May 1, 1900.] THE TROPICAL AGRICULTURIST. M 
BIG CEYLON TEA CO. 
COOPER COOPER & JOHNSON. 
directors' report -no dividend on the 
ordinary sharks. 
The report of the directors of Cooper Cooper 
and Johnson, Ltd., for the year ended 30th June, 
1899, to be submitted to the ordinary annual gene- 
ral meeting to be held in London on 6th prox. 
states that the difficulties pf effecting the transfer 
•f so many estates and businesses, and their orga- 
nisation as a whole, have been very preat, but the 
directors consider that the company has now been 
brought into good and economical working order, 
with steadily improving results. During the first 
part of the year under review the management of 
the estates acquired by the company was not in 
their hands, but after the transference had been 
•ffected and other matters in London settled, Mr. 
E H Hancock proceeded to Ceylon, on behalf of 
♦he company, to make the necessary arrangements 
for combining and working the estates. The 
Board, being subsequently dissatisfied with the 
way in which the Colombo agency was being 
managed by Messrs. J J Vanderspar and Co., in- 
strueted Mr. Hancock to pay special attention to 
that matter, and eventually particulars of such a 
mature came to the knowledge of the Board as to 
render, in their judgment, a chauge of agency ne- 
cessary in the interests of the company. This 
change was made, but unfortunately disputes 
kave arisen on accounts and otherwise, the details 
of which the directors are unable to go into, the 
matter being still suhjndiee. The non-receipt of 
the accounts from Ceylon has caused the delay 
in preparing the accounts of the company. Mr. 
Hancock spent six months in visiting Ceylon, and 
making arrangements on the estates, which have 
already resulted in a more efficient working, by 
which the cost of the tea has been reduced and a con- 
siderable saving effected in every way, and he reports 
most favourably on the future prospects of both tea 
and coeoa estates. The amount of tea produced 
up to 30th June was 2,100,302 1b. and it is esti- 
mated that the production for the current year 
will be 2,322,000 lb. at a reduced cost per lb. 
The cocoa estates, from various causes, includ- 
ing unfavourable weather, showed disappointing 
results, but advices received to date show that a 
larger crop may be expected this year. The 
wholesale business shows satisfactory results. The 
business acquired from Messrs Cooper Cooper & 
Co., Ltd., has been a serious disappointment under 
the late management, but it is now showing 
better results under new direction, and there is 
reason to hope that it will prove a satisfactory 
source of revenue to the company in the future. 
The late managing director ceased to control the 
business in May, 1899, and subsequently resigned 
his seat on the board. The directors regret that 
owing to the results shown by Cooper Cooper & 
Co.'s business, ,and to the poor cocoa crop, 
they are unable to recommend a dividend on the 
ordinary shares for the year ended 30th Jnne, 
1899. lb will be seen from the accounts that the 
net profit in working the properties is £23,068. 
After deducting general expenses and interest 
£9,001 remains, out of which preference dividends 
amounting to £6,996 have been paid, leaving a 
balance of £2,005 to be carried foiward. The 
directors are pleased to say that Messrs. Antony 
Cibbs and Sons have undertaken the London 
agency of the estates. It has been decided that 
1st April and 1st October are more convenient 
dates for the payment of preference dividends 
payable in respect of profits made up to 3ist 
December and 30th June, and a resolution will 
be proposed to that effect. Messrs. 4 A Clark, 
M P Evans and Clive Meares have retired, 
and Messrs. G L Davies and Hector F Monro 
have joiried the Board, and the sharelioldera are 
asked to confirm their appointment. Messrs. 
John VToung and H A Hancock retire. The 
former does not offer himself for re-election 
ovTing to ill health. 
WORKING account. 
Xo loss on Cooper Cooper and Co. . . . . £2,829 
,, Balance carried to profit and Iobs account 23,068 
£25,897 
By protit on estates £20,750 
„ Profit on Johnson, Dodds and Co. . . 5,141 
£25,891 
PROFIT AND LOSS ACCOUNT, for year ended 30tli 
June, 1899. 
lorent salaries, accountants, general expenses 
and income-tax ifc'2,195 
,, directors' fees 1,150 
,, legal expenses 023 
„ interest 1,720 
„ debenture interest to 30th June, 1899 .. 8,155 
" preference dividend to 30th Jnae, 1899 . . 6,996 
,, balance, being profit carried to balance-sheet 2,005 
£23,144 
By balance brought from working account... £28,068 
,, transfer fees 76 
i!23,144 
BALANCE-SHEET, as at 30th June, 1899. 
LIABILITIES. 
To Capital anthorised — 
170,000 preference shares of £1 each £170,000 
170,000 ordinary shares of £1 each... 170,000 
j£340,000 
To Capital issued — 
156,122 preference shares of £1 each... £156,129 
167,468 ordinary shares of £1 each. .£167,468 
Less calls in arear 30 
167,438 
„ Forfeited shares — amount paid on .. 469 
„ Calls overpaid ... — 
£324,029 
„ 5 per cent, first mortgage debenture stock, , 206,800 
„ Sundry creditors — secured ... £33,254 
,, „ unsecured ... 44,344 
77,599 
„ Estate account creditors 6,491 
.. Trade creditors 32,573 
„ Profit and loss account 2,006 
£649,497 
ASSETS. 
To Goodwill and assets acquired by the com- 
pany, including freehold and leasehold 
properties, plant, machinery, fixtures, 
carts, horses, (fee, less depreciation of 
leases, plant, &c., &o. . . £bii,hb6 
„ Capital improvements . . . . 1,981 
„ Office furniture .. 81 
„ Estates' debtors ., .. 17,979 
„ Sundry debtors . . . . 1,428 
„ Trade debtors . . , . 39,648 
„ Stock .. .. 32,511 
„ Coast advances . . . . 4,624 
,, Debenture issue account .. .. 2,335 
„ Cash in hand . . £378 
„ Cash at bankers . . 3,978 
4,358 
*W9,497 
