842 
THE TROPICAL AGRICULTURIST. [font i, 1895. 
invested in coconut lands and the balance, which 
we are now adding to the fund, is at present 
merged in the general business of the Company . 
but, we hope, to be a ble to specifically invest thi^ 
sum as we hive done former additions to the fund. 
CAPITAL COST. 
The ctpital cost of the planted land, aggregating 
8,6(i6 acres, (after allowing for the Reserve Fund, 
and at the rate of £3 per acre for Reserve Forest 
and waste lands) is equal to £'2H per acre. This 
includes, not merely the land, but the full 
equipment with engines, turbines, rollers and 
dryers, and all machinery and buildings incidental 
to the manufacture of tea in 17 factories, and 
is also inclusive of a manufacturing business for other 
proprietors' leaf, amounting last year to 1,353,000 lb. 
of tea. I think we may fairly congratulate the share- 
holders on the position which this Company ban 
attained among the many excellent concerns of a like 
nature to which the British public have subscribed, 
and your Directors are convinced that the policy- 
adopted from the beginning, of steadily building up 
a substantial Reserve Fund in prosperous years, in- 
stead of paying larger dividends, has the approval 
of the shareholders, and it is largely due to this policy 
that the shares of this Company stand so highly in 
the estimation of Investors. 
THE FUTURE, 
The futme of the tea enterprise is a sealed book, 
but the steadily increasing demand for Ceylon teas 
by countries other than Great Rritaiu is, I believe, 
likely, in a few years, to assume such proportions as 
to relieve us of our increasing output, and thus 
remove that dread nightmare of overproduction which 
has been continually threatening us. I consider we 
are embarked in an enterprise in which, although 
we may hereafter be subject to unwelcome vicissitudes 
(as all commercial and agricultural undertakings are 
liable to), we have, nevertheless, the essentials of success. 
The cheapness of production which Ceylon enjoys 
for a product eminently suited to its soil and climate, 
and which continues to grow in public favour, and 
the successful efforts which follow the determination 
of her planters to force their teas into new markets 
form fairly broad and sound bases to warrant a 
belief in the stability of the Ceylon tea industry. 
A TRIBUTE TO THE STAFF. 
Notwithstanding, however, the advantages I have 
stated, and which we are fortunate in possessing, 
still all these agencies would fail to bring about 
the good results we congratulate ourselves upon as 
a Company had not our manage.', Mr. G. 5 A. Talbot, 
and his efficient staff of Superintendents and 
Assistants in Ceylon conducted our business in 
every department with their accustomed carefulness 
in expenditure and energy and zeal in the com- 
pany's interest. While you no doubt agree with me 
that the burden of the day rests with the Ceylon 
staff, you will also, I am sure, endorse the opinion 
of the Board that great credit is due to the London 
office staff, and also to our brokers for the share they 
have had in bringing about the successful working of 
the year under review. 
Mr. J. Leake, suggested that the depreciation ac- 
count should be shewn annually in the balance sheet, 
and would like the Chairman to explain the amount 
of £127 in the Reserve Fund. He further would be 
glad to hear if there was any hope of getting an of- 
ficial quotati n for the company's shares. 
The Chairman, in reply, said that the dire2tovs 
did not think it would serve any useful purpose 
bringing forward the past amounts set aside for 
depreciation, and that the apparent discrepancy of 
£127 in the reserve fund arose from the amount 
being derived from profits on investments. With 
regard to the quotation on the Stock Exchange, 
this could be obtained at any time for the pre- 
ference shares, but until the proportion of ordi- 
nary shares demanded by the rules of the Stock 
Exchange were in the hands of the public, and not 
in those of the vendors, no quotation could be ob- 
tained for the ordinary shares, 
The Chairman proposed, and Mr. D. Reid 
seconded, the adoption of the report and accounts 
! and declaration of dividend. 
Mr. Rutherford proposed, and Mr. Hn.c i i 
Anderson seconded, the re-election of Mr. Tod 
as a director. 
Mr. Hasi.au proposed, and Mr. Hunter Reih 
seconded, the rc-appointment of Messrs. Harper 
Brothers as auditors. 
Mr. Danoerpiei.d proposed, and Mr. Sua mi 
seconded, a vote of thanks to the Chairman and 
directors, which concluded the proceedings. 
TEA IN INDIA s LATEST BBPOBTH. 
i From Tkt Planter, May 4th. | 
I'l.AVIlM; ami PBOOPCfL 
Assam.— Severe drought has continued in Lower 
Assam for the past week, and rain i J now very iihk-Ii 
needed. Rain has not fallen for about three WOO In. 
and in consequence the soil is parched for want of 
moisture. The heat is intense. 
Do ARB. — The reports from this District are some- 
what more encouraging. More good rain has fallen, 
and this should be the means of clearing out red 
spider, which is bad on some gardens. 
D.uueei.iso. — Weather has now thoroughly broken 
and rain is falling every day. About 7 inches have 
been registered at l'amghatta during the last ten 
days. Red spider should have no show now. 
The Doon. — The weather in the Doon is voted 
lovely. Every two or three days there is a down- 
pour of rain, sometimes nearly an inch. There is a 
fairly equal proportion of sunshine and cloud, and 
the atmosphere is steamy. The success of the spring 
crop is assured. 
Tekai. — Leaf has not come on as well as it might 
have done, but this has been caused by red spider 
mid the severe drought which prev ailed earlier in the 
season. Gardens have not yet made up the deficiency 
as compared with lB'.tl, but now that rain has fallen, 
it should not be long before they do so. The rain- 
fall too, in comparison with that of 1891, is behind. 
Svlhet. — The weather here continues vey hot and 
dry, the little rain which fell on the 21st making a 
small difference. No cholera has been reported, and 
it is to be hoped that it will not appear. 
C.achar. — The latest advices from Cacbar state 
that rain is still much needed. Notwithstanding 
I this, however, the returns show an increase over last 
I year. Managers are still plucking. No samples have yet 
' been received. Red spider is spreading fast, but 
will most probably go away as soon as they have a 
I heavy shower. 
A Cf.vlox Plantkr is Sumatra.— The writer 
of the interesting letters from Sumatra which 
have appeared and are to appear in our columns, 
writes by last mail : — 
" I have just returned from a prospecting trip in 
the jungle in Lower Langkat. A few years more 
will see the greater portion of Serdang in 
coffee: and don't forget I prophesied it! Just 
as I am closing my letter, Mr. Rehorst gives me, 
to send to you, the enclosed two maps, which give a 
very clear idea of the ''Oost Kust " of Sumatra. I 
know the country now. pretty well from Bedagie to 
Lower Langkat as far as the petroleum boring. A 
more uninteresting, and at the same time a more 
interesting country it is hard to conceive. Cninter- 
esting for scenery, which is deadly monotonous. But 
highly interesting as regards geological formation 
which seems to vary at every turn and corner. In 
a country where no stones are, you suddenly come 
across a patih of water-worn stones 100 feet above 
a river! And on the top of a small ridge I have 
seen a sand bed that must at one time have had 
water running over it. Men that go down to the 
sea in ships truly see the wonders of the Lord. But 
the land lubbers, if they keep their eyes open, see 
strange things now and again. Geologically and 
ethnologically, Sumatra is the most interesting coun- 
try I haye yet seen !" 
