336 
THE TROPICAL AGRICULTURIST. 
[Nov, 1, 1901. 
SIB JOHN MUIR COMPANIES. 
ANGLO-AMERICAN DIRECT TEA TRAD- 
ING COMPANY, LIMITED 
At last we have been able to ^et sight of the 
report of this Company for the year ends'l Novem- 
ber 30th last, but it lias not illuiiiinated us UiUch. 
It is printed on the same coloured paper as the 
reports of other subsidiary companies of the Con- 
solidated Tea and Lands parent and the directorial 
report signed by "James Finlay and Com|)ariy, 
Secretaries," is divided into the same kind of 
paragraphs telling us about the quantity of tea 
marketed, the extensions of the acreage cultivated, 
the balance at credit of profit and loss, and sun- 
dry other matters, but into the true position of 
the company we get not the slightest glimpse. 
Tery little protit has come from the company's 
estates in Oeylon, we ate told, because of the fall in 
prices, but eke directors are ghid tu state chat 
Ceylon producers generally are now " plucking 
much finer," therefore ic is hoped that an en- 
hanced averaged price will be realised by the 
company in 190L Even so, we cannot think it 
will be benehted much, for coffee is falling in 
price, and the company does seem to produce a 
little 9f that berry, although its directors are 
careful" to avoid confiding to their shareholders 
how much. What, though, has become of the 
" direct trading " portion of thu business? It is 
all very well to iuform shareholders that "Carda- 
moms are produced in the form of three-celled 
capsules, containing numerous seeds which yield 
an aromatic pungent spice with a peculiar but 
agreeable taste." This is interesting and quite 
nice, but where is the market for the company's 
teas in America of which so much was origi- 
nally made ? There is not a syllable about the 
subject in the report, nor can we trace anything 
relating: to it in the accounts. 
In order to bring the statistics of these various 
and fascinatingly peculiar emanations of Sir John 
Muir's company-framing industry into uniformity 
we have drawu up tables to exhibit the figures 
of this company on the same lines as those laid 
down for his other companies in last week's 
issue. These tables show that the Anglo-American 
Direct Tea Trading Company offers as good an 
example of the financial "rake's progress "as any 
one of them. It has extended the acreage under 
cultivation somewhat in the year ended November 
30th last, and marketed a much larger crop of tea 
but the price exhibited a disastrous fall, and worse, 
than all, the company has to lean more 
and more upon borrowed money, while dividends 
on the ordinary shares, have become impossible. 
Twelve months before, the directors boldly paid 
a hve per cent dividend, • with a four per 
cent bonus, making nine percehtfor the year on 
those shares and for last year they got nothing, in 
spite of the large amount of additional money poured 
into the business. This " maiiosuvring with 
capital " has become quite appalling. The paid- 
up share capital remains much as it was twelve 
months before, but loans and advances from 
shareholders have risen from £156,000 to £233,000, 
and advances by bankers from £171,000 to £202,000. 
The company thus owes £108,000 more than it 
did twelve months previously, and has not a ra^ 
of a Sotch £1 note to show for the money. All 
that wc can tliscover is a slight increase in the 
value of the tea pledged to the bankers against 
advances, but tbat increase left the bankers un- 
covered at the date of the balance sheet to the 
ext.-nt of £145,000. What have they got for 
tli:',i money ? Adding it to th'3 dclit ol the 
other companies, over £500,O0U has been advtuiced 
by bankers to the various companies known as the 
Mufr group, apparently without security unless 
the "investments" paraded in the account!? Lire 
]iledged to cliera. But these investments have all 
shri:nk in value, so far as we know, and prob- 
ably could not now be realised at one-half their 
cost price. It is only necessaiy to state facts 
of this description to indicate what a bottomless 
quagmire of unstable credit the accounts of these 
companies present. We must, however, congra- 
tulate the directors on being able to write off 
£434 on account of preliminary expenses during 
the past year, although this is almost bitlauced 
by the increase in the suspense account for coolies, 
&c. That, however, is the only v>'ord of commen- 
dation it is po-sible to utter, and against it we 
must place a decrease of over £2,700 in the cash, 
the total of which is now down tor £1,117. No 
wonder it was deemed prudent to abstain from 
declaring any dividend on the ordinary s-hares. 
Who holds these ordinary shares ? Not the public, 
it is to be hoped. If the public, may the gods 
help them ! Sir John won't. 
ANGLO-AMERICAN DIBEGT TEA TRADING 
COMPANY. 
1899. igno 
Cnltivated area (tea, 
oofEee, oardamoms) 14,449 acres 15,222 acres 
Tea crop 2,955,750 Ib.f 3,520,332 lb. 
Average price 9 83d 6-37d 
£ £ 
Proceeds of tea and eoffee 
sold 92,666 95,987 
Transfer fees . 3 
Dividends and interest 10,792 10,889 
Balances brougtit up 17.047 6,449 
Total 120,505 113,827 
Working expenses 75,419* 84,313* 
Commissions on profit 438 392 
Interest, &c. 5,719 5,120 
Net profit 38,930 23,552 
Preferred share diri- 
dend 14,849 16,543 
Ordinary Share divi- 
dend and boaus (5 
per cent and 4 per cent) 17,631 
Balances forward 6,449 7,010 
ITEMS IN THE A/CS, CAPITAL AND DEBT. 
1899. 1900. 
Dr. £ £ 
Paid-up share capital 528,788 529,446 
Loans and advances by ' 
shareholders, &o, 155,869 232,691 
Bankers' loans 170,970 202,003 
Sundry creditors 4,918 7,175 
Reserve 13,600 13i600 
Current charges unpaid 11,419 7,528 
• Including £2,073 commission paid to Finlay, Muir 
<fe Co. and £1.047 to P K Buchanan A Co in 1899 
and £2,045 and £1,023 respectively in 1900. ' 
t Coffee crop not given in either year, only esti- 
mates of coming crop and estimates of price, the 
latter 44s per owt. in 1900, againit 63a in 1899. 
