THE  TROPICAL  AGRICULTURIST.  [Oct.  r,  1895 
the  WANAKAJAH  tea  COMl’ANY  OF 
CEYLON,  LTD. 
The  annual  general  meeting  of  this  Company  was 
held  in  J|||e  office  of  the  agents  Messrs.  Baker  S.  Hall 
on  31st  ^igust.  There  were  present : — Messrs.  J.  C. 
Dunbar,^  (Chairman) ; and  Thos.  Mackie,  (Directors); 
J.  G.  Wardrop,  J.  Clark,  L.  Davidson,  A.  Stevenaon, 
snr.  The  following  were  represented  by  proxy: — Mr. 
Keith  Hollo.  Mrs.  M.  Hollo,  iMessrs.  A.  Orchard,  H.  M. 
Alleyn,  J.  Macliesh,  Eric  S.  Anderson,  H.  PI.  Eliot, 
Geo.  Noel  and  F.  H.  M’iggin. 
The  following  is  the  report : — 
The  Directors  have  the  pleasure  to  lay  before  the 
Shareholders  their  Report,  Balance  Slieet,  and  Pro- 
fit and  Loss  Account  for  the  season  ending  30th 
June  1895. 
In  pursuance  of  a special  resolution  passed  at  a 
general  meeting  of  the  Shareholders  on  the  14th  day  of 
September,  1894,  and  confirmed  at  a meeting  held  on 
the  19th  day  of  October,  1894,  the  capital  of  the  Com- 
pany was  increased  from  11315,000  to  H378,009,  by  the 
issue  of  125  new  shares  of  H500  each,  which  were  issued 
at  a premium  of  HlOO  per  share.  The  premium  so  ob- 
tained, R12.873,  as  shown  in  the  Balance  Sheet,  has 
been  appropriated  for  the  purchase  of  manures  for  the 
past  and  current  seasons. 
The  ordinary  working  of  the  estate  shows  a balance 
at  credit  of  Profit  and  Loss  Account  of  R80,473'38  Of 
this  sum  an  interim  dividend  of  5 per  cent  was  paid  in 
January  last,  and  the  Directors  now  propose  that  the 
balance  be  disposed  of  as  follows  : — 
5 per  cent  off  cost  of  Buildings  R.  c. 
(Depreciation  Account)  . . 2,271  60 
10  per  cent  off  cost  of  Machinery 
(Depreciation  Account)  . . 2,023  45 
Dividend  of  7 per  cent  . . . . 26.460  00 
Balance  carried  forward  . . . . 30,813  33 
Total  . . 61,573  38 
The  satisf-actory  result  of  this  ye.ar’s  working  may 
be  mainly  attributed  to  the  good  coffee  crop'^ecured, 
anl  the  favourable  prices  obtained  for  this  product 
as  well  as  for  the  teas,  the  latter  netting  nearly 
64  cents  per  pound  as  far  as  yet  ascertained. 
The  general  condition  of  the  estate  has  been  most 
favourably  reported  upon  by  the  Visiting  Agent. 
The  weeding,  which  has  always  been  such  an 
important  and  expensive  work  on  this  property, 
continues  to  show  a marked  improvement,  and  it  is 
to  be  hoped  that  reductions  will  be  made  until  the 
average  cost  per  acre  is  in  accordance  with  the 
general  rate  in  the  district. 
The  young  tea  planted  under  the  coffee  continues 
to  fill  out,  while  the  forest  clearings  show  good  and 
even  growth. 
The  suppling  of  the  estate  throughout  had  had 
careful  attention. 
M.vnuiu;.  — I'he  effects  of  manure  are  so  encourag- 
ing, that  the  Directors  have  been  induced  to  apply  the 
premium  on  shares  to  this  worli,  as  they  are  con- 
fident that  the  benefit  to  be  derived  by  the  Share- 
holders will  be  shewn  by  increased  returns  in  the 
near  future. 
Buildinos  .vnu  M.uuunehy. — The  waler-course, 
which  gave  some  trouble,  as  mentioned  in  tlie  last 
report,  is  now  in  a sound  condition.  A set  of  lines 
wrn’e  put  up  to  suit  this  year’s  new  clearing 
The  extension  of  tea  cultivation  this  year  is  limited 
to  a clearing  of  72*  acres,  the  works  of  which  are 
progressing  and  well  forward. 
Prospects  for  current  season  are,  as  regards  coffee, 
not  favourable,  some  200  to  300  bushels  only  being 
expected . 
Tea,  on  the  contrary,  shows  a considerable  increase, 
the  estimate  being  170,000  1b.  as  against  117,697  1b. 
secured  in  1894/1895. 
Labour  supply  is  in  a satisfactory  state,  and  the 
amount  outstanding  for  coast  advances  is  reasonable 
The  Directors  who  retire  by  rotation,  Messrs.  A. 
Cantlay  and  .1.  W.  Vanderstraaten,  bo'-g  eligible, 
offer  themselves  for  re-election. 
Mr.  Guthrie,  the  Auditor,  offers  hims  It  for  re- 
election.  By  order  of  the  Board  of  Directors, 
Bakeu  & n.vLL,  Agents  and  Secretaries. 
The  Chaiumax  in  addressing  the  shareholders 
asked  them  to  accept  the  report  as  read  and 
addressed  the  meeting  as  follow.?  : — I do  not 
intend  to  delay  you  long  today,  as  I think 
such  a satisfactory  report  needs  little  comment  ; how- 
ever as  at  the  meeting  of  directors  this  morning  a 
letter  was  laid  on  the  table  from  one  of  the  share- 
holders, asking  for  information  on  various  points,  I 
consider  I cannot  do  better  than  answer  these  now. 
The  first  matter  in  the  report  for  consideration  is 
the  premium  on  shares  ; this  might  have  been  paid 
back  to  the  shareholders  in  the  form  of  dividend,  or 
placed  to  a reserve  fund  pi-oper;  but  your  directors 
think  it  better  that  the  money  should  be  utilised 
for  manuring,  as  the  V.A.  and  manager  report  so 
favourably  on  the  effects  of  the  manure  applied  to 
date.  It  is  however  for  you,  gentlemen,  to  confirm 
or  not  our  action  which  I may  say  is  quite  in  order 
under  J.S.O.  No.  4 of  1861  and  clause  77  of  the 
Company’s  Articles  of  Association.  The  next  item 
in  the  balance  sheet  is  the  amount  written  off  for 
depreciation,  as  our  machinery  and  factory  are 
practically'  new,  I hope  you  will  consider  the  amount 
sufficient. 
Tea. — Final  accounts  of  sales  of  tea  have  now  been 
received  and  I am  glad  to  say  that  they  show  a 
surplus  of  R1,435T0  over  the  amount  shown  in  report. 
The  aver.age  nett  priev  obtained  for  the  crop  of 
117,187  lb.  of  tea  is  65‘8. 
Coffee. —The  disposal  of  the  coffee  crop  was  a 
matter  which  gave  your  directors  a great  deal  of 
concern.  The  best  offer  made  locally  lor  the  crop  of 
1st  Parchment  was  H18'50,  but  as  your  Directors 
wore  aware  that  R19'25  and  over  with  a falling  ex- 
change, had  been  offered  for  crops  they  refused 
R18'50,  and  instructed  the  Agents  to  ship  if  they 
could  not  obtain  1119.  Unfortunately  the  price  ob- 
tained in  London  did  not  come  up  to  the  local  offer; 
but  your  Directors  did  what,  at  tne  time  they  con- 
sidered best  in  the  interests  of  the  shareholders.  The 
actual  crop  was 
3,248  bushels  1st  pai'chment. 
120  „ 2nd 
.50  „ clean  coffee. 
250  ,,  dried  cherry’. 
Acheaoe.— It  may  interest  you  to  know  the  acreage 
at  present  under  cultivation — we  have  of 
Tea  155  acres  planted  previous  to  1890 
136  ,,  ,,  in  90 
250  ,,  „ in  91 
541  under  leaf  season  1894-95. 
300  planted  in  coffee  1892. 
28  „ „ 1893. 
101  ,,  in  Forest  1893. 
72*  being  planted  in  1895. 
1037*  acres  of  Tea 
60  acres  Grass  and  Timber 
26.{  Foi’est. 
1,124 
Tffiere  was  a considerable  amount  of  coffee  over 
nearly  the  whole  of  the  tea  acrc.age  last  season,  but 
there  were  primaries  on  only  .320  acres  planted  with 
tea  ’92  93.  Since  the  completion  of  the  coffee  crop 
these  have  been  removed  as  they  were  past  bearing. 
As  the  tea  fields  are  being  pi-unod,  the  coffee-suckers 
are  being  cut  out  except  on  the  320  acres  where 
they  are  fairly  promising  ami  with  good  luck  will 
give  a consider.ible  crop  next  sea-.on.  As  mentioned 
in  the  repoit  ibo  coffee  crop  for  this  season  is  to 
be  a very  short  one;  but  the  man  iger  writes  that 
he  hopes  to  see  the  tea  oAimate  of  17(),0(K)  lb.  consi- 
der.ibly  exceeded,  so  that  T think  gentlemen  we  are 
now  f.iirly  started  on  the  road  for  regular  and  good 
dividends,  even  though  wo  do  recommend  you  to 
carry  forward  such  a large  sum  as  B30,813.  Next 
year  if  our  anticip.itioms  arc  fully  realized,  you  will 
bo  able  to  strengthen  your  ivosition  by  putting  a con- 
siderable sum  to  reserve  fund. 
i\Ir.  AT,r:x.  Stevenson  argnoil  that  the  accounts  as 
presented  were  not  in  onlei’,  an  1 pi-oposod  the  follow- 
ing aniendnuiit,  whidi  was  seconded  uy  Mr.  Clakk 
and  carried  unauiiuously: — 
