ii6 
the  tropical  agriculturist. 
[Aug.  r,  1896. 
was  of  true  Darjeeling  tlavour.  As  stated  in  his  paper 
he  (Mr.  Ghrislisou)  agreed  with  Sir  Charles  Elliott  that 
Darjeeling  might  be  looked  upon  as  a closed  district 
for  tea,  there  being  practically  but  little  more  land 
available.  He  had  no  hesitation  in  saying  that  the 
land  allotted  for  tea  grants  in  the  Daling  district 
was,  taken  all  in  all,  the  most  precipitous  and 
barren  of  any  hill  land  he  had  seen.  Of  course  in 
the  district  there  was  land  of  gentle  slopes, 
which  afforded  scope  for  as  much  tea  as  was  on 
the  original  hill  district,  and  in  this  original 
hill  district  there  was  also  much  laud  suitable 
for  tea  likewise  in  the  possession  of  the  na- 
tives. Could  this  have  been  thrown  open  for  tea  it 
would  have  been  applied  for  on  account  of  the 
more  healthy  situation,  even  more  eagerly  than  the 
Dooars,  but  it  was  not  desirable  nor  would  it  be 
fair  to  grant  land  there  for  tea  now  that  it  had 
been  settled  upon  natives,  besides  the  land  had 
been  tortured,  impoverished,  and  bared  of  forest, 
and  would  require  to  be  allowed  to  lie  fallow  for 
many  years  before  it  would  be  suitable  for  growing  tea. 
— Journal  of  the  Society  of  Arts. 
NOTES  FROM  THE  METROPOLIS. 
CR1T1CI.SM  ON  TEA  COMPANIK.S 
is  nob  likely  to  stand  in  the  way  of  new  pro- 
posals. The  big  one  of  the  week  has  been  Sir 
John  Muir’s  union  of  the  North  and  South 
Sylhet  with 
THE  CON.SOLIUATKl)  TEA  AND  LANDS  COMPANY 
with  a capital  of  T2,000,0u0.  I quote  from  tiie 
prospectus  as  follows 
The  Conbolidated  Tea  and  Lands  Co.,  Ltd. 
Capital,  .£2.000,000,  divided  into  100,000  five  per- 
cent cumulative  1st  preference  shares  of  .£10  each ; 
40,000  seven  per  cent  cumulative  2nd  preference  shares 
cf  £10  each  ; 60,000  ordinary  shares  of  £10  each. 
Present  Issue — 100,000  five  per  cent  cumulative  1st 
preference  shares  of  .£10  each ; 40,000  seven  per  cent 
cumulative  2nd  preft  renco  share  of  £10  each;  40,000 
ordinary  shares  of  £10  each. 
DIRECTORS. 
Sir  John  Muir,  Bart.,  of  Dcanston,  and  of  Messrs. 
James  Finlay  & Co.,  22  West  Nile  Street,  Glasgow, 
and  34  Loadenhall  Street,  London,  and  of  Messrs. 
Finlay,  Muir,  & Co.,  Calcutt.i  and  Colombo. — Chair- 
man. 
Field-Marshal  the  Eight  Hcnourable  Lord  Roberts, 
of  Kandahar  and  Waterford,  o.c.n.,  o.c.s.i.,  g.c.i.e., 
V.C.,  D.C.L.,  LL.D.,  &c..  Royal  Hospital,  Dublin. 
Sir  Robert  Drummond  Moncrciffe,  Bart.,  of  Mon- 
creiffe.  Bridge  of  Earn,  Pertlishire. 
*P.  R.  Buchanan,  Esq.,  of  Messrs.  P.  R.  Buchanan 
& Co.,  4.5  Leadonhall  Street,  London. 
William  Allan  Coats,  Esq.,  Director  of  Messrs.  J.  A;  P. 
Coats,  Limited,  Thread  Manufacturers,  Paisley. 
A.  B.  Murray,  Esq.,  33  Reufield  Street,  Glasgow  ; 
and  Rosebank,  Patrick. 
A.  M.  Brown,  Esq.,  of  Messrs,  James  Finlay  A Co., 
22  West  Nile  Street,  Glasgow. 
William  Walker,  E-q.,  of  Mc.ssrs.  James  Finlay  A Co., 
22  West  Nile  Street,  Glasgow. 
Robert  Scott,  Esq.,  of  Messr.s.  Morgan  A Scott,  12 
Paternoster  Buildings,  London. 
This  Company  is  formed  to  take  over  as  going  con- 
cerns, and  to  amalgamate,  the  estates  in  India  and 
Ceylon  particularized  in  the  statement  accompanying 
this  prospectus,  and  known  as  The  Estates  of  the  North 
Sylhet  Tea  Company,  Limited,  The  Estates  of  the 
South  Sylhet  'Tea  Company,  Ijimitcd,  in  which  are 
included  the  Estates  of  the  North  'Travancorc  Laud 
Planting  and  Agricultural  Society,  Jjiniited. 
These  Companies  liave,  since  their  formation  in 
1882,  been  worked  under  the  same  pro|jrietary,  as 
private  Companies,  and  they  are  now  amalgamated, 
and  formed  into  a Public  Company  with  a view  of 
securing  a quotation  on  the  Loudon  and  Glasgow 
Stock  Exchanges. 
The  estates  ronqiiice  an  area  estimated  at  180,000 
acres  of  land,  situated  in  Assam,  Sylhet,  the  Dooars, 
Darjeeling,  the  North  Travaiicore  Hills,  and  Ceylon, 
of  which,  ou  30th  November,  1835,  there  were  plantoJ 
21,310  acres  with  tea  in  bearing,  and  5,439  acres 
with  young  tea,  coffee,  cocoa,  and  coconuts.  Since 
that  date  4,371  acres  have  been  cleared  and  are  in 
course  of  planting,  so  that  the  whole  area  at  present 
under  cultivation  is  31,120  acres. 
As  will  be  seen  about  150,000  acres  are  still  un- 
cultivated. This  land  has  been  very  carefully  selected, 
and  a large  proportion  of  it  is  pronounced  by  the 
Su]perintendents  and  the  Managers  of  the  Companies 
to  be  as  fine  land  for  the  cultivation  of  tea,  coffee 
and  cocoa  as  can  be  found  in  India  and  Ceylon. 
The  large  tract  of  land  estimated  to  contain  90,000 
acres  in  the  North  Travancore  Hills,  of  which  about 
60,000  are  computed  to  be  at  an  elevation  of  4,000 
to  6,500  feet,  is  an  exceptionally  attractive  feature. 
This  land  is  geuerally  very  rich,  and  capable  of 
yielding  large  crops  of  tea  or  coffee  of  the  highest 
quality,  and  its  acquisition  renders  the  prospects  of 
the  Company  unusually  promising,  as  either  by  the 
formation  of  subsidiary  companies,  or  by  opening  up 
the  land  ou  the  Company’s  own  account,  large  pro- 
fits should  be  secured  therefrom.  It  is  the  Direc- 
tors’ intention  to  put  a considerable  area  under 
coffee,  the  cultivation  of  this  product  having  proved 
successful  and  remunerative  in  Southern  India.  The 
unplanted  lands  in  Ceylon  about  8.000  acres,  and  in 
Assam  about  11,000  acres,  will  be  rapidly  developed 
aud  brought  imdcr  cultivatiou. 
All  the  estates  are  well  equipped  in  every  respect, 
having  a staff  of  127  experienced  mauagers  and  as- 
sistants, an  excellent  labour  force  of  about  34,000 
labourers,  an  ample  supply  of  good  machinery,  fine 
roads  and  tramways,  and  substantial  brick  factories, 
bungalows,  godowns,  good  wells,  Ac. 
Compared  with  other  good  dividend-paying  In- 
dian Tea  Companies  the  record  of  the  North  and 
South  Sylhet  Tea  Companies.  Limited,  is  one  of  the 
highest.  From  1882  to  1886  inclnsive,  while  the 
plants  were  young  aud  yielding  little  or  no  leaf,  no 
profits  were  made  from  the  newly-planted  gardens, 
but  out  of  the  profits  of  tlio  seasons  1887  aud  1388 
the  Companies  paid  to  their  Shareholders  compound 
interest  at  the  rate  of  5 per  cent,  per  annum,  for  the 
whole  period  of  about  five  years,  during  which  the 
estates  were  iiractically  non-productive,  besides  plac- 
ing £16,000  to  reserve  account  for  depreciation.  For 
the  past  seven  years — from  1889  to  1896  —suffi- 
cient profits  have  been  earned  to  pay  an  average 
dividend  of  10  per  cent,  per  annum  ou  the  capital 
paid  up,  and  to  put  aside  £21,000  to  reserve  account 
for  depreciation. 
The  crop,  whicli  in  1888  was  5,678,379  lb.,  bad  in- 
creased in  1895  to  9,583,734  lb.  of  tea,  The  estimated 
crop  for  the  curreut  season  is  10,070,000  lb.  of  tea, 
and  the  present  planted  area  as  it  matures  is  ex- 
pected to  give  ail  annual  yield  of  14,OO0,0tX)  lb.  of 
tea.  'This  largo  increase  of  crop  sliould  reduce  tiic 
average  cost  of  production  per  pound. 
Although  a iMge  area  of  the  cultivated  laud  was 
either  too  young  to  yield  crop  or  only  in  partial 
bearing,  the  average  profits  for  tlio  last  four  years 
amounted  £93,97(),  as  will  be  seen  from  the  Auditor’s 
certificate  set  fortli  below,  or  suCticient  to  pay  a divi- 
dend of  5 per  cent,  on  the  Cumnlativo  1st  Preference 
Shares;  7 percent,  ou  the  Cmnnlativc  2nd  Preference 
Shares  in  the  now  Company;  and  to  leave  a balance 
available  for  the  payment  of  a siibstaiitial  dividend 
on  the  amounts  paid  up  on  the  Ordinary  Shares.  As 
the  young  estates  conic  into  bearing  the  amounts 
available  for  dividends  on  tho  Ordinary  Shares  should 
be  materially  increased. 
’The  properties  arc  taken  over  as  from  30tli 
November,  1895.  ’The  Vendors  will  receive  interest 
at  the  rate  of  5 por  cent,  por  annum  uiioii  their 
purchase-money  from  that  date  until  tho  same  is 
paid.  Tlio  ac  o’uits  will  be  closed  on  30tb  November 
in  each  year. 
Messrs.  Ji’inlay,  Muir,  and  Co.,  of  Calcutta,  who 
have  managed  the  Estates  siucc  their  formation, 
have  agreed  to  continue  to  hold  tho  Managing  Agency 
in  India  and  Ceylon,  in  wliicli  Island  they  have  a 
In-ancli  firm,  and  llioy  liavo  undertaken;  during  their 
toiiiiro  of  (lie  Agency,  to  hold  share.s  to  the  nominal 
value  of  £200,060  in  the  Compaiiv,  wliicli  will  include 
Ordinary  Shares  to  the  nominal  value  of  at  least 
£100,00. 
