8o6 
THE TROPICAL 
AGRICULTURIST. [June i, 1889. 
to the undertaking. All that the Kangra Valley re- 
quires in a good firm of Calcutta merchants to take some 
interest in it. The total out turn of the Valley gardens 
is a mere flea-bite ; and it is this, or the number of 
small gardens unable to place a fair-Bked break of tea 
at a time on the market. This, in turn, leads to the 
low prices which they too often realize when com- 
pelled to go there with their rain crop ; for very little 
if any, of their spring and autumn crop see the 'market. 
This year, however, a proposition has been made, con- 
fined at first to a few gardens to join together and 
blend, say, the produce of 12 gardens, and sell as 
" Kangra Valley Tea.." without of course any garden 
name : and this measure, we_ feel sure, will do good 
to both sellers and buyers. It is a fact that more tea 
is sold in Fleet Street, Ludga;o Hill, St. Paul's Church- 
yard and the Strand as Kar gra Valley Tea than the 
Valley turns out altogether or ever oan. There is one 
old house in the Strand wh.sh sells Kangra Valley 
Souchong as high as 5s. a lb.; but we fancy that the 
Kangra Valley planters would be glad if they got one- 
fifth of that pries. Now ? tae proposal in question, 
which we hear from a gentleman in the Kargra Valley, 
emanates from Mr. Duoec.n MacBcan of tbe Clachna- 
cuddin Tea astate, will, if h^rtily taken up, go a 
long way towards ensuring this or possibly a better 
result. We are plea?3d therefore, to leso that the 
meeting of the associated planters, held on the 6th 
instant, displayed an unanimoas and decided to 
work in future for combination. This is all that is 
wanted to place the Valley's tea in the position at home 
it should have.— C. $ M. Gazette. 
* 
CEYLON TEA PLANTATIONS COMPANY, 
LIMITED. 
Directors. — David Reid, Esq., Thorn anean, Kinross- 
shire, Chairman ; Donald Mackay, Esq., Hereford ; 
Henry Tod, Esq., 2*1, Mincing Lane; David Reid, 
Esq., 7, Mincing Lane. 
Secretary. — Sir W. Johnston, Bart. 
Manager in Ceylon.— Henry Keer Rutherford, Esq. 
Report of the directors to be submitted at the 
second annual general meeting of shareholders to be 
held at the offices of the Company on Friday 12th 
April, at 2 p. m. The diiectors have the pleasure to 
submit the general balance sheet and profit and loss 
account for the year ending 31st December, 1888, duly 
audited 
£ s. d. 
The net amount at credit of profit 
and loss account, including balance 
brought forward at 31st December, 1887, 
and after prow ling for the gene::«il ex- 
penses, direct ' '_»' fees, income tax &c, 
amounts to ... ... ... 11,987 3 5 
An ad ad interim dividend of 6 per — ■ 
cent was paid on 17th Scptemlar, 1888 4,571 8 0 
A second ad interim dividend of 4 per 
cent was paid on 26th January, 1889 3,047 1*2 0 
It is proposed te pay a final dividend 
of 5 per oent (making 15 per cent in all 
free of income tax) which will absorb 3,809 10 0 
To w^ta off an account of " prelimi- 
nary expenses" ... ... ... 265 0 0 
r io write off for depreciation of office 
furniture ... ... ... 12 9 3 
And to carry forward to next year a 
balance of ... ... ... 281 4 2 
£11,987 3 5 
It is a matter of satisfaction to the directors to be 
able again to declare a total dividend of 15 per cent 
and this, notwithstanding the great fall whioh has 
taken place in the selling price of tea during the past 
year. The gross average realised for the Company's 
crop of 1888, sold in London, was 10§d while the aver- 
age for the previous year was Is Id per lb. The profit 
made, considering the low price of tea, is a substantial 
proof that the Company's affairs have been carefully 
and economically managed in Ceylon. In the annexed 
statement of acreages it will be observed that 1,635 
aores of tea land have been added to the Company's 
estates, and this addition has been effected at a eost 
of £45,500 and paid for by the issue of 4,550 fully 
paid up shares of the Company. Since the transfer 
of theae properties the directors have received the 
Ceylon manager's estimates for the current year: these 
go to further strengthen the confidence of the board 
in the future of the Company's property. In view 
of the lower average rate of capital cost per cultivated 
acre brought about by the acquisition of the estates 
of Wallaha, Tillyrie, Scrubs, Alton and Upcot ; and 
further by reason of this purchase bringing in a new 
and important proprietary, the directors have decided 
practically to divide the whole available balance of 
profit amongst the shareholders inteiested in the results 
of the past year's working. 
The Directors have again to record their apprecia- 
tion of the faithful and zealous manner in which their 
Ceylon Manager, Superintendents, Assistants and Ser- 
vants of the Company have dischaaged the duties en- 
trusted to them during the past year. 
Under Clause No. 69 of the Articles of Associa- 
tion, Mr. Donald Mackay retires from the Direction, 
and is not now resident in England. 
It will be necessary to appoint an Auditor for 1889 
and Mr. B. H. Miller again offers himself for the 
office. David Reid, 
London, 5th April 1889. Chairman. 
Balance Sheet, 31st -December, 1888. 
Dr. 
To Capital - 
7,619 Shares of £ 10 each, 
fully paid ... .. 
To Bills Payable 
To Sundry Creditors London.., 
Do Ceylon ... 
To Profit and Loss account .. 
£ s. d. 
ti,842 12 6 
2,161 12 11 
76.190 0 
36,061 10 
9,004 
11,987 
£133.212 18 10 
Or. 
By Cost of estates (including land purchased, 
and machinery and new clearings in 
1888) ... 
By Value of produce unsold at 31st December 
1888 
By Office furniture London 
By Preliminary Expenses 
By Value of Tea chests in Ceylon on hand at 
31st December 18C3 
By Advances to Ciolies... 
By Sundry Debtors : 
London ... ... £13,930 11 4 
Ceylon ... ... 2,695 18 1 
By Loans and advances in Ceylon 
By Cash, viz : — 
At Bankers, London ... 2,305 5 7 
Do Ceylon ... 324 6 2 
In Manager's hands Ceylon 173 8 0 
In Superintendent's hands 
Ceylon ... ... 851 7 2 
By Interim dividend paid 17th September ... 
s. d. 
75,890 15 6 
1,412 
127 
530 
575 
IS 
,626 
,861 
,654 
571 
7 
9 3 
0 0 
13 8 
11 0 
9 5 
10 0 
6 11 
8 0 
£133,242 18 10 
Profit and Loss Account, 31st December, 1888. 
Dr. 
To London Charges, including Bent, Salaries, 
Directors' Fees, Income Tax, &c. 
To Difference on Exchange 
To Sundry Charges in Ceylon 
To Loss on 1887 Unrealised Assets... 
To Balance ... 
Cr. £ ». d. 
By Balance from 31st December 
1887 
By Net Profit on sale of Produce 
of estates ... ... 10,010 11 0 
By Commissions, Interest, Trans- 
fer fees, &c. earned in 
London ... ... 1,208 6 9 
By Commissions and Interest 
earned in Ceylon ... 913 15 9 
s. d. 
1,281 9 11 
377 9 10 
174 18 6 
40 13 5 
11,987 3 5 
£13,861 15 1 
£ s. d. 
1,729 1 7 
12,133 13 
£13,861 15 
