June i, 1B91.J 
THf^ 
AGRICULTURIST. 
^33 
phases. The men have not struck because their 
wa?es are too low or houri of work too lorg or t e- 
cuuse of dissalisfaolion with the'r masters’ ways or 
manners, but because their Union has decided that 
squatters must not engage thiir thearers direct, but 
through the Union offices to whom application for 
bands must be made and who will supply it in quan- 
tity and quality at tluir discretion. Because masters 
object to place themselves in bondage to such an 
asrreement, the Union sbearers have gone out ou 
strike, have assembled in a large armed camp from 
which detstohments go out to drive away, if possible, 
free labourers, burn down goods sheds, fire runs, tear 
up railways which might bring up free labourers, 
aud cut the telegraph lines, and they have been doing 
this sort of thing ior about six weeks in a Colony 
which has an organisation called a representative 
Government 1 1 Be thankful that you live in a Crown 
Ooiony, the. advantages of which form of Govern- 
ment’ I never renbsed so clearly as now, aud that 
you have the Tamil cooly for a labourer. 
The labour creed bas been reduced to rhyme by a 
labour poet iu the following words : — 
“ Eight hours woi k, 
Eight hours play, 
Bight hours sleep, 
Aud eight bob a day,” 
This is for our ordinary “pick and shovel msn.’’ 
Since iny arrival in Auckland the shoemakers have 
gone o it cu ttriko for a scale of wages which 
masters say will make seventeen shillings pc-r day. I 
am thankful that I brought out a geod sdpply of 
boots aud shoes, for it is likely they will be rather 
dear in this colony iu future. The climate of this 
place is very nice, something like the shade temper- 
ature of Nuwara Ehya aud not so hot a sun. 
THE KBLANI VALLEY TEA ASSOCIA- 
TION, LIMITED. 
Report of Ibe B''ard of Directors, which was pre- 
sented to the Shareboifters at the Fifth Oi'Uiijar;y General 
Meeting on the 16th April: — 
The Directors nave the plearure to submit to the 
Shureliolders the Accounts aud Balance Sheet for th 
eighteen months, ending 31st December 1800. 
These Accounts, the Directors consider show a very 
fair result for the first profit-yielding period of the 
Conapany’a existence. L h king at the final result, it 
must bo borne iu mind that the profit.s for the past sea- 
son have to I quidate the proportionately heavy balance 
brought forward from the previous aoounts ; apart 
from’' this balance, the account would show a p."ofit 
equivalent to nearly 10 per cent per annum. 
In the Report is-.ued to the Shareholders on 1st 
October 1890, it was staled that the Company 
had acquired the small property “ Dover ” on favour- 
able terms. The Board havo much reason to be 
satisfied with this purchase which will prove a material 
factor in the future profits of the Company. 
Bitimates of Tea ior the past eigiiteen months 
were : — JE 
Brom Degalessa 103,020 
„ Dover 8,000 
111,020 lb. 
Actual production Degalessa 120,727 
„ ,, Dover ... 12,600 
’ 133,333 lb. 
Which shows an excess over estimate of 22,313 lb 
Since the date of last Report the Company have 
purchased a small addiiional piece of ianti, in . all 71 
acres, at a coat ofT27, to admit of a cart road being 
made at an o:isy gradioat to connect the Factory with 
the maiu road across the E'orry. _ .... 
With a view to the further e.xteusion of cuUivatiou 
of the Company’s property, it is proposed by the Board 
to is.sq-} the remaming 397 unallotted shares, and the 
followimr Resolution will be submitted to the Meeting, 
lu onterlio give effect to this : That m pursuauto of 
Clause 9 of the Articles of Associatiou of the Com- 
pany, the Directors be, and they are hereby, authorized 
to issue the unallotted Shares of the Orpital of the 
Company, being 397 Shares, at a premium of £1 per 
Share, and that such Shares be offered at fuch pre- 
mium first to the existing Shareholders pro rata aud in 
proportion to their present hoiding.s, and that any 
Shares 'shich shall nut be t^ken by the Shareholders 
shall be disposed of by the Dirre'orsfor the best in- 
terests of the Company ; the premium of £1 to be pay- 
able forthwith upon allotment aud with the first pay- 
ment to ba made upon the Shares.’’ 
The Net profits shown in the accompany- 
ing Acoounls is ... ... £646 0 3 
Out of which tire Direclors recommend 
tbas a Dividend be paid at the rate 
of 5 per cent, free from Income Tax, 
which will absorb ... ... 464 0 0 
Leaving a sum to be carried forward to 
New Account of ... ... £182 0 3 
As a result of the aclion of the Directors, referred 
to iu their previous R' port, the violent fluctuations in 
Exchange during the past 18 mouths have not appre. 
oiably affected the Company. 
Balance Sheet, Isr Joly, 1889, to 31st Dec. 1890. 
LiabiUties, 
a E. d. £ s. d. 
To Capital Account — 
Nominal Capital 2,000 
Shares of £10 each . .20,000 0 0 
„ Capital Issued ..16,030 0 0 
III 1,350 Shares of £10 
each, on which £5 per 
Share has been called np 6,750 0 0 
253 iuily paid Vendors’ 
Shares . . . . 2,630 0 0 
9,280 0 0 
Less Call in arrear (since 
paid) .. .. 10 0 0 
Debentures issued to date — 
“A“ Series .. . 4,250 0 0 
“B” ,, .. .. 2,500 0 0 
Bills Payable ... 
Sundry Creditors 
Exchange Account 
New Oriental Bank, London, amount 
due on Current Account ... ... 
Profit and Loss Account 
9,270 0 0 
6,750 0 0 
3,879 3 4 
1,841 7 3 
463 15 11 
2,004 18 4 
646 0 3 
By 
n 
n 
Assets, 
Degallessa Estate — 
£ 
B. 
Balance from last 
Account . . 
.10,997 
19 
Expenditure, develop 
iiig New Clearings 
Coat of Laud pur- 
1,791 
11 
chase! 
. 140 
16 
Dover E'tate — 
Purchase Price of Property 
Building and Machinery Account — 
Bala ace from list 
Account . . 
Amount expended 
, 518 
12 
daring year 
. 3,826 
14 
£24,865 
d. £ 
2 
4 
0 
- 12,930 
, . 2,000 
0 
0 
5 
p. 
6 
0 
1 
d 
6 
0 
4,345 0 0 
Coast Advances .. .. .. 743 15 0 
Produce Shipment — 
1890 Season’s Tea realised after 
31st December .. .. 1,835 8 0 
New Oriental Bank, Colombo, amount 
lodged on Deposit Receipt .. .3,000 0 0 
Petty Cash , , . . . . 0 9 7 
£24,855 5 y 
