832 THE TROPICAL AGRICULTURIST. [June i 1895. 
that the tea industry, on the whole, is on a -ound 
footing that gardens are economically manag.d, 
and that the palates of the public are accustomed to 
Indian and Ceylon tea/ — a point not to be lost sight 
of — the hint dropped by the writer in the Citizen 
merely contains a truism which would apply with 
equal force to any commercial industry. There is 
so very little in life that is "absolutely assured'' that 
shareholders in tea companies have no special cause 
for concern on thi8 score. It will be needful for both 
China and Japan to reform their methods of tea ma- 
nufacture considerably before either the one can regain 
lost ground or the other acquire a considerable 
footing in the European tea market. They are clever 
and imitative people and may accomplish many things 
in the future. But we have confidence in British enter- 
prise, and believe that our countrymen in India and 
Ceylon will retain the lead they have acquired and prove 
fully equal to any competitive dangers. 
Tea Companies.— -Aw opo» of Messrs. Gow. Wil on, and 
Stanton's statistics about tea companies and tea sbares, 
to which we referred last week, we notice that the 
writer of the financial article in an evening contempor- 
ary calls attention to the advantage of investment in 
tea shares. By spreading a sum of money over differ- 
ent share.s in both Indian and Ceylon companies it 
should be practicable to obtain a high and. at the same 
time, a fairly regular rate of dividend. Tin- following 
examples will bear this out, says the Echo :— 
Yield 
Price percent. 
Bandarapola Six per Cent. Deben- 
ture • • •• 102 j .. r, 16 3 
Bandarapola £10 Ordinary 13J .. <> 0 0 
Ceylon Tea Plantations Seven per 
Cent Preference .. .. l.">} . . 4 10 0 
Ceylon ,. Ordinary LTo .. 21? . . 6 1(J 0 
Eastern Produce Company Six per 
Cent. Debenture .. ..100 ..6 0 0 
Kelani Valley Six per Cent. De- 
benture ..102 .. 5 Jfi 6 
New Dimbula Eight ner Cent. 
Preference, £10 . . • • 14 . . 5 10 0 
United Planters Five per Cent. 
£50 Debenture . . . . 50 ..500 
Ditto. Ordinary, £10 . . . . H ..550 
"Already a good market for the shares exists, both 
in Colombo and London, so that those who wish to 
invest money in what, after all, is a sound enter- 
prise, subject, of course, to good years and bad 
years, as well as dependent in a great measure on 
the fluctuations of the rupee, can easily obtain a 6 
per cent, rate from debenture and cumulative prefer 
ence issues alone," 
Indian Tea in America.— We learn that strenuous 
efforts are being made by leading houses in New- 
York, Chicago, 'and elsewhere to push the sale of 
Indian tea, the plan adopted being to advertise 
a particular brand, in most cases attractive young 
women being engaged to set forth the merits of the 
brand. In other cases a prize is offered for the dealer 
who shows the greatest increase either in the value 
of the tea handled or the number of packages dis- 
posed of. Mr. Blechynden, the delegate of the Indian 
Tea Association, has attended Food Shows both in 
Washington and New York, and we understand, has 
no reason to be disheartened with his success. Mr. 
Mackenzie, the delegate of the Ceylon planters, has 
returned from his tour, and is about to submit a 
report to the Chamber of Commerce of Ceylon on 
the value of the methods hitherto employed in push- 
ing Ceylon tea. An opinion appears to prevail that 
it would be to the mutual advantage of both India 
and Cevlon to devise some common scheme of op3vn- 
tions whereby the objects which both countries liavo 
in view might be obtained and the resources economised. . 
— li. and C. Mail. 
THE KELANI VALLEY TEA ASSOCI- 
ATION, LIMITED. 
The ninth annual ordinary meeting of the abovj 
company was held at the offices of the company 
10, Philpot Lane, B.C., on Wednesday, 10th insfc., at 
2-130 p.m. 
Notice convening the meeting having U-en read, 
the chairman, Mr. G, W. Paine, ill proposing " That Un- 
report and accounts as presented to the shareholders 
be received and adopted,'' said that he had only a 
few remarks to make, and, referring to the balance 
sheet, drew attention to the fact that the capital 
subscribed now consisted of 253 fully-paid vendors 
shares and 2,747 ordinary t'lo shares, on which i'.'iliad 
been paid, making in all 3,000 shares, with a paid-up 
capita! of £16,265, being the full amount of shaie 
capital at present issued. 
He then noted that the reserve fund had been 
increased by the amount of the premiums paid on 
the 1H1 shares allotted by tender, and now itood at 
£2,278 7s. 9d., wh ch sum was invested in first-class 
securities, realisable at any time, the market .able 
of which on December Hist last was given by the 
company's brokers as i'2,3rtH lis. 4d. 
As would be seen in the balance sheet, the 
value of the buildings and mach nery ou the two 
last purchased estates of the company, Werea- 
galla and l'arnsell a. had been transferred from 
estates account to building and macbintry 
a'-count, making the total of the latter account 
£7,000 (>s 8d, and this had been done in order to 
enable the depreciation to be correctly estimated. 
Mr Paine then apologised to the shareholders 
for an oversight which had occurred in not giving 
in detail, as promised at the last meeting, the items 
which made up the amount shown under " General 
Charges," but he now had pleasure in supplying 
the omission, and in future the separate items would 
appear in the accounts. 
The Company had added nothing to their 
acreage during the past year, the directors' think- 
ing it advisable to refrain from purchasing more 
land at present, trnsting that by waiting they might 
perhaps secure a better bargain than was possible 
just now; in the meantime they would develop their 
existing property, and the shareholders would uolhe 
they had cleared a small block of seven acres on 
Parusella. 
Although the crop had fallen short of the estimate 
by t>0,0001b., the prices they had obtained for 
their produce had placed them in a very for- 
tunate position, and every credit was due to the 
management in Ceylon for the results obtained. 
The average price for teas from the same district 
for the past year was 6'875d per lb., while' that 
tor the company's teas was KlSSd.; that is. they 
were 1.313d. above the average of all estates in the 
Kelani Valley district. 
The chairman then stated that samples of soil from 
each of the four estates had been forwarded from 
Ceylon at the request of the board, who had sub- 
mitted them to an expert on agriculture for analysis, 
and he had written an exhaustive report, an extract 
of which was read, and it was satisfactory to find that 
the class of manure lecommended by Mr. John 
Hughes was the same as that decided upon by the 
managing director. 
The chairman's motion having been seconded by 
Mr. L. F. Davies, and carried unanimously. Mr. 
Mennell, as a practical authority, made a 
few very eulog'stic remarks on the company s 
teas. He said that there had been a most remark- 
able improvement in the quality ot the '■ Degi.l^s^a" 
tea during the past year. The "flatness'' which had 
characterised it in the past had been got rid o', and 
the flavour of the tea was now very full and rich. 
He added that during the year tea generally had 
been thin and wanting in flavour, while on these 
two points the teas from Degalessa were exception- 
ally good, and the prices obtained were in many 
cases remarkable. 
The following resolutions were then put to the 
meeting and carrieH unanimously. Proposed by 
the chairman, seconded by Mr. D. A. C. Scott, that 
a final dividend of 10 per cent, (free of income tax) 
be declared payable forthwith, marking in all 15 per 
cent, for the year. Proposed by Mr. Andrew 
seconded by Mr. Howard, that Mr. L F. Davies be 
re-elected a director of the company. Proposed by 
Mr. Dodds, seconded by Mr. Hornby, that Mr. J. B. 
Laurie, C.A., be re-elected auditor for the ensuing year. 
