THE  TROPICAL 
AGRICULTURIST. 
[Aug.  j,  1896. 
1 26 
been  connected  with  the  Sylhet  Companies  and 
that  a lifetime  spent  in  India  might  well  give 
even  a niilitary  man  a warm  interest  in,  and  special 
acquaintance  with,  the  working  of  tea  cultivation 
companies.  But  in  this  direction  the  Citij  Leader 
excels  in  a leader  now  sent  yon, — entitled  “A 
‘ Swagger’  Prospectus” — tlie  theme  of  Lord 
Roberts  being  again  prominent,  as  well  as  some 
childish  remarks  on  the  title  of  tlie  company. 
Far  more  businesslike  is  the  analysis  oll’ered  by  the 
Financial  News  in  an  editorial  (also  forwarded)  on 
“ Indian  Tea  Companies”  with  the  “ Consolidated” 
and  some  other  companies  for  the  main  theme  ; 
but  dwelling  generally  on  tea  investments  deser- 
ving more  attention  than  they  have  hitherto 
received — in,  we  suppose,  the  regions  of  high 
linances.  This  is  due  to  the  absence  of  public 
quotations  for  the  large  majority  of  companies. 
Out  of  75  of  these  undertakings  known  to  our 
conteni])orary,  only  13  are  quoted  in  tlie  ollicial 
list  ; but  a study  of  many  more  shows  they  oiler 
very  desirable  investments.  Fairpki]j  of  the 
18th  instant  is  also  very  favourable  to  the  big 
company  as  may  be  seen  from  the  following:  — 
The  Consolidated  Tea  and  Land  Compani/  is  about 
the  strongest  thing  in  the  shape  of  Companies  that 
has  come  out  for  some  time.  The  tota,l  capital,  as 
will  be  seen  from  the  advertisement,  is  .£2, 000, 000. 
The  board  of  directors  is  exceptionally  strong,  with 
Sir  .John  Muir,  Bart.,  at  the  head,  and  comprising 
some  of  the  beat  known  names  in  the  commercial 
world.  The  Company  is  formed  to  take  over,  as 
going  concerns,  a number  of  tea  estates  iu  ludia  and 
Ceylon,  and  is  sure  to  be  regarded  as  a safe  and  good 
investment. 
But  it  i.s  more  interesting  to  read  what  the  Ex- 
chequer  of  j'esterday’s  date  lias  to  say  on  the  tea 
trade  and  on  tea-growers  in  a brief  editorial  : — 
So  much  attention  has  lately  been  given  by  the 
investing  public  to  the  Indian  and  Ceylon  tea  trade 
that  the  review  of  the  year  up  to  May  31  will  arouse 
interest.  The  various  firms  that  issue  these  reviews 
evidently  prepare  them  with  care;  and  while  they 
are  perhaps  a little  technical  and  difiicult  to  under- 
stand on  the  part  of  the  mere  investor,  it  must  be 
admitted  that,  so  long  as  the  information  is  given, 
it  is  all  that  can  be  fairly  expected.  For  India  and 
Ceylon  the  twelve  months  show  expansion,  the  pro- 
duction continues  to  increase,  tl\c  consumption  at 
home  was  larger  than  ever,  and  trade  with  other 
countries  marks  a substantial  advance.  To  tea- 
growers  the  season  brought  sub.stantial  remuner;ttioii, 
said  CO  be  “ so  considerable  in  comparison  with  the 
general  earning  power  of  capital  as  to  make  Ibis 
industry  conspicuous  wiien  contrasted  with  otliers.” 
The  history  of  the  season  offers  many  points  of  con- 
trast to  that  of  1891,  but  resembles  the  season  of 
1893  iu  the  higher  price  of  fine  tea  and  the  lower  price 
of  common,  a great  and  growing  consumption,  and  a 
wider  demand  lor  the  teas  from  abroad.  The  in- 
ilucnce  of  foreign  order.s  upon  the  Calcutta  and 
Colombo  markets  has  been  considerable,  and  for  tho 
future  it  is  pointed  out  that  it  will  bo  necessary  to 
be  more  circumspect  about  fixing  buying  prices  in 
this  country  in  face  of  the  growing  competition 
among  Indian  producers.  Importers  of  Ceylon  teas, 
wliich  have  lately  been  attracting  some  notice,  have 
seen  the  wisdom  of  regular  sales  at  tho  date  of  im- 
portation, arrivals  being  sold,  as  a rule,  within  three 
weeks,  the  result  being  that  a large  trade  is  worked 
upon  a small  stock,  and  the  desired  increase  of 
consumption  attained.  There  is  quite  an  active 
market  now  in  Indian  and  Ceylon  tea  shares ; and 
it  is  evident,  from  the  condition  of  the  industry,  that 
this  is  likely  to  go  on  expanding. 
Tliere  is  no  indication  here  of  depre.s.sion  even  in 
the  share  market,  and,  indecil,  tlie  check  in  the 
case  of  tlie  Ceylon  portion  may  be  regarded  as 
merely  temporary  .and  dne  to  a cause  — the 
ap|)lication  of  principles  of  sound  linancing  in 
Colombo — which  is  likely  to  place  the  market  on 
tt 'jjouader  basts  than  ever  before.  J F. 
THE  (lALAIIA  CEYEON  TEA  E8TATE.S 
AND  ACENCY  COMPANY,  LIMITED. 
Share  Capital,  divided  into  0,000  Cumu- 
lative Six  per  cent  preference  shares 
of  £T0  each  ...  ..  ..  £00,000 
5,000  Ordinary  Shares  of  £10  each  ..  50,000 
Debenture  Capital  550  Five  per  cent 
Mortgage  Debentures  of  £100  each  .. 
£110,000 
55,000 
£165,000 
The  debentures  have  been  subscribed  for  privately, 
the  ordinary  sliaros  are  reserved  for  allotment  to 
the  vendor  in  part  payment  of  the  purchase-money, 
and  applications  are  invited  for  the  6000  cumula- 
lativo  six  ptr  cent  preference  shares  of  £10  each  at 
par,  payable  as  follows: — 
On  application  . . 10  0 per  share. 
On  allotment  . . 2 10  0 ,, 
On  1st  Aug.  1896  . . 7 0 0 „ 
£10  0 0 per  share  fully 
paid  up. 
The  preference  shares  confer  the  right  to  a fixed 
cumulative  preferential  dividend  at  the  rate  of  six 
per  cent  per  annum  and  tho  right  to  repayment  of 
capital  in  preference  to  all  other  shares. 
Directors. — Charles  E.  Strachan,  Es([.,  Colombo, 
•and  6 Balfour  Place,  Mayfair  \V.  (Chairman);  M.  P. 
Evans,  Esq.,  17,  Airlie  Gardens,  Kensington,  W.; 
William  Harwood,  Esq.,  29,  Palace  Gate  Kensington, 
W.;  W.  L.  Strachan,  Esq.,  Kelvin,  Ceylon  and  35a, 
South  Street,  Mayfair,  W. 
Solicitors. — Messrs.  Haiavood  A Stephenson,  31, 
Lombard  Street,  E C.  ; Messrs.  F.  J.  A R.  F.  De 
Saram,  Colombo,  Ceylon. 
Bankers. — The  National  Bank  of  Scotland,  Limited, 
37,  Nicholas  Lane,  E.C.,  Head  Office  in  Edinburgh, 
and  Branches  in  Scotland  ; the  National  Bank  of 
India,  Limited,  Colombo. 
Brokers. — Messrs.  W.  I.  Carr,  Sons  & Todd,  2, 
Royal  Exchange  Buildings,  E.C. 
Auditor. — A.  N.  Frewer,  Esq.,  A.C.A.,  31,  Nicholas 
Lane,  E.C. 
Secretary  (pro  tan.)  and  Officers. — P.  E.  liervey, 
Esq.,  39,  Ijime  Street,  E.C. 
This  Company  has  been  formed  for  the  purpose 
of  acquiring,  carrying  on,  and  developing — 
^ 1.  The  group  of  Freeliold  Tea  Estates,  Galaha, 
Goorookelle,  Goddawella,  Kirrewana.,  Kitoolmoola, 
Dunally',  IMousakcdlo  and  Now  INIaddeganui,  and 
East.  West,  and  North  Vodehettes,  situate  in  tho 
Nilainbe  and  adj.iccnt  districts  of  Ceylon,  contain- 
ing 1,871  acres,  of  whicli  2,3!)7  acres  are  now  un- 
der tea,  and  lu7  acres  are  imdcr  cardamoms. 
2.  Tho  freehold  property',  with  tho  Central  Tea 
Factory  thereon,  known  ns  the  Galaha  Factory, 
situate  on  the  Government  Cart  Road,  10 miles  from 
Peradeniya  Station,  ou  tho  main  lino  of  railway  to 
Colombo. 
3.  The  freehold  property  in  Colombo,  containing 
nearly  3 acres,  known  as  the  Union  IMills,  consist- 
ing of  coffee  mills.  Cinchona  presses,  warehouses 
with  ample  accommodation  for  storing  tea  prior  to 
shipment,  manager’s  bungalow  and  offices. 
-1.  d'ho  general  and  agency  business  of  Messrs 
Charles  Strachan  A Co.  in  Colombo,  now  carried 
on  by  Mr.  Charles  E.  Strachan,  the  Vendor. 
Tho  estate  comprise  approximately — 
1,635  a^res  tea  in  full  and  partial  bearing,  upwards 
of  three  years  old. 
516  acres  tea,  one  to  three  years  old. 
216  acres  tea  in  eourse  of  |)lanting. 
107  acres  cardamoms- 
276  acres  clear-ed  and  forested  for  fuel  purposes. 
2091  acres  forest*  patua,  Ac.,  of  which  a large  por- 
tion is  considered  available  for  tc.a  cultivation. 
In  the  season  1891-95  tho  crop  was  519,357  lb.  tea, 
which  was  sold  for  7'02d  per  lb.  net.  The  crop  of  season 
1895-96  is  estimated  at  757,000  lb.  of  tea,  of  which 
already  613,920  lb.  have  beim  received  in  London, 
and  of  this  quantity  510,510  lb.  have  been  sold  at 
a uel  average  of  7‘23d  per  lb, 
