April 2, 1900.] THE TROPICAL AGRICULTURIST. 675 
CEYLON HILLS TEA ESTATES CO., LTD. 
THE ANNUAL REPORT. 
The Directors have now to submit their fourth annual 
report and the accounts of the Company for the 
year ended Slst 1/eceniber, 1899. 
The crop secured was 425,603 lb. as against 389,649 
lb» in 1898, and the cost of putung it on the market 
was 31'b8, realising 36 36 per lb., as against 33"04 and 
33'90 cents respectively in 1898. 
While the yi^ Id was again short of expectations, it 
is satisfactory to notice an increase of 36,010 lb. over 
1898, and the Directors would emphasize the fact that 
the hope expressed in last year's report, that the 
ground lost in 1898 would be recovered in the fol- 
lowing twelve months, has thus happily been fulfilled 
to an appreciable extent, and this in the face of 
continued abnormal am adverse conditions. 
The estimate for the current year is put down at 
468,500 lb. made Tea, and Mr. Galton, when sending 
in his January report, says that prospects for the 
first six months of the year are extremely good. 
Debenture interest has been paid for the half year 
ended 30th September, 1899, and the next payment 
will be due on March 31st next. 
It will be noticed that the debit balance of 
B9,962-99 as on 31st December, 1898, has been reduced 
to R2,41711 duiing the lasi year, the profit made in 
1899 having thus been R7,515'88. 
Mr. Galton reports in January that estates and 
buildings are in a generally satisfactory condition, 
but that labour is not so plentiful as he would like, 
though he hopes to get fiesh labourers from the coast 
in March April. Coast advances stand at RI1,888 d5 
on 31st December, 1899, as against R16,913-67 the 
year before. 
The Directors have decided to again relinquish their 
fees, and the Agents and Sacretaiies have agreed to 
respond with alike amount. 
It will be noticed that the Company's form of 
accounts has been altered in so far as the amount 
written ofi for depreciation is concerned, the original 
cost of factories, buildings and Machinery being shown 
on the one side and the total a.iiount written off 
for depreciation on the other. 
In terms of the articles of association Mr. F Liesching 
retires from the office of Director, but is eligible for 
re-election, 
The appointment of an Auditor for the current year 
■will rest with the meeting. 
WAREHOUSE CHARGES FOR TEA. 
If the London dock and warehouse- keepers think 
that the slight concession recently made in re- 
•rard to their charges on tea vvill satisfy tea growers 
and importers tiiey are under a false impression, 
A slight reduction is belter than nothing, but 
in this instance it can only be regarded as a tore- 
taate of further reform in the sume direction. 
Feeling on thesnhject is strong, and the position 
is ap' ly described in the folio ving comments which 
we take from the Investors' Review of February 
lOth :— 
The writer in the i?c:v?e?o says : "The 'ring' 
of warehouses known as the Tea Clearing Honse 
has informed the Indian Ten Association that 
the committee of the Clearing House have ' decided 
to recommend a reduction in the bulking and taring 
cljaiges, and this recommendation has been duly 
contii med. As near as possible the reduction appears 
to be some 25 per cent., the charge for bulking 
and taring packages of 901b. to 129 lb — the average 
weight — being now Is Id. per package as 
against Is 5d. in former days. To have ob- 
tained a concession at all is equivalent to an 
admission that the agitation on the part of tea 
importers was well founded ; but no one should 
imagine that the grace now bestowed will mee* 
the needs of the Case. Indeed, it is really very 
little in the nature of a concession, for it has 
been made rather with a view to meet new con- 
ditions produced by the events which followed the 
' draft ' dispute. The ell'ects of that disastrous 
dispute still hung over the tea market, with the 
result that the dealers demand ih;it every package 
of tea that has been re-bulked in L'lndon shall 
be tared. The cost of this operutiou was so great 
that the warehouses have met the market by re- 
ducing tiiese charges. Apart from this matter, 
the abaiements now grained will not weaken the 
agitation, because many of the energetic companies 
will obtain no benefit from ir. A company that has 
paid particular attention to the bulking of its tea in 
India or Ceylon, and has so arranged it stares that 
an average tare will always suffice for the buyer, 
does not require to undergo this combined bulking 
and taring charge. This is the move now made, 
merely a little inducement offered to the com- 
panies to go back to the old slovenly ways, 
when such matters as bulking and equality of 
tares were ignored. We therefore imagine that 
the committee of the Indian and Ceylon Tea 
Association which is sitting upon this matter of 
Warehouse charges will not be content with such 
a small crumb dropped from the rich table of the 
warehouse-keepers, but will press lor a substantial 
reluction in all important charges, particularly 
the working charge an<l the rent. Independent 
testimony has satisfied all tho.se connected with 
the tea industry that a reduction in the charges 
is reasonable and equitable, and if such conces- 
sions are not granted responsible men in the 
trade are quite prepared to carry on the struggle 
to the bitter end. The warehouse-keepers 
had theiefore better agree to an amicable adjust- 
ment of the points in dis mte whilst there is time, 
for if no redress is granted, the subsequenc action 
of those interested in a reduction would cause a 
far greater decline in rates than is even hinted 
at now." 
There are also some comments written in a similar 
strain in the Produce Markets licview of the same 
date.— i/". and C. Mail, Feb. 16. 
THE LONDON COCOA MARKET. 
{Bi/ Harold Hamel Smith.) 
London, E.C., 16th Feb., 1900. 
In spite of the Government being in the market 
this week, prices, generally speaking of cocoa 
went easier, though to what extent it is puzzling 
to know as the reports vary in a somewhat re^ 
markable degree. Some say 'I'rinidads and Ceylons 
are steady, and others that they are down 2s to 
3s. The truth is, as I think you will see by 
the prices I quote below, that of Trinidads the 
best marks were decidedly steady, but "mid- 
dling" and "good middling" red sold at lower 
rates compared to 81« 6d and 823 for some 
"Belle Fleurs"sold last month. It is this class 
of Trinidads that went low this week say at 
783 and 79s. As to Ceylons, except perhaps for 
the better qualities which seemed to be in less 
demand, and hence met with rather poor com- 
petition, the prict'S realised I think compare 
favorably with those of the previous week, and 
if it still sold at somewhat irregular prices, it 
was with an upward tendency this lirne instead 
of a downward one. 
7,9u8 bags of all growths were olFercd at Tues- 
day's sale, of which some 4,000 bags sold, or. 
about one-half. Trinidads sold up to 84s 6d for 
fine marks say Sta Rosa Scheult at 83s and 
Saa Jose Degannes at 84s 6d whilst "good 
middling" and "good red" as " Las Hermanas" 
