22 
THE TBOPICAL 
AGRICULTUEIST. [July 1, 1900. 
outlay under this heading duriug last year having 
been well repaid by the vigorous growth of the Tea. 
The Directors have aathoriaed the opening into 
Tea of a further 30 acres of jungle, and the work 
was begun at the end of Jiinuary. The new clear- 
ing opened last yeiir is doing well and is in good 
order, A small field of about 30 acres will ba partly 
abandoned, as the returns are not sufiicient to 
warrant its being permanently retained in cultivation ; 
but for a few years it will still yield a certain 
amount of crop, and eventually will be more than 
replaced by the 30-aore dealing of last year. 
In his last Eeporfc the Visiting Agc:nt writes that 
the group of Estates has improved during the year, 
and he looks for larger crops in the future, care and 
attention having been bestowed on the property by 
the Superintendent. 
Under the Articles of Association, Mr. K. G. Aitkeu 
retires from the Board, and, being eligible, offers 
himself for re-election. 
The Auditors, Messrs. Brown, Fleming and Murray, 
also retire, and their re-appointment remains with 
the Shareholders. 
GREAT WESTERN TEA CO. OF CEYLON, LD. 
THE REPORT 
of the directors for the past year was submitted 
Report as follows:— 
The Directors submit their annual report and 
accounts for the season ending 31st March, 1900, 
The yield of tea has been 415,975 lb. being 
an increase of 102,550 lb. on last season's 
crop ; the price realized on 330,175 lb. for which 
account sales have been received is 48"96 cents 
per lb. against 48*74 cents last season and 40 '47 
cents in 1897-98. 
The cost F. O. B, Colombo is 3r27 cents 
per lb. (including 4'23 cents for manuring) 
against 33*98 cents (including 3 56 cents for manur- 
ing) last season. 
Estimating the unsold portion of the crop at 
a safe figure, the amount available tor distribu- 
tion, after setting aside R5,291 65 for depre- 
ciation, is R70,176"10, out oi which the Directors 
recommend the payment of a dividend of 10 per 
cent absorbing ... ... R58,400 00 
To place to Reserve Account a 
sum of ... ... 10,000 00 
and to carry forward the 
balance of ... ... 1,776 10 
Total 
... R70,176 10 
The estimated crop for the current season is 
440,000 lb. to cost R134,872-39 being at the 
rate of 30'65 cents per lb. tea inclusive of4'06 
cents for manuring. 
In terms of the articles of Association M.r. A 
Cantlay retires byrotation and being^ eligible offers 
himself for re-election. 
It will be necessary to appoint an Auditor for 
season 1900-1901. — By order of the Directors, 
(Signed) J, M. Robertson & Co., 
Agents and Secretaries. 
Colombo, May 28th. 
FORMOSAN~0AMPH0R-MbNOPOLY, 
The interest of the drug-trade this week has been 
centred in camphor, news hd,ving come^to hand that 
the Japanese ©overument have at lust accomplished 
Bomething definite with regard to the Formosan out- 
put. It was in June last that the Government 
defiuitely assumod control of the industry, and in 
Anguat thoy framed regulations with regard to its 
working, Sincj then nothing but vague rumours have 
transpired aa to what they were doing, it no doubt 
being a fact that they found the whole situation 
l^rifctliDg Viith difficulties. Now, however, they 
appear to have awakene l from their apparent lethargy, 
as it was aiinoim:-ed on Monlay that the monopoly 
had been put in the h ind^ of one firm only — viz., 
Messrs. M. Samuel & Co., the well-kuowu merchants 
of London and Japan, wh i have paid £250,000 for the 
concession. It appears that they were about twenty 
foreign firms competicg for the monopoly from the 
Formosan Administration Office, including Jardine, 
Mathesou & Co. The firm in question are in close 
touch with the Japanese Government, and have had 
many business transactions with them, the recent 
Japanese loan being pluoed in their hands. It ap- 
pears also that the monopoly to sell the crude product 
has been granted for a term of five years, and that 
the price has already been fixed at about 180s. per cwt., 
c.i.f., at which figure forward contracts will be made. 
We are informed that the Japanese Government 
have for the past six months been quietly buying all 
they could, and that they have now secured 12,000 
piculs, leaving, it is said, 900 piculs not under their 
control. 
It is said to be their intention to deal with con- 
sumers in the fairest possible manner, and to that 
end they guarantee that the quotation will not b» 
reduced below the minimum of 180s. — in fact, it is 
likely to go higher, as thev intend to limit the output 
by two-thirds, and the eflect of this will be felt when 
once they have got the grip of the market. Of course 
thoy are anxiou i to avoid speculation, and they will 
endeavour by all possible means to prevent it by having 
as few fluctuations as possible consistent with the laws 
of supply and demand. They will also endeavour to con- 
trol the shipments, so that no country — say, for ins- 
tance, the United States — will be able to accumulate 
large stocks. One London firm is already reported to 
hive approached the controllers with the idea of 
taking over the whole output, but the offer has not 
been entertained. The Government have also decided 
that no camphor manafactred in Japan will be al- 
lowed to be exported, as it will be required for theif 
own consumption, so that henceforth all crude cam- 
phor will be known as Formosan. 
Meanwhile importers and brokers are in a dilem- 
ma as to where they come in, for, as the matter 
now stands, 
THE CRODE-CAMPHOR BUSINESS 
has been taken out of their hands. At the present time 
there is no business to be done except as regards spot 
stock, of which there is a fair quantity here, especially 
in second hands. It is estimated that the supply is 
sufficient to keep the whole consuming trade going for 
about six months, as there is a stock of 2,000 piculs 
ou offer in the hands of London brokers. As it is, 
dealers here have already advanced their price to 
185s., or 5s. over the Government price. Importers 
are naturally sceptical as to the working of the mono- 
poly, and do not believe that it will put an end to 
speculation. They also contend that junkloads of crude 
camphor have been smuggled out of the island and 
conveyed to Hong Kot-g, but stringent measures have 
now been taken by the Government to put a stoj' to 
such actions. Refiners do not seem so awkwardly 
placed, as, once, they have a fixed price for the crude, 
they will be abb to regulate the refined accordingly. 
However, they may have the Japanese Government 
as a competitor, as it is their intention to refine a cer- 
tain amount for their own consumption. Indeed, a 
parcel of refined from Formosa was offered at the drug- 
aiotions in February, and sold at Is, lOd. per lb. The 
establishment of this monopoly can have but one 
effect on the price of camphor, and that will be to place 
it at a higher figure. Were camphor simply used 
per sc for domestic purposes, no advance would prob- 
ably occur ; bat it now enters largely into the com- 
position of celluloid and this will affect many things. 
Reports which have been received from Formosa 
state that the island is now settling down to sound in- 
dustrial development. The whole administration is 
being handled by experienced Japanese officials, and 
public works of various kinds are being nadertaken. 
There is also a steady flow of American capital intg 
the ialmi,-— Chemist and Druf/gist, March 31| 
