March 1, 1899.] THE TEOPICAL 
AGRICULTURIST. 
619 
THE KALUTARA CO., LTD. 
The notice calling the meeting having; been 
read and the minutes of the pievious meetinn; 
having been read and confirmed, the following 
report was laid on the table :— 
ACEEAGE : 
Tea in bearing . . . . 426 acres. 
Tea in partial bearing . . 117 ,, 
Tea not in bearing .. 115 ,, 
Arecanuts, Grass, Kavines, &c. 10 ,, 
Forest 
668 
416 
Total .. 1,084 „ 
The Directors now submit to the Shareholders the 
accounts for the year 1898. 
The crop amounted to 255,130 lb. Tea including 
purchased leaf, which realized a uett average of 
83 08 cents per lb, against 36 87 cents per lb in 1897, 
on an expenditure on the estate of h55,382'65, equal 
to 2i.'71 cents per lb of tea, which included a sum of 
E3,038-38 spent on mannving 100 acres, and Kl,124-21 
for the purchase of 27,887 lb leaf. 
The new withering shed, which was urgently re- 
quired for the efficient manufacture of the teas, should 
have been completed in April, but owing to delay 
on the part of the contractor it was not finished till 
well into October. Since its completion the quality 
of the teas has improved, and tlie Directors think 
they may fairly anticipate better prices during the 
current year. 
About 10,000 rubber plants have been put out in 
suitable places on the estate and their growth shews 
promise. The Directors also considered it advisable 
to prospect for plumbago, and with this object a sum 
of H961-67 was spent on this work, of which R206-58 
was recovered by sale of the plumbago mined. For 
the past two months the heavy rainfall has stopred 
the work, but when the weather settles it is hoped 
that arrangements can be made with natives to work 
the pits on the share system. 
After making ample provision for depreciation of 
Buildings and Machinery, writing off the balance of 
expenditure on plumbago, and a sum of KoOO to a 
Coast Advance Reserve account, there remains a 
balance at credit of profit and loss account on the 
year's working of R15,325"83 after payment of the 
dividend on the preference shares. To this has to 
be added the balance of R20,448'83 brought forward 
from last year, making a total of R35, 774-66. Of the 
K50,000 which the Directors were authorized to issue 
jn Cumulative Preference Shares of R500 each, only 
35 shares have been subscribed for during the cur- 
rent year, and the Directors therefore recommend 
that, in order to provide part of the further capital 
required to balance the expenditure already mcurred, 
the sum of R20,000 be transferred from profit and 
loss account to an Extension Fund account, and 
that a dividend of 3 per cent on the ordinary shares 
be declared for the past year. This will absorb 
E32,000, leaving R3,774-66 to be carried forward to 
next year. 
The estimate of crop for this year from the Com- 
pany's estates is 285,'rOO lb. tea on an expenditure 
of R64,411'86, which includes the cost of manuring 
150 acres. 
During 1898 R23,91315 was spent on capital account 
on the erection of a withering shed, additions to 
Machinery, a cart road between the two estates, 
the planting of rubber and upkeep of acreage not in 
bearing, and the estimate for 1899 is R8,638'4i, chiefly 
for a new set of lines, balance of withering shed 
account, planting of rubber, further expeudaure on 
cart road, and upkeep of tea not in bearing. 
lu terms of the Articles of Association Mr. W. H. 
Figg retires from the Board, but is eligible for re- 
election. 
The appointment of an Auditor for the current 
7«Kr will rest with the meeting. 
HIGH FORESTS ESTATES CO., LTD. 
The notice calling the meeting was read by the 
Secretary at the request of the Chairman, 
after which the minutes of the previous general 
meeting were read and confirmed. The following 
Report was laid on the table and taken as read : — 
Acreage. 
Tea in bearing .. 432 Acres 
,, in partial bearing 156 ,, 
„ planted in 1896 246 „ 
„ do 1897 174 „ 
„ do 1898 132 „ 
Forest andPatana 
1,140 
492 
Total .. 1,632 „ 
The Directors have now to submit to the Share- 
holders the accounts of the Company for the past 
year. 
The total crop harvested during 1898 was 221,028 lb 
Tea, which realized a nett average price of 50'72 Cfents 
per pound compared with a nett average price of 
44 69 cents in 1897. The improvc-ment in price may 
be considered very satisfactory, in view of the state 
of the tea market during the year. 
After making the usual provision for depreciation 
of Buildings and Machinery the result of the year's 
working shews a profit of R37, 416-17 to which has 
to be added the balance of R2,739 30 brought forward 
from 1897. The Directors now recommend a dividend 
of 4 per cent per annum ou the capital R875,0U0 at 
31st December, 1898, and at the rate of 4 per cent 
per annum on the capital of R50,000 called up duuug 
the year and made payable on 15th March, 1898, 
wliich will leave a balance of R3,560-47 to be carriea 
forward to the current year's account. 
During 1898 a sum of R26,969-03 was expended on 
capital account, viz., R24,535-74 on the opening of 
132 acres and the upkeep of 420 acres not then in 
bearing, R2, 223-10 on Boildiogs and R210-19 on 
Machinery. During 1899 the expenditure on capital 
account is estimated at R21,226, which includes tbe 
cost of 30 maunds of tea seed and nurseries, of open- 
ing up 25 acres tea, and of the upkeep of the acreage 
not yet in bearing. It is not anticipated that it will 
be necessary to make any call during this 3 ear on 
the holders of part-paid shares, but in 1,900 it will 
be necessary to make a call to cover the cost of 
increased factory accommodation which will then be 
required to deal with the increasing quantity of tea 
coming in from the acreage planted 1896-97. 
Referring to the remarks )-c transport in the last 
annual report, owing to the abundance ot labor in the 
Island there has been during the past year no ditfi- 
culty in this work. The Directors have not however 
lost sight of this question. As Government have 
again under consideration the construction of a light 
railway from Nanuoya to Udapui;i<llawa which, by 
means of a connecting road from Maturata, would be 
of gieat service to the estates in that district, the 
Directors consider it inadvis ble at present to com- 
mit the Company to the cost of constructing an 
expensive tramway. 
The yield of tea in 1899 is estimated at 230,000 lb 
on an expenditure of R64,132-62 ou the estate. 
During the year Mr. F. W. Bois resigned his seat 
on the Board and the Directors appointed in his 
place Mr. E. J. Young, who now retires in rotation 
from ofiice in accordance with the Articles of Asso- 
ciation, but is eligible for re-election. 
The appointment of an Auditor for the current 
year will rest with the Meeting. 
GlJOOND NUT Crop.— The Afnilras Uovernmenc 
review the question of the alli-ired deterioration 
of this CMip and uutiiori-e the Board of Revenue, 
as tlcsired by the Chuniber of Coniiiiercc, Madras, 
to import fmni America and Jup.iu a supply of 
new grouiid-uut seeds jf the besi, oil-yieldin>' 
vari«ties. 
