THE  TROPICA! 
AGRICUl/rURIST. 
7S4 
clevclope  upon  them.  The  Directors  considered  it 
would  be  more  economical  apart  from  the  question 
of  control,  to  construct.,  work  and  maintain  a largo 
central  factory  worked  by  water  power,  of  which 
there  appears  to  be  an  ample  and  almost  constant 
supply,  than  to  construct  a small  third  factory  upon 
the  Rangegama  estate. 
The  construction  of  this  central  factory  with  large 
withering  space  is  now  well  in  hand,  and  the  machi- 
nery from  the  other  two  factories  will  be  used  with 
some  additions  in  its  equipment. 
It  is  proposed  to  pay  the  cost  of  this  new  fac- 
tory, estimated  at  1140,000,  out  of  profits,  spreading 
the  repayment  of  this  expenditure  over  some  two 
or  three  seasons.  To  enable  the  Company  to  do 
this,  the  Directors  decided  to  offer  to  receive  money 
upon  deposit  at  interest  for  periods  of  G and  12 
months  and  upwards,  repayable  thereafter  at  three 
months’  notice  on  either  side.  They  very  quickly 
received  £1,170,  which  they  deemed  sufficient  for 
their  present  requirements.  While  they  congratu- 
late the  shareholders  upon  being  in  the  position  to 
raise  the  required  funds  so  easily,  and  without  being 
to  the  expense  of  a debenture  issue,  they  believe 
these  deposits  present  a very  high  class  security, 
being  practically  the  only  liability  upon  the  Com- 
pany’s estates,  which  are  estimated  as  worth  £a0,000 
at  the  least. 
The  Directors  considered  it  advisable,  in  order  to 
strengthen  the  position  of  the  Company,  not  to  use 
the  sum  set  aside  last  year  for  “ Reserve  Fund  for 
Machinery,  Depreciations,  &c.,”  and  have  treated  it 
distinctly  as  Reserve,  taking  it  out  of  the  Company’s 
business  and  investing  it  in  New  South  Wales  3* 
cent  stock,  1918. 
Mr.  Henry  Wallace  Hornby,  the  Director  retiring 
by  rotation,  being  eligible,  offers  himself  for  re- 
election. 
Messrs.  Fox,  Sissons  & Co.,  Auditors  to  the  Com- 
pany, offer  themselves  for  re-election. — By  order  of  the 
Board,  J.  Holgate  Batten,  Seoretary. 
London  30th  March  1896. 
THE  KANGALLA  TEA  COMPANY  OP 
CEYLON,  LIMITED. 
Report  of  the  Directors  for  the  year  ended  31st 
December,  1895,  to  be  submitted  at  the  annual  general 
meeting  of  shareholders,  to  be  held  at  the  Company’s 
Offices  on  the  26th  March,  1896. 
The  Directors  have  the  pleasure  to  submit  the 
balance  sheet  and  profit  and  loss  account  to  the  31st 
December,  1895,  duly  audited. 
From  these  it  will  be  seen  that  a total  nett  profit 
of  £3,372  5s  lOd,  including  the  balance  of  £1,811  2s  Sd 
brought  forward  from  last  account,  has  been  realized, 
out  of  which  there  have  been  paid  a dividend  of  7 
per  cent.,  free  of  Income  Tax,  for  the  yea.r  1894,  and 
an  interim  dividend  at  the  rate  of  8 per  cent  per 
annum,  free  of  Income  Tax,  for  the  half-year  ending 
30th  .Tune,  189.'i,  and  the  Directors  now  recommend  a 
further  and  final  dividend  at  the  same  rate,  leaving  a 
balance  of  .£72  5s  lOd  to  be  carried  forward  to  the 
present  year.  The  result  of  the  year’s  worldng  has 
been  satisfactory. 
The  Company’s  produce  has  been  disposed  of  as 
follows ; — 
Tea  . . . . 7,235  lb.  sold  in  Bombay. 
„ . . . . 191  396  ,,  ,,  London. 
Total  of  Tea. . 201,6‘il  lb.  sold, realiz- 
ing ..£.7,803  1 10 
Cardamoms  . . 1,260  lb.  gross  1,160 
nett  soldlocally 
in  Ceylon  and 
realizing  . . 91  1 to 
,,  . . 1,100  lb.  gross  1,012 
nett,  sold  in 
London  . . 69  I 7 
Cinchona  Bark  ..  31,802  lb.  sold  in  Ijon- 
don  for  . . 52  5 9 
.£6,015  14  0 
[May  I,  1896. 
The  sales  of  tea  show  a nett  average  price  per  lb. 
of  6’90  pence,  equal  to  51‘83  cents  per  lb.,  the  ex- 
change for  the  Company’s  drafts  during  the  year 
having  averaged  Is  1 5-16th  d. 
Tile  Acreage  of  the  Estate  is — 
Tea  ill  bcariug 
. . 5'J14  Acres. 
Tea  not  in  bearing  . . 
119,1 
• • r j ,, 
Cardamoms 
. . (ioi  ,, 
Grass  and  Pkiel  Timber 
. . 25  „ 
Forest  and  Waste  Laud 
. . 446J  „ 
1,241  Acres. 
the  yield  of  tea  per  acre  having  been  340  lb. 
The  balance  sheet  shows  an  additional  expenditure 
on  capital  account  of  £590  Is  4d,  embracing  exten- 
sion of  area  under  cultivation,  and  additional  machi- 
nery, as  well  as  the  final  payment  to  Government  in 
respect  of  the  cart  road  referred  to  in  last  year’s  Re- 
port, which  has  now  been  satisfactorily  completed. 
During  1895,  215  acres  were  manai'cd  with  Castor 
cake  and  bones,  and  Messrs.  C.  Young  and  W. 
Sinclair  continue  to  send  most  encouraging  reports 
of  the  beneficial  effects  IToiii  the  manuring  done  during 
the  two  past  seasons— not  011I3'  in  the  enhanced  yield, 
but  also  in  the  greatly  improved  appearance  of  the 
tea  bushes.  It  is  proposed  this  year  to  go  over  again 
the  50  acres  manured  in  1894,  aud  later  on  another 
120  acres  will  be  done  as  on  account  of  1897. 
The  Company’s  properties  are  in  excellent  order 
and  good  condition,  and,  with  a favourable  season, 
promise  well  for  the  current  year. 
-♦ 
THE  BANDAKAl’OLA  CEYLON  COM- 
TAN  Y LIMITED. 
The  third  annual  ordinary  meeting  of  the  Banda- 
rapola  Ceylon  Company,  Limited,  was  held  at  the 
offices  of  the  company,  16,  PhiJpot  Lane,  E.C.  on 
Monday  March  30th,  18‘.)6,  at  twelve  noon,  Mr.  G. 
W.  Paine  (chairman)  presiding. 
Notice  convening  the  meeting  having  been  read  by 
the  Secretary, 
The  Chairman  said  he  supposed  they  could  take 
the  report  and  accounts  as  read.  The  amount  on 
which  they  had  to  declare  a dividend  was  £900  larger 
than  last  year,  which  was  accounted  for  by  the  call  of 
10s  pur  shai  e,  which  had  been  made  in  1895  Another 
call  of  10s  had  since  been  made,  and  the  ordinary 
shares  were  now  £45  x>aid.  He  was  sorry  that  the  net 
profits  were  £811  less  thuu  last  year.  The  decrease  of 
crop  as  compared  with  1894,  8,578  lb.  was  caused  by  tlie 
severe  drought  experienced  in  the  early  part  of  the 
season,  and  also  bethought  to  a certain  extent  by  the 
prevalence  of  fever  and  dysentery  in  the  Matale  dis- 
trict. Unfortunately  Mr.  Hugh  Fraser,  llie  managing 
director,  had  through  ill-hoallh  to  give  u])  the  personal 
charge  of  the  company’s  property,  but  thej'  had  been 
fortunate  in  being  able  to  agilin  secure  the  servioos  of 
Mr.  .James  Anderson  as  inanagef,  the  latter  gentie- 
m in  being  now  in  charge  of  the Together 
with  the  deficiency  of  tea  secured,  they,  in  e.onimon 
with  many  other  Ceylon  com])iiuies,  had  experienced  a 
decrease  in  prices,  the  average  price  for  1895  being 
6'788d  against  7'602d  for  1894. 
Mr.  Paine  then  g.ave  particulars  of  a new  water  sup- 
ply that  had  been  arraiigcd  for  the  Bungalow  and  the 
Coolie  lines,  and  which  had  turned  out  a groat  sncce.ss 
and  it  w.as  lioped  they  would  now  have  much  less  ill- 
ness among  the  coolie  labourers.  He  reniavkcd  that 
Sir  Gi^orge  A.  Pilkingtoii,  a director  (;f  the  company 
who  is  now  on  his  way  lionie  from  Ceylon,  reeeutlV 
visited  the  ost.ate,  and  reports  in  a letter  just  received 
by  the  mail  that  the  IMuundeiii y.i  eioaring  (the  first  one 
undertaken  by  the  company  after  acijuiiing  the  |)io- 
perty)  is  the  most  succe.-;sful  that  ho  has  over  seen, 
while  the  Managing  Jliroclor  writes  to  the  b.iard  as 
follows  : — 
“ Mo.st  thing.-’,  arc  prugres.'.iiyg  seilisfactorily, 
the  growing  tea  is  looking  well,  the  factory 
additions  are  in  progress,  and  the  Muendoniya 
clearings  are  very  promising.  'J'his  year's  eleariiie, 
about  niiioty-six  acres,  was  burnt  off,  and  the  diggiirg 
out  of  laiitana  i-oots,  reading,  Ac.,  were  begun. 
