Nov.  2,  1896. J tHE  tROPICAL  AGRICULTURlSf.  307 
GROUP  88. 
Crystal  Hill  Estate  and  Julian  Heyzer. 
GROUP  91. 
The  Hon.  Sir  J.  J.  Grinlinton. 
GROUP  96. 
Ceylon  Government  (Hon.  Sir  J.  J.  Grinlinton) 
the  Hon.  Sir  J.  J.  Grinlinton. 
GROUP  97. 
S.  L.  O.  Lebbe  Marikar. 
GROUP  98. 
D.  D.  cle  Silva  & Co.,  A.  H.  Ismail,  P.  T. 
Meera  Lebbe  Marikar,  O.  L.  Mohamad  Macan 
Marikar,  A.  L.  M.  Mohama  Mahamed,  A.  T. 
Ma 'lamed  Baay,  M.  A.  Perera,  and  the  Ceylon  Go- 
vernment per  the  Hon.  Sir  J.  J.  Grinlinton. 
GROUP  101. 
Colon.bo  Oil  Mills  Company. 
GROUP  102. 
Ceylon  Spinning  and  Weaving  Company,  and 
the  Ceylon  Government  (per  the  Hon.  Sir  J.  J. 
Grinlinton.) 
GROUP  104. 
Government  of  Ceylon  (Hon.  Sir  J.  J.  Grinlin- 
ton.) 
GROUP  110. 
Hon.  Sir  J,  J.  Grinlinton  (for  the  Ceylon  Govern- 
ment.) 
GROUP  115. 
Colombo  Oil  Mills  Company. 
GROUP  118. 
Ceylon  Government. 
LIBERAL  ARTS. 
GROUP  149. 
Lady  De  Soysa,  Hon.  Sir  J.  J.  Grinlinton  (for  the 
Ceylon  Government),  Kumarilianii,  Lady  Have- 
1 /Hik,  Wennapua  Boarding  School,  and  Convent  of 
the 'Holy  Family. 
GROUP  150. 
Charles'  de’ Silva,  C.  Don  Bastian,  and  G.  H. 
Perera. 
GROUP  lol. 
W.  L.  H.  Sk^PeH. 
fihnuO  Jo2. 
H.  F.  Tomalin. 
o'-BOtT  155. 
Government  of  Cej'^lotl. 
GRO'^’l'  ^^7. 
Hon.  Sir  J.  J.  Grinl.'nton- 
THE  PINEHILL  ESTATES  CO.,  LD. 
GENERAL  MEETINTG. 
PRE.SENT Messrs  F.  M.  M ackwood  iil  the 
chair,  H.  St.  C.  Bowie  Evan.=,  R.  E.  Pranc0< 
C.  G.  Ryan  and  J.  A.  MacGillvr'ay. 
Represented  by  Proxy  were  : — Messrs.  J.  Master- 
man,  .J.  N.  Layton,  J.  D.  Dryer>  R.  Trimen, 
T.  B.  Hughes,  G.  T.  Worsley,  Mrs.  J.  F. 
Kennedy,  Mrs.  M.  C.  Layton,  Misi?  Jane  Nicol, 
C.  J.  S.  Nicol,  Mrs.  E.  L.  Owen,  Mnf.  G.  Prance, 
Mrs.  M.  F.  Thorne,  Mrs.  A.  J.  S.  HOtghes. 
Proposed  by  the  CHAIRMAN  and  secjonded  by 
Mr.  C.  G.  Ryan  : — That  the  directors  be  autho- 
rised out  of  the  purchase  money  arising  out 
of  the  sale  of  the  Nahaketiya  Estate,  amount- 
ing to  R190,000,  to  refund  to  each  shareholder  of 
the  Company  a sum  of  forty  rupees  per  share 
in  reduction  of  the  capital  amount  subscrilied  in 
respect  of  such  share. — Carried  unanimously. 
Proposed  by  the  Chairman  and  seconded  by 
Mr.  R.  E.  Prance: — That  the  caipitai  of  the  Com- 
pany be  reduced  ti^m  R355,000  3,550  shares  of 
RlOO  each  (being  the  amount  td  which  the  capital 
of  the  Company  was  increased  by  special  re.solu- 
tion  passed  on  the  19th  May  1894,  and  confirmed  on 
the  16th  June,  1894,)  to  R213,<  00  in  3,550  shares 
of  R60  each. — Carried  unanimously. 
The  Chairman  explained  the  proposals  of  the 
directors  for  the  disposal  of  the  balance  of  R50,840, 
repurchase  money,  viz.:  1st,  to  pay  Rl4,300  to 
the  re.serve  fund,  bringing  it  up  R21,.300  = 10 
per  cent  of  the  reduced  capital  ; 2nd,  to  lay 
aside  R17,000,  provision  for  purchase  of  new 
land  and  bringing  into  cultivation,  the  amount  to 
be  placed  to  a special  reserve  fund  ; 3rd,  that  a sum 
of  R10,540  be  provided  for  extension  of  factoiy 
and  for  new  machinery  on  W’avahoena  and  for  an 
assistant’s  bungalow  on  Pine  Hill  ; 4th,  that  at 
the  next  declaration  of  interinr  dividends  prob- 
able in  January  next,  the  residue  equal  to 
R9,000,  be  divided  as  a bonus  amongst  the  share- 
holders, subject  to  the  advice  of  the  solicitors  of  the 
Company. 
Proposed  by  Mr.  C.  G.  Ryan  and  seconded  by 
Mr.  Bowle-Evans  That  the  proposal  of  the 
directors  be  adopted. — Carried  unanimously. 
Tliis  having  closed  the  formal  business,  Mr. 
Ryan  drew  attention  to  the  prices  the  Pine  Hill 
teas  were  fetcliing,  wliich  he  considered  much 
lower  than  they  ought  to  be. 
Tlie  Chairman  replied  that  the  directors  had 
already  insisted  upon  better  prices  being  ob- 
tained ; otherwi.se  there  was  no  alternative,  but 
to  have  a change. 
THE  FINANCIAL  POSITION  OF  THE 
INDIAN  TEA  INDUSTRY. 
Referring  to  Mr.  Seton’s  table  of  results  of  work- 
ing of  Indian  tea  companies,  the  Produce  Markets 
Review  says  : “ An  interesting  table  has  been  pub- 
blished  by  Mr.  George  Seton,  120,  Bishopsgate  Street 
Within,  showing  in  detail  the  working  of  forty 
Indian  tea-growing  companies  registered  in  London 
in  the  season  1895.  The  total  paid-up  capital  of 
these  taken  together  is  ?£4,076,488,  and  the  acreage 
under  tea  107,013  acres  ; of  which  90,759  are 
mature  and  14,254  bear  young  plants.  The 
cost  per  acre  s £38,  and  the  crop  463  lb.  per  acre 
or  42,928,295  lb.  in  all.  The  expenses  are  £1,265.469,’ 
or  7‘07d  per  lb.  and  the  total  receipts  £1,660529,  or 
9'27d  per  lb.  leaving  a profit  of  £395,090,  or  2'20d, 
the  ratio  of  expenses  to  receipts  averaging  76  per 
cent.  The  profit  per  mature  acre  is  £4  5s  2d,  or 
9 69  per  cent  on  the  capital.  The  dividends  paid 
v/ere  £323,074,  or  8 per  cent.,  and  the  amount  carried 
forward  and  standing  to  the  credit  of  reserve  is 
£369,441,  or  9 06  per  cent  on  the  capital.  In  taking 
the  average  profit  some  very  remarkable  results  are 
lost  sight  of.  One  company  makes  6'2ld  per  pound 
and  six  make  over  3d  per  pound.  Taken  as  a whole 
the  London  Indian  tea  planting  companies  are  thus 
very  prosperous,  which  is  more  than  can  be  said 
for  th'^e  various  branches  of  the  distributive  trade.  It 
ie  a significant  fact  also  that  these  established  companies 
have  coipparatively  little  maturing  in  young  plants, 
they  see  that  the  danger  confronting  the  indus- 
try la  iodia  and  Ceylon  is  over-production.  The 
smaller  companies,  not  having  London  registered 
oflices,  no  doubt  are  hard  at  work  extending,  and 
with  this  in  view  the  established  companies  would 
do  well  to  add  handsomely  to  reserves  while  times 
remain  good,  and  to  curtail  expenses  as  far  as  prac- 
ticable.” 
The  Grocer  says  : “ The  annual  statement  pre- 
pared by  Mr.  Seton  of  the  working  of  forty  Indian 
tea  companies  during  the  season  1895  has  just  been 
published,  and  gives  some  very  interesting  re- 
sults, The  actual  sale-weight  of  the  crop  as  raised 
by  these  companies  amounted  to  42,928.295  lb, 
which  was  an  increase  of  3,315,450  lb.  in  compari'- 
son  with  the  aggregate  of  39,612,645  lb.  for  the  season 
