6g2 
[April i, i8gi. 
THE TROPICAL AGRICULTURIST. 
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ing house and to supplemont the machinery with an 
engine and boiler and another Dryer. Part of this 
lUHchinery was already on the estate and being erected, 
E6,000 part cost being included in last year’s accounts. 
A new withering shed in course of erection was esti- 
mated to cost about RIO, 000. Only 6 acres had been 
added to the cultivation iast year but 40 acres are to 
be cleared and planted this season. We had purchased 
about 53 acres at the land sale yesterday, certain lots 
applied for having been withdrawn. 14 new shareholders 
had joined the Company. No shares had changed 
hands below RlOO (par) and recent sales bad been 
at R150 per eh..re. The value of the shares which 
had risen to 50 per cent premium before any dividend 
had been paid proved the wisdom of the policy hither- 
to followed by keeping down the capital account, 
for the shareholders had gained in improved value 
more than could possibly have been paid as dividend 
while maintaining a strong position in the balance 
sheet instead of a weak one. 
Certain questions having been replied to, the report 
was then adopted. 
Mr. Eric S. Anderson proposed that a dividend of 
R12 per share for the year ended 31st December 1890, 
being at the rate of 12 per cent per annum be 
declared and made payable on 28th February. 
This was seconded by Mr. J. R. Fairweathee and 
carried. 
Mr. D. Faihweathek moved and Mr. E, S. Anderson 
seconded the re-election of Mr. J. H. Storey as 
Director which was carried. 
Mr. E. S. Anderson proposed aod Mr. G. W. Carlyon 
seconded ; — That the smount allotted for Directors’ 
remuneration, Secretary’s salary and office rent be 
increased from R1,GOO to R2,500 subject to revision 
should dividend fall below 10 per cent.” 
The Managing Director having explained how the 
office work and business of the Company and the 
calls upon the Directors’ time had greatly increased ; 
in some particulars to treble the former volume, the 
motion was carried. 
Mr. G. W. Oaelton proposed and Mr.O. M. Gwatkin 
seconded; — ‘'That Mr. John Guthrie be re-elected 
Auditor at a fee of RlOO per annum.” 
Mr. Carlyon proposed and Mr. E. S. Anderson 
seconded a cordial vote of thanks to the Directors 
and office-bearers which was acknowledged by the 
Chairman who added that while the vote was very 
gratifying it was particularly deserved by Mr. Fair- 
weather, the Superintendent of estates. 
“ The Directors have the pleasure to submit the 
Balance Sheet and Profit and Loss Account for the year 
ending 31st December 1890, duly audited. 
“ The balance at credit of Profit and Loss Account at 
31st December 1889, having been written off to im- 
movable property, as resolved, there is no balance 
brought forward. The net profit for 1890, after writing 
off for depreciation, as shown by the acoouots, is 
R24,551T8, and the Directors propose that a dividond of 
12 per cent, absorbing R22,800 bo declared and made 
payable on the 28th of February and that the remainder 
cf'Rl,751T8be carriedforward. 
“ It will be seen that the property representing 
capital stands in the balance sheet at approximately 
R350 per acre cultivated in terms of the policy re- 
solved upon in general meeting ; cost of a steam 
engine and boiler and rapid roller cot ready for use 
is included. An additional withering house is being 
built, and another drier is in order, to meet the re- 
quirements of the increasing crops; while the super- 
intendent’s permanent bungalow has yet to be built. 
Jlenoe it will be understood that in 1891, as hitherto, 
all the earnings of the company will net be avail- 
able for dividond, though they accrue to the proprietors 
in the value of their shares. 
“ The cotal tea crop was 240,653 lb. or 64,653 lb. 
more than estimattd in last report. The plucking 
area was 480 acres, of which 100 acres wore plucked 
only for 8 months. The yield is shown below. 
“ 'Ihe total quantity of tea for disposal was 248,887 lb. 
which included 2,234 lb. tea made from purchased 
leaf, 98,211 lb, were shipped to London, and 
150,676 lb sold locally. Tho cost of tea, including all 
charges, depreciation, and interest, was 30‘9 cents per 
pound. The net value realised from sales was 40’7 
ciDtsper pound, the market having ruled lower than 
in the previous year ; while the large yield was neces- 
sarily not of the highest quality and value. 
” The Comp, any ’s property consisted at 3lst of De- 
cember 1890, of 529 acres of Tea, viz : — 
Acres 
172 'Tea planted in 
1885 yield in, 1890 
per acre, 
lb. 
723 
208 
do 
’87 do do 
483 
100 
do 
’88 do do 
217 
43 do 
6 do 
354 acres Forest 
’89 (not in hearing) 
’90 do 
883 acres total. 
“In consequence of disappointment at the land sae s, 
only 6 acres were planted in 1890; about 40 sores 
are being opened this year. Oertain small additions 
applied for are advertized fur Government sale on the 
24lh instant. 
“ The estimated crop for 1891 is 300,000 lb. 
“ Mr. J. H. Starey retires from the Board by rota- 
tion, in terms of the articles of A-sociation, but be ng 
eligible, offers himself for re-election. 
The ehareholdei'j will be asked to elect an auditor 
for the current year. — By order of the Directors, 
“ B. G. L. Beemser, Secretary.” 
Colombo, 14th Feb. 
Balance Sheet at 31st December, 1890. 
Dr. Liabilities. R. 
I.— To Capital— 
l,9u0 Shares of RlOO each, fully paid... 191,000 00 
II. -To Debts of the Company- 
Sundry Creditor Balances ...R2,452 18 
Due to Superintendent per 
Estate Report, December ...R8,944 28 
Due to Auditor ... ...U 52 50 
11,143 96 
VII. — To Profit and Loss Account — 
Balance as per Account ... ... 24,551 18 
Cr, 
Assets. 
R226,000 14 
K. c. 
Ill — By Property (Immovable)— held by the Company — 
(a)— Land as per last 
Report ...R161,259 69 
Add Laud pur- 
chased ... 575 17 
El 61,834 86 
Deduct Profit to 31st Decem- 
ber, 1889, transferred ... 8,981 09 
New Tea Clearing 1890, (6 acres) 
Buildings— 
As per last Re- 
port ...R 15,207 50 
Acid Balance of 
New Factory 
Cost ... 7,120 75 
R22.328 25 
Less written off (say ono- 
flfth cost) ... 4,973 00 
R152,853 77 
891 14 
R17,355 25 
(b)— By Property (Movable) hold by the Company- 
Machinery as per 
last Report .. R 15,507 20 
Add Now Machi- 
nery ... 2,677 78 
R 18,184 93 
Less written off (say one-third 
cost) 110,078 ami sold E400... 0,478 00 
11,100 16 
-R11,70G 98 
5,000 45 
New Machinery ^not erected) 
IV— By Debts to the Company— considered good — 
Coast Advances ... ... R7,232 67 
Estimated Value of Tea not sold (since 
realized) ... ... ... 23,202 27 
16,707 43 
By E.xpendituro on Account Crop 1891— 
V By Cash at Bankers— 
30,434 94 
... 1,995 51 
... 5,762 10 
B226.000 14 
