THE  TROPICAL  AGRICULTURIST 
[March  ^93. 
560 
poses  at  a cost  of  about  R15  an  acre,  it  will  be  seen 
that  a distinct  advantage  has  been  gained.  The  Com- 
pany now  owns  1,422  aores  of  land,  of  which  251 
acres  liavo  been  planted  in  Tea.  It  has  been  rie. 
cided  to  plant  about  150  acres  more  land  in  Tea  this 
year  and  the  necessary  arrangements  for  this  clear- 
ing have  been  made. 
The  construction  of  a Grant-in-aid  Cart  Road  to 
the  Estate  is  progressing  and  will  it  is  hoped,  be 
completed  about  the  middle  of  this  year. 
A large  expenditure  on  new  Machinery  and  exien- 
sions  to  the  Factory  was  incurred  last  year.  It  is 
not  expected  that  anyfnrther  additions  to  tbe  Factory 
will  be  required  this  year  but  a sum  of  R23,000  for 
new  clearings  and  other  expenditure  on  “Capital” 
account  has  been  allowed  for  in  Ihe  estimates. 
The  estimated  crop  expenditure  on  the  Estate,  season 
1893,  is  R51,250  on  a yield  of  250,000  lb.  of  Tea. 
THE  DUNKELD  ESTATE  COMPANY. 
FROM  REPORT  OF  THE  DIRECTORS. 
The  yield  of  Tea  for  the  season  has  turned  out 
a good  deal  less  than  was  anticipated,  the  total 
crop  being  110,9251b.,  or  39,075  1b.  under  the  esti- 
mated quantity.  Owing  to  the  unfavourable  weather 
for  flushing  which  prevailed  during  several  months 
of  the  season  Estates  generally  have  yielded  smaller 
crops  in  the  past  year  than  was  expected.  In  this 
respect  Dunkeld  was  singularly  unfortunate,  as  in 
the  early  months  of  the  year,  when  the  weather 
was  favourable,  a large  proportion  of  the  acreage 
had  been  recently  pruned  ; while  during  the  months 
that  the  bulk  of  the  esimate  was  expected  to  be 
secured  unfavourable  weather  prevailed.  Under 
these  circumstances  the  Directors  are  gratified  at 
being  able  to  recommend  a substantial  dividend 
for  the  year. 
The  Tea  realized  an  average  net  price  of  over  51 
cents  per  lb.,  which  is  satisfactory,  considering  the 
low  prices  ruling  during  many  months  of  the  year. 
After  writing  off  R4, 175*73  to  provided  for  deprecia- 
tion of  buildings  and  machinery,  the  net  balance 
of  profit  available  for  dividend  is  R17, 950*04,  of 
which  the  sum  of  R7,500  has  been  absorbed  in  pay- 
ing o.n  interim  dividend  of  5 per  cent.  The 
Directors  recommend  that  a final  dividend  of  5 per 
cent,  be  declared  and  made  payable  on  the  18th 
February,  that  R2,750  be  transferred  to  an  Extension 
Fund,  and  that  the  balance  of  R200*04  be  carried 
forward  to  the  next  account. 
The  paid  up  capital  was  increased  in  July  last  to 
R150,000  by  the  issue  of  20  shares,  which  were  not 
allotted  on  the  formation  of  the  Company.  These 
shares  ivere  issued  at  a pr.  mium  of  20  per  cent, 
which  appears  in  the  annexed  accounts. 
The  estimated  crop  expenditure,  season  1893,  is 
R39.350  lb.  on  130,000  lb.  of  Tea,  and  a further  sum  of 
R2, 250  has  been  allowed  in  the  estimates  for  young 
clearings  and  buildings.  The  Factory  is  now  fully 
equipped,  and  beyond  the  cost  of  ordinary  upkeep, 
repairs  no  expenditure  should  be  incurred  under  this 
head  during  the  year. 
Db.  Dunkf.ld  Estate  Working  Account  1892.  Cr. 
To  Expandburt'  for  years  as  per  Superin- 
tfrdoi  t's  Reports..  ..R46.847  93 
Loss  Expenditure  oo  Perma- 
nent Works  transferred  to 
deb  t of  Dunkled  Estate, 
viz  : — 
Ou  Buildings  ..R3.794  1(3 
On  Maohi  iery  ,.R4,238  12 
On  Clearings  ..R2,149  32 
On  New  Dam 
and  Road  ..R  882  01 
1111,063  til 
35,784  32 
To  Amouu'  transferred  to  Depre- 
ciation Account — 
Aoeount  of  Boil  irgs  ,.R1,414  28 
Do.  Machinery  ,.R2,761  45 
4,175  73 
To  Balance  trausferrd  to  credit  of  Profit 
and  Loss  account  ..  ..  1,198  33 
R 59, 158  38 
By  Proceeds  of  Crop,  v;z.  : — 
110,925  lb.  Tea  R56,652  20 
20,149  lb.  Cinchona  Br  rk  R 2,4(36  1.3 
2 bus.  defile  R 40  00 
59,158  38 
R59.158  33 
GLASGOW  ESTATE  COMPANY,  LIMITED. 
(from  REPORT  OF  THE  Dlr.rci  RS.) 
The  yield  of  tea  in  the  year  was  satisfactory,  the 
estimate  having  been  exceeded  by  (3,4^ 0 lb.  and  as 
it  was  found  advisable  tO  cut  d>  w..  many  cinchona 
trees  which  were  doing  hanli-to  the  tea,  the  quan- 
tity of  bark  harvested  was  very  much  larger  than 
had  been  anticipated. 
The  season  was  unfavorable  for  coffee  and  the  crop 
secured  to  the  31st  December  amounted  to  less  than 
300  bushels  of  parchment.  In  view  of  the  small 
crop  and  of  the  uncertain  prospects  of  this  product 
in  the  future  the  Directors  decided  to  plan  tea 
without  delay  in  all  the  land  remaining  under  coffee. 
Eighty-six  acres  were  successfully  planted  last  year 
and  the  rest  will  be  planted  shortly. 
Good  prices  xvere  realized  for  the  produce  in  the  local 
market,  the  average  net  price  of  tea  being  61|  cents 
per  lb.,  of  coffee  R16  per  bushel,  and  of  cinchona  bark 
144  cents  perlb. 
After  writing  off  R3  131*50  to  provide  for  depreciation 
of  buildings  and  machinery,  the  net  balance  of  profit 
for  the  year  amounts  to  R27, 375*38,  of  which  Rl2,00O*C0 
has  been  absorbed  in  paying  an  interim  dividend  of 
6 , per  cent.  In  dealing  with  the  remainder  the 
Directors  recommend  that  a final  dividend  of  6 per 
cent,  be  declared  and  made  payable  on  the  18th 
February,  that  the  sum  of  R*-', 846*66  be  added  to 
the  Extension  Fund  and  that  the  balance  of  R528  72 
be  carried  forward  to  the  next  account.  The  amount 
at  credit  of  the  Extension  Fund  will  then  represent  the 
expenditure  no  new  tea  plantations  in  1S91-92. 
The  estimate  of  expenditure  ou  woiking  account 
in  1893  is  R36, 318*00,  agaiust  105.0001b.  tea,  500  bushels 
coffee  and  25,000  lb.  cinchona  bark;  whilst  a further 
sum  of  R5, 350*00  has  been  allowed  in  the  estimates  for 
tea  extension,  additions  to  the  factory  and  a wire  bridge 
over  the  river. 
Dr  GLASGOW  ESTATE  WfRKlNG  ACC  UNT,  1S82. 
To  Expenditure  for  year  as  R c. 
per  Superintendent’s 
report  • • R49,9G6  54 
Less  Expenditure  on 
permanent  works  trans- 
ferred to  debit  of  Glas- 
gow estate,  viz  : — 
On  Buildings  R5,049  93 
On  Machinery  3,632  54 
On  Tea  Exten- 
sion 4,388  48 
13,070  95 
• 36,895  5 
To  Amount  transferred  to 
Depreciation  account — 
On  account  of  Buildings. . R1.004  99 
Do  Machinery...  2,126  51 
3,131  50 
To  Balance  transferred  to 
the  Credit  of  Profit  and 
Loss  account  ...  ..  27,956  93 
Cr.  1167,984  02 
Bv  Net  Proceeds  of  produce  sold,  viz.  : — 
88.400  lb.  Tea  - . . R53,962  23 
295-19-32  bushels  coffee  4,743  88 
55,043  lb  CinehonaBark  9,009  11 
By  Receipts  for  manufactur- 
ing outside  Tea  Leaf  ..  ..  1,268  80 
R67.984  02 
