Nov, 1, 1901.] THE TROPICAL AGRICULTURIST. 33^ 
ITEMS IN THE A/CS, CAPITAL AND DEBT. 
1889. 1900. 
Cr. £ £ 
Cost ol properties 672,229 735,895 
Valne of tea pledged to 
bankers 42,974 57,095 
Stores 4,405 5,297 
Suspense account for 
coolies, &c. 4,20; 4,792 
Preliminary expenses 434 — 
Loans in India and 
Ceylon 49,266 54,865 
Cash 3,838 1,117 
Sundry debtors 18,407 12,281 
Sundry Investments, at 
cost 12i,536 135,769 
— Investors' Review, Sept. 14. 
THE CONSOLIDATED ESTATES CO., LTD. 
The tenth annual report of the general managers, 
to be submitted to the shareholders at the general 
meeting, to be held at 34, Great St. Helens, E.C, 
on Wednesday next, states that the profit and 
loss account shows a balance (including £596 18s 7d 
brought forward from last year) of £S,488 2s 9d, 
after paying interest on the Debentures, and an 
interim dividend of 4 per cent on the Preferred 
shares. Out of this sum the general managers 
propose to pay a balance dividend of 4 per cent on 
the Preferred shares, making 8 per cent for the 
whole year, wliieh will absorb £1,480 ; to set aside 
for redemption of 2 per cent of the Debentures at 
103, £927 ; carrying forward the balance, viz., 
£1,081 2s 9d. Total £3,488 2s 9d. (By the articles 
of Association it is provided that no dividend can 
be paid on the ordinary shares in any one year 
unless 5 per cent of tke debentures have been 
redeemed for that year). The following 
shows the result of the year's working 
vis :— Net proceeds of Crop— 1,787,560 lb of tea at 
an average net price of about 5 5-16d per lb realised 
£39.715 17s 9d ; cocoa, cardamoms, cinchona bark, 
and cinnamon, £961 19s 7d ; surplus on estimated 
value of produce brought forward from 1899-1900, 
£330 Is 6d ; interest on account, £109 12s 3d ; 
total, £41,117 lis Id. Expenditure on Estates 
— Messrs. George Steuart and Co.'s drafts — 
R480,732 at an average of Is 4 2-6fd per rupe3, 
£32,784 2s 6d ; balance of coast advances, £300 
8s 3d ; bonus to superintendents— R4, 000 at Is 
4 l-16d, £267 14s 2d. The shareholders are no 
doubt aware that, owing t© tlie heavy fall in the 
price of tea, the past year has been an unfortu- 
nate one for tea-producing companies, and the 
general managers much regret that they are un- 
able to recommend the payment of any dividend 
on the ordinary shares, but they think the result 
of the year's working is not unfavourable as 
compared with that of other similar companies. 
They are also glad to say that the prospects for 
the new season are much more satisfactory, for not 
only is the market in a much stronger position, 
liut also some further economy in the production 
may be looked for, while the crops are still in- 
creasing, and with normal weather it is liopert 
that a further addition of about 50,000 may be 
expected. During the past seison tlie weather in 
Ceylon was favourable for the growth of tea, and 
it will be seen that the actual crop exceeded the 
estimate by over 100,000 1b., so that, but for the 
heavy fall in price, tlie results would have been 
quite satisfactory. The fall was mainly due to 
over-production, but pi, inters are now thoroughly 
alive to the danger of this, and shipments from 
Ceylon show a considerable reduction, while tiie 
consumption continues to increase. The cost of 
production on the company's estates was slightly 
in excess of that of last year, which is due to the 
large sum spent in manuring ; the arrangements 
for this had been made, and in fact nearly all the 
manure had actually been applied before the 
serious fall in price of tea took place, but during 
the new season it will not be necessary to spend 
nearly as much on this item, as the company's 
estates are now in a high state of cultivation ; but 
the subject is one which engages the special atten- 
tion both of the general managers and the com- 
pany's agents in Ceylon. Exchange during the 
past twelve months has been slightly more favour- 
able for the company, the average rate for three 
months' drafts having been Is 4 23-64d, against Is 
4 31-64d last year. The amount realised from pro- 
ducts other than tea is rather less than the 
estimate, which is mainly due to the fact tliat it 
was found necessary to let a good deal of the cin- 
chona bark stand over till the present season, and 
consequently only about half the quantity estimated 
for was actually harvested. The crop of carda- 
moms was also somewhat short of the estimate. 
No new properties have been acquired since the 
date of the last annual report, and the total 
acreage of the company's estimates remains 
nnaltered — viz., 5,484 acres. But it has been 
decided to abandon the cultivation of a 
plot of about 70 acres on Warriagalla 
which does not pay, and the land under tea 
is thus reduced from 3,927 to 3,857 acres. 
The usual tabulated statement showing the dis- 
tribution of the acreage is appended- but a careful 
survey of the reserve land suitable for Tea is being 
made, and this will probably result in some slight 
alteration of the figures given below : — 
Name of Ceylon s ■SPh-S'CsP^" 
Estate. District. -= 'SdSSoJi.'S^ ■« 
Wattegodde Dimbula 800 Nil 25 Nil 70 895 
Hoouooootua Kotmale 560 25 15 45 117 76^ 
Tallagalla Kalutara 515 48 54 60 23 700 
BUagalla Matale 225 6 9 38 167 445 
Rutland Hewaheta 443 6 70 85 59 668 
Wariagalla Nilambe 423 61 26 57 694 1,261 
Sorana Kalutara 422 79 45 81 131 758 
Total 3,388 225 244 366 1,261* 5,484 
The capital expenditure last year somewhat ex 
ceeded the estimate, as the requirements on factory 
and machinery account were found to be rather larger 
than had been anticipated, ihe estimate having 
been £1,800, whereas the actual expenditure 
amounted to £2,210 10s 7d, thus bringing the 
total amount at debit of the factory and extension 
account to f6,544 4* Id. To provide for tliis and 
further small requirements in the future the gene- 
ral managers made an issue in July, as the share- 
holders are awai e, of £2,000 in £10 Preferred shares, 
and £5,000 in 5 per cent. Debentures, which have 
all been taken up, but mainly by the general mana- 
gers under their guarantee. As, however, this 
issue was made in July, the figures in connec- 
tion with it do not appear in the annexed 
* Of which more than 300 acres are planted with 
Cardamoius, Cocoa. Cinnamon a,nd Cincliona. 
