578 
THE TROPICAL 
AGRICULTURIST. [Feb. 1, 1899. 
THE SLUMP IN TEA, • 
Never, perhaps, iu the history of the Indian Tea In- 
dustry have prospects been le!=i> favoiirrtble than at 
present. Most of ihe large companies now know, 
within a fractionof an anna, what their divideniU will 
be, and the feeling is one of depressions. One thing is 
at least certain, and that is that it ia only 
the big amalgamated compKuies that will piy 
any dividend whatever, and even some of those 
that are burdened with played out g-trdens which 
they were forced to acquire in order to obtain poHsession 
of the more eligible lands will find themselves 
on the wrong side of the ledger. The fact is 
that we have reached ihe time when the ever- increasing 
production of Indian teas has led to an excess of supply 
over demand and this, naturally, has had a disastrous 
effect on prices. The margin pi profit on many gar- 
dens was already much too small, and the lower scale 
of prices now ruling has led to attempt to further 
reduce the coat of production ; but the lowest limit has 
now been reached and it is difficult to see in what 
direction any further reduction in the cost of working 
the gardens can be effected — except, perhaps, under 
the head of imported labour, the cost of which, in the 
case of coolios obtained through contractors and arkul- 
ties is generally recognized as excessive. Every item 
of expenditure on a garden is, now-a-days, rigidly 
curtailed, and moat of the smAller gardens are already 
very much under-manned. In fact we know of some 
gardens that are working with a labour force equiva- 
lent to three fourths of an adult per acre, which means 
ruin. The only way in which expenditure em be 
further reduced on these small gardens is by cheapen- 
ing manufaetiuo and bringing ihe leaf from a number 
of gardens to one central lea house. Iininedi'ite action 
is necessary, for if fresh outlets are not vigorously 
Rouyht for and obtained the inevitable results must 
follow — they are, in fact, already suCSciently obvious. 
The smaller and older gardens will not be able to 
survive in the struf.'gle that is now going on. They 
will go down, leaving their stronger neighbours to 
fight out the battle till the operation of the eternal 
laws of economy brings equilibrium. Action — if any 
can be found to counteract the rush of jealous rivalry 
that is carrying the industry iu India and Ceylon into 
danger — must be immediate- It is useless to attempt to 
stem the increasing flood of extension and over-produc- 
tion, and nothing but largely extended foreign 
markets will prevent that internecine competition 
that win spell disaster to the tea industry 
Calcutta is full, just now. of planters seeking billets — 
good men, the pick of their calling in many cases — who 
have been asked to accept a rate of pay altogether 
ridiculous, or to take the alternative and seek else- 
where. Our sympathies are entirely with these men 
who, after perhaps many years of hard and good work, 
are thus crowded out of their legitimate billets by the 
gread and grasp of syndicate promoters. Syndicates 
have been most disgracefully overloaded with capital — 
with which the promoters have, in many cases, walked 
away — and out of the dry bones of what has been left 
the planter has been expected to show impossible 
results. 
Our contention is that it would be far better for all 
concerned to manufacture a sufficient quantity of drink- 
able tea that would at once go into ounsumption, than 
send in a quantity of unsaleable rubbish which nobody 
wants and which only goes to increase stocks, thus 
giving Ceylon and China a further opening. — Indian 
Sportsman, Jan. 21. 
THE GLASGOW ESTATES COMPANY. 
Afc the eighth annual meeting of this Company 
held on the 28th Jany. at the offices of Messrs. 
Whittail & Co., the secretaries and af^ents, 
there weteperesent : — Messrs. J G Wardrop (in the 
chair), Jas. Forbes and W H Eigg (directors), J H 
Starey, Alex Stevenson and G H Alston. By 
Attorney : — Messrs. E John by C E tiulof, 
A H Dingwall by J H Starey, G W Carlyon and A 
'I'iiomson by G H Alst'in, G C Walker Ly Jaa. 
Forbe-, J K Maiidy acted as Secretary. 
After ihe formal business had been gono 
through 
The Cn.\lRM.\N proposed the adoption of the 
accounts and report. 
:>lr. Joh.n's attorney seconded, and after a few 
questions had been a«ked by the two geulleuien, the 
motion was adopted. 
THE DIVIDEND. 
On the motion of the Chairman seconded by , 
Mr. Stevenson, a finii dividend of 10 |iei cent 
for 1898 was declared to be payable forlliuith. 
ELECTION OF OFFICKRS- 
On the Kotion of Mr. Stakey seconded by Mr. 
JonN'".s attorney Mr. J G Wardrop was re elected 
a director. 
Mr. Stkvknson proposed and Mr Joiin's 
attorney seconded the reelection of Mr. H J 
Scott as the auditor. 
This concluded tlie meeting. 
ANNUAL BEPOUT. 
AcRBAOE. 
Tea in fall bearing 
Co partiid bearing 
Do not in bearing 
Tea clearings 
Grass 
Jungle, &c. 
An acre* 
187 ,. 
36 ., 
16 .. 
2 ., 
62 .. 
714 acrei 
their anDaal report 
Total 
The Directors herewith submit •uuu.^i mpurt 
and the accounts of the Company for the year end- 
ing 31st December last. 
The cost of delivering the tea from the Company'e 
estates in Colombo was 2ti-79 cents per lb- The crop 
secured amounted to 290,100 lb. Tea against 277,6n0 
lb. in 1897. The nett average price obtained was 
49-71 cents per lb. against 51-57 realized last year. 
Aftfr allowing for depreciation of baildings and 
machinery the amount at credit of profit and lose 
account for the year's working is R57,828-C5, being 
equal to 17 79 per cent on the paid-up capital of the 
Company. To this must be added the sum of 
112, 103 51 brought forward from last year, making a 
total of R60,2:^2 16 at the credit of profit and losi 
account. An interim dividend of 5 per cent was de- 
clared on 28th July last, and the Direciois now re- 
commend the payment of a final dividend 10 per cent 
making 15 per cent for the yeajr. 
In accirdaace with the policy approved of at the 
Annual General Meeting held last year, a sum of 
RlO.eg.'^-gO was placed to the Extension Fund. The 
Directors again deem it advisable to place a further 
sum of RlCOOO to credit of this account, and it ii 
trusted that this will meet with the approval of the 
Shareholders. The addition of this RIO.OOO will 
bring the Extension Fund up to the substantial sum 
of R60,000. This leaves a balance of Rl,482-16 to be 
carried forward to the current year's account. 
The estimate for this year is 315,000 lb. of tea 
against an expenditure on working accoant of 
R79,660. A sum of R2,400 is estimated on capital 
account for completion of withering houee and upkeep 
of ter, not yet in bearing. 
Mr. H. Tarrant having left the Island, the remaining 
Directors appointed Mr. Jas. Forbes to fill the vacancy. 
In terms of the Articles of Association Mr. J. G. 
Wardrop retires from the office of Director, but ia 
eligible for re election. 
The appointment of an Auditor for the current year 
will rest with the meeting. 
