Aug,  I,  1896,] 
THFi  TROPICAl.  AGRICULTURIST 
127 
The  estimate  of  cai'damoms  for  the  latter  season 
was  10,500  lb.,  of  which  7'200  lb  have  been  sold  at  a 
net  average  of  la  11  Jd  per  lb. 
The  whole  of  the  leal  is  manufactured  at  the  Galaha 
Factory,  which  is  most  conveniently  situated  almost 
in  the  centre  of  the  estates. 
The  vendor’s  estimates  of  crop  from  the  estates 
for  the  present  season,  from  1st  July.  1800,  to  30th 
June,  1897,  are  as  follows,  viz  : — 
880,000  lb.  tea  at  7d  net  ..  ..  £21, GO'.!  13  4 
20,500  lb.  cardamoms  at  Is  Gi  not  ..  1,537  10  0 
£•27,201  3 4 
The  profits  on  the  Galaha  Factory 
and  Colombo  business  during  that 
period  are  estimated  by  the  Vendor 
as  follows  : — 
Galaha  Factory  ..  ..  967  5 5 
Colombo  Mill  and  business  . . 1,080  5 7 
£29,257  14  4 
The  working  expenditure  for  the 
same  period  is  estimated  bv  the  Ven- 
dor at  ..  ..  15,7111111 
Taking  the  year’s  profit  on  this 
basis  at  . . . . . . £13,546  2 5 
After  paying  interest  on  Mortgage 
Debentures  £55,000 at  5 percent  .,  £2,750  0 0 
And  a Dividend  of  0 per  cent  on 
6,000  six  per  cent  Cumulative  Pre- 
ference Shares  . . . . . . 3,600  0 0 
6,350  0 0 
There  should  remain  a balance  for  the 
first  year  available  for  the  Reservm  Fund 
and  tire  Dividend  on  the  Ordinary  Shares  of  £7196  2 5 
The  Directors  anticipate  a considerable  yearly  in- 
crease of  profits,  not  only  from  the  Tea  Estates  them- 
selves, by  reason  of  the  larger  yield  per  acre  from  the 
T’ea  now  in  bearing,  and  from  the  702  acres  of  young 
Tea  coming  into  bearing  during  the  next  three  years, 
but  also  from  the  consequent  extension  of  the  business 
in  Colombo. 
The  Estates  are  vs’ell  equipped  with  substantial 
Bungalows  and  Buildings,  and  with  permanent  Coolie 
Lines.  The  Galaha  Factory,  erected  at  a cost  of 
about  £13,000,  is  a substantial  stone  building,  fitted 
with  all  necessary  modern  machinery  for  Tea  manu- 
facture, and  will  be  capable  of  turning  out  2,000,000 
lb.  of  made  Tea  per  annum,  when  the  extensions  now 
in  course  of  construction  are  complete.  The  pur- 
chase includes  all  the  Live  and  Dead  Stock,  Machi- 
nery, Toois,  Furniture,  and  Fixtures  on  the  Estates, 
and  the  Machinery  and  Office  Furniture  in  Colombo, 
but  the  Company  will  take  over  at  a valuation  all 
stores  purchased  by  the  Vendor  for  future  use  and 
in  hand  on  the  1st  July,  1890. 
A Tramway  of  2j  miles  in  length  has  recently  been 
constructed  at  the  cost  of  £1375,  to  bring  the  leaf  to 
the  Factory,  resulting  in  a considerable  saving  of 
labour  and  expense. 
The  Coolie  labour  force  on  the  Estates  is  ample. 
Messrs.  M.  P.  Ev.vxs  & Co.  have  hitherto  acted  as 
Consignees  and  Agents  of  the  Estates  in  London,  and 
ha>e  agreed  to  continue  to  do  so,  and  the  businesses 
in  Ceylon  will  be  carried  on  without  interruption  by 
the  present  staff. 
Mr.  CiiAiir.Ks  E.  STnAciiAN,  the  Vendor,  who  has 
managed  these  Estates  and  business  for  many  years, 
has  agreed  to  act  as  Managing  Director  for  a term 
of  five  years,  without  any  remuneration  beyond  the 
ordinary  Director’s  fees. 
The  price  to  be  paid  by  the  Company  for  the 
purchase  of  the  estates,  properties'and  businesses,  free 
from  incumbrances,  has  been  fixed  by  the  Vendor  at 
£155,000,  payable  as  to  £50,000  by  the  allotment  of 
6000  Ordinary  Shai-es,  and  tlie  balance  in  cash. 
Talcing  the  prices  of  the  Galaha  Factory  at  the  above 
sum  of  £13,000,  and  of  the  Colombo  Mills  tnd  Agency 
business  at  only  £12,000,  and  the  price  of  tlio  un- 
cultivated and  reforested  land  at  £5  per  acre,  the 
price  per  acre  of  the  land  under  lea  and  Cardamoms 
is  under  £17  5s  per  acre, 
The  Vendor  will  discharge  all  outgoings  and  liabi- 
lities belonging  to  season  1895-96,  in  respect  of  the 
Estates,  Mills,  and  business  up  to  the  1st  July,  1896 
from  which  date  the  Company  will  take  possession, 
and  bo  entitled  to  the  profits,  but  the  Company  will 
repay  the  Vendor  all  advances  made  by  him  before 
that  date,  on  account  of  the  season  1896-97. 
The  Vendor  will  pay  all  the  expenses  of  and  in- 
cidental to  the  formation  and  registration  of  the 
Company  up  to  the  first  general  allotment. 
The  Directors  propose  to  appropriate  £10,000,  the 
proceeds  of  1,000  Preference  Shares  of  the  present 
issue,  for  wo-rkiug  Capital  and  the  further  develop- 
ment of  the  estates. 
The  following  Contracts  have  been  entered  into, viz.: — 
A Contract  dated  27  June,  1896,  between  Charles 
Edward  Strachan  and  this  Company,  being  the  Con- 
tract for  the  acquisition  by  the  Company  of  the 
above-mentioned  properties,  and  a Contract  dated 
27th  June,  1890,  between  this  Company  and  Matthew 
Pennefat.her  Evans,  Willian  Dunn,  and  John  Penne- 
father  Evans,  trading  as  M.  P.  Evans  & Co.,  being 
the  Contract  under  which  the  latter  are  to  act  as 
Consignees  and  Agents  of  the  estates  in  London. 
The  current  contracis  entered  into  by  the  vendor 
in  the  ordinary  course  of  business,  and,  as  to  the 
debentures,  may,  however,  constitute  contracts  under 
Section  38  of  {he  Companies  Act  of  1876,  and  appli- 
cants for  shares  must  be  deemed  to  have  waived 
further  specification  of  any  such  contracts. 
Nothing  has  been  or  will  be  paid  in  respect  of 
promotion  or  underwriting. 
It  is  intended  to  apply  to  the  Committee  of  the 
Loudon  Stock  Exchange  for  an  official  quotation  of 
the  Preference  Shares. 
Copies  of  the  memorandum  and  articles  of  Asso- 
ciation and  contracts  can  be  inspected  at  the  offices 
of  the  Solicitors  to  the  Company. 
Applications  lor  Preference  Shares  should  be  made 
on  the  form  accompanying  the  Prospectus  and  be  sent 
to  the  Company’s  Bankers  with  the  amount  payable 
on  application.  If  no  Allotment  is  made  the  deposit 
will  be  returned  in  full,  and  where  the  number  of 
shares  alloted  is  less  than  the  number  applied  for, 
the  balance  will  be  applied  towards  the  payment  on 
allotment. 
Prospectuses  with  Forms  of  Application  for  the  Pre- 
ference Shares  can  be  obtained  at  the  Offices  of  the 
Company,  or  from  its  Bankers,  Brokers  or  Solicitors. 
27'ih  June,  1896. 

METROIVILITAN  NOTES. 
London,  June  26. 
I omitted  in  my  last  to  refer  to  one  sio-ni- 
(leant  remark  made  by  Mr  Quinton  Ho'or” 
Cliairman  of  the 
OlUlCNTAb  KSTATES  CO., 
and  wliieh  1 do  not  think  has  been  recorded  in 
any  of  the  repoi-ts.  Tt  was  when  lie  refei-red  to 
his  own  experience  as  a sugar  plantation  pro- 
prietor both  in  Briti.sli  Guiana — a gold  currency 
colony— and  in  Mauritius  with  its  Indian  rupee 
currency ; and  to  the  immense  advanta<--e 
which  the  use  of  silver  in  ]iayinent  of  laboiu- 
etc  , gave  to  the  latter  over  Guiana  wiMi 
gold  payments.  The  Committee  appointed  to 
confer  with  the  Directors  was  to  have  its  first 
joint  sitting  on  Monday  last ; and  I have  no 
doubt  by  this  time  a tliorouglily  good  under- 
standing has  been  effected  : for,  ’it  became  per- 
fectly clear  at  tlie  meeting  that  the  Chairman 
and  hi.s  fellow  directors  had  acteil  with  the  ut- 
most good  faith,  however  strongly  “preference” 
sliarehohler.s  might  object  to  the  course  pursued. 
TKA,  TEA  SH.VUE.S,  AND  TEA  COMPANIES 
liave  been  a good  deal  before  the  press  and  the 
public  during  the  past  week,  mainly  owiii"  to  Sir 
John  flair’s  big  Company  affording  the  text  for 
a good  many  articles,  some  of  them  ratlior  far- 
fetched. It  was  interesting  to  learn  fVom  Mr 
C.  E.  Strachau.  during  a brief  chat,  that  all  the 
capital  requiie!  l'"i  ids 
