18 
THE TROPICAL AGIilCULTUPJST. [July 1, 1900. 
a concern when everything is prosperous, 
but in a plantation industry tliis seldom 
occurs, while now and then one linds every- 
thing unpx'opitious. Debenture interest has 
to be met all the same, unless the company 
is prepai'ed to lose its proi^erty, and the 
drain thus experienced sometimes leads to 
the shareholders receiving on the average 
lower distributions than the debenture 
holders. Shareholders shoiild therefore im- 
press upon their boards the need of reducing 
these debenture issues as quickly as possible. 
The other matter is one we have grumbled 
about before, viz., the manner in which pro- 
fits are anticipated. Take, for instance, the 
Ederapolla- Tea Company ; its balance-sheet 
last December showed that it owed £4,200 on 
bills payal)le, £29.5to creditors, and proposed 
to distribute £1,275 in dividend, against which 
it held £il(} in cash, £2,952 of unrealised tea, 
and had investments and sundry debtors 
amounting to £1,5^U. Without drawing bills 
as fast as its tea is shipped, this company 
woidd have no funds out of which to distri- 
bute the profits it claims to have made, so 
that it is always eating its cake l)efore it is 
fully baked. The same remark applies to many 
others, and the policy is the dir°ct pro- 
genitor of the debenture issues. 
one of the Directors, retires and, being eligible, 
offers himself for re-election. 
Mr. ,J F Kane MacGwire, Chartered Accountant, 
also offers Inmself for re-election. JAMES Sinclair, 
No 9, Mincing Lane, Chairman. 
Lonion, E.G., April 23id, 1900. 
MAYPIELD DIMBULLA TEA COMPANY. 
Report of the Directors of the Maytleld (Dim- 
bala) Tea Company of Ceylon, Ltd., to be submitted 
at the tiiird antiual general meeting, to be held 
at the Offices of the Company, No. 9, Mincing 
Lane, E C., at 12-30 o'clock, on Tuesday, May 8. 
The Directors herewith beg to submit t;heir 
third annual report and balance sheet for the 
year ending 31st December. 1899. 
Tlie nett yield of Tea from the estates for the 
twelve months endinsr the 31st of December last 
■was 459,098 lb. or an increase of 59,639 lb. over 
last year, which sold at an average price of 8 •02d 
in the case of Mayfield, and 7'12d. in the case of 
Nicliolaoya, or a combined average of 7'62d. per 
pound gross. 
The iiett cardamon crop was short of estimate 
by 1,406 1b. being 3,.594 lb. as against 5,000 lb. 
estimated for, and sold at an average of 2s, 2d. 
per pound gross. 
The profit and loss account, after providing for 
general expenses, writing of}' the rcBiaining one- 
tliird of the preliminary charges, and charging 
all expenditure on capital account to revenue, 
shows a profit of £3,603 Is. ; this, together with 
the balance biou^ht forward from 1898 of 
£29 18>! Id., makes a total of £3,637 19s. Id. 
Of this, the preference dividend for 12 months 
ending 31^t December, 1S99, has absorbed £1,980, 
leaving a balance of £1,657 19s. Id. still to be 
divided. 
It is now proposed to pay a dividend of 5 per 
cent, on the ordinary capital, amounting to £1,531, 
leaving a balance of £126 19s. Id. to be cariied 
forwa:d, which is subject to superintendent's 
commission for t!ie jear 1899. 
The estates are rei)orted to be in a tjreatly im- 
proved condition, arid a further increase in cro|) 
may be looked for during the pre.'^ent sea'^on. 
Great credit is due to Mr. Cantlay and the staff in 
Ceylon for their conduct of the ('onipany's affairs 
Under 'clause 86 of the articles of Asso 
cialion of the Company, Mr. ¥ VV Janiieson 
CEYLON TEA COMPANIES: 
A REVIEW OK THE BEST. 
{Financial Times, May 4th.) 
Mo.st of the Ceylon Tea Companies which make 
up their accounts to December hav^ now issued 
their reports, and under the circiimstanees they 
must be considered surpiisingly good. There are 
one or two companies, such as ilie Consolidated 
Estates of Ceylon, the Dinibula Valley and the 
New Dimbula, whose financial year ends in June, 
the reports being consequently pul)lished in the 
autumn, but the majority adopt tlie Indian sys- 
tem, and follow the calendar year, although their 
reports are, as a rule, brought out considerably 
in advanie of tliose of the Indian companies. It 
is not too much to say that even experts were 
agreeably disappointed by the re.^ults shown for 
1899. The year was by no means altogether a 
favourable one as legar Js inicTs, particularly for 
high-class teas, and the fact that several of the 
conipanies have been able to increase their divi- 
dends, while adding to their allowances for reserve 
and depreciation, must be attributed mainly to 
more careful and economical management, which 
has led to savitigsin working chari^cs. A general 
view of the results obtaincil by the leading com- 
panies during the year is presented in the sub- 
joined table : — 
Appropriations 
for Beserve Dividend 
Company. Net Profit. and per cent. 
Depreciation. 
^898. 1899. 'l898. 1899? 1898J^9. 
£ £ £ £ pc. pc. 
Ceylon Tea 
Plantations 41,380 4.S,664 10,000 10,000 15 18 
Eastern Prodnoe 
and Estates 27,913 28,615 nil nff 7 7 
Standard Tea 
Company 9,774 10,780 1,000 1,700 15 15 
Nuwara Eliya 15,667 l/,290 nil 2,300 6 7 
Scottish Ceylon 
Tea 4,235 6,960 nil 1,400 10 12 
AUianc" Tea 5,205 7,900 300 1,000 7 8 
Yatiyantota 7,666 12,120 1,000 1,000 4 7 
It will be seen at once that out of the seven 
companies included in our list five have increased 
their distributions and four have increased their 
appropriations for reserve and depreciation. 
Taking the companies seriarira, we find the first 
in our table— the Ceylon Tea Plantations— occupy- 
ing a very strong financial position. It has a 
leserve fund of £10u,000, mainly accumulated 
darinji the past eleven years. From 1887 to 1898 
inclusive it has paid re^iular 15 per cent, dividends, 
while for last year ti)e distribution was raised to 
18 p M- cent., and tlie cirry forward amounted to 
£6,356. Ailequate amounts have also been set 
apart out of revenue for deprc-iation the appro- 
priations during tiie past three yeai's being £5,000 
per annum. Tlie Comiiany ha* U') Deiienturesand 
the issued capital is oiiiy £248,480, of which 
£81,080 is in Seven per Cent. Preference and 
£167,380 in Ordinary shares. A portion of the 
reserve is invested in coconut plantations, which 
