635 
THE  TROPICAL  AGRICULTURIST. 
April  i,  1893.] 
THE  CASTLEREAGH  TEA  COMPANY  OF 
CEYLON,  LD. 
The  annual  ordinary  general  meeting  of  shareholders 
was  held  at  the  offices  of  the  Company,  No.  13,  Queen 
Street,  Fort,  on  28th  February  1893  at  4 p.m. 
Present: — Messrs.  J.  H.  Starey  (Managing  Director) 
in  the  chair,  V.  A.  Julius,  W.  Moir,  B.  G.  L.  Bremner 
(Secretary),  J.  R.  Fairweather,  W.  Mackenzie,  J.  A. 
Martin,  Hon.  L.  H.  Kelly,  and  by  proxy  Messrs.  C.  A. 
Martin,  A.  H.  Dingwall,  Hon.  G.  S.  Williams,  G.  M. 
Fowler,  H.  D.  A.  Macleod,  E.  H.  Skrine,  E.  Rosling, 
R.  Reid,  K.  Rollo,  and  James  Anderson,  and  Mrs.  B. 
B.  Richard, 
The  Secretary  read  the  notice  convening  the  meeting. 
The  minutes  of  the  meeting  held  26th  November 
were  read  and  confirmed. 
The  report  of  the  Directors  was  taken  as  read. 
The  Managing  Director  proposed  its  adoption, saying 
there  was  little  to  be  said  that  was  not  in  the  Report. 
It  was  subject  of  regret  that  the  Directors  were 
unable  to  declare  a dividend  of  8 per  cent  for  the 
year,  as  anticipated  at  the  time  of  the  interim  divi- 
dend. There  was  a large  item  of  R2,772  charged  in  the 
accounts  as  preliminary  expenses  which  will  not  occur 
again.  The  profit  was  R18,682,  and  that  the  proprietors 
should  get  6 per  cent  in  the  first  year  is  not  very 
unsatisfactory,  though  small  in  these  days  compared 
with  the  large  dividends  by  some  other  concerns. 
The  estate  was  not  nearly  at  full  maturity.  The 
estimate  as  reduced  in  August  had  been  obtained. 
The  profit  per  acre  was  R40  and  yield  280  lb.  per 
acre.  The  profit  for  present  season  will  depend 
more  on  the  prices  than  the  yield.  The  yield  for 
resent  year  could  only  be  spoken  of  with  much 
iffidonce.  In  January  and  February  it  has  been 
poor  and  less  than  at  the  same  time  last  year  in 
consequence  of  cold  nights  and  drought.  The  north- 
east monsoon  has  practically  failed  and  its  failure 
was  very  much  felt  on  such  a thirsty  soil,  but  the 
weather  and  the  yield  in  the  last  few  days  has 
improved  and  a little  rain  has  fallen.  When  visiting 
the  estate  about  end  of  January  and  in  consultation 
with  Mr.  Mackenzie;  the  speaker  came  to  the 
conclusion  that  112,000  lb.  tea  might  be  secured  in 
1893.  Every  economy  is  being  studied  as  the  estimate 
of  expenditure  shows.  If  the  tea  sells  at  50  cents 
the  earnings  should  be  7 per  cent.;  at  55,  9 per  cent.; 
and  at  60  cents  11  per  cent.  To  date  the  tea 
has  sold  at  about  54  cents.  The  476  acres 
tea  represented  in  capital  account  at  R505  per 
acre.  The  number  of  shareholders  is  now  83, 
and  the  lowest  price  paid  for  shares  is  R105,  the 
highest  price  being  R120.  He  moved  that  the 
Directors’  report  and  the  accompanying  accounts 
as  at  31st  December  1892  be  received  and  adopted. 
Hon.  Mr.  Kelly  seconded  the  motion.  He  took  upon 
himself  the  seconding  because  he  promoted  the 
Company.  As  old  superintendent  and  proprietor  he 
had  to  state  that  all  the  tea  was  formerly  in  coffee, 
He  certainly  thought  when  coffee  was  cut  out  that 
tea  would  have  pulled  round  sooner  than  it  did.  He 
held  the  largest  number  of  shares  in  the  Company, 
thereby  proving  his  faith  in  the  Company.  Though 
the  Company  has  not  done  what  he  expected  it  to  do, (no 
one  could  be  more  disappointed  than  he)  he  had  the 
most  implicit  faith  in  the  Company  and  its  present 
management.  He  took  some  blame  to  himself  for 
being  too  sanguine,  but  he  honestly  believed  that 
there  is  a good  future  before  the  Company. 
Mr.  J.  R.  Fairweather  asked  for  an  explanation  of 
the  difference  between  the  estimates  of  180,000  in  the 
prospectus  and  the  present  estimate  of  112,000  lb. 
for  1893. 
Hon.  Mr.  Kelly  said  he  might  have  been 
absolutely  wrong  in  anticipating  the  figures  stated 
in  the  prospeotus,  and  if  so  he  would  be  odo  of 
the  principal  sufferers.  The  first  year’s  working  has 
been  very  disappointing,  but  many  things  h»d  to 
be  considered.  He  was  certsiu  that  gentlemen  who 
retained  their  shares  would  not  be  sorry  for  it; 
and  as  to  the  management  he  was  perfectly  satis- 
fied with  things  as  they  are. 
The  motion  was  then  put  to  the  meeting  and 
carried, 
Mr.  Mackenzie  then  proposed : — “ That  a dividend  of 
R2  per  Bhare  be  declared  and  made  payable  on  the 
2nd  March.  Seconded  by  Mr.  J.  A.  Martin.  Carried. 
Mr.  J.  A.  Martin  proposed  “ That  Mr.  John  H. 
Starey  be  re-elected  aDireotor.”  Seconded  by  Mr.  J.  R. 
Fairweather.  Carried. 
Mr.  Starey  thanked  the  meeting  for  re-electing  him. 
Mr.  J.  R.  Fairweather  proposed  : — “That  Mr.  John 
Guthrie  be  elected  auditor  at  a fee  of  R50.”  Seconded 
by  Mr.  W.  Moir.  Carried. 
Hod.  Mr.  Kelly  said  on  the  part  of  the  share- 
holders he  was  very  glad  to  see  the  present 
management  continue,  and  proposed  a vote  of  thanks 
to  the  Direotors  and  the  Manager  of  the  estate.  The 
Chairman  thanked  Mr.  Kelly  for  his  remarks  and 
said  their  best  endeavours  would  be  directed  to  attain 
the  success  that  Mr.  Kelly  so  confidently  anticipated. 
report. 
The  Direotors  submit  herewith  the  Balance  Sheet 
and  Profit  and  Loss  Account  for  the  period  of  thir- 
teen months  ending  31st  December,  1892,  duly  audited. 
The  balance  of  profit  is  R18,633  64.  Of  this  sum 
R9,600  was  absorbed  in  paying  an  interim  dividend 
at  the  rate  of  4 per  oent.  leaving  R9, 033-64  for  dis- 
posal. The  Directors  propose  to  write  off  the  whole 
of  the  expenees  connected  with  the  formation  of  the 
Company,  amounting  to  R2, 772-25,  to  declare  a further 
dividend  at  the  rate  of  2 per  cent,  payable  on  2nd 
March,  absorbing  R4.800  00,  and  to  carry  forward  to 
1893  account  R1,46T39. 
In  consequence  of  unfavorable  weather,  whioh  lowered 
the  yield  of  Tea  in  all  up-country  districts,  the  crop 
secured  was  only  112,120  )b.  Tho  cost  of  the  Tea  de- 
livered to  buyers  was  40  55  oents.  The  net  value  rea- 
lized from  sales  was  52  29  cents  per  lb. 
The  crop  of  coffee  was  239J  bnshels  parchment.  Bold 
for  R3.973  07 ; and  of  cardamoms  894  lb.  sold  for 
R882-14  ; and  of  oinchona  bark  18,193  lb.  sold  for 
R2.C21-19. 
The  Company’s  property  consisted  of  i — 
f376  acres  Tea  over  4 years  old 
Tea-?  84  „ „ „ 3 
( 16  „ ,,  planted  in  1891 
50  „ Forest 
526  acres 
Another  large  Tea  Roller  hse  been  added  at  the 
Factory. 
Mr.  John  Helps  Starey  retires  from  the  board  by 
rotation,  in  terms  of  the  Articles  of  Association,  and 
being  eligible  offers  himself  for  re-eleotion. 
The  Shareholders  will  be  asked  to  elect  an  Auditor 
for  the  current  year. 
♦ — 
YATADERIA  TEA  COMPANY  OF 
CEYLON,  LIMITED. 
The  fifth  annual  ordinary  general  meeting  of 
this  Company  was  held  at  the  offices  of  the  Com- 
pany, 13  Queen  Street,  Fort,  on  the  28th  February  1893, 
pursuant  to  notice.  Mr.  H.  V.  Masefield  was  in  the 
Chair,  and  the  following  shareholders  were  present : 
— Messrs.  D.  Fairweather,  J.  H.  Starey  (managing 
director),  B.  G.L.  Bremner  (Secretary),  J.  A.  Martin 
and  P.  E.  Rogers,  and  by  attorney  Messrs.  W.  W. 
Church  and  H.  W.  Hornby.  The  Secretary  read 
the  notice  convening  the  meeting. 
The  minutes  of  the  annual  general  meeting  held 
25th  February  1892,  and  the  extraordinary  general 
meeting  held  12th  August  1892,  were  duly  confirmed. 
The  report  of  the  directors  having  been  taken  as 
read  Mr.  Masefield  moved  its  adoption,  viz  “That 
the  report  of  the  directors  and  accounts  for  the 
year  1892  be  received  and  adopted.” 
The  Managing  Director  in  seconding  the  motion 
commented  upon  the  accounts  and  business.  The 
balance  brought  forward  was  R11.236  against  only 
Rl,751  last  year,  and  if  the  report  were  adopted  the 
balance  carried  forward  would  be  about  the  same, 
viz.,  Rll,217.  The  amount  written  off  for  deprecia- 
tion was  rather  larger  than  last  year  owing  to  some 
machinery  coming  on  for  its  chare  of  writing  9^ 
