780 
THE TROPICAL AGRICULTURIST. 
[May 1, 1869. 
SCHEDUIiE OF THE COMPANY'S ESTATES, ON 31ST 
DECUMBKR, 1898. 
as 
m 
Sheen 
Pundaloya 
Wootton 
beeBide 
Total 
482 
452 
30G 
M 
. • ■ a fl 
"i-S -S^ 
o 
138 178* 
48 17 
4 — 
— 10 
4.'> 
24 
4U 
2 » 
■3-S 
►J 
o- 
52 
93 
28 
20 
o 
H 
SS."! acres 
634 „ 
378 „ 
436 „ 
1,640 19 ) 205 109 199 2,343 acres 
STKAITS SUGAR INDUSTRY. 
To " The Straits Sugar Company, Limited," 
which has recently been formed, already 
one of tlie comjiany's new eatateti (Gedoug) 
has begun to a^'suiiie a deHnite shape. A large 
area of juuf.le has been cleared ; canals and 
drains have been dug ; and cane planting has 
commenced. Mr. Stothard is opening up a large 
block of land in Lower Peruk, lately conceded 
to the new company by the Ferak government. 
In addition to eullivnting canes on the company's 
behalf, Mr. Stothard is |)repa'ed to give out land, 
free of rent, to any cultivators who are a'ole to 
siiow that the land handed over to them will be 
planted up in canes within a reasonable time. 
Advances will be made by the company as work 
progres.ses, the comjiany buying the ca?ies, when 
.ripe, at a fixed jirice, and deducting the ad- 
vances from the proceeds. 
THE TRAVANCORE TEA ESTATES 
CO.vIPANY, LIMITED. 
The annual ordinary general meeting of the 
shareholders of the Travaneore Tea Estates 
Company, Limited, was held at the offices of 
the company, 2J, .Eastcheap, yesterday (Thurs- 
day). 
In the absence of the Chairman of the Com- 
pany the chair was occupied by Mr. H. K. 
liutiierford. 
The Secretary read the notice convening the 
meeting. 
The Chairman, iu moving the adoption of the 
report and accounts, said :— I happen to be in the 
chair today by the unavoidable absence of Mr. 
McKenzie, the chairnian of the company, who is 
at present in America in connection with the 
joint enterpri.se of [India and Ceylon in pushing 
British-grown teas in that country. Another of 
our colleagues, Mr. Talbot, is absent in Ceylon 
where he had an opportunity of meeting our 
Estates manager, Mr. Knight, and going into 
various matters connected with the management. 
Mr. David Raid's absence, I regret to say, is due 
to the fashionable complaint of influenza. 
My duty today does nou demand of me any 
lengtlveaed statement of the position of the 
company, as the reports and accounts explain 
that position very clearly. Perliaps it would 
be well to take the accounts first. You 
■ • 30 to 35 acres cleared and .partly prepared for Tea 
Planting. 
will note in ihe balance sheet the capital insued 
is £70,000, or £14,500 more tlian it etood at a 
year ago. That difference arises from the lOu 
per share called up on the 21,t><>0 ordiaary 
shares amounting to £1U,5UIJ, and an iwoe of 
£2,000 in ordinary shares and 2,000 in prefer- 
ence shares amounting to £4,000, sk payutest 
for part of Pambanar Eletate. Tbeie is next a 
sum ot £,\,\t>0 15s Id place*! to reserve whieU, 
as you will doubtless rememlwr, represents the 
profits earned l>etween the dale from which we 
took over the properties and tlie date of regis- 
tration of the com|<aDy, and which sum was tml 
legally available for dividend. liills payable 
and sundry creditors amount to i;'i8,443 3« 9d. 
The proportion of this sum wbich is cliargeaWe 
to capital account as the bills fall due is provided 
for by issuing debentures ag.iinst the same, and 
up to the present time we have issued £25.000 
of debentures. On the other side of the account 
you will note the cost of estates amount to 
£91,016, and this is £31.(>.')5 more than I a«t year 
— a very large sum, but necessary for the land 
we have opened \\\t. This sum u niaile up of 
£11,40(J for payments for land, £I.j,.'j.'>3 for new- 
clearings and upkeep of land not in bearing, 
and £4,682 for buildings and inachinery. In 
the profit and loss account you will observe 
the profit on sales was £2,o31 or £814 lesvtbaa 
the previous account, but which you will re- 
member was for a period of fifteen montlm, «to 
the profit is practically about the same. You will 
note the directors again give their services free, 
and that the 1 ondon expenditure is remarkable 
for its moderation. Tlie balance of profit is 
£2,358 2s 8d, which admits of the full preference 
dividend being i)aid, and leaves a balance of 
£241 2s 8d to be brought forward to next year. 
Now we cannot pretend to say this is a very 
satisfactory result, but when you take into con- 
sideration that the fall in the price of our tea 
of jd per lb. and the higher rate of exchange has 
curtailed our profits some £1,500, you will per- 
haps agree we have been fortanate in coming out 
as well as we do in probably fine of the worst years 
the British-grown lea industry h:is had. The crop 
was unsatisfactory in quality and yield, but we 
see hopeful sign i of better results in tlie carrent 
year in both of these particulars. You will note we 
have planted up nearly 1,300 acres with tea, which 
is a great deal to accomplish in one season and 
great credit is due to our manager Mr. Knight and 
his staff' for tlie work they have been able to get 
through, and which we are led to believe is good 
work and that the clearings promise to be success- 
ful. Now with regard to our debentures, we t<oId 
you at last meeting v e were contemplating such 
an issue and I am happy to state we have 
been able to cany this matter through. The 
debenture's are for a total issue of i'50,000 of which 
we hope only £44,000 will be required. They ars 
repayable at par on January 1st 1904, and are only 
being issued as we require the money. When this 
issue is completed the estates with factories, will 
have cost us about £32 per acre which is a reason- 
able price. As to tiie future we are of course, 
mainly dependent on the selling price of tea. nud 
if this continues to keep about its present level 
which is considerably higher than last ye.ir — Id or 
IJd per lb. — I have no fear wli tever but that tlie 
oilier inipoi'lant factors of yield and cheap produc- 
tion will not be found wanting. We can only a.-k 
the ordinary shareholders to exercise patience uniil 
the estates come into bearing, when we trust the 
hopes of your directors may be realised. I shall 
be very dleased to give any farther infonuation 
