408 
THE TROPICAL 
[Dec i, 1894. 
within two months of incurring the cost of it. 
There is little or no need, therefore, to have 
recourse to borrowing, with all its worrying and 
generally hampering results. None but those 
who were well-acquainted with, and probably 
suffered from, the evils of former days, can 
adequately realize how blest is our present genera- 
tion of planters in their almost total freedom 
from troubles of the class we have mentioned. 
That the relief thus caused must contribute 
to the maintenance of cheerful spirits and 
good health is a fact that may, therefore, 
justifiably be placed to the credit of tea 
planting in comparison with coffee plant- 
ing. Considerations of this kind might well have 
been submitted to the Secretary ot 'the Standard 
Life Assurance Society when our London Corre- 
spondent interviewed him on the subject of a 
reduction in rates for Life Insurance in Ceylon, 
a short time ago. 
THE CONSOLIDATED ESTATES COMPANY, 
LIMITED. 
Third Annual Report of the General Managers, 
To be submitted to the Shareholders at the General 
Meeting, to be held on Wednesday, the 10th Oct., 
1894, at 33, Great St. Helens, E.C. 
The General Managers have the pleasure to submit 
their Third Annual Report, together with Statements 
of Accounts for the year ending 30th June, 1894. 
The Profit and Loss Account shows a balance (in- 
cluding £69 0s lid brought forward from last year) of 
£2,518 8s lid, after paying Interest on the Debentures. 
Out of this sum the General Managers propose : 
To pay a Dividend of 8 % on the Pre- 
ferred Shares, which will absorb . . £640 0 0 
To set aside for redemption of five per cent 
of the Debentures at 103 .. . . 618 0 0 
To write off from the Factory Account 
the sum of . . . . . . 500 0 0 
To pay a Dividend of 6 % on the Ordinary 
Shares, which will require . . . . 600 0 0 
Carrying forward the Balance, say . . 160 8 11 
£2,518 8 11 
The following shows the result of the year's working, 
viz. : — 
Net proceeds of Crop, viz. : — 
Average net Price. £ s. d. £ s. d. 
lb. per lb. 
Tea, 310,263 .. About 6|d . .8,827 1 8 
cwt. per cwt. 
Coffee, 10 .. „ 90/.. 44 19 11 
Interest on Account . . 57 3 1 
8,929 4 8 
Expenditure on Estates, viz.:— 
Messrs. George Steuart 
& Co.'s drafts . .5,408 18 8 
Postages and Telegrams . . 19 6 
5,410 8 2 
Bonus remitted to Superin- 
tendent .. .. 166 8 2 
5,576 16 4 
Net Profit on Cultivation . . £3,352 8 4 
It will be seen that the yield of Tea was con- 
siderably in excess of the estimate given in last 
year's Report and more than 50 per cent in excess 
of last year's yield. But on the other hand the 
average price realized is much below that of last year. 
This is partly due to a fall in market, but more 
particularly to the fact that a coarser system of 
plucking has been adopted in the lower division of 
the Estate which has resulted in a greatly 
increased quantity, but lower quality of leaf, the net 
result being decidedly favourable and this system is 
therefore being continued. 
The great increase in the intake of leaf has 
necessitated a considerable expenditure for buildings 
and machinery, so that the Factorv Account now 
shows a debit balance of £1,450 Cs 4d, but the 
Estate is considered to be now fullv equipped and 
it is hoped that no expenditure at all will be necessary 
on factory account this year. In accordance with 
the intimation given in the lust report the General 
Managers propose to pay off £500 of the above 
amount out of last yearn revenue. 
The Estimates for the current season are as follows : — 
Estimated Expenditure. R8O,0605O— say 
at MA per Rupee .. .. £4,503 14s t& 
Estimated Crops— 800000 lb. Tea. 
On the basis of Exchange as above and at the price 
now current for Wattegodde Tea, sav about 7j<fnet. 
the foregoing estimates if realised would show very 
satisfactory results. 
The General Managers are in correspondence with 
a view to the purchase of two properties, but the 
negotiations are not at present sufficiently developed 
to admit of particulars being given. 
Aum thnot. Latham * Co.. 
General Managers. 
33, Great St. Helens. B.C., 1st Oct.. 1894. 
THE SCOTTISH TRUST AND LOAN COM- 
PANY OF CEYLON, LIMITED. 
Report by the Directors of the Scottish Trust and 
Loan Company of Ceylon, Limited, to the Seven- 
teenth l)i huary General Meeting of BhetwhnMw to 
be held within the Company's Registered Office. No. 
1211 George Street. Edinburgh, 011 Tuesday, the 80th 
day of October 1M94 at 330 o'clock afternoon. 
The Directors present their Seventeenth lie port, 
being for the year to 31st August 1H94. 
flstQtet in Company' 4 PottesttoB- — The properties 
have been carefully cultivated, but owing to the 
emallness of the Coffee crop, and the low prices ruling 
for Tea, the result of the year's operations compares 
unfavourably with that of former years. 
The Tea Factories of Alnwick, Auiifield, and Kaipoo- 
gala have been in full operation ; the nret-named has 
been largely extended, and powerful machinery is in 
coarse of being added to treat the increased quantity 
of leaf now at its command. 
The Brookside Factory mentioned in the last 
Report has been recently completed and is now in 
full working order. This greatly enhances the value 
of the property ; and besides manufacturing its own 
leaf, the estate is able to manufacture for its neigh 
bours at paying rates. 
The Sarnia estate belonging to the Com- 
pany, from its outlying position and small 
size, required extension to make it a 
profitable tea garden, and the Directors, 
after careful consideration, have purchased the 
adjoining estate of Dotlands, and the combined pro- 
perties will now be worked together ; they are rapidlv 
being planted up in tea. the first crop of 40,000 lb. 
coming to market in 1895. 
During the year a sum of £2.865. 18s lid was ex- 
pended on new buildings and machinery, and a further 
sum of £1,335, 16s 8d in extension of tea cultivation 
and repairs to properties. The expenditure on tea 
extension has been exceptionally heavy owing to the 
purchase of Dotlands, and for other reasons ; but the 
Directors have charged the whole of this outlay to 
Revenue. Accordingly they have not been able this 
year to reduce the amount at the debit of Tea 
Factories account. 
The coffee crop was very small last year, but the 
promise for the coming season is encouraging. 
The low price ruling for Cinchona is the cause of 
none having been harvested on the Company's estates 
during the past year. 
Throughout the greater part of the past season 
the price of Tea has been considerably under that of 
previous seasons, but better rates are now b e j n g qJj. 
tained. During last season 441,000 lb. Tea were 
shipped in the Company's account, as comp are d with 
380,000 lb in the previous year. The c rop 0 f the 
coming season is estimated at 550,000 lb. 
