28f 
THE TROPICAL AGRICULTURIST. 
lOct. 1, 1902. 
Mr S Bois retires in acoordance with the Articles 
of Association, bat being eligible offers himself for 
re-election. It will be necessary to appoint an 
Auditor for season 1902-3. — By order of the Directors, 
J. M. ROBERTSON, & CO., Agents and Secretaries. 
Colombo, 8th September, 1902. 
THE TEA CORPOEATION, LIMITED. 
ANNUAL KEPOKT. 
The following is the report issued for 18 months 
endina; December 3lst : — 
Alfred Bull, Cyril Guiney, E H Hancock, T J 
Lawrance, R R G Norman and V H Smith : — 
Directors. 
Frederick Tatham :— Managing Director in Cey- 
lon. Antony Gibbs & Sons :— London Agents. 
Keport of the Directors and Accounts for the 
eighteen months ending 31st December, 1901, to be 
submitted to the annual general meeting of Share- 
holders on the 21st July, 1902. 
The Directors beg to submit herewith the accounts 
of the Corporation for the eighteen months ending 
31 st December, 1901, and they regret to have to report 
that the conditions prevalent in the Tea Industry 
during the greater part of that period have led to 
very serious resnlts, especially in the case of estates 
such as those of this Company, which in the main 
produce medium to low-grade tea. Aa Shareholders 
are well aware, prices were unpreoedentedly low 
during most of the period in which this last year 
and a half's tea has been sold. Indeed, they were, 
generally speaking, fully Id per lb. below those of 
the previous year, and even then the market was 
below normal. The restriction of production which 
was very generally practised — in view of the aocumu- 
latiOQ of stocks and the relations of supply and 
demand — involved an increase in cost, which naturally 
follows a reduction in crop. 
The following figures indicate the results during 
the past three years :— 
Crop Cost of Pro- Average 
lb. duction. Sale Price 
JSiet. 
1897- 98 1,112,606 3i cts. perlb 5d 
1898- 99 1,234,442 26- 10 do 5 15-16d 
1899-1900 1.276.139 25'60 do 5 3-16d 
1900-01 1,164,435 27-62 do 4Jd 
(6 months 
only) 1901 366,816 36'98 do 5 3-8d 
From these figures it will be seen that the year's 
crop up to 30th June was reduced by over 110,000 lb, 
instead of showing the expected increase; that it cost 
2 cents per lb more to produce, owiug to this short- 
age and that the prices obtained for the tea averatje 
a figure which barely covers the cost. The prices 
for the succeeding six months showed a marked 
improvement, but owing to the usual compara- 
tively small crop, and the extra expenses which 
are always incurred during that period, the cost per 
lb is nearly 10 cents higher. It is expected that the 
crop for the full year will not fall far short of that 
for 1900-01 and the cost should be reduced to about 
26 cents. The falling-o£f iu shipments from India and 
Ceylon did not immediately produce any effect on 
prices owing to the large stocks of Tea in London, but 
an improvement was shown in the late autumn, which 
bas unfortunately not been maintained. 
The los9 on the Estates for the eiglitesn months is 
£318 6a 8d. After adding Debeuture Interest, Loudon 
Expenses, &c,, there is a loss of £7,334 123 5d, after 
deduction of Balance brought forward. 
The expenditure on the work done at the Plumbago 
pits has been heavy owing to a large inflow of water. 
The amount of Plumbago won was about 80 Tons, but 
unfortunately prices ruliiig were low. In the last few 
mouths a considerable amount has been secured, a 
good vein having been discovered, which, when 
realised, ahonld considerably reduce the Exploiting 
Account. The workings are at present let to Natives on 
satisfactory terms, involving no risk to the Company 
As soon as the accounts for the last financial 
year were complete, the Directors invited all the largest 
Shareholders to meet and confer with them on the 
financial position, and in consultation it wag agreed that 
accounts should in future be made up to 3l3t Decem- 
ber ; heme the reason that the present accounts cover 
eighteen months. The Directors before the issue of 
this Eeport again met some of the larger Shareholders 
and consulted with them as to the financial position 
of the Company. The general feeling wa,s that it was 
imperative to raise money to strengthen the position 
of the Company, and that after the matter had been 
considered at the Annual lileeting some action should 
be taken. 
The Directors retiring in rotation are Mr Vivian 
Hugh Smith and Mr Reginald R G Norman, who, being 
eligible, offer themselves for re-election. 
The Auditors, Messrs Broads, Paterson & Co , also 
retire and offer themselves for re-election.— I5v order 
of the Board, E. T. BARTLETT, 
15. Bishopsgate Street Within, E.G. Secretary. 
Dated 8th July, 1902. 
PLANTING NOTES. 
Cotton Seed-Is, of course, known locally, 
and has been known for generations, as ex- 
cellent food for cattle. Poonac is nowhere 
in competition with cotton seed, in the esti- 
mation of cart and milch cattle, as any one 
who has watched them make a rush for the 
milky morsel must know. But it would 
appear that only her immediate neighbours 
have been the chief customers of India for 
this product. Europe has now awakened to 
the fact that what was long considered a 
worthless residue in cotton-cleaning, is useful 
for man, as well as beast ! An Indian con- 
temporary reports that :— 
" A remarkable feature of the trade of the past 
year has been the development of traffic iu cotton 
seed, of which 150,C00 tons have been shipped from 
Bombay iu the fifteen months ending last June, 
compared with only 1,800 tons in 1898-99. The 
whole has been sent to tiie United Kingdom, where 
a brisk demand has spi uug up for this previously 
almost worthless bye-producfc of cotton industry for 
such productions, as the manufacture of oil and 
margarine.''' 
North Borneo and Planting, &c.-are 
not treated after a flattering fashion by Mr. H. 
A.B.Fyers.Surveyor.inan interview with our 
contemporary. Here is the material part :— 
" How far have the maritime parts of the country 
been developed ? ' • Well -they have a railway there, 
and it is the funniest railway you ever saw or heard 
of. It was constructed before cart-roads were made, 
and the railway does not seem to have any approach 
roads at all ; and for sixteen miles it runs through 
a mangrove swamp and into which it almost dis- 
appears 1 That is the Jesselton-Beaufort ruilway 
and Jesselton is now the capital.' ' Wbat of the agri- 
cultural activities and possibilities of the country ? 
Have you come across many plantations?' ' Pre- 
cious few: there is some amount of tobacco cultivation 
round Larvel Bay— that is the North east corner of 
the island- but only this year three or four estate? 
there had their crops destroyed through floods.' 
'Who are the planters ?' ■ The majority of them are 
linxlish and Dutch men. The chief centres for the 
tobacco are Ddrvel B ly and the vallev of the Kina- 
batangau River.' ' Is there any nther agricultural in- 
dustry ?' 'Not to speHk of. The Chinamen grow 
vegetables, which ai-e ail consumed in the country 
and there ia some fruit culture at Kudat, right to the 
extreme north of the island," 
