July 1, 190^.] THE TEOPIOAL AGEICULTURIST. 
Germany, France, and Austria-Hungary in the 
order named. These all are the countries whose 
total consumption exceeds 50,000,000 lb. The 
United Kingdom falls far below this level with 
a consumption ct only about 2 ;> lb. per head of 
population. A refjavds total consumption (as 
disinct from consumption per capita) tlie United 
States standi pre r iiunent, the quantity of coffee 
there consumed beint? nearly as great as that of 
all the other eountriea mentioned put together, 
It Gormauy the total consumption, though less 
than half that of the United States, is nearly 
twice as ereat as that of France, which takes the 
second place in Europe as a coflfee consuming 
country. 
The consumption of coiFee per head is for Aus- 
tralia 0'58 lb and for Canada 1 lb, and the tendency 
towards an increased demand is very slight. As 
regards sources of production, it is estimated that 
in 1900, out of a total export by the chief pro- 
ducing countries of 1,813 million lb, 1,179 million 
lb came from Brazil, the next largest producers 
being, in the order named, the Dutch East Indies, 
Central America, and the West Indies, but the 
shipments ot the most prolific of these secondary 
countries were under 150 million lb. Curiously 
enough the direct imports of coffee into this 
country from Brazil are comparatively small, 
notwithstanding that we re export more of the 
berry than we import. "The very small quantity 
of coffee that comes to this country from Brazil," 
says the report, "is worthy, however, of special 
remark, and even though the greater part of the 
quantity that comes from the United States be 
Brazilian, yet tlie total imports from the two 
countries are only about one-fifth of the whole," 
In view of the enormous preponderance of Brazil 
as a producer this fact is rather remarkable. On 
the other hand the United States, which is by far 
the largest coffee market in the world, obtains 
three-fourths of its supplies from Brazil, and as it 
imports nearly as much as all the other countries 
put together, its influence in the coffee market is, 
of course, pre-eminent.— if cmd C Mail, May 23. 
CEYLON TEA COMPANIES IN 1901. 
("The Financial Times.") 
Most of the Ceylon tea companies have now 
published their reports for the past year, and the 
results shown are, as a rtile, not particularly 
brilliant, though in view of the conditions pre- 
vailing they are no worse, and perhaps somewhat 
better, than might reasonably have been expected. 
There was, however, one favourable feature in a 
generally disappointing year in the shape of a 
small reduction in the total output, and, although 
this was mainly the consequence of a poorer 
crop, it was also in some slight measure due to 
intentional limitation of production, and to the 
increased attention paid to the finer classes of tea. 
The prices realised in the early part of last year 
were extremely low, but towards the end of the 
selling season a distinct improvement set in, more 
especially for the commoner descriptions It 
may be noted that the liner kinds of tea suffered 
relatively more in price than the cheaper sorts, 
partly because the quality was not so good as 
before, but mainly owing to the demand being 
concentrated more upon the low-priced qualities. 
That tendency may possibly have been assisted 
a little by the higher duty, but the increased 
impost is now scarcely a factor in the situation, 
and the trade has pretty well adjusted itself to 
the altered circumstances. It is natural that 
with such adverse influences to contend against 
the compainc-s should, as a rule, show a diuiinu- 
tion in pioiit,.' ; but we may once more point out 
that tho;;e coiicerns have emerged best from the 
ordeal -.A-hit^i! have strengthened thair posiiion by 
making- substantial appropriations to reserves ia 
good years. A bird's-eye view of the main re.«ults 
achieved by the leading eoiupanies may be obtained 
from the following table : — 
Appropria- 
tloKs for 
Nett Profit, Reserve and Divi- 
Company. Deprecia- dend. 
tion. 
i9UO~'~190i 1900 1901 19001901 
£ 
Alliance ... 4,660 
Ceylon Tea 
Plantations... 41,010 
DimbulaValley *11,306 
Eastern Pro- 
duce and 
Estates 
General Ceylon 
TeaEstates... 
Nuwara Eliya.. 
StandardTea... 
Scottish Ceylon 
Yatiyantota 
£ 
4,870 
37,199 
13,501 
£ 
1,000 
10,000 
*1,380 
£ p. 
1,000 
5,000 
2,500 
•. p c, 
7 6 
15 15 
'10 8 
15,790 16,839 tnil tnil 3| 3 
713 
18,263 
2,148 
5.318 
6,753 
2,000 
2,963 
2,800 
638 
1,000 
nil 
2,000 nil 
2,000 7 6 
nil 15 15 
429 10 8 
1,000 4 2J 
3,717 
11,893 
8,960 
4,154 
5,962 
It will be observed that the Ceylon Tea Planta- 
tions has been able to maintain its dividend 
at the high rate of 15 per cent, but in 
order to do so it has been obliged to 
greatly reduce its appropriations to reserve. 
As regards this reserve, which stands in the 
balance-sheet at £100,000, it may be mentioned 
that nearly the whole of it has been invested 
either in the coconut plantations or in the develop- 
ment of the tea gardens. However, notwithstand- 
ing the srnallness of the actual liquid reserve, the 
company may be said to be in a fairly sound 
financial position. It is unfortunate, however, 
that the coconut plantation, from which so much 
was expected, should still barely more than pay 
its way; nevertheless, the outlook in this respect 
is stated to be now favourable, so that in a year 
or two's time the company should be able to 
obtain a fair revenue from this source. 
Another company which has maintained its 
dividend of 15 per cent, in spite of a considerable 
reduction in net prolits, is the Standard Tea. It 
may, indeed, be doubted, in view of the lower 
price obtained for the company's teas, whether 
it was altogether sound policy to make such a 
large distribution this time, especially as it in- 
volved the abandonment of any appropriation for 
reserve or depreciation. Still, the coiiipany ia 
reputed to possess very fine estates, which have 
been largely improved of recent years, and it is 
to be hoped that it will be able before long to 
get back to the higher price level of former 
years. The Nuwara Eliya has adopted a 
more prudent course, in face of a marked 
decline in profits, and has reduced its 
dividend by 1 per cent, but even to pay 6 
per cent it has been obliged to draw on 
the balance forward. In this case also we may 
hope that, being a fine tea producer, with gardens 
at a high elevation, it may experience better luck 
* Nine months' working. 
t £7,500 of Debentures with bonus redeemed each year. 
