88o 
THE Tf?OP!OAt AGRICULTURIST. 
[June i, 1891, 
firat takes beiug that of a “ Tea Extract ” from which 
the aerated tea ia aubsequently made. To many per- 
sona ordinary cold tea, ah hough its supporting cjuaiities 
are admittedly great, is considered unpalattible. “ Thea- 
foiim is, on the other hand, a f, a,.ra- t, palatab'e, 
sparkling, refreshing and non-intoxicatiug drink. The 
“ Tea Extract” is also patented, and will doubtless 
be recognised in this country and abroad as a 
ready and valuable time-saving agent for mokiug 
tea at hotels, railway ataiious, bulfets, &o. 
Coffee Cultivation in the South Pacific, — 
The Fiji Times is advocating the revival of the coffee 
enterprise in Fiji. It says coffee was almost abruptly 
abandoned before it bad received a fair trial on any- 
thing like a comprehensive scale, and might well pprue 
to the fore. Notwithstanding the effects of the’ dis- 
ease to which it ia subject, there can be no doubt that 
it can bo made a highly profitable production, Fiji 
need not look far for assurance in this respect. Her 
near neighbour, New Caledonia, ia making a success 
of it. 
« 
TEA COMPANIES EEPOETS, 1890. 
There is food for what we may perhaps be allowed 
to call ” comparative reflection ” in the reports 
issued by our London tea companies (whether 
Indian or Ceylon). There are both the question of 
the result obtained and that of the form and amount 
of the information furnished to sharfeholders which 
deserve attention, and it may perhaps be permitted 
to US in this place to make a few remarks, which 
at any rate may be the means of directing notice — 
more has been done hitherto — to these points. In 
doingthia we shall allnde seriatim to tho companies’ re- 
ports as they reach us. 
The Ceylon Tea Plantations Company i.ssues this 
year a handy little report, and as results are good, 
shareholders, will probably take it as re.sd aud give 
a vote of confidence to the directors and managers. 
There is, however, a painful absence of tho detail to 
which we are accustomed in most India tea companies 
reports in a profit and loss account, with a single item 
at its credit : — Net profit on sale of produce, £30,284 2s. 
lid.; aud, as pointed out by our market correspondent, 
we would feign ask for some information as to the gross 
figures, of which this large sum is tho resultant, as well 
as what actual cost of production per lb. of produce, 
amounts to. There is also no clue as to what amount 
of the company’s acreage is mature and immature. 
From this rather meagre report (good though results 
nre) we turn with some degree of pleasure to the two re- 
ports issued respectively by the Lungla and Shums- 
liermigger Companies, both young Sylhet concerns, 
working on progressive lines. These reports, as pointed 
out by our Share Market correspondent, leave nothing 
to be desired in point of clearness and detail. We find 
clear statements in the report itself of: — 
Comparative prodnce out-turn and estimate. 
Yield per mature acre of cullivation. 
Average price realised. 
Particulars of mature aud young planted area. 
Comparative cost of production (showing also the 
effect of exchange on the company’s cost ) 
Statement of labour force, 
iJetailed estimates for 1891 and estimated cost per Ib. 
of production. 
T'lie accounts show firstly on tho credit side the gross 
realisations of tlie produce, while on the debit all ex- 
penditure is given in detail, classified under the three 
headings of Carden, CalcutI a, and L mdim, distinguish- 
ing in this last tho clmrgo,s as lea sales from other ex- 
Ijenses. 
Of office expenses and directorial and other central 
charges, these coriipanios appear to live in that happy 
ignorance which is characterised as “ bliss ! ” Tho 
profit and loss account is stated in a sonsible Way, 
tho undivided balance not being carried to any special 
reserve account, hut merely carried on in revenue 
account, so that it caa be availed of in future years 
for equalisation of dividends, and used meantime for 
vi’orkiug capital. 
An excellent account sale of the produce is appended, 
while the last pege contains a list of the shareholders, 
which is, though a novel, a vei’y excellent feature, es- 
pecially as in n«ither c ise do they need to be ashamed 
in any way of their holding. 
We must defer till our next issue remarks and reports 
upon the following, which are also in our bauds; — 
Chubwa and Nouoi. 
Borokai and Indian of Oachar. 
— H. and C. Mad. 
♦ 
CEYLON TEA PLANTATIONS COMPANY, 
LIMITED. 
Ceylon.— I . 
Offices, 21, Mincing Lane, London, E. C. Directors : 
David Eeid, Esq.. Thomaneau, K'nross-shire, chair- 
man ; Henry Tod, Esq., 21, Mincing Lane; David 
Eeid Esq., 7, Mincing Lane ; H. K. Eutherford, Eaq., 
managing director. Secretary: Sir W. Johnston, 
Bart, Manager in Ceylon : G. A. Talbot, Esq. 
The following is from the report of the directors 
to be submitted at the fourth annual general meeting 
of shareholders, to be held at Winchester House, 
Old Broad Street, E.C., on Wednesday next. The 
directors have the pleasure to submit the general balance- 
sheet and profit and loss account for the year ended 
Dec. 31st 1890, duly audited. The net amount at 
credit of profit and loss account, including balance 
brought forward at Dec. 31st 1889, and after 
providing for general expenses, directors’ fees, in- 
come tax, &c., is £31,210 Os Id ; which has been 
apportioned as follows : — An interim dividend of 7 
per cent was paid on Oct. 27ih 1890, £9,223 18s; 
it is proposed to pay a final dividend of 8 per cent 
making 15 par cent in all, free of income-tax) which 
will absorb £10,341 12s ; it is proposed to pay a divi- 
dend of 15 per cent on the new issue of ordinary shares 
(free of income-tax), which will absorb £984 9s 3d ; 
a dividend on the issue of 7 per cent preference shares 
was paid on Dec. 3lst, 1890, £524 5a 7d; to write off 
for depreciation on office furniture, £10 15s 9d ; to write 
off for depreciation on buildings aud machinery, £4,000; 
to add to reserve fun :, £5 725 ; and to carry forward to 
next year a Lalance of £205 19s 6d ; total, £31,216 Os 
Id. The directors are pleased to be in a position for 
the fourth consecutive year to declare a total dividend 
of 15 per cent on the ordinary shares of the company. 
After writing off £4,000 for depreciation on buildings 
and maohimry.aud providing fora furlough account, to 
the extent of £1,730, and carrying forward a balance of 
£205 19s 6d., a sum of £5,725 has been added to the re- 
serve, bringing that fund up to a total of £9,000. Tue 
above result may be considered satisfactory, as the rate 
of exchange was 12 per cent less favourable for the 
oompauy’s business during the year than in 1889. 
Tho gross average realised for company’s teas sold 
in London was lid per lb. being, lha same as for 
the previous year, aud the yield from mature and 
immature iilanfs averaged 387 lb. per acre over a 
plucking area of 3,947 acre’. The tea crop compared 
with that of last year, was as under: — 
f^ompany’s 
Estate Teas. 
Tea made 
from leaf 
Tea manu- 
factured 
Total. 
purchased 
for others. 
Lb. 
Lb. 
Lb. 
Lb. 
1890... 1,528,491 
593,427 
838,237 
2,965,165 
1889... 937,407 
799,779 
277,149 
2,014,335 
The Board has steadily had in view the acquisi- 
tion of good properties at high elevations, the tea 
crops of which can be economically manufactured 
in the company’s existing factories, and with this 
object has since the close of the year, acquired 
tlie AYest Holyrood, Ardallie, and Eathnillokelly 
Estates, all situated in the |Dimbula District. 
In order to provide for the purchase of the above- 
named estates, the directors contemplate, with the 
approval of the sliareholders, making a farther issue 
of share capital, at a premium to be afterwards deter- 
