Sept,  i,  1892,] 
THE  TROPICAL  AGRICULTURIST. 
197 
of  the  tea  area  that  oat  of  a total  of  1409  acres  and 
only  1,000  are  at  present  yielding  leaf ; there  are 
thus  upwards  of  400  acres  involving  considerable  cost 
for  up-keep  from  which  no  return  is  at  present 
being  secured.  All  this  tea  is  growing  well  and  in 
a year  or  two  should  show  good  results. 
It  will  be  seen  that  there  are  914  acres  still  under 
coffee;  it  is  difficult  to  express  any  decided  opinion 
as  to  this  product,  but  in  the  meantime  not  more 
than  70  acres  cf  it  is  being  plan'ed  up  in  tea.  The 
crop  of  coffee  for  1891 — 92  will  be  small,  but  from 
the  appearance  of  the  trees  it  is  hoped  that  a fair 
crop  may  be  secured  for  the  following  season.  Should 
it  be  found  necessary  to  plant  up  further  areas  of 
coffee  with  tea,  it  is  thought  that  it  will  be  a very 
gradual  process,  entailing  no  nndue  strain  on  aDy 
particular  season. 
Crop  1891-2. 
The  coffee  crop  of  this  season  will  not,  it  is  thought, 
total  quite  one-half  that  of  the  previous  year.  The  Tea, 
however  is  yieldiug  well,  and  it  is  estimated  that 
340,0001b.  will  be  secured  from  the  Company’s  estates. 
All  important  outlay  on  Factories  beiDg  now  com- 
pleted, it  is  therefore  hoped  that  a fair  Dividend  will 
be  earned.  The  market  for  tea  just  now  is  abnor- 
mally low,  but  statistics  poiut  to  a recovery  at  no  dis- 
tant date. 
At  the  last  Annual  Meeting,  Shareholders  were  ad- 
vised of  the  probable  purchase  of  Ledgerwatte  estate, 
and  the  Board  have  now  pleasure  to  report  that  this 
has  been  completed  at  £3,150.  This  property  forms  a 
valuable  accessory  to  Narangalla  estate,  aud  ensures 
an  ample  supply  of  leaf  to  keep  the  Factory  ou  that 
property  fully  at  work  irrespective  of  bought  leaf. 
The  area  now  under  Tea  is  as  follows  : — 
Tea. 
Over  5 years  old  ...  912  acres. 
Planted  Nov.,  Deo.  ...  1888  87  ,, 
,,  ...  1889  18  „ 
„ ...  1890  283  „ 
„ ...  1891  109  „ 
Total  area  under  tea  ...  l,409acres. 
Total  area  under  coffee  ...  914  acres. 
Ths  Board  consider  that  great  credit  is  due  to  the 
Manager  aDd  his  Assistant  on  the  estates,  whose  williug 
services  have  enabled  them  to  transfer  so  large  an 
area  from  coffee  into  tea,  and  to  thoroughly  equip 
three  large  Tea  Manufacturing  Establishments  with- 
out calling  on  the  Shareholders  to  provide  any  extra 
funds. 
Mr.  L.  Famin,  a member  of  the  Board,  retires  on 
tbiB  occasion,  and,  being  eligible,  offers  himself  for 
re-election. 
Messrs.  Deloitte,  Dever,  Griffiths  & Oo.,  the  Auditors, 
also  offer  themselves  for  re-election. 
. By  order,  J.  Alec  Roberts,  Secretary. 
July  20th,  1892. 
Balance  Sheet  for  31st  May  1892. 
Dr. 
To  Capital  authorized  10,000  shares 
cf  £10  each  issused  aud  fully  paid 
To  Reserve  Fund 
To  Sundry  Creditors 
To  Bills  payable 
To  Sales  of  produce  account  crops 
1891-92 
To  Profit  and  Lens  account  balance  £3,588 
Lobs  Dividend  paid  14th  Jauy. 
1892  . . 1,500 
Cr. 
By  Estates  as  per  last  account  £100 
By  purchase  of  Ledgerwatte  est.  3 
By  Sundry  Debtors 
By  Office  Furnitures 
By  Machinery,  as  per  last  account  £1 
Less  written  29th  off  July  1891 
By  Ceylon  and  London  Expenditure 
chargeable  to  crop  1891-92 
By  Cash  at  Bankers 
£ 
S 
d 
100,000 
0 
0 
4,000 
0 
0 
2 176 
7 
8 
10,798 
5 
9 
13,215 
15 
0 
5 
6 
0 
0 
— 2,08 
5 
6 
132,278 
13 
11 
£ 
8 
d 
0 
0 
0 
0 
- 103,150 
0 
0 
2,449 
7 
8 
30 
0 
0 
9 10 
9 
l 
- GOO 
0 
0 
4,(181  10  6 
2,367  15  9 
132,278  13  11 
We  have  examined  and  found  corrrect— the  books  aud 
vouchers  of  the  Company  in  London,  with  which  have 
been  incorporated  the  accounts  from  the  estates,  and 
and  we  certify  that  the  above  Balance  Sheet  correctly 
represents  the  position  of  the  Company  as  shown  b 
such  Books  aud  Accounts. 
Deloitte,  Dever,  Griffiths  & Co., 
16th  July  1892.  Chartered  Accountants. 
Profit  and  Loss  Account — Crop,  1890-91. 
Dr. 
£ s.  d. 
To  Estate  Expenditure,  In- 
cluding Costof  Tea  Leaf 
Bought..  ...  38,212  4 5 
Bess  Profit  on  Exchange  ...  8,102  16  11 
, Fright,  Lauding  Charges  Ac. 
, Interest  .. 
, Directors’  Fees 
, Rent,  'alaries,  Audit  and  Petty  Charges 
, Income  lax 
, Balance  Carried  Down — Profit 
£ s.  d 
30,109  7 6 
2,  -’89  7 3 
185  19  b 
500  0 0 
351  0 9 
97  13  0 
3.535  17  7 
37,369  5 9 
To  Balance  Carried  to  Balance  Sheet  3,’ 83  5 6 
3,588  5 6 
Cr. 
By  Coffee  Sold  in  London— 
cwts.  qr.  lb.  e.  d. 
2,7nl  0 27  Average  97  lOpercwt. 
„ Coffee  Sold  in  Ceylon 
„ Tea  Sold  in  London— 
From  the  Company’s  Estate  ..286,340  lb. 
From  BoughtLeaf. . ..225,8001b. 
■£  s.  d. 
13,039  19  10 
235  5 4 
av.  p lb. 
512,146  lb.  10J  22,816  10  1 
„ Cinchona  Bark  Sold  in  London — 
33,65b  lb.  av.  3d  per  lb.  .,  424  15  jo 
,,  Cocoa  Sold  in  Loudon  — 
cwts.  qr.  lb.  s.  d. 
S3  2 0 Av.  96  3 per  cwt.  . . 252  14  8 
37,369  5 9 
By  Balance  from  Last  Year  ...  £3,166  17  9 
Less  Dividend  Pa  d 
5th  Aug.  1891..  £?,50u  0 0 
,,  Written  iff 
Machii  ery  Acc.unt  ..  614  9 ;o 
3,114  9 10 
■ 52  7 11 
,,  Balance  Bro  ght  Down — Profit  on  Crop. . 3,535  17  7 
3,588  5 6 
THE  POSITION  OF  TRADE  AND  MINING 
INTERESTS. 
The  present  is  a time  which  naturally  lends  itself  to 
a consideration  of  the  position  of  the  metallurgical 
branches  of  trade,  and  of  its  probable  effect  upon 
the  mining  industry  in  the  immediate  future.  As 
merchants  and  traders  find  it  to  their  advantage  to 
carry  on  stock  taking  at  each  natural  division  of  the 
year,  so  the  investors  in  mining  scrip,  and  others  who 
have  an  interest  in  the  prosperity  of  mining,  are 
accustomed  to  estimate  the  possibilities  of  the  future 
by  a consideration  of  what  they  have  gone  though 
in  the  past.  They  are  further  led  to  do  this  by  the 
temporary  suspension  of  business  which  is  resultin'* 
from  the  general  elections,  a suspension  which  gives 
them  ample  time  to  look  carefully  into  their  affairs. 
Fortunately,  this  period  of  business  inactivity  will 
be,  for  the  time  being,  very  short,  though  manufac- 
turers are  somewhat  apprehensive  as  to  whether  it 
will  not  eventually  result  in  further  appeals  to  the 
country.  This,  however,  is  the  only  disturbing  element 
in  the  trade  position.  In  every  other  respect  the 
second  half  of  the  year  opens  with  more  encouraging 
prospects  than  the  first.  The  period  through  which  we 
have  passed  lias  been  in  the  nature  of  a crisis.  The 
failure  of  the  Oriental  Bank  was  a practical  evidence  of 
low  financial  tide  in  the  East,  and  this  was,  in  a 
great  measure,  brought  about  by  au  exceptionally 
heavy  speculation  in  landed  property.  The  trade  of 
Great  Britain  with  the  East  bent  its  head  to  the 
blow  like  a healthy  reed,  and  this  contrasted  curiously 
