Jan. 1, 1900.] THE TROPICAL AGRICULTURIST. 
463 
if the production were to attain such figures as would 
enable even a small proportion of the demand to be 
satisfied, it could, nevertheless, not be sold at prices 
much below those which teas imported from abroad, 
and paying a heavy rate of duty, fetch in the 
markets of the Bussian Empire. 
REGULATIOJSS OF SUPPLIES IN SALE. 
To the Editor of the Rome and Colonial Mail. 
Sir,— 1 have read in your last ipsue the report 
of the Indian Tea Association, in which, under 
the headinfx, " Regulation of Saks," it is stated, 
" that that scheme has been in operation since 
the beginning of August, and has worked most 
satisfactorily." The Regulating Committee, 
through their worthy chairman, Mr. Arthur 
Thompson, then goon to say that" no opprsiii.in 
had been shown by the importers of Indian lea 
to the necessary postponement of the sale of 
their teas, when" so decided by the committee, and 
buyers had in many cases expressed satisfaction 
at a limit being placed to the quantity offered 
weekly." May I therefore ask a little space to 
offer a few remark^ t I start ivith the fact that the 
total offerings of Indian tea in public sale in the 
year 1898 were 1,590,000 packages which in 
round tigures would average 133,000 packages a 
month. The contention in regard to regu- 
lating supplies has been that for month 
after month during every autumn the quan- 
tity put on the market bore no relation to 
monthly demand, but was entirely conducted on 
a " Devil take the hindmost " policy, thereby 
depressing prices by overloading buyers at one 
season ot the year, and inducing a scarcity at 
another. The Regulating Committee was ap- 
pointed to put this right, and it may therefore be 
worth while to examine the results of their labours 
since they sta^^ed operations. The number of 
packages of Indian tea offered in public sale were 
as under ; — 
unregulated. 
1898. 
August . . 124,474 
Seotember . . 170,762 
October . . 238,655 
November .. 198,871 
regulated. 
1899. 
135,556 
177,071 
232,950 
206,122 
732,762 751,699 
These totals explain the reason why the scheme 
hiis " worked so satisfactorily," and one ceases to 
wonder that " no opposition was shown to the 
necessary postponement (?) of the sale of their 
teas by importers." One woald also like to be 
introduced to the " buyers who in many cases had 
expressed their satisfaction that a limit was placed 
on the weekly offerings." Possibly had there been 
n» regulating of supplies this season the conse- 
quences might have been disastrous. Who can 
say ? But no one will contend that the committee 
has introduced any very radical change ; and now 
that the attention of the Ceylon tea importers is 
drawn to the results as stated above they will 
surely hesitate no longer "to avail themselves 
of the opportunity " of being regulated. Walk 
up. gentlemen, there is positively no danger. 
I am, &c., D. F. Shillington. 
THE 
CALEDONIAN (CEYLON) ESTATES, 
LIMITED. 
The second annual ordinary general meeting of 
the- Caledonian (Ceylon) Tea Estates, Limited, 
was' held at the offices of the company, 78, 
Gracechurch Street, on 30th Nov., Sir Alfred 
Dent, K.C.M.G., chairman of the company, 
presiding. 
The Secretary having read the notice con- 
vening the meeting. 
The Chairman, in moving tlie adoption of the 
report and accounts, said :— Although ihere is 
a very small number of shareholders present, 
other shareholders who are unable to attend the 
meeting will be interested to know what took 
place, so I will proceed to make a few remarks, 
in the first place I must express the regret 
we all feel at the absence of Mr. Alexander 
Ross, which owing to a lather serious illness. 
He always gives us most valuable advice, and 1 
am sure we all miss him very much. The 
report will no doubt have been studied by all of 
you, and though we cannot call it a sacisfaciory 
one, still I think the shareholders will all admit 
that we have done as well as most of our neigh- 
bours, considering that we are only comparati- 
vely a young company. Our chief trouble this 
season has been the exceptional weather, which 
has reduced our crop to 489,6871b. of tea, show- 
ing a delicieney of 67,8000 lb. as compared with 
the estimate. This, as stated in the report, is 
almost entirely owing to the weather, but as Mr. 
Stanley Ross, the manager in Ceylon, is here, 
he will explain to you the difficulties he has had 
to encounter better than I can. His report, 
received a short time ago, said that the rainfall 
fortliefirst six months of the season was favourable 
to the flush of tea, but that the first three months 
of this year a severe drought came on, which 
caused the rainfall to drop to 11 in. This was fol- 
lowed by an unusually heavy burst of the southern 
monsoon, and a raiiitall of 40 inches was recorded 
during the last three months of the season, 
which seriously interfered with the prun- 
ing and flushing. These alternate periods of 
rain and drought make tea cultivation ex- 
tremely difficult. The gross prices of the 
tea are given in the report, and I think you 
will consider them fairly satisfactory. Perhaps 
the average cost per pound on the different 
estates will be ot interest to you. On the 
Lawrence estate it was 7"13d per lb., against 
7"14d for the previous season ; on the Ven- 
ture estate 7'17d per lb, against 7'24d ; and 
on the Selegama estate S tSd per lb, against 
5 24d. The excnange for the year was almost 
the same as for the previous year, being Is 
4 7-32d, against Is 4 3 16il, or only a difference of 
1 32d. Our average price was of course affectfid 
to a certain exlebt by the unfortunate dis- 
pute in the tea trade. Like other companies 
we had an accumulation of invoices, and some 
of these had to be forced on the market, with 
the result that we lost halfpence to Id per lb on 
them. One item that seems to call for attention 
in the accounts is that of capital expenditure. 
This amounts to £4,067 since the company was 
started, as foreshadowed in the prospectus, and 
the amount has been carefully laid out in culti- 
vating and extending the estates. Only a very small 
portion of it has been spent on machinery. 1 think 
I am right in saying that the expenditure on capi- 
tal account will be very largely reduced, if not 
almost nil, next year, nor do we think that anything 
but a very moderate expenditure will be required 
for extra machi. ery. Tins capital expenditure has 
been met to a certain extent out of moneys 
received from the sale of 'produce, the reserved 
shares having been kept in hand. The market 
being against issuing shares for the moment, the 
