mih t, 1895.] THE TROPICAL 
AGRICULTURIST. 
657 
THE CLUNES ESTATES' COMPANY OF 
CEYLON, LTD. 
DIRECTORS' INTERIM REPORT. 
For the half-year ending 31st December, 1891. 
The Director are glad to be able to inform the 
Shareholders that the yield of tea for the six 
months, viz., 125,355 lb. has fully realized their ex- 
pectations, and that the prices obtained have been 
throughout satisfactory. This yield shows an increase 
of about 59 per cent, over that of the correspond- 
ing six months of the previous year, partially owing 
to young tea, which yielded little or nothing in the 
previous twelve months, having come into bearing. 
The Directors have every hope that the estimated 
crop, viz., 275,000 ft>. for the year to end of June 
nsxt will be fully realized. 
R3),0)3 (3)) shares) of the unissued capital 
(RVJ.OOO or 500 shares) of the Company were issued 
for the purpose of paying for the cost of erection 
of a new factory in the Lower Chines group. All 
the shares were taken up at once by existing share- 
holders, to whom they were first off ered. 
Turesult of the half-year jiutiiiss the Directors 
in announcing an interim piyniiut of 5 per cent, 
on acaount of the year's working, reserving about 3 
per cnt. for dipreciatiou and sundry other items 
whic'.i have to be written off. 
THE UPPER MASKELIYA ESTATES 
COMPANY, LIMITED. 
At the annual ordinary general meeting 
of the Upper Miskeliya Estates Company Ltd., 
held on March 9th, Mr. \V. D. Gibbon in the chair, 
the reports and accounts were adopted and a 
final dividend of 13 per cent, miking with the 
7 per cant, interim dividend declared in August 
la -it 29 per cent, for the year, was declared. 
REPORT OF THE DIRECTORS. 
ACREAGE Of BRUXSWrCK AND BL003IFIELD ESTATES. 
Tea in full beai-ing 410 Acres. 
Grass; Timber Trees &c. 72 ,, 
Total . . 518 Acres. 
The Directors have pleasure in submitting to the Share- 
holders the Accounts o£ the Company for the past year. 
Tils quantity of Tea secured in the year was 211,012 lb., 
bain? slightly in excess of the Estimate, and the average 
net price realized was about 51} cents per lb. 
After making ample provision for depreciation of Build- 
in »a and Machinery, the net profit for the year amounted 
t(i"R>u 311-5.), in addition to which a balance R12,110'2l 
w is brought forward from 1803, making a total of RSS,45i76 
available for Dividend, equal to 25?, per cent on the Capital 
of the Company. 
An interim Dividend of 7 per cent was declared on the 
1th Au"iist and the Directors recommend that a final 
Dividend of 13 per cent be declared, making 20 per cent for 
the year. The sum of 1111,151-70 will then remain to be 
cariied forward to the current ye n 's account. 
the -Estimate of Tea in 1895 is 220,000 lb. on an ex- 
p mdituro of R'iO.ooo and the estimated profit from other 
sources is Rio, 170. No outlay on Capital Account has been 
included in the Kitiiu ite, but it 111 ly be found advisable 
to purchase a steam Engine to provide against any tem- 
porary break-down of the present. Machinery, 
During the year Mr. A. Thomson and Mr. W. H. G. 
Duncan resigned their seatson the Board and Mr. <; W. 
Cn lyun was nominated a Director in place of the latter. 
In terms of the Articles (if Association, Mr. W. D. Gibbon 
now retires by rotation from the office of Director, but 
being eligible offers himself for re-election. 
Mr. A. K. Wright qesumed charge of the Company's 
Ksl ties from the beginning of the present year, after an 
absence from the island of about 21 months, during which 
period the management was placed in the hands of Mr. R. 
Webster. 
The appoiuhu-nt of an Auditor for 1805 will rest with 
1 he meeting, 
THE MAHA UVA ESTATE COMPANY, 
LIMITED. 
At the annual ordinary general meeting of th ' 
Malta i v.i Estate Company Ltd., heldoaMarch 
9th, Mr. *!• W. Canyon in the chair, the 
83 
report and accounts were adopted ami a divi- 
dend of 8 per cent, for the year w. is declared. 
REPORT OF THE DIRECTORS. 
ACREAGE. 
Acres. 
Tea in full bearing • • • 115 
,, partial bearing - • - 153 
„ not in bearing ■ , - - 30.J , 
Coffee amongst l'ja (Ui6 acres) 
Cardamom i in hearing • • -10 
,, not in bearing - • • 30 
(Jims, - 11 
Total Cultivated - • 630 
Jungle an I Waste land - - - 211 
Total of Estate - - 901 
The Directors have pie 1 sure in submitting to the Share- 
holders the Accounts of the Company for the past year. 
The crops secured during the Season ware 71,2511b. Tea. 
700 bushels coffee and 020 lb. Cardamoms, which were sold 
at average net prices of 50.5- cents per lb. R17-85 per bushel 
and R132 per lb. respectively. Owing to unfavorable 
weather for flushing, the yield of Tea ' was 5,710 lb. less 
than was estimated but the coffee crop fully realized the 
expectations of the Directors. 
After 111 iking ample provision for depreciation of Build- 
ings and Machinery the net profit, including a small 
biiance from 1803, amounted to R10.315-50 from which the 
Directors recommend the payment of a Dividend of 8 per 
cent leaving Rtio'50 to be carried forward. 
During the year 100 acres land were planted with Tea 
and 30 acres with Cardamoms— whilst the area of the 
estate was increased by the purchase at upset price from 
Government of 26 acres of land. The Directors are pleased 
to report that these clearings were successfully planted 
and th it all the young tea (300 acres) is coming on 
very well. 
The new Factory referred to in last year's Report is 
now almost completed, and a new Bungalow, which has 
been found necessary in view of the altered position of 
the Factory, is in course of erection. 
It is intended to plant this year about 30 acres more 
land with Cardamoms, after which no further extensions 
are at present contemplated. 
The estimates for 1895 are 85,000 lb. tea, 1,000 bushels 
coifee and 1,000 lb. Cardamoms against an Expenditure 
on working account of Ri(>,638: a further sum of R22.050 
will probably be spent on capital account in completing 
the Factory, building a new Bungalow and more lines and 
upon young clearings. 
In September last Mr. A. Thomson resigned his seat on 
the Board and Mr. G W. Carlyon was appointed to fill 
the vacancy. In terms of the articles of association Mr. 
C. Young now retires by rotation, but is eligible for re- 
election. 
COCONUT OIL SITUATION. 
There has recently been developed in the Ceylon 
coconut oil market an easy feeling that appears to 
have had its origin in the fears of some of the more 
timid holders that the stocks held for advances made 
to a recently failed distributing house would be 
thrown on the market, that the pai-ties making the 
advances might realize on them promptly. However, 
we have information from a relialjle source that there 
is no disposition to sacrifice these goods, the holders 
probably realizing that to force them 011 the market 
at this, the dullest time of the year, would necessi- 
tate the making of large concessions to buyers on 
the question of prices. Consumers do not need them, 
and speculative operators would not care to touch 
them unless they saw the chance of a large profit. 
While statistically Ceylon coconut oil is in a far 
better position than it was at this time last 
year, when the spot supply alone was greater than 
the stock now on the way and in store, there is 
little likelihood of any decided improvement in 
market pricos for some weeks to come, if at any 
time during the coming season. This mirkefe is 
likely to take its usual quota in the consuming sea- 
son, which will open about the mi l He of ' February, 
but there is little or no reason to expect tint there 
will be any material increase of consumption. Tho 
pro luction appears to be ample for all requirements, 
and, after the experience of 1893; when overtrading 
so demoralized the markot, importations are being 
regulated with close reference to th s actual needs of 
the market 
In spite of the3e f Sots, there saonnto be a purpose 
in some quarters to b-u- the market, by taking ad- 
