624 
THE  TROPICAL  AGRICULTURIST.  [March  2,  1896. 
The  c^pitOjl  cost  as  pai’  balaiico  shost  psv  oalbivatod 
avoa  in^  tea  stands  approxLniatoly  litil*!  por  aero. 
The  estimate  of  crop  for  the  year  18‘)li  is  2:iO,000  lb. 
tea  exclusive  of  tea  from  purchased  leaf.  Negotia- 
tions have  been  opened  for  the  purchase  of  Delta 
estate  which,  it  is  hoped,  will  shortly  be  completed  ; 
when  the  additional  share  capital  (which  has  all 
been  applied  for)  \yill  be  allotted, 
ihe  Provisional  Directors  retire  in  terms  of  the 
Articles  Association,  but,  being  eligible,  olfer  them- 
selves for  re-election.  The  Shareholders  will  be  re- 
quested to  appoint  an  Auditor  for  181)5  and  to  fix  his 
remuneration. — By  order  of  the  Directors,  for  the 
Eastern  Produce  & Estate  Co.,  Ltd. 
John  H.  Sr.utEY, 
Manager,  Agents  and  Secretaries. 
On  tlie  motion  of  Mr.  K.  II.  Wkuun  seconded 
b_y  Mr.  K.  S.  Kashleigli  the  reiiort  and  accounts 
were  adopted. 
l’ropos('d  liy  Air.  MiCinil,  seconded  l)y  Mr. 
Bi'.km .MKi;,  and  agreed  fo,  tliat  a divideml  of  5 
))er  (‘(uit  for  the  lialf-ycar  (uiding  .'list  December 
IS!).")  be  declared  payable  on  27tli  inst. 
Mr.  F.  S.  IlAsiiLkiciii  propo.sed  tliat  Messrs. 
F.  H.  Wiggin,  D.  Micliie,  J.  L.  Anstrutlier, 
and  F.  Lie.scliing  be  elected  Directors-  Mr. 
Brkmnf.r  seconded,  and  tlie  motion  was  agreed  to. 
Mr.  John  Guthrie,  on  tire  motion  of  Mr. 
Breainkk  seconded  hy  Mr.  Ra.siilkigh,  was 
elected  Auditor  at  a fee  of  RoO  per  annum. 
Meeting  adjourned. 
DIM  HULA  VALLEY  (CEYLON)  TEA  COM- 
PANY, LIMITED. 
If  there  is  anytliing  to  be  urged  in  favour  of  tlie 
Dimlmla  Vurlley  (Ceylon)  Tea  Company,  lamited, 
it  is  the  circumstance  tliat  tlie  now  too-usual,  and 
objectionable,  “ waiver  ” cau.se  liiids  no  place  in  its 
prosiioctiis  ; and  w'e  note,  too,  tliat  particulars  of 
file  contracts  wliicli  have  been  entered  info  apiiear  to 
be  fully  set  fortli.  It  is  impo.ssible,  liowever,  for 
ns  to  express  a favourable  opinion  in  regard  to  tlie 
general  luospects  of  tins  Company.  The  Company, 
having  a cajiital  of  T2UO,0(Xt,  has  heen  formed  to 
acquire  six  Tea  Estates  situated  in  Ceylon.  Eour 
of  these  estates,  valued  at  £!):i,o00,  lieloug  to  a Mr. 
James  Sinclair,  wlro  is  the  Cliairman  of  this  Com- 
pany, and  he  is,  apparently,  to  receive  iiayment  for 
them  princiiially  in  cash.  Tlie  total  amount  to  be 
paid  for  the  si.x  estates  (and  tlie  greater  part  in 
cash)  is  -C14.>,‘20U.  The  iiresent  issue  of  ca|iital 
bein'*'  tloO,OUO,  tliis  leaves  Imt  T-t,S00  cash  in  hand, 
or  wmrking  capital,  or  whatever  it  is,  for  the  Com- 
pany. Tim  prospectus  states  tliat  tins  siim  of 
£-1  800  is  for  “tlie  general  imrposes  of  tlio  Com- 
pany”; but  wlien  we  liiid  fnrtlier  on  tliat,  ijiiite 
contraiV  to  the  usual  practice,  this  unfortunate 
Comiiany  has  to  pay  “the  legal  exiienses,  broker- 
ao-e,  and  e.vpenses  attending  the  i.ssiie  of  tlie  iiro- 
sp^ectus  and  allotment,”  we  feel  a little  in  doubt 
as  to  tlie  amount  of  tlie  balance  that  will  eventu- 
ally be  available  for  tlio.se  “general  juirjiose.s.” 
The  iirosiiectns  contains  a number  of  general 
ami  indetinite  statements  as  to  the  present 
condition  of  the  tea  industry,  ami  the  prospec- 
tive value  of  the  estates  to  be  acquired.  We 
cannot  fail  to  notice,  liowever,  tlie  ab.scnce  of 
any  expert  opinion  in  regard  to  tlio  ] roperty  to 
'taken  over.  We  merely  find  it  “ estimate 
be 
. ated” 
that' 'if  the  estates  iirodiice  a certain  amount 
of  tea,  tiie  Company  will  derive  Ihercfrom  a 
certain  amount  of  revenue,  Ac..  o:c.  Siicli  jiro- 
i)bctic  ambiguities  fail  to  comince  ns.  We 
are  inclined  to  tliiiik  that  there  is  too  iiiucli 
of  the  “ vendor”  element  upon  tlie  Board  of 
Directors  of  this  Company,  too  miicb  casli  to 
be  iiaid  for  the  projiertios  to  bo  acquired,  and 
too  little  cash  prmideil  to  cany  on  whatever 
liii.siiie.ss  tlie  Company  will  get. — Sul iivda')!  llctncir 
Fell.  1.  ■ 
U DUG AM A TEA  AND  TIMBER 
COMPANY,  LTD. 
At  an  extraordinary  general  meeting  of  sliare- 
liolders  of  this  Company  held  in  the  oflice  of 
the  Secretaries  (Messrs.  Mackwooil  A:  Co.)  on  the 
25th  Eeby.  the  special  rosolntion  pa.sscd  at  a: 
recent  extraordinary  meeting  was  pas.sed.  It  is 
as  follows  : — 
1.  That  the  Directors  be  authorized  to  borrow 
money  for  the  Oompauy  on  mortgage  dobeutiires, 
and  to  that  end  to  iussu  debenture  bonds  bearing 
interest  at  not  more  than  8 per  cent,  per  aiimmi 
for  siicli  aminonnts  as  may  ho  required  f'lr  the  pnr- 
po.so  of  the  U.iinpany,  but  not  exeeding  in  the 
aggrcg.ite  at  any  liino  One  Hundred  and  Fifty 
'J'liousaiid  Hujiecs  (UlaOjOUU). 
2.  To  antliorizse  the  Director  to  lend  money  to 
the  Coiiipanv. 
THE  CASTLEREAGH  TEA  COMPANY. 
The  annual  meeting  of  this  Company  wa.s  held 
on  the2Gtli  Feby.  at  No.  1.3,  Queen  Street,  Colombo. 
The  following  rejiort  w.as  snlmiitted  ; — 
The  Directors  submit  herewith  the  Balance  Sheet 
and  Trolit  and  Loss  Account  for  the  year  ending  31st 
December,  1895,  duly  audited. 
The  balance  of  profit  (including  R4,860'37  brought 
forward,  and  after  writing  off  for  Depreciation  of 
Buildings  and  Machinery  as  shown  in  the  accounts; 
is  Ufl,875'39.  Of  this  sum  R15, 800  has  been  absorbed 
in  paying  an  Interim  Dividend  at  the  rate  of  7 per 
cent.  Tlie  Directors  propose  to  declare  a farther 
Dividend  at  tlie  rate  of  8 per  cent,  payable  on  tlie 
28th  February,  absorbing  KI 9,200,  audio  pay  a bonus 
of  5 per  cent,  on  tlio  prolit  divided  in  tlie  second 
half-year  to  tlio  Siipciinteudont,  alisorbing  U950;  and 
to  carry  forward  to  1.S1K>  account  H7,‘.)15'.'!9. 
Tlio  total  tea  crop  was  200,000  lb.,  ngaiiist  the  esti- 
mate of  130,000  II).  (ine.roasee  in  .inly  to  180,000  lb.),  the 
season  liaviiig  l)oen  very  favniualilc,  particularly  in  the 
early  montlis.  Tlie  cost  of  the  tea  delivered  to  buyers, 
or  put  on  boardship,  was  25'51  cents  per  lb.  including 
all  cliarges,  or  24  cents  exclusive  of  charges  for  de- 
preciation of  buildings  and  machinery.  187,585  Ib. 
were  sold  locally,  realizing  45'44  cents  per  lb.,  and 
12,415  lb.  shipped  to  Landon  realizing  51'4l  cents. 
The  net  value  realized  from  sales  was  45'74  cents 
per  lb.,  leaving  balance  of  gain  21T3  cents  per  lb. 
Cost  in  1891  was  33'88  cents,  and  value  52'32  cents, 
per  lb. 
5 28-32  bushels  of  coffee  were  secured,  which  sol 
for  1147. 
The  new  machinery  came  into  use  in  Febrnaiy 
1895,  since  which  time  no  scarcity  of  water  for  power' 
lias  been  felt.  The  old  pulping  house  lias  been 
adapted  for  withering  leaf  at  a cost  of  112,27021. 
The  old  store  now  requires  structural  repair. 
The  cost  of  mamuiug  carried  to  Suspense  Account 
in  1891  is  charged  in  the  1895  accounts,  while  a sum 
of  1\,7,330'05  is  reserved  to  be  charged  in  1895,  re- 
nresenting  uncxlianstcd  beiielit  from  manure  applied. 
Manure  in  small  doses  has  been  applied  over  about 
143  acres  with  the  object  of  promoting  tire  growtli 
where  it  was  deemed  advisable  ; the  total  area 
manured  since  the  Company  acquired  the  property 
being  computed  at  394  acres. 
The  Company’s  Property  consists  of  ; — 
475  acres  Tea  under  leaf.  Yield  in  1895—420  lb. 
Tea  per  acre. 
50  do.  Forest. 
Total  525  do. 
The  estimated  crop  for  1895  is  180,000  lb.  Tea. 
It  will  be  seen  that  the  property  representing  Capial 
stands  in  the  Balance  Sheet  at  approximately  11508  per 
