March  a,  1896. 
PHE  IRUinCAL  AGRICULTURIST. 
607 
The  appoiutmout  of  an  Auditor  for  the  current  year 
will  rest  with  the  meeting. 
By  order  of  the  Directors,  Whittalu  A Co., 
Agents  and  Secretaries. 
Colombo,  ‘23rd  Jan.  18%. 
THK  DIMBULA  VALLEY  (CEYLON)  TEA 
COMPANY,  LIMITED. 
The  mail  has  bi'ought  us  a copy  of  the  prospectus 
of  this  Company,  which  has  been  formed  with  a capital 
of  f‘200,000,  in  10,U00  shares  of  .35  each,  the  jiresent 
issue  being  .3150.000,  in  10,000  six  per  cent  cumula- 
tive preference  shares  of  .35  each. 
Diiikctoks. — James  Sinclair,  Es(].  (late  of  Ceylon), 
‘2’2,  Fitzjohu’s  Avenue.  N.W.,  Chairman  and  Manag- 
ing Director ; Keith  Arbuthnot,  Esq.  (Sanderson  & 
Co.),  37,  Mincing  Lane,  E.C.;  W.  Forbes  Laui'ie,  Esq. 
(late  of  Cey'ou),  High  Wycombe,  Bucks.;  jEneas 
Ivanald  McDonell,  Esq.,  32,  Elm  Park  Hoad  S.W.; 
C.  J.  Rowe,  Esq.  (Rowe,  White  A Co.),  10  Philpot 
Lane,  E.C. 
B.vnkeus. — The  London  Joint  Stock  Bank,  Ltd  , 5, 
Princes  Street,  London,  E.C. 
Beokeks. — Messrs.  W.  I.  Carr,  Sous  & Tod,  2,  Royal 
Exchange  Buildings,  E.C. 
Soi.ieiTOEs.—Messrs.  Templeton  A Cox,  King’s 
Bench  Walk,  Temple,  E.C. 
Auditoe. — A.  N.  Frewer,  Esq.,  A.C.A.,  31,  Nicholas 
Lane,  E.C. 
Secuetaev  A.nl)  OiTic'ES  {pro  tern.).  B.  P’.  White, 
Esq.,  10,  Philpot  Lane,  E.C. 
This  Company  has  been  formed  mainly  with  the 
object  of  acquiring,  w'orking  and  developing  Tea 
Estates  in  Ceylon.  The  success  of  the  Tea  Industry 
in  the  Island,  especially  in  the  Dimbula  district,  and 
the  growing  favour  with  which  the  Shares  in  Tea  Com- 
panies are  regarded  by  investors,  are  so  well-known 
that  no  detailed  reference  thereto  seems  necessary. 
The  Directors  have  arranged  for  the  purchase  of 
the  following  six  Estates  in  the  Dimbula  district, 
vi;:.,  " Bearwell,”  “ Mousa  Ella,”  “Tillicoultry,” 
“Belgravia,”  “Elgin,”  and  “ Lippakcllc.”  These 
Estates  comprise  a total  area  of  2,091  acres,  of  which 
1,835  acres  are  under  tea,  130  acrin  arc  available  for 
planting  with  tea.  and  the  remainder  is  forest  jungle 
and  grass  land. 
The  Estates  are  in  a very  etlicient  state  of  culti- 
vation, and  lie  at  elevations  varying  1,000  to  5,800 
feet  above  sea  level.  Conseqently  the  Tea  j)i'o- 
duced  are  of  a very  high  class,  and  owing  to  the 
quality  of  the  soil  and  the  favourable  climate,  the 
yield  averages  fully  500  lb  per  acre;  on  fields 
at  full-  bearuig.  This  compares  well  with  the  yield 
of  Estates  at  lower  elevations,  with  the  advan- 
tage of  a much  higher  price  for  the  produce. 
The  factories  arc  equipped  with  modern  machi- 
nery, the  bungalows  and  lines  are  in  good  re- 
pair, and  labour  is  j^lsnLful.  The  condi- 
tions of  transport  are  good,  as  Govcrnnieut 
I'oads  connect  the  Estates  with  the  railway.  There 
are  native  bazaars  on  Tillicoultry  and  Belgravia, 
which  are  a source  of  revenue.  Mr.  James  Sinclair, 
the  Chairman  and  Managing  Director  of  the  Company, 
is  tho  Vendor  of  ‘‘Bearwell,”  “Mousa  Ella,” 
“Belgravia”  and  “ Elgin,”  and  tho  price  taxed  by 
him  for  these  1 estates  is  . . 393,500 
The  price  fixed  by  the  Vendors  of 
“Tillicoulti'y”  is  ..  ..  3Q,000 
The  price  of  “Lippakelle”  purchased 
at  public  auction  (including  commis- 
sion) is  . . . . . . 21,7l)U 
Total  for  the  C Estates 
Leaving  for  the  genei'al  purposes  of  the 
Company 
3115,200 
3150,000 
Taking  the  value  of  the  bazaars  at  3 1,000  (lu  years’ 
purchase  of  the  present  revenue),  and  of  the  land  not 
planted  with  Tea,  nearly  half  of  which  is  bcai’ing 
Coffee,  at  35,120  (.3‘20  per  aei'e),tho  purchase  price  of 
the  area  planted  with  Tea  u orks  out  at  about  8 years’ 
nurchase  of  the  estimated  net  rea  snue  which  the  Direc- 
ioi's  ccusii^ei'  a medstate  rate, 
The  production  for  tho  current  season  of  the  Six 
Estates  is  estimated  at  not  less  than  800,000  lb. 
Tea  which  with  the  coffee  crop  may  be  expected  to 
yield  a net  I'evenue  of  310,500.  Deducting  therefrom 
the  Preference  Dividend  of  33,tXX)  there  would  re- 
main the  .sum  of  313,500,  equal  to  131  per  cent,  on 
the  amount  of  the  issue  of  Ordinary  Capital.  More- 
over, as  some  of  the  tea  planted  on  the  Estates  now 
acquired  is  not  in  full  bearing,  and  130  acres  of  laud 
have  yet  to  be  planted,  the  out-turn  should,  there- 
fore, for  some  years  be  progressive. 
The  shares  were  fully  subscribed  for,  we  hear  on, 
the  very  lirst  day  of  publication.  ‘29tb  January, 

L)l  NKELO  ESTATE  COMPANY,  LIMITED. 
The  animal  ordinary  general  meeting  of  tlii.s 
Conqiany  was  held  in  llie  oHiee  of  Messrs. 
NVhittall  A Co.,  the  agents  and  secretaries, 
on  tlio  1.5th  ult. 
There  -were  present  Messrs.  C.  A.  Leeelinian 
(in  the  chair)  and  C.  W.  Carlyon,  Directors  ; Mr. 
W.  II.  0.  Duncan  liy  Ids  Attorney  Mr.  G.  W. 
(Airlyon,  Mes.srs.  C.  J.  Donald  and  G.  J. 
Jameson. 
TJIK  DIREOTUR.S’  REPORT, 
was  in  tlie  fallow'ing  terms:  — 
aoeeage. 
Tea  in  full  bearing 
Jungle,  Ac. 
383  acres 
53  „ 
Total  Estate  - - 136  acres 
The  Directors  have  pleasure  in  submitting  to  the 
Shareholders  the  accounts  of  the  Company  for  the 
past  year. 
The  crop  secured  amounted  to  157,737  lb.  tea,  being 
,32,737  lb.  over  the  estimate,  and  54,2‘20  lb.  more  than 
the  yield  in  1894.  The  net  average  sale  price  was 
about  51  cents  per  lb.,  as  against  57  cents  in  the 
previous  year;  whilst  the  cost  per  pound  laid  down 
in  Colombo  was  29  cents. 
The  net  profit  for  the  year,  after  making  ample 
provision  for  depreciation  of  buildings  and  macni* 
ucry,  and  including  a small  balance  for  1894,  amounts 
to  R29,652'65.  or  19)  per  eeiu.  on  the  Capital  of  tho 
Company. 
.\n  interim  divident  of  9 per  cent  was  declared  on 
;’,rd  August  last,  absorbing  1113,500,  thus  leaving  a 
balance  of  R16,152‘t'5  now  to  be  dealt  with. 
The  Directors  recommend  the  payment  of  a final 
dividend  of  10  per  cent,  making  19  per  cent  for  the 
year  ; and  that  after  payment  of  IDOO,  additional 
fees  to  the  Directors  in  terms  of  the  Resolution 
passed  on  18tb  Februar\-,  1893,  tho  balance  of 
R762T'i5  be  carried  forward  to  the  new  year. 
The  ci'op  for  this  year  is  estimated  at  150.000  lb. 
tea,  on  an  expeuditui-e  of  R 11,510. 
In  terms  of  the  Articles  of  Association,  Mr.  Chas, 
Young  retires  by  rotation  from  the  office  of  Director, 
but  is  eligible  for  re-election. 
The  appointment  of  an  Auditor  for  the  current 
year  will  rest  with  the  meeting. 
By  order  of  the  Directors,  'Whittall  & Co., 
Agent  and  Sscretaiias. 
Colombo,  ‘24tb  January,  1896. 
The  report  and  accounts  v.’ere  adopted  and 
a tiiial  dividend  of  10  per  cent  was  declared 
making  19  per  cent  for  the  year. 
4,800  V?- 
The  Northern  Dlstricts  Crop  Estim.ate  for 
1896. — We  are  indebted  to  Mr.  H.  N.  A nicy  of 
Malvern  estate,  Wattegama,  Secretary  of  the  Nor- 
thern Districts  riantens’  Association,  for  the  follow, 
ing  figures,  sliowin'^  the  tea  eroiJ  estimate  for  the 
district  for  1896,  which  was  iTiadvertently  omitted 
from  the  annual  report  recently  submitted  to  a 
meeting  of  the  A.ssociation  : — 
Hunasgiriya  ..  1,136  acres  Crop  515,000  1b. 
Elkaduwa  . . 1,852'  acres  „ 700,000  „ 
Matalo  East  . . 5,935  acres  ,,  2,277,000  „ 
Fauv  ih.'.  ..  1,625  acres  ,,  365,000 
i,U7,m  lb, 
lotal 
10,54a 
