10 
THE TROPICAL AGRICULTURIST, f^vLV i, 1893. 
of immeDse importance before the gold- 
producing industries of South Africa — 
and one that is likely to bring an 
immense addition to the wealth and currency 
of the world ; and which may also do more 
to redress the inequality with silver than 
all the efforts of the Bimetallists. This is 
perhaps, not saying much ; but we certainly 
cannot help placing much faith in the 
Report and figures of the expert employed 
by the Messrs. Rothschild to examine the 
Rand mines ; and who can say what effect, 
the addition of even 10 million ounces to 
the present annual produce of gold may 
have, if continued for thirty years. There 
is besides, however, the probability of other 
telds being developed in South and East 
Africa, in Borneo, New Guinea, British 
Guiana and Central America. Let no one 
fear, therefore, that the hidden riches of the 
earth in gold are about to be exhausted ! 
♦ 
TEA PLANTING IN CEYLON AND 
MATTERS FINANCIAL : 
THE OTHEB SIDE OF THE SHIELD. 
(From, another Planter.) 
" Mr, Wm. Taylor has refused £10,000 cash from 
BandarapoUa Co. for Hapngahalande in North 
Matale. [Hapngahalande has 240 acres of line tea 
and 53 acres grass and jungle, so that this is up to 
£40 sterling or o?er 650 rupees per acre.— Ed, 'J'. A ] 
" What would some former owners think of this ? 
According to your morning contemporary gold is 
becoming over-appreciated as compared to some 
scores of other articles. Tea land cannot be one of 
them. Truth is, the value of Ceylon ten property is 
only now being ascertained. As a security it is far 
before any ordinary Eastern or Colonial Bank, and 
has been considered dear at 8 years purchase, while 
Bank shares fetch, or did fetch, 16 to 20 years. 
" An old planter writes from home : — ' I have been 
■watching the numerous sales to Companies, and the 
frogress the shares make, which is wonr'erful; yet 
must admit I have noticed nothing extravagant 
BO far.' 
"The Banker and the Business Man, who wrote 
warning letters to your paper lately, were playing 
Cassandra too soon. Where else can such good 
security be got giving 8 to 12 per cent ? All bankers 
here do not agree with this one, nor do the busi 
ness men who get up Companies, and secure this 
business. Sour grapes?" 
♦ 
THE CEYLON TEA PLANTATIONS 
COMPANY, LIMITED. 
IMPOETANT SPEECH BY MR. RUTHEKFORD. 
The sixth annual report of Ihia Compiny was held 
this afternoon, Mr. Rutherford in the chair. 
The Seoretsry baviug read the notice oonvenitig 
the meeting:, 
Mr. RuTHEHFOED said: Gentlemen,— Ytu will, i 
presume, «s usual, tkke the report and accounts as 
read. The Direotors have the pleasure of meeting you 
again with a statement of jour affairs which, I trust, 
you will agree with us in considering satisfactory, 
as we propose to distribute among the crdinary thare- 
holders for the sixth consecutive year a tutal dividend 
of fifteen per cent, on the year's working, after making 
due provision for depreciation and a substantial in- 
crease to our Reserve Fund. Before entering iuto 
the general details of the year's working I will 
briefly refer to the accounts which have been 
placed before yon. You will note the issued share 
capital has been slightly increased from what it was 
the rrevious year bv the addition of 65 ordinarj 
and 334 preferfnee shares, the former having be^n 
issued to onr estate superintendents and afsistantf, 
and the latter to the public, the premiums on which 
hftvs been add^d to the Premiam Hercrve Acoount, 
The sum of £.09,814 against bills payable may appear 
to some shareholders as being coosiderably in excess 
of former y<=ars ; but this iiirrea«e happened to be 
merely temporary at the cIo'p of the year. The 
capital expecditure stands at £'286.885 or an inereass 
of £24,159 on the previous year. This arises from the 
part payment of the parohsse of the Stair and Glenlyon 
estates— which you sanctioned in Jauutry of last year 
— the acquisition of 49 seres of forest-laud from Qn. 
verntnent in proximity to thf^e properties, and of 
some smsll lots of Uud adjoiriog Mariawatte estate. 
It also includes an ezpnrditure on pUntire with tea and 
for buildiors and macbicery £6,563. We propose to 
set aside £6,275 ?« ad for depreciation, by with- 
drawing that sum from the " Reserve from Premiums" 
and applying it to tbe reduction of the Capital Ac- 
count, fo that the Reserve, as it will then s'and. can 
nil be utilized, if ncce^ssrv. for the rqnalisstion of 
dividends. The Reserve Fund from " furplns profits" 
has been increased bv the sum of £I0,7h1 12s Qii 
bringing it up to £25.(X)0. or U per cent of the issued 
share capital of the Company, and it will beef inter- 
est to shareholders to know that we have invested 
part of this money in firpt-class securities, and we will 
continue to withdraw further sums for investment ar d 
60 septrate as far as possible the reserve from tbe 
ordinary risks of our bnsinegg when we can conveni- 
ently do so. There is a sum of £129 lis 2d reserved 
to cover a probable loss from advances to coolies. 
The item is dcubffal ; but we have thought it best 
to err on llie snfe side by proviiling for it this year. 
Unfortunately we liad one or two oitate accounts 
with tbn late New Orientsl Bank Corporation in Oeylon, 
and we have set aaide on this account ten sbillings in 
the pound, or, in all, asam of £286 16 9 2d. 
Now, as regards tbe profit earned for the past year, 
it will he coted this amounts Hnolndin? tbe balance 
brought forward) to £38,359-10-1, and this sum re- 
presents 22 per cent, on tbe ordinary share capital 
sfter paying thfi dividends on the preference shares 
When we consider that last year was an unfavour- 
able one as regards weather for producing leaf, it ii 
clear that with a diminished yield per acre of nearly 
10 per cent, cn the previous year, and practically tbe 
same price for our teas, there must have been osu'es 
operating beneficially to have produced this increase 
of profits. The important factors so operating were 
low exchange and cheap freights. 1 may h<=re men- 
tion that, while we an growers benefit C0D>idt-rat>Iy 
by a low exchange, the Board hss not overlool!e<l the 
fact that our European staff suffers by the de- 
preciation of the rupee, and I sm sure the 
shareholders will be pleased to learn thst for 
tbe past year we have aUowed these officers 
a bonus of 10 per cent addition to their salaries 
to compensate them for tbe heavy fall in exchange. 
Our bonght-leaf business and manufacturing tea for 
other proprietors, although ehewiog a slight falling- 
oflE in volume cf leaf, was more profitable than for 
the previous year. Coffee and cinchona are now 
almost products of the past on our estates, as they 
have been supplanted with tea, and althoogfa, as 
usual, they have astisfed our profits, we look for 
lit'Ie or nothing from these sources in the future. 
I would now refer to the issue of ordinary and pre- 
ference shares wbich was made early in this year, 
but which does not, of course appear in the accounts 
under review. These shares were offered pro rata to 
the .shareholders, the former at a preminmof£2 Itls. 
per share, and the latter at & premium of £1 10s. 
per share, and I am ple%sed to be able to tell 
you they were readily absorbed by our sharehol- 
ders. The premiums on this issue, amounting to 
over £5,000, will appear in next year's acoonnts 
to the credit of " Reserve from premiums or may 
be utilized for depreciation as may be deemed advis- 
able. When the final calls have been paid, and 
