636 
THE  TROPICAL  AGRICULTURIST. 
[April  i,  1893. 
The  crop  was  63,9001b.  more  than  last  year  giving 
increased  value  of  117,550.  The  capital  cost  of  the 
area  now  stood  at  R279  per  cultivated  acre  as  com- 
pared with  R331  last  year  showing  R52  per  acre 
improvement,  a large  reduction  caused  by  the  121 
acres  of  one  year  old  tea  being  brought  into  the 
reckoning.  As  there  would  still  be  capital  outlay 
upon  this  young  tea,  the  figure  might  be  higher 
next  year.  The  profit  earned  exclusive  of  balance 
brought  forward  is  about  30J  per  cent  against  31 
per  cent  last  year,  and  the  profit  per  acre  is  R87 
which  is  satisfactory,  the  same  dividend  as  in  the 
previous  year  is  proposed,  and  to  place  RIO, 000  to  a 
reserve  fund.  The  reasons  for  proposing  this 
reserve  were  that  even  after  writing  down  liberally, 
the  amount  invested  inland,  buildings  and  machinery 
was  more  than  the  paid-up  capital,  besides  which  there 
were  large  coast  advances  outstanding  and  the  lock- 
up in  the  new  O.  B.  C. ; and  by  placing  this 
sum  to  reserve  there  would  be  the  necessary 
provision  of  working  capital ; besides  this  a 
proposal  had  been  made  to  pay  a quarterly 
dividend  and  if  it  were  the  general  wish  of  the 
shareholders  the  directors  might  adopt  that  plan; 
but  more  working  capital  would  of  course  be 
necessary  in  order  to  avoid  borrowing.  The  new 
season  to  date  had  not  been  favorable,  though  a 
slightly  larger  quantity  of  tea,  viz.  69,4001b.  against 
68,300  lb.,  had  been  secured  than  at  the  same  date 
last  season,  still  the  increase  was  not  proportionate 
to  the  increased  total  estimate.  The  market  last 
year  was  comparatively  low  for  teas  of  this  class, 
though  good  in  the  later  months,  and  it  was 
satisfactory  to  see  the  average  sale  price  slightly 
better  than  the  previous  year.  There  had  been  a 
good  increase  in  the  yield  per  acre,  particularly  in 
the  100  acres  of  1888,  which  gave  7761b.  and  the  41 
acreB  of  1889  which  gave  708  lb.  per  acre.  There 
are  now  700  acres  tea  of  which  627  acres  were 
under  leaf,  the  profit  last  year  being  R87  per  acre. 
The  number  of  shareholders  was  reduced  by  3,  to  41 
in  all,  The  value  of  the  shares  had  steadily  increased, 
the  highest  price  paid  being  R240  and  the  lowest 
price  R200. 
The  Managing  Dibectoh  would  be  glad  to  give  any 
further  information  that  the  shareholders  might 
desire. 
Mr.  J.  R.  Fairweather  proposed  as  an  amend- 
ment:— “That  a bonus  of  5 per  cent  be  paid  instead  of 
a reserve  fund  being  created,”  but  the  proposition  not 
meeting  with  a seconder  the  Chairman  put  the 
original  motion,  which  was  carried. 
Mr.  J.  A.  Martin  proposed;— “That a dividend  of 
R13  per  share  for  the  half-year  ended  31st  December 
1892  (making,  with  the  interim  dividend  of  R12  per 
share  paid  in  August  1892,  25  per  cent,  for  the  year 
1892)  be  declared  and  made  payable  on  2nd  March 
1893,”  and  Mr.  P.  B.  Rogers  seconded  and  it  was 
carried. 
Mr.  J.  A.  Martin  proposed: — “That  Mr.  David 
Fairweather,  who  retires  by  rotation,  be  re-elected.” 
Mr.  H.  V.  Masefield  seconded,  and  it  was  carried. 
Mr.  J.  A.  Martin  proposed:— “ That  the  directors’ 
remuneration  be  increased  by  R100  for  each  one  per 
cent  of  dividend  or  bonus  paid  over  20  per  cent  per 
annum”  saying,  he  thought  the  directors  fully  deserved 
the  increased  remuneration. 
Mr.  P.  E.  Rogers  seconded,  and  it  was  carried, 
the  Managing  Director  explaining  that  a similar  re- 
solution had  been  adopted  by  another  Company. 
Mr.  J.  R.  Fairweather  proposed  “ That  Mr.  John 
Guthrie  be  re-elected  auditor  at  a fee  of  R100  per 
annum.”  Mr.  D.  Fairweather  seconded,  and  it  was 
carried. 
The  proceedings  terminated  with  a vote  of  thanks 
to  the  Chair,  which  wns  acknowledged  by  Mr.  Mase- 
field, who  thanked  the  shareholders  for  their  attendance 
and  assistance  in  the  but  mess. 
REPORT. 
The  Directors  have  the  pleasure  to  submit  the 
Balance  Sheet  and  Profit  and  Loss  Account  for  the 
year  ending  3lst  December,  1892,  duly  audited. 
The  balance  of  profit  (including  Rll,236’29  brought 
forward  from  last  year,  after  writing  off  for  depre- 
ciation qf  buildings  and  machinery,  and  also  25  per 
cent,  of  the  amount  in  the  New  Oriental  Bank  Cor- 
poration, as  shown  by  the  accounts)  is  R68,717‘25. 
Of  this  sum  R22, 800-00  has  been  absorded  in  paying 
an  interim  dividend  at  the  rate  of  12  per  cent.;  and 
the  Directors  propose  that  a further  dividend  of  13 
percent,  absorbing  R24,700  00,  be  declared  and  made 
payable  on  the  2nd  March,  that  R10, 000.00  be  carried 
to  Reserve  Fund,  and  that  the  remainder  of  Rll, 217-26 
be  carrii  d forward. 
It  will  be  seen  that  the  property  representing 
capital  stands  in  tho  Balance  Sheet  at  approximately 
R279  00  per  acre  cultivated,  as  compared  with  about 
R331‘00  in  the  previous  year’s  accounts. 
The  additional  Roller  referred  to  in  the  last  report 
was  erected,  but  it  will  be  necessary  to  provide  this 
year  another  large  Roller  and  aDO’.her  Drier.  Tbe 
permanent  bungalow  for  the  Supeiintendent  has  not 
yet  been  built. 
The  total  Tea  crop  was  460,553  lb.,  or  10,553  lb. 
mere  tban  estimated  n tbe  last  report ; and  but  for 
unfavorable  flushing  weather  in  the  later  months  of 
the  yeRr  the  excess  might  have  been  larger.  Tbe 
pluckiDg  area  was  527  acres,  with  a small  quantity 
from  the  52  acres  of  1891. 
Tbe  tolal  quantity  of  Tea  for  disposal  was  450,404 
lb.,  which  was  all  sold  locally.  The  coBt  of  the  tea 
delivered  to  buyers,  including  all  oharges  and  de- 
preciation of  buildings  and  machinery,  was  24-09 
cents  per  lb.  (beiDg  ’82  of  a cent  more  than  in  1891). 
The  net  value  realised  from  6ales  was  37'84  cents 
per  lb.  (being  -37  of  a cent  more  tban  for  the  pre- 
vious crop). 
The  Company's  property  (with  no  new  purchase*  to 
record  during  the  year)  consisted  at  the  31st  December 
1892,  of 
700  ACRES  THA— VIZ.— 
172  acres  Tea  planted 
208 
If 
I)  II 
100 
II 
li  if 
41 
11 
*•  91 
6 
11 
11  II 
52 
11 
11  19 
121 
91 
II  II 
253 
it 
Forest,  &c. 
lb,  per  acre. 
1885;  yield  in  1892  945 
1887;  „ „ 862 
1868 ; „ 770 
1889 ; „ „ 708 
1890 ; „ „ 346 
1691 ; (in  partial 
bearing  47 
1892  (not  in  bearing) 
953  acres 
The  Directors  do  not  propose  any  extension 
in  1893. 
The  estimated  orop  for  1893  is  482,700  lb. 
Mr.  David  Fairweather  retires  from  tbe  board  by 
rotation  in  terms  of  tbe  articles  of  Association  and 
being  eligible  offers  himself  for  re-election. 
The  Shareholders  will  be  requested  to  elect  an 
Auditor  for  the  current  year. 
By  order  of  the  Direotors,  B.  G.  L.  Bremneb, 
Secretary.  Colombo,  18th  Feb,  1893. 
INDIAN  PATENTS. 
The  26th  Jan.  1893. 
No.  13  of  1893.— William  Bull,  Civil  Engineer,  at 
present  residing  in  Calcutta,  for  an  improvement  in 
the  burning  of  bricks  and  tiles. 
No.  16  of  1893. — Alexander  Tasker  Mclsaac,  Engi- 
neer, Doodputlee  Tea  Estate,  Caohar,  for  improved 
tray  racks  and  trays  for  use  in  withering  fresh  tea  leaf. 
The  2nd  Feb.  1893. 
No.  19  of  1893,— William  Charles  Wilkinson  of  No- 
32  Dalhousie  Square  in  Calcutta,  India,  Engineer  and 
Contractor,  for  an  improved  pulveriser  and  converter 
for  minerals,  more  especially  for  mica. 
The  26th  Jan.  1893. 
No.  167  of  18S2.— John  Jonas,  of  No.  38,  Lime  Street, 
in  the  city  of  London,  England,  Engineer,  for  im- 
provements in  apparatus  for  plucking  tea.  (Filed  17th 
Jan.  1893.)  _ _ ., 
No.  282  of  1892.— Felix  Bernhardt  Fremerey,  Civil 
Engineer  of  Galveston,  in  tbe  County  of  Galveston 
