<78 
THE  TROPICAL  AGRICULTURIST. 
I Sept,  t,  1896, 
arverage  price  realised  was  53'Gl  cents  as  compared 
with  i>7‘49  cents  last  season.  The  nett  profit  for  the 
year  is  ElOO,131,73,  which  is  equal  to  24’78  per  cent 
on  the  capital  of  the  Company,  and  adding  Kl,5(53'71 
the  balance  brought  forward,  there  is  11101,()95’44  to 
be  dealt  with.  Out  of  this,  the  Directors  have  already 
paid  an  interim  dividend  of  8 per  cent,  absorbing 
E32,320 ; a bonus  has  been  paid  to  the  Superintendent 
of  the  Mocha  and  Glentilt  Estates  of  R2,0t)0 ; there  has 
been  transferred  to  Depreciation  account  R7,924‘33; 
there  has  been  transferred  to  Reserve  Fund  R10,000 ; 
leaving  a balance  of  R49,4.51T1— Total  R101,G9.'S'44. 
It  is  proposed  to  pay  a further  dividend  of  12  per 
cent,  (making  20  per  cent,  for  the  year)  R48,480,  and 
to  cariw  forward  a balance  of  R971T1. 
The  Company’s  properties  now  consist  approximately 
of : — 840  acres  tea  in  bearing ; 15  acres  under  two 
years ; 56  acres  grass  land  ; 123  acres  forest  and  fuel 
trees ; 21  acres  buildings,  roads,  &c.  Total  1,055  acres. 
The  estimates  for  season  1896-97  will  be  drawn  up 
on  a safe  basis  of  crop  and  expenditure.  Mr. 
Henry  Hois,  having  left  the  island,  resigned  his 
seat  on  the  Board  of  Directors,  and  Mr.  F.  W. 
Hois  was  invited  to  take  his  place.  Mr.  J.  N. 
Campbell  retires  in  accordance  with  the  articles  of 
Association,  but  being  eligible,  offers  himself  for  re- 
election.  The  meeting  has  also  to  elect  an  Auditor 
for  1896-97. 
J)KCLAl!ATION  OF  DIVIDEND. 
Mr.  John  pro])o.sed  the  payment  of  a dividend 
of  12  j>er  cent  for  the  half-year,  making,  with 
the  interim  dividend  of  8 per  cent,  2U  per  cent 
for  tlie  year. 
Tins  w'as  seconded  by  Mr.  Mitchell  and  car- 
ried unanimously. 
DIRECTOR  AND  AUDITOR. 
On  the  motion  of  Mr.  Mitchell,  seconded 
by  Mr.  JOHN,  Mr.  J.  N.  Campbell  was  re- 
elected a Director  ; and  Mr.  H.  J.  Scott  w'as 
re-elected  Auditor  for  the  season  1896-97,  on 
the  motion  of  Mr.  Vanderspar,  seconded  by 
Mr.  John  Moir. 
♦ 
MARKET  FOR  TEA  SHARES. 
Thursday  Evening,  July  23. 
Business  in  most  of  the  older  and  better  known 
shares  has  been  rather  neglected  the  past  week 
in  favour  of  the  rush  for  new  issues,  which  are 
being  freely  offered  to  the  public  ; some  good,  others 
less  desirable,  so  far  as  intrinsic  merit  is  concerned. 
The  generality  of  the  best  shares,  however,  keep 
firm  in  price,  the  lack  of  business  resulting  more 
from  the  firmness  of  holders  than  from  any  weaken- 
ing in  the  demand. 
Ckvi.on  Siiaues. 
C.  T.  P.  Co.  Ordinary. — Nothing  further  done  ; but 
the  Rrefs.  have  been  done  at  18. 
C.  and  Oriental  f3  paid  shares  came  on  a little 
cheaper  at  3^,  but  have  since  been  taken  at  3J. 
Some  fully-paid  shares  might  be  had  at  67. 
Ceylon  Land  shares  are  being  asked  for. 
Dimbula  Valley  Ordinary  have  been  done  at  5i, 
and  are  firmer,  and  the  Prefs.  have  touched  (ij 
and  6 3-l(i. 
Eastern  Produce  shares  have  touched  6J. 
Ceylon  properties  are  being  freely  mixed  with 
Indian  ones  in  many  of  the  new  issues. — Home  and 
Colonicl  JIail,  July  24. 
PJ. ANTING  AND  PRODUCE. 
Tun  Chancei.lou  of  the  Exciiequku  and  the  Price 
OF  Tea. — The  statement  about  the  price  of  tea  re- 
cently made  by  the  Chancellor  of  the  Exchequer  in 
the  House  of  Commons,  and  reported  in  our  issue  of 
July  lOtb,  h.as  called  forth  remonstrances  from  the 
tea  trade.  Messrs.  Moriis  and  .loiics,  of  Liverpool, 
say  on  this  subject:  “It  was  a pity  that  when  the 
Chancellor  of  the  Exchequer  made  the  misleading 
statement  in  the  House  of  Commons  about  teas  some 
members  who  understood  the  matter  did  not  explain 
hoiv  the  average  was  made.  'There  is  a lot  of  rub- 
bish imported  into  this  country  and  sold  in  public 
sale  at  about  3d  per  lb ; common  sorts  of  better 
grades  fetch  5d  to  6d  ; medium  sorts  8d  to  10;  and 
so  on  up  to  about  2s  per  lb,  and  some  really  fine 
kinds  fetch  3s  to  4s  and  even  more.  To  take  one 
public  sale,  say — 3,000  chests  at  3s  per  lb  (in  bond 
duty  4d) ; 8,000  chests  at  6d  per  lb;  12,000  chests  at 
9d  per  lb  ; 4,000  chests  at  Is  per  lb  ; 3,000  chests  at 
Is  fid  per  lb ; 2,0J0  chests  at  2s  per  lb.  This  will 
work  out  the  average  price  given  by  the  Chancellor, 
9d  to  lOd.  Unfortunately  the  tendency  to  cheapness 
in  everything  induces  the  public  to  purchase  low- 
priced  teas,  but  those  sold  at  Is  and  Is  4d  have  none 
of  the  flavour  and  aroma  and  invigorating  properties 
of  the  better  sorts,  and  those  who  love  good  teas 
would  never  think  of  using  them.” 
Tea  in  Natal. — Tea  planting  on  the  coast  in  Natal 
succeeds  well,  and  there  is  a considerable  amount  of 
capital  invested  in  the  industry  from  which  import- 
ant results  are  expected.  Natal  tea  for  South  Africa 
is  the  idea.  A correspondent  of  the  Globe  writing 
on  the  subject  says ; “ The  labour  is  a very  grave 
consideration.  It  has  to  bo  imported;  and  then  it 
must  be  trained.  It  is  infinitely  more  difficult  to 
find  a market  for  tea  than  for  sugar.  Tea  is  not  a 
commodity  which  improves  with  keeping,  although  a 
certain  time  is  necessary  for  it  to  mature  its  flavour. 
The  estates,  \vhich  are  situated  on  the  coast  beyond 
Verulam,  suffer  considerably  for  want  of  a railway. 
The  actual  freight  may  bo  higher  than  the  cost  of  the 
present  waggon  transport  to  Verulam;  but  in  wet 
weather  the  risk  to  so  delicate  a product  as  tea  is 
very  great.  Besides,  there  is  the  commercial  incon- 
venience of  the  delay  in  delivery,  owing  to  the  flood- 
ing of  rivers.  Waggons  have  been  stationary  on  the 
banks  of  the  Unvoti  River  for  two  months  at  a time. 
Some  years  ago  a great  effort  was  made  by  Mr.  W. 
R.  Hindsoii,  of  Nonoti,  to  induce  the  Govern- 
ment to  extend  the  railway  into  the  tea  district. 
His  firm  undertook  to  provide  the  capital  necessary 
for  laying  down  the  new  line  ; and  it  is  to  be  re- 
gretted that  the  then  Government  did  not  see  the 
great  discouragement  which  would  have  been  given 
to  this  young  industry  by  such  an  enterprise.  At 
that  time,  however,  responsible  government  had  not 
been  granted  to  Natal,  and  the  Governor,  Sir  Charles 
Mitchell,  did  not  approve  of  railways  being  made 
in  the  colony  by  private  enterprise.  Quite  recently 
— partly  owing  to  the  harbour  developments  at  Dur- 
ban and  the  desirability  of  tapping  the  coal  supplies 
near  the  Tugela — the  matter  has  been  pushed  for- 
ward, and  a concession  was  granted  to  a syndicate 
for  the  construction  of  this  line  at  the  close  of  last 
yeir.  At  Mr.  Ilindson’s  estate  at  Nonoti  there  are 
.500  acres  laid  down  in  tea.  The  business  has  only 
been  in  existence  twelve  years  ; and,  considering  that 
it  takes  five  years  before  tea  plants  will  show  a 
profit  on  their  cost,  it  must  be  owned  that  a 
great  deal  has  been  accomplished  in  the 
twelve  years.  A new  industry  of  the  kind 
must  be  experimental  at  the  outset,  and  pro- 
portionately costly.  'J’ho  best  kind  of  tea,  both 
from  the  consumer’s  and  the  grower’s  point  of  view, 
has  to  be  found.  Both  soil  and  climate  arc  distinct 
factors  in  tea-growing.  In  fact,  the  influence  of  soil 
and  climate  appears  as  marked  in  tea  as  in  wine — 
either  prejudicing  or  improving  the  flavour.  The  tea 
at  Nonoti  is  known  as  the  Assam  Hybrid,  but  there 
is  great  inequality  in  the  leaf.  Mr.  Hiudsou  is  try- 
ing the  introduction  of  a new  Indian  tea,  which  he 
hopes  will  be  an  improvement.  Perfection  has  not 
been  reached,  but  there  is  such  a steady  improve- 
ment shown  that  it  is  confidently  hoped  that  Natal  teas 
m y equal  those  of  India  and  Ceylon.  Three  things 
are  evident : firstly,  that  the  natural  produce  of  the 
tea-plant  itself  is  far  more  abundant  in  Natal  than 
in  India ; secondly,  that,  oiying  to  the  climate,  coolie 
labourers  can  undertake  twice  the  amount  of  laud  in 
Natal  that  they  can  in  india;  and,  thirdly,  that  an  in- 
creasing local  market  already  exists,  which  is  scarcely 
the  case  in  India.  Mr.  Hindson  grows  all  the  green 
leaf  which  he  requires  for  his  own  factory,  but  the 
large  mill  at  'Thcarsney,  belonging  to  Messrs.  Hulett, 
