192 
THE TEOPICAL AGRICULTUEIST. 
[Sept. 2, 190i. 
THE BAST INDIA AND CEYLON TEA 
COMPANY, LTD. 
THE REPORT OF THE DIRECTORS 
for the year ended 30th November, 1900, to be presented 
at the meeting to be held in London on 8th instant, 
states that the amount at credit of the profit and loss 
account, after crediting the balance (£8,669) carried 
over in last year's accounts, is £10,459. From this 
the preference dividend to 31st May 1899, on account 
of season 1898-1899, absorbed £3,000 ; preference divi- 
dend fin«l on account of season ended 30th November, 
1899, £3,000 ; interest on debenturps for year ended 
30lh November, 1900, £liOO; Mahaousa Pactorv, 
amount written off, £701 ; fleficit for the season 1899- 
1900, £2,911, leaving a balance at debit of profit and 
loss account of ±'152. The crop, excluding that 
from Madampe, amonnted to 1,811,850 lb., as against 
1,841,718 lb. the previous year. There was thus a small 
decrease from the older estates, and this reduction in 
yield is mainly attributable to the severe hailstorm 
which was mentioned at the last annual meeting. 
The average S'^le price was 5*32d per lb. and the 
cost of production 5"77d. The yield of the Ceylon 
estates was satisfactory. The chief cause of the 
diminished receipts of the Company is the reduction 
in the market price of tea. For Ceylon tea the aver- 
age price fell id per lb. during the year and that of 
Sylhet IJd per lb. This haavy drop has undoubtedly 
been caused by over-production ; however there is 
reason to hope that, with the contemplated reduction 
of output, prices will improve. The capital cost of 
Madampe estate, after crediting the value of its crop, 
stood on 30th November last at £10,594. The Direct- 
ors consider the block account should now be closed, 
and have every hope that this property will now make 
a profit. Its yield during the past year was 123,565 
lb. and the latest estimate for the current season is 
175,000 lb. When the serious position of the tea 
market and probable result of the year's working were 
seen, Mr Richardson, at the Directors' request, visited 
the Company's Indian estates, and at his recommen- 
dation it has been thought advisable to change the 
management of these properties, and considerably 
reduce the expenditure. lu order to replace tea in- 
jured by drought and hail in India, 75 acres of which 
have been abandoned, 70 acres of new land have been 
planted out, and the cost of same has been all 
charged to revenue. If the rate of exchange ruling 
for the past season had been the same as that in 
the first year of the Company's existence, the result 
would have been £3,139 more favourable. The increase 
of duty by 50 per cent, that is, from 4d. to 6d., has 
undoubtedly curtailed the expansion of consumption, 
and, consequently, injuriously affected the market. 
With reference to the Hopewell Tea Company, one- 
third of which belongs to this Company, calls to the 
amount of £5 per share have been made this year, 
making £9 per share paid up. Payment of this has 
been mainly met by withdrawing the deposit of 
£32,000 placed in anticipation of calls wiih that Com- 
pany. The properties are said to be in good order and 
coming on well, and it is reasonable to hope that, 
with a better market lor tea, the estates will show a 
Bubstantial profit when they come into full bearing. 
With a view to manufacturing a better class of tea, 
the current season's crop estimates have been reduced 
by 107,400 lb. The total crop expected this season 
is now 866,600 )b. as compared with 529.934 lb. 
gathered during 1900. 
EMPIRE OP INDIA AND CEYLON TEA 
COMPANY, LIMITED. 
RfiPOBT OF THE Directors 
to be presented at the fifth annual ordinary 
geaetal meeting) to be held oa Thursday, the 
4th July, 19)1. The Pirectors have the pleasure 
to present to the shareholders their fifth annual 
report, with accounts made up to the 31st Dee. 
1900 :— 
The following table shows the area of the Com- 
pany's properties, and particulars of the land 
under tea ; — 
Name of Garden. 
Tl. Area of 
Total acres 
Group. 
Grants. 
under tea. 
Assam 
Borjuli 
... 2,518 
1,985 
do 
Sonajuli 
.. 2,347 
1,135 
do 
Namgaon 
.. 1,487 
692 
do 
Daputa ) 
... 3,910 
461 
Dhulapadong f 
791 
Dooars 
Good Hope 
... 1.610 
971 
do 
Hahaipatha 
... 1,251 
700 
do 
Dangua Jhar 
260 
235 
do 
Tasati 
... 1,.500 
1,100 
Ceylon 
Lebanon 
.. 1,641 
675 
do 
Knuckles 
950 
847 
Total 
17,474 
9,592 
Capital expenditure on " Ta<=ati " has ceased 
with the charge t.) block account in the present 
balance sheer. 1,100 acres have been opened out 
ino<t economically in the last three years, and 
the work has been tlioioughly well done. 
Crop and Prices.— Alike in Assam, the 
Dooars and Ceylon, the gardens of the Com. 
pariy .«)iowed a satisfactory increase in crop in 
19(^10 as compared with 1899, as will be .seen by 
the foregoing tables. But the results of 1900 
were unsatisfactory. This was partly due to 
the general fall in the price of tea, and to 
other causes which have injured the tea industry 
all rou)id, but it was also partly the result of 
increased expenditure on all the gardens of the 
Company. Genei ally speaking, the local manage- 
ment deserved commendation for their successful 
efforts to improve cultivation, but the Board 
could have wished for a more strenuous effort 
to keep within the sanctioned expenditure. Tlie 
average of the Bramapootra Valley of the As- 
sam Province was 8'53 against the Company's 
average of 8-19 for its Assam gardens. The 
Uooars district secured 5.69, while the average 
for this Company's Dooars gardens was 6-S2. 
In Ceylon this Company's gardens secured only 
5'56 which price is below the rest of the dis- 
trict in which the Company's gardens lie. 
Director's Visit,— Mr Geo. Moore, a Dir. 
ector of this Company, has again spent several 
months in India during the past cold weather 
and, while successfully promoting further measures 
to better the health of the labour force and improve 
cultivation, has done a very great deal to- 
wards introducing and enforcing economies 
which are of vital necessity in face of the present 
critical position of the Indian tea industry, owing 
to the heavy fall in prices. The Board, is, how- 
ever, pressing for still further efforts at economy 
under all heads of charges except wages, a reduc- 
tion of which is often the worst form of extravar 
gance. 
