Aug.  I,  1S96.J  THE  TROPICAL 
E EIMBULA  VALLEY  (CLYLUN)  TEA 
COMPANY,  LD. 
STATUTORY  MEETING. 
Tlie  Statutory  Meeting  of  tliis  Company  drew 
quite  a number  of  shareholders  together  at  tlie 
Company’s  Office  (Messrs.  Rowe  & White),  10 
Philpot  Lane,  E.c.  Mr.  .James  Sinclair  occupied 
the  chair  ami  was  supported  by  his  co-L)irector’s 
IMessrs.  Rowe,  Forbes  Laurie,  Macdonald,  and  T. 
C.  Owen  and  the  Solicitor  to  the  Company,  Mr, 
Templeton  (of  Messrs.  Templeton  and  Cox).  Among 
shareholders  present  were  : — Messrs.  Donald 
Andrew,  Leslie,  Sanderson,  E.  T.  Delmege,  F. 
D.  Mitchell,  J.  R.  Grant,  Russell  D.  Reid,  G.  E. 
Wortliington,  &c.  The  notice  of  the  meeting  hav- 
ing been  read,  the  Chairman  explained  the  posi- 
tion of  the  Company,  and  though  it  was  under- 
stood this  meeting  was  not  one  for  press  reports  ; 
yet  no  harm  can  occur  from  letting  Ceylon 
readers  understand  what  passed.  It  was  men- 
tioned that  a telegram  had  come  to  hand  just 
before  the  meeting,  from  Colombo,  announcing  that 
all  was  clear  now  for  the  transfer  of  tlie  estates  and 
that  so  soon  as  tliis  was  ell’ccted,  a further  and 
general  meeting  of  sharehohlcrs  sliould  be  called 
together.  Meantime,  Mr.  Sinclair  referred  to 
the  highclass  and  valuable  i)ro|)erties  owned 
by  i.he  Com])auy  and  noticing  certain  jiress 
criticitsm  he  would  say  it  was  not  correct  that 
he  was  taking  a largm  amount  of  cash  out  of 
the  estates— in  fact  his  own  interests  and  those 
of  his  family  were  liuund  up  with  the  Com- 
pany on  which  they  would  be  dependent  for  their 
salt,  and  if  this  Company  did  not  pay,  and  long 
continue  to  )iay  good  dividends  to  its  share- 
holders, then  all  he  could  say  was  “God  hel]i 
Ceylon  tea  plantation  owners.”  (Hear,  hear.) 
It  was  then  intimated  that  any  questions 
might  be  asked  and  a suakkuolueu  said  that 
he  had  come  to  the  meeting  prepared  to  make 
certain  remarks ; but  alter  what  he  had  heard, 
he  would  not  make  them. 
Mr.  F.  D.  Mitchepl  wished  to  get  informa- 
tion on  a number  of  jioints — (1)  as  to  the  ap- 
plication to  the  Stock  Exchange  for  a quota- 
tion and  whether  the  Agreement  with  the  Vendor 
as  well  as  the  Articles  of  A.ssociation  had  been 
formally  ‘ submitted  to  the  Committee.  The 
Soi.iClTOU  gave  assur.ance  this  had  been  done 
and  certain  alterations  were  suggested,  which 
had  received  attention  and  they  expected  ai>- 
]jroval  from  the  Stock  Exchange-Committee 
shortly.  —The  Mousa  Ella  mortgage  was  then 
discussed  and  the  arrangement  entered  into 
about  it  which  was  done  under  legal  advice. 
It  transposed  also  that  while  the  prices  of 
Elgin  (£20,000)  and  Relgravia  (£15,.‘)00)  equalled 
£35,500;  those  of  Bearvelland  Mousa  Ella  amounted 
to  £55,000. — The  Lawsuit  about  a right  to  water- 
course on  Mousa  Ella  would  be  prosecuted  on 
behalf  of  the  Com))any.  Mil.  WoilTKlNGTON  follow- 
ing Mr.  Mitchell  referred  to  the  Mousa  Ella 
transfer  as  to  whether  it  secured  a clear  title 
from  the  Vendor  and  it  came  out  that  the  Colombo 
Solicitors  had  given  their  opinion  that  the  title  was 
a good  one.  Some  discussion  followed  as  to  whether 
the  Vendor,  rather  than  the  Company,  should  not 
bear  the  risk  of  any  future  action  and  after  some 
discussion  with  the  Solicitor,  Mr.' J.  Ferguson 
.said  that  all  in  the  room  who  knew  the  Messrs, 
de  Saram  of  Colombo  would  place  great  conliilence 
in  their  opinion  ; while  he  wished  to  know  whether, 
as  a matter  of  f.act,  there  h.ad  been  any  notice 
or  suggestion  of  an  action. — None  whatever  was 
the  respon.se.  The  Solicitors  would  be  hajipy  to 
give  any  further  information  to  shareholders  at 
11 
AGRICULTURIST.  8r 
their  offices  and  the  whole  could  be  discus, sed 
at  next  meeting. 
A Shareholder  wished  to  have  some  infor- 
mation about  crops. 
The  Chairman  stated  that  the  lirst  .sale  of 
Lippakelle  realized  Is  Ijd  and  the  next  llfd; 
■while  jiart  of  an  Elgin  shipment  averaged  8id, 
but  part  was  withdrawn,  owing  to  Ceylon  teas 
having  been  unfavourably  affected — the  market 
at  last  sales  disorganised  — through  a large  ship- 
ment of  Ceylon  teas  in  coming  over  getting 
tainted  to  some  extent  by  contiguity  with  a cargo 
of  apples.  Such  was  the  report.  He  felt  no 
doubt  that  stand-out  inices  . would  be  secured  for 
all  the  teas  from  the  Company’s  estates. 
The  meeting  closed,  with  the  understanding  that 
the  next  would  be  called  together  as  early  as 
possible. 
SPRING  VALLEY  COFFEE  COMPANY, 
LLMITED. 
Report. — To  be  presented  to  the  Thirty-first  Or- 
dinary General  Meeting  of  the  Company  to  be  held 
at  No.  5,  Dowgate  Hill,  London,  on  Wednesday,  the 
27th  day  of  Majq  18'Jl3,  at  1 o'clock  p.m. 
The  following  Annual  Accounts  are  now  presented 
to  Shareholdcr-i,  viz: — Profit  and  Lo.^s  Account  for 
Crop  18111-5.  Balance  Sheet  male  up  to  iilst  March, 
1896. 
Crop  1891-5. — In  last  year’s  Report  Shareholders 
were  informed  that  the  coffee  crop  of  the  above 
season  was  estimated  at  1,400  cwt.,  and  it  will  bo 
seen  that  the  actual  weight  sold  amounted  to 
1,658  cwt.  0 qr.  3 lb.  exclusive  of  clean  and  refuse 
CO  ffee  sold  in  Ceylon.  This  crop  realised  £7,890  9s 
9d’  the  average  selling  price  in  London  being  91s 
lOd,  as  compared  with  98s  5d  per  cwt.  obtained  for 
crop  1893-4. 
The  yield  of  tea  amounted  to  219,180  lb.,  the  esti- 
mate in  last  Report  being  215,0001b.,  and  this,  to- 
gether with  55,160  1b.,  bought  from  neighbouring  es- 
tates and  manufactured  at  Spring  Valley,  sold  for 
£10,685  8s-  Id.,  or  an  average  of  9'34d.  per  lb.,  the 
average  selliog  price  last  year  being  9-15d.  per  lb. 
Sales  of  Cinchona  Bark  realized  £13. 
The  total  proceeds  from  the  sale  of  produce  amounted 
to  £18,618  17s.  lOd.,  and  deducting  from  this 
£12,056  12s.  5d.,  the  total  expenditure  in  Ceylon  and 
London,  there  remains  a profit  of  £6,562  5s.  5d.  on 
the  year’s  working. 
To  this  has  been  added  the  sum  of  6.32  11s.  9d. 
brought  forward  from  last  year,  making  a total  of 
£(),594  17s.  2d.  at  the  credit  of  profit  and  loss. 
On  the  7th  November  last  an  interim  dividend  of 
2 per  cent,  was  paid  on  the  capital  of  the  Company, 
and  the  Directors  recommend  that  a further  dividend 
of  3 par  cent,  be  now  declared,  making  5 per  cent, 
for  the  year,  and  leaving  £2,594  17s  2d.  to  be  carried 
forward  to  next  account. 
The  Directors  can-n'  recommend  a larger  distribu- 
tion of  profits,  as  they  consider  it  advisable  to  carry 
forward  a sufficient  sum  to  ensure  the  rapid  exten- 
sion of  our  tea  area. 
The  comparatively  largo  crop  of  coffee  secured  last 
year  appears  to  have  greatly  weakened  the  coffee 
trees,  and,  though  everything  is  being  done  to  retain 
the  coffee  area,  it  is  feared  that  much  of  it  will  have 
to  be  planted  with  tea  this  year.  In  any  case  the 
crop  will  be  a very  small  one. 
Tea  continues  to  do  well,  and  during  1895-6  it  is 
expected  that  a crop  of  280,000  lbs.  made  tea  will 
be  secured.  During  the  past  year  the  quality  of 
our  tea  has  been  well  maintained.  It  will  be  seen 
that  the  crop  realized  9’34d.  against  9-15d.  for  the 
1893-4  crop. 
The  acquisition  of  Kotagodde  Estate  sanctioned 
at  the  Extraordinary  Meetings  held  last  year  has 
been  duly  completed,  and  the  Directors  are  well 
pleased  with  the  purchase. 
