m THE TROPICAL AGRICULTURIST. [Nov. 1, 1899. 
partly in Colombo and partly in London. Tlie 
portion sold in Ceylon, 288,215 lb., realised an 
average of 37-81 cents, and the 376,241 lb. sold 
in London, an average of 7 "Sid, making to- 
gether, after allowance for freight and charges on 
the London portion, a total average of 7 SSd per 
pound. This compares with 7-lld per pound for 
the previous year, and in view of the general level 
of prices is considered satisfactory. 
The Superintendent of Chesterford Estate re- 
signed his position in March, and the Superin- 
tendent of Silver Kandy was summarily dismissed 
on 25 May, under circumstances that may lead 
to legal proceedings. The item of £414 6s 9d 
appearing on the balance sheet as a doubtful 
debt, is money due by the latter to the Company. 
New Superintendents were appointed in each case, 
and so far as can be judged, the work under them is 
proceeding satisfactorily. 
The estimates for the 12 months ending 30th 
June, 1900, are for a crop of 705,000 lb; which 
will, it realised, be an increase ol 40,5441b. over 
the yield for the previous year. The estimates 
are probably on the conservative side, and may 
with favourable weather conditions, be exceeded. 
The estate of cultivation, and the circumstances 
generally of the estates are in every way in satis- 
factory shape. 
The revenue Account shows a nett profat ol 
£3,622 Os 3d, to which falls to be added the 
balance of £9 4s 4d brought forward from last 
season, and £19 Is 6d on adjustment of previous 
year's accounts, making a total of £3,650 6s Id. 
but of this the Directors paid the Interim 
Dividend at the rate of 3 per cent on the 
preference share capital, and from the balance 
ihey propose to pay the final dividend on same 
at the same rate (making six per cent tor the year) 
which will absorb £1,800, and to carry forward the 
balance to the next account. 
The Directors regret that the anticipations ex- 
pressed in the last annual report, and in the cir- 
cular sent out on the 31st March, 1899, have been 
uufultilled, and that consequently the revenue 
was insuflicient to pay any dividend to the holders 
of the ordinary share capital. It looked during 
the spring as if a higher level of value was 
likely to prevail in the future for all tea, but 
circumstances led to a rapid and continuous fall 
in prices, and a very low level was current when 
a large projiortion "of the season's crops were 
being" realised. In spite of this, prices show, 
with the exception of one estate, an increase. 
A profit is shown on rice supply, and exchange 
was effected at an advance of only three-eighths 
of Id per rupee on the previous year. The ad- 
verse feature is obviously the deficiency in yield, 
which may be taken as explanatory of the bad 
result. The accounts show a material expen- 
diture on manuring, which will be continued 
during the new season, as the Directors have 
satistied themselves that a substantial increase 
in yield is likely to be obtained by liberal 
treatment of the cultivation in this manner. The 
continued failure of the properties to realise the 
profits expected from them when the Com- 
pany was formed, has been a matter of grave 
concern to the Directors, who in a view of the 
financial results have again drawn only half their 
fees. The Secretaries have also again made a 
considerable rebate on the sum payable to them 
for the London management of the Company, and 
have waived the commission payableto them upon 
the amount of profits divided. 
Only the small additional outlay referred to 
in lust report has been made upon block account, 
the Directors having decided to charge to revenue 
account, on an average spread over several years, 
any items relative to ordinary additions to build- 
ings and machinery. 
The Directors decided that it was contrary to 
the interests of the Company to take part in 
the attempt recently made by certain Tea im- 
porters to force upon the buyers in London a 
change in the conditions of sale by abolishing 
the pound-draft hitherto allowed on each 
package. While they would have been pleased 
to see this allowance abolished by mutual agree- 
ment, they considered it unwise to join in a 
quarrel with their customers, and consequently 
the teas of this Company were offered and sold 
on the old terms. The Directors have also de- 
clined to join in the proposed arrangement for 
regulating the quantities ottered for sale, as they 
do not consider it would be in the interests of the 
Company to do so. 
Mr. A Bethune, the former proprietor of one of 
the estates now owned by this Company, having 
retired from Ceylon after 20 years spent there 
in planting, has been invited to join the Board, 
and his name will be submitted to the share- 
holders at the general meeting for election as 
an additional Director. The members of the 
Board consider that his special knowledge 
of the estate in question, and his general prac- 
tical experience, will prove of material advantage 
to the London-executive and to the Company's in- 
terests generally. 
Under tiie articles of Association, Sir Alexander 
"Wilson retires from the Directorate, and, being 
eligible, otters himself for re-election. 
An Auditor falls to be appointed by the share- 
holders at the general meeting. Mr. J M Hender- 
son, F.C.A., is eligible for re-election. 
^ 
PRODUCE AND PLANTING. 
American Tea.— On the strength of a brief para- 
graph about the eucceas of tea-growing experiments 
in the Southern States, some of the newspapers have 
endeavoured to construct a mountain out of a mole- 
hill. We can imagine that a few timid shareholders 
in tea companies hav« been made unhappy by th« 
following paragraph, which has gone the usual round : 
" It is predicted that America will in time rival China 
and Ceylon in the production of tea. Experiments 
made in tea cultivation in the United States are said 
to have proved a complete success." The "predic- 
tion" comes from Fleet Street, we imagine, and we 
do not notice any serious decline in tea shares in 
consequence of it. 
jLn Attempt to Scaee Tea Drinkers. — The latest 
news from the United States about tea is that certain 
people interested in coffee are endeavouring to create 
prejudice against tea by circulating exaggerated ru- 
mours about its injurious effect. That game has been 
tried here, but did not succeed. A New York tele- 
gram of Wednesday's date to the Leader has the 
following : The sensation today is the reported pros- 
tration through excessive tea-drinking of Mrs. Leslie 
Carter, America's greatest actress. The newspapers 
take the occasion to print violent articles on the 
baneful effects of tea, pointing the moral in the physical 
decline of the English raee. The TToi-Zii editorially 
writes: 'Our cartoonists should inform up-to-date 
facts and depict John Bull as small and scrawny 
whereas Uncle Sam should be depicted as big and 
pot-bellied.' Several merchants whom I have consulted 
tell me that the tea-drinking scare is being fostered 
by the coffee trust, which fears that Sir Thomas 
Lipton's presence may induce Americans to take to tea." 
Indian and Ceylon Teas in the States. — Whether 
it is due to a desire to push Ceylon tea or not, some 
