were also very sa- 
tisfactory. The receipts during the year amounted 
to R100.378, and the charges to B86,325, resulting 
in a net profit to the Government of B14,053. 
Whereas in Ceylon the total receipts were R3, 726-56 
The expenditure being 2,862 45 
leaving a net gain of B864-14. 
Nevertheless, if we calculate the percentage of gain 
upon the amount expended, we get the following 
results : — 
Madras.. .. .. 16£ per cent. 
Ceylon . . . . . . 30J per cent. 
The reason for this great difference is apparent. 
The expenditure incurred in Madras for buildings, 
clerical establishments and contingencies is on the 
whole rather considerable, whereas in Ceylon the 
yards are cheaply constructed and a very small 
amount is expended for establishments. 
The Hon. Mr. Eavenscroft, Auditor-General, who 
has devoted much of his time and attention to 
this subject, properly observes that the ordinary 
rule " will it pay? " should not be too strictly ap- 
plied to the fish-curing experiment at least while 
it is still in its infancy. In this opinion the 
Board of Revenue in the Madras Presidency seem 
to concur. They say any increase in price beyond 
what is necessary to secure the Government from 
loss is to be deprecated as likely to check the 
growth of the industry. The tendency, therefore, 
to make a profit by increasing the price of salt 
should not, we think, be encouraged. 
We agree with Mr. Ravenscrof t when he says that 
the nsh oured in the Government yards is far 
