April  i,  1893.]  THE  TROPICAL  AGRICULTURIST. 
627 
THE  TALGASWELA  TEA  COMPANY. 
ANNUAL  MEETING. 
The  annual  meeting  of  the  Talgaswela  Tea 
Company  of  Ceylon,  Ltd.,  was  held  this  afternoon 
in  the  offices  of  the  Secretaries,  Messrs.  Baber  & 
Hall,  Colombo.  Mr.  T.  C.  Owen  oooupied  the 
chair,  and  the  others  present  were  : — Messrs.  T.  W. 
Hall,  J.  F.  Baker.  G.  Armitage,  Shelton  Agar,  W. 
H.  Davies  and  F.  C.  Loos,  there  being  represented 
by  proxy  Mrs.  J,  J.  Hall,  Mrs.  W.  H.  Davies, 
Mrs.  J.  F.  Baker,  Mrs.  G.  A.  Borrett,  Messrs. 
Bichard  Hall,  B.  & T.  W.Hall,  Jas.Labouohere,  Bobt. 
Patry,  E.  G.  C.  Mitchell,  J J.  Cater  and  J.  A.  G. 
Cater,  J.  J.  Cater,  J.  0.  Sanderson,  J.  L. 
Mitchell,  H.  P-  Cater,  0.  A.  Cater,  C.  L,  Scott, 
G.  Chapman  Walker,  G.  W.  Suhren,  A.  T. 
Broadhurst,  H.  P.  Budd,  James  Forbes.  The 
report  of  the  directors  for  the  year  ended  31st 
December  last  was  as  follows  : — 
The  Directors  beg  to  place  before  the  Shareholders 
their  Fifth  Annual  Beport,  together  with  a duly 
audited  statement  of  the  Company’s  affairs  and 
financial  position  as  on  31st  December,  1892. 
In  July  last  the  Company’s  property  was  visited 
by  Mr.  Grigson,  who  then  thought  that  a result  not 
greatly  below  the  estimate  of  180,000  lb.  would  be 
obtained.  Tour  Directors  regret  to  state,  however, 
that  the  crop  is  very  largely  short  of  the  estimated 
amount,  being  only  118,0701b.  Tea. 
June,  July,  and  August,  instead  of  being  wet  months, 
were  dry  and  windy;  whilst  December  has  been  al- 
most rainless.  The  effeots  of  such  unfavourable  weather 
in  a low  country  distriot  are  very  serious  as  regards 
yield  ot  leaf.  The  tea  realised  an  average  nett  price 
of  39  29  cte.  per  lb.,  a olose  approximation  to  the  esti- 
mate of  40  cents. 
The  profit  for  the  year  has  been  B5, 696-73 
whioh,  after  writing  off  the  balance  brought  for- 
ward from  1891,  leaves  B2.009-43  at  the  disposal  of 
the  Shareholders.  This  balance  is  insufficient  for 
the  payment  of  a dividend  on  the  ordinary  shares.  The 
interest  payable  to  preference  shareholders  has  been 
provided  lor  in  the  statement  of  accounts.  It  is  with 
extreme  regret  that  your  Directors  have  to  report 
euoli  a disappointing  result,  bnt  tbej  feel  assured  that 
but  for  the  adverse  season,  the  estimated  crop 
would  have  been  obtained,  and  they  hope  fer  satis- 
factory results  durii  g the  coming  season. 
The  Railway  has  now  almost  been  completed  to 
Amblangoda,  and  will  shortly  reach  Hikkaduwa,  which 
will  make  Talgaswela  more  accessible  and  facilitate 
the  transport  of  produce. 
Messrs.  Owen  and  Suhren  retire  from  the  Direc- 
torate, in  rotation,  and  offer  themselveB  for  re-election. 
Mr.  Hall  read  the  notice  calling  the  meeting 
arid  the  minutes  of  previous  meetings. 
The  Chairman  in  moving  the  adoption  of  the  report 
said  all  of  them  must  feel  very  much  dis- 
appointed at  the  unsatisfactory  fact  that  they  had  not 
been  able  to  declare  a dividend  for  the  past  year. 
Circumstances  had  been  very  much  against  them. 
The  season  was  an  extraordinarily  bad  one,  and  he 
understood  that  almost  all  the  estates  in  the 
Southern  Province  were  short  of  their  estimates. 
The  south  west  monsoon  in  June,  July  and  August 
was  almost  a total  failure ; and  the  north-east 
monsoon  during  November  and  December  was  almost 
equally  bad.  In  December,  instead  of  being  a very 
wet  month,  there  were  only  two  days  of  rain.  These 
circumstances  he  thought  explained  to  a great 
extent  the  short  result  of  the  crop.  In  July, 
when  Mr.  Grigson  visited  the  place,  he  thought 
they  would  very  nearly  get  their  estimate  and  it 
was  during  the  latter  six  months  of  the  year, 
that  the  results  had  been  disappointing.  In  spite 
of  the  fact  that  they  only  got  two-thirds  of  the 
estimate  they  still  had  a result,  whioh  he  thought 
not  unsatisfactory  on  the  whole.  They  had  a 
(substantial  sum  of  money,  whioh  had  put  the 
Company  in  a very  much  better  position  than 
last  year,  During  the  year  Mr.  Broadhurst 
proposed  to  go  home,  and  the  directors 
wished  to  allow  him  to  go  on  full  pay, 
He  had  worked  very  hard, and  had  had  one  or  two 
severe  bouts  of  illness,  and  there  was  no  doubt 
it  was  [most  neoessary  he  should  get  a change. 
He  hoped  therefore  the  shareholders  would 
agree  in  granting  leave.  It  was  proposed  that 
Mr.  Stirling,  the  present  assistant,  should  be 
Manager  during  his  absence,  as  he  knew  the 
Sinhalese,  and  they  seemed  to  know  him,  and  Mr. 
Broadhurst  thought  he  would  be  able  to  manage. 
Mr.  Broadhurst  was  going  home  in  May,  and  it 
was  hoped  that  he  would  be  able  to  return  in 
the  autumn  and  take  up  his  work  on  the  estate. 
Mr.  F.  C.  Loos  in  seconding  said  he 
must  confess  that  the  results  were  very 
disappointing,  but  that  was  through  no  fault 
of  the  direotors  or  officers  of  the  Company,  but  owing 
to  the  exceptionally  bad  weather,  that  had  been 
experienced.  That  was  a matter  over  which  they 
had  no  control.  And  he  was  sure  that  the 
direotors  and  officers  of  the  Company  had  done 
their  utmost  to  give  satisfaction  to  the  shareholders. 
The  report  was  then  adopted. 
On  the  motion  of  Mr.  Davies,  seconded  by  Mr. 
Armitage,  Messrs.  OweD,  and  Suhren  were  re-elected 
direotors ; and  on  the  motion  of  the  Chairman 
seconded  by  Mr.  Hall,  Mr.  Guthrie  was  re-eleoted 
auditor. 
The  prooeediugs  terminated  with  a vote  of  thanks 
to  the  Chairman,  moved  by  Mr.  Hall. 
<.  
STOCKS,  SHARES  AND  TRADE. 
Calcutta,  Feb.  11th,  1893. 
Redeem  Tea  Company. — This  well-known  concern  in 
the  Western  Dooars  ha  , lor  the  fourth  year  in  succes- 
sion, given  a 20  per  cent  dividend.  The  capital  is  3 
lakhs  and  the  gain  for  the  season  81,56,979.  The  actual 
amount  available  in  profit  and  loss  is  Rl,59,296.  In  writ- 
ing off  the  co;t  of  new  machinery  814,058  is  applied. 
Three-quarters  o£  a lakhs  goes  towards  addition  to  work- 
ing capital,  thus  raising  that  account  to  2 lakhs,  and 
810,237  is  carried  forward.  Outturn  was  11,768  maunds. 
and  average  obtained  8j  annas  per  lb.  The  estimate  for 
this  year  is  11  800  maunds  on  a total  area  of  1,552  acres, 
or  close  on  8 maunds  an  area,  but  with  favourable  weather 
it  is  hoped  the  yield  will  be  exceeded. 
Carron  Tea  Company  made  a prefit  of  R29.435  in 
the  season.  A sum  of  119,466  is  applied  to  block,  being 
the  excess  in  that  account  over  capital,  and  a dividend  of 
10  per  cent  is  propos'd,  which  will  leave  R4,968  to  carry 
forward.  The  crop  weighed  out  2,523  maunds,  and  rea- 
lised an  average  of  8 annas  10  pies  per  lb.  The  ooneern 
has  done  well,  having  further  provided  for  new  machinery, 
value  1111,082,  out  of  revenue. 
Nagaisurek  Tea  Company.- Outturn  was  3,520  maunds, 
averaging  « annas  4 pies,  off  an  area  under  plant  of  600 
acre-,  and  this  year  the  estimate  is  for  3,800  maunds. 
The  net  profit  was  846,012.  By  application  of  823,173  to 
block,  that  account  is  now  equalised  with  capital.  After 
payment  oE  an  8 per  cent  dividend,  the  balance  of  profit; 
wil  be  carried  forward. 
Hoolungoorie  Tea  Company.— Gross  profit  was  839,595, 
and  net  balauco  in  revenue  account  8.26,318.  In  profit 
and  loss  account,  including  balance  from  last  season  and 
after  adjustment,  834,438  is  seen  to  be  available.  A 6 
per  cent  oividend  was  previously  paid,  absorbing  R24.000, 
and  the  balar.ee  of  810,438  is  being  carried  forward.  Out- 
turn, 2,537  maunds,  fetched  an  average  of  9|  annas  per  lb., 
and  this  year  it  is  intended  to  make  2, f 50  maunds  and  to 
extend  68  acres. 
Singell  Tea  Company.— The  accounts  show  R33,200  to 
the  gcod,  which  will  allow  of  a dividend  of  5 per  ceDt. 
Outturn  was  2,308  maunds,  and  the  net  average  obtained 
was  9"87  annas  ; or  lb.  The  estimate  of  crop  this  year  is 
2,625  maunds.  The  manager’s  report  on  the  condition  of 
the  gardtn  generally  will  be  satisfactory  to  shareholders. 
Plnkabarek  Tea  Company. — This  concern  worked  to 
a loss  during  the  past  season.  Unfavourable  weather  and 
mosquito  blight  ltd  to  only  482  maunds  being  manufactured, 
quality  beiug  also  idfernr.  The  balance  at  debit  of  profit 
and  loss  account  is  81,465.  The  Company  has  leased  for 
three  years  the  gardens  of  Second  Fallodhi,  which  action, 
it  is  believed,  wi  1 lead  to  better  results.  The  joint 
estimate  is  for  1,560  maunds  of  tea  this  season,  -Punett, 
Feb,  M,  ' * 
