524 
THE  TROPICAL  AGRICULTURIST. 
[Feb.  i,  1893. 
touched  in  July,  when  the  monthly  average  de- 
clined to  8£d  per  lb.,  being  about  the  lowest  yet 
recorded.  From  this  time,  however,  better 
teas  commenced  to  come  forward,  which  together 
with  advices  of  smaller  shipments  from  Colombo, 
gave  buyers  more  confidence,  and  a gradual  reac- 
tion took  place.  Later  on  this  developed  into  a [ 
strong  demand,  especially  for  all  the  lower  grades,  t 
when  the  trade  realized  that  the  monthly  deliveries  1 
were  exceeding  the  arrivals  by  about  1J  million  lb.,  so 
that  by  the  end  of  November  the  monthly  average  had 
risen  to  lljd  per  lb. 
No  doubt  the  abnormally  low  rates  current  during 
several  months  for  clean  sweet  liquoring  pekoes 
and  pekoe  souchongs  were  instrumental  in  forcing 
these  on  the  notice,  not  only  of  the  London 
dea'ers,  but,  as  the  export  returns  testify,  also  of 
Continental,"  Canadian  and  American  buyers.  On  the 
whole,  therefore,  recurring  periods  of  depression  in 
prices  appear  beneficial  to  the  trade  generally, 
as  by  these  the  teas  from  the  island  are  made 
more  widely  known,  and  the  area  of  consumption  is 
increased. 
Your  Directors  are  pleased  to  report  that  not- 
withstanding the  lower  prices  ruling  for  Ceylon  tea 
generally  during  the  past  year,  better  results  have 
been  obtained  for  the  produce  from  the  Company’s 
Fetteresso  and  Rickarton  estates  ; on  the  other  hand, 
however,  the  low-grown  teas  have  shared  in  the 
general  depression. 
Coffee. — The  market  for  this  article  has  been 
good  throughout  the  year,  and  very  sa'isfactory  prices 
have  beeu  obtained,  but  the  production  from  the  island 
appears  to  diminish  rather  than  increase.  The  fears 
of  reduced  prices  generally  expressed  at  the  end  of 
last  year,  happily  proved  groundless,  as  the  large  Brazil 
orops  were  absorbed  without  seriously  increasing  the 
stocks  of  the  world.  The  high  prices  which  have 
now  existed  for  over  six  years  have,  however,  rendered 
the  expansion  in  consumption  slow,  and  planting  in 
various  countries,  especially  in  Columbia,  has  been 
pushed  forward  during  recent  years,  so  that  increased 
supplies  may  in  due  course  be  anticipated.  In  the  near 
future,  however,  no  great  cbaDge  can  be  looked  for,  as 
the  large  estima’es  of  this  season’s  Brazil  crops  are 
being  reduced. 
The  highest  price  paid  for  Liberian  Ceylon  coffee  ibis 
year  was  realized  for  a parcel  of  the  Company’s  from 
North  Matale  Estate  on  the  6th  October,  when  93/  per 
cwt,  was  obtained. 
Cocoa.— A good  demand  has  prevailed  through- 
out the  year,  but  prices  are  lower  than  those 
ruling  last  year,  although  the  production  of  the 
island  has  been  less.  This  falling  off  in  value  is 
partly  attributable  to  the  competition  of  Java  which 
Was  anticipated  in  last  year’s  report,  and  also  to  the 
pernicious  system  of  making  direct  offers  from  Colombo 
to  the  various  Markets,  thus  stifling  competitive 
orders ; as  a consequence  the  output  of  Java  being 
almost  entirely  sent  to  Holland,  the  price  of  “ good 
red  ” has  rather  stopped  that  of  Oeylon.  The  outlook, 
however,  is  still  encouraging,  the  consumption  con- 
tinues satisfactory,  and  prices  are  much  above  those 
existing  for  Western  growths.  It  is  satisfactory  to 
report  that  the  sales  of  the  Company  oompare  favour- 
ably with  those  of  other  estates,  in  many  instances 
the  prices  obtained  being  above  those  of  similar  quality 
of  other  marks. 
From  reports  by  the  Visiting  Agent,  Mr.  W.  Forbes 
Laurie,  your  Directors  are  able  to  assure  the  Share- 
holders that  all  the  Estates  belonging  to  the  Com- 
pany and  buildings  thereon  are  in  excellent  oon- 
ditioD,  also  that  the  faotory  accommodation  is 
quite  equal  to  requirements  during  the  current 
year  ; in  faot  it  is  not  expected  that  any  important 
additions  or  alterations  will  have  to  be  effected  for 
some  years  to  come.  It,  will,  however,  be  necessary 
to  ranotion  some  expenditure,  in  order  to  keep  our 
maobinery  well  abreast  of  the  times. 
The  Mortgage  Account,  which  originally  stood  at 
£15,000,  has  now  been  reduced  to  £9,500. 
Your  Directors  have  every  confidence  in  the  con- 
tinue <J  prosperity  of  the  Company; 
Your  Board  have  (o  record  their  appreciation  of 
the  sei  vices  rendered  by  the  Managers  in  Ceylon 
Mesers.  D.  Edwards  & Co.,  of  Hatton. 
Profit  and  Loss  Account,  1st  Jnly  1891 
to  30  th  June  1892. 
Dr. 
To  Expenditure  in  Ceylon  on  account  of  crop 
To  Agency  aud  Office  Expenses  in  Ceylon 
To  Charges  in  London  consisting  of  Rent, 
Salarios,  Low  Charges,  Postages,  Sta- 
tionary, &c... 
To  Interest  on  Debentures,  Loans,  &c.  to 
30th  June  1892  ..  .. 
To  Debenture  Charges  . . 
To  Reduction  of  Mortgage  over  North Mataie 
Estate,  &c...  .. 
To  Balance 
£ s d 
22,571  15  8 
385  17  2 
2c  4 6 9 
2,451  19  3 
46  2 11 
2,015  7 5 
7,215  10  1 
£31,943  19  3 
Or.  £ s d £ s d 
By  Amount  brought  forward  from 
la  t Balance  Sheet  5,377  13  1 
Less  Dividends  of  6 
per  cent  on  Prefer- 
ence Shares  and  10 
per  cent  on  Ordi- 
nary Shares,  iess 
Income  Tax  £3592  7 9 
Loss  on  Produce  4 4 1 
Directors’  Fees  for 
1890-91  500  0 0 
Auditors’  Fees  for 
1890-91  15  15  0 
Income  Tax  168  11  10 
4,280  18 
1,096  16  2 
By  Proceeds  of  Prodnce  sold  to 
30th  June  1892  . . 25,762  7 3 
By  Produce  in  course  of  realiza- 
tion (all  of  which  has 
since  been  sold) 7,713  9 10 
33,476  17  1 
By  Commissions,  Transfer  Fees,  &c.  371  7 0 
£34,913  19  3 
4. 
TEA  IN  MATALE  IN  1892. 
Our  rainfall  for  1892  is  14P38  inches, — 24  inches 
over  our  14  years'  average,  but  2J  motes  less  than 
1891,  which  was  also  largely  in  excess  of  the 
average.  Taken  as  a whole  I should  say  1892  has 
been  rather  unfavorable  for  flushing.  The  heavy 
rainfall  of  January,  some  43  inches,  preceded  by 
a oold  and  wet  December  affected  the  fields  in  that 
and  the  following  month  ; dry  cold  winds  in  May 
and  June  brought  on  8 severe  attack  of  the  yellow 
tea  mite  Acarus  Iranshtccns  on  all  tea  six  months 
from  pruning  and  seriously  reduced  the  yield  for 
these  months;  then  theoold  wind  and  wet  of  the  south- 
west moneoon  continued  into  the  north-east  and 
gave  us  a poor  yield  for  Ootober  which  is  usually 
a hot,  steamy,  wet  month,  good  for  flushing.  De- 
cember, on  the  other  hand,  has  been  more  favour- 
able than  usual.  The  reBt  of  the  months  of  the 
year  were,  I think,  normal.  Anyhow  the  result  is  that 
we  are  fully  5,000  lb.  short  of  the  original  estimate, 
though  wo  have  exceeded  the  revised  figures  in 
June.— Cor. 
* 
NOTES  ON  PRODUCE  AND  FINANCE. 
Ocean  Freights  and  Tea. — An  important  meet- 
ing of  the  Indian  Tea  Districts’  Association  was  held 
this  week,  at  which  there  was  a fair  attendance. 
The  members  present  almost  unanimously  expressed 
a strong  feeling  agamst  entering,  in  future,  into  any 
arrangement  with  the  Steam  Conference,  which  would 
tie  their  hands  or  tend  to  prevent  free  trade  and  open 
competition  in  freights.  A feeling  was  expressed,  how- 
ever, that,  within  reason,  there  was  no  desire 
on  the  part  of  shippers  to  drive  down  freights 
below  a certain  point,  so  long  as  the  rate  of  freight 
for  tea  was  not  out  of  proportion  to  what  was  charged 
on  other  classes  of  cargo.  A reversion,  however,  to 
the  old  rebate  arrangement  was  strongly  deprecated 
