500 
THE TROPICAL 
AGRICULTURIST. 
[Jan. 2, 1899. 
p .2 
: s. d. 
2 a 
J3 
, ITS 
te 1898 
1899. 
03 
<S> 
CO . 
a 
a 
— 
5 o 
In 
ia 
o 
5 
IK'S 
6 
w 
Ho 
cent. 
27.00 
Laxapana 2 10 3 3731b. 265.087 285.000 280.000 
Maha Eli- 
ya 3 11 8 4501b. 118.196 130 000 130.000 28 89 
St. An- 
drew's 1 17 7 2491b. 116.506 150.000 180.000 27.35 
10 mtha. 
Kandal- 
oya 0 10 5 2531b. 134.352 190.000 170.0CO 29 00 
625.141 755.000 760.000 
ANALYSIS OF COST F. 0. B. COLOMBO. 
Buperintendeut and 
Assistants 
House cooliea 
Bungalows • • 
Lines 
Factoiies, &c. 
Machinery 
Cattle Sheds 
Contingencies 
Five Insurance 
Water Course 
Visiting Fee 
Supplying 
Beads and Drains 
"Weeding 
Pruning 
Cost of Manure 
Application of Manure 
Tools 
Stock, Cattle, &c, 
Plucking aod Baskets. . 
Manufacture, Packing, 
&c. 
Transport to Colombo 
Shipping Charges 
Sundries 
Costs in cents per lb.. 29.64 31.91 33.33 29.65 
Prospects for the new season are more en- 
couraging, as all tlie estates show increased out- 
turn since the .30th June last. 
The accounts show that, after paying interest 
on mortgage and preference dividend for the 
year, there is a balance to credit of profit and 
loss of £268 15s 6d ; from this the directors have 
appropriated £IS5 18s 3d for the writing down 
of preliminary expenses account, and carry for- 
ward the balance of £82 I7s 3d to next season's 
account. 
The Auditors, Messrs. Singleton, Fabian & Co. 
being eligible, ofl'er themselves for re-election. 
Directors : C. A. Keiss and C. F. Dickson ; 
Secretary : A. B. Tomkins. 
London, October 26. 
cS 
g. 
01 
a 
(£ 
Laxap 
a 
3.36 
2.9fi 
4.32 
3.66 
.34 
.82 
.40 
.28 
.08 
.09 
.03 
.06 
..58 
.72 
.26 
.12 
.30 
.20 
.25 
.61 
•09 
.35 
.19 
.36 
.02 
.55 
..51 
.63 
•46 
.24 
.32 
.50 
.43 
.09 
.09 
•85 
.75 
.68 
.01 
.01 
.55 
.23 
.36 
.31 
3.(18 
2.42 
5.44 
4.73 
1,30 
.88 
2.11 
.76 
l.£6 
2.50 
.57 
.50 
.03 
.04 
.11 
.14 
.12 
.17 
.07 
11.21 
11.96 
10.08 
1 .05 
3.55 
4.45 
4.75 
4..S0 
1.37 
1.44 
].85 
1.40 
.70 
.69 
.67 
.60 
.11 
.26 
THE CENTRAL TEA COMPANY OF CEYLON. 
The ordinary general meeting of the shareholders 
of the Central Tea Company of Ceylon was held at 
the offices of the company, 20, Eastcheap, E.C., on 
Monday vNovember 7.) „ i., -rr , 
The chair was occupied by Mr. J. Sancroft Holmes, 
chairman of the company. . , • . 
The Secretary (Sir Wm. Johnston) read the notice 
convening the meeting, 
The following is from the report of the diree- 
tors : — 
The total crop from the estates for the past seaaon 
was 751,7911b, against 713,;!30 lb last year, being a 
substantial increase, though 30,000 lb nnder the 
estimate, chiefly owing to the abnormally drv season. 
The total sales, including bought tea, were 1,025.963 lb, 
averaging 5 85d per lb. The nianufuctaring busineBs 
ehowa some improvement. The yield of cocoa was 
492 cwt., against 507 cwt., but owing to the average 
price being 62a 3d. per cwt., against 51s 2d, shows a 
larger profit. 
Seventy-two acres have been cleared during the 
year, and Ihere are now 234 acrcH tea nnder three 
years old. The directors regret that the season's 
operations have not resulted more favonrablj. The 
profits have been affected by the higher rate of 
exchange, averaging Is 3 i>6d per rupee, against Is Mjd 
last year, nnd also by the difference in price reiilisel 
by the company's teas, which averaged are above 
5'85d per lb, against 0 3od last season. The net profits 
for the year amount to i;4.099 Os 7d, which, with 
£1,351 128 4d brought forward from last year, shows 
a sum of £5,450 12^ lid available for division. Of 
this sum, i;638 lis 9d has been written cff for transfer 
Unties, Ac, and £1,500 has been applied to the pay- 
ment of a dividend at the rate of 6 per cerit. per 
annum on the preference shares to DpcembA 31st 
1897. The directors now recommend a dividend at 6 
per cent, on the preference slinres to .Iuiie30'h, 1898, 
leaving a balance of £1,811 18s 2d to be carried forward. 
It has been determined to rebuild the factory at 
Weyweltalawa at an estimated cost of about R28,.')00, 
en a new site nearer the cart road, and the work is 
now in progress. Your directors have given much con- 
sideration to this expenditure, which has been forced 
npon them by the unsatisfactory prices obtaiued for 
the tea made at the old factory, and is. in their 
opinion, unavoidable. In view of this expenditure and 
the desirability of having the interim dividend on 
the preference shares in hand, they have deemed it 
necessary to write off the above mentioned transfer 
duties in one sum, and to recommend no dividend 
on the ordinary shares. 
The Chairman, in moving the adoption of the report 
and accounts, said :— - 
Comparing season 1697-8 with 1696-7, the accounts 
show a satisfactory increase of over 30,100 lb. in the 
crop secnred, of i,'l,.300 in the amount realised, and 
of Jd in the net average price obtained. The cost 
of production calculated in rupees is practically the 
same, but owing to the rise of about Id in exchange 
the cost in sterling is Jd ner lb. higher. If exchange 
had remained stationary the profits would have been 
increased by £460, if the same as iu 1895 6 about 
£il00, a sum which represents two per cent on the 
total capital of the company. Applying a similar 
calculation to the whole tea produce of Ceylon, say 
120 millions, it appe.ars that the toll levied on the 
profits of the tea industry by the rise of 2d in exchange 
which has taken place in the last two j'ears amounts 
to no less a sum than £250,000 per annum. In the 
face of these figures it is not surprising that planters 
are anxious as to what the future of exchange is likely 
to be. Any considerable further rise in the cost of 
rupees, unless a corresponding advance in the value 
o.' tea takes places, must seriously jeopardise a large 
portion of the planting industry Having regard to 
what has taken place in the past in India, and to 
the very general feeling which appears to exist in 
this country, that it is legitimate for the Government 
of India to manipulate exchange with a view to re- 
lieving the strain upon its own finances, it seems 
certain that the rupee will not be allowed to find its 
natural level. The question then arises, is the pro- 
duce of Ceylon and India, not only tea but all other 
produce which finds a market in this country, to be 
made permanently liable to a tax which the experi- 
ence of this company proves to be one which amounts 
to an annual charge of no less than two per cent oh 
its capital, and to something like 25 per cent of itR 
profits? If this is so, East Indian industries of all 
sorts, whether natiye pr British, mast he seripasl^ 
