Dec.  I,  1896.]  THE  TROPICAL 
himself  for  re-eloction.  The  Auditors,  Messrs.  Brown, 
Fleming  and  Murray,  also  retire,  and  offer  them- 
selves for  re-appointment.  P.  G.  Spence,  Chainaan. 
11.  Cross  Aitken,  Secretanj. 
17,  Philpot  Lane,  London,  September,  189G. 
THE  CONSOLIDATED  ESTATES  COM- 
PANY, LIMITED. 
Authorised  capital  £100.000,  divided  into  7,000  pre- 
ferred shares  of  £10  each  entitled  to  a cumulative 
preferential  dividend  of  8 per  cent.,  .£ 70,000  ; 3,000 
ordinary  shares  of  £10  each,  £50,000  ; total  £100,000. 
Fifth  annual  report  of  the  Shareholders  at  the  ge- 
neral meeting,  to  ibe  held  on  Wednesday,  the  7th 
October,  189G,  at  34,  Great  St.  Helens,  C.C. 
The  General  Managers  have  the  pleasure  to  sub- 
mit their  Fifth  Annual  Report  and  Balance  Sheet, 
together  with  Statement  of  Accounts  for  the  Crop 
Year  ending  30th  June,  1896. 
The  Profit  and  Loss  Account  shows  a balance  (in- 
cluding £162  13s.  lOd.  brought  forward  from  last 
year)  of  £6,267  14s.  5d.,  after  paying  Interest  on 
the  Debentures,  and  an  Interim  Dividend  of  4 per 
cent  on  the  Preferred  Shares. 
Out  of  this  sum  the  General  Managers  propose  : 
To  write  off  the  Balance  of  ac- 
count for  stamps  and  Legal  Ex- 
penses in  connection  with  the 
Estates  purchased  in  1895,  viz.  . . £21  3 
To  pay  a Balance  Dividend  of  4 
percent  on  the  Preferred  Share.s, 
which  will  absorb 
680 
0 
0 
To  set  aside  for  redemption  of  five 
per  cent,  of  the  Debentures  at  103 
1,751 
0 
0 
To  write  off  from  the  Factory  Ex- 
tension  Account  the  sum  of 
800 
0 
To  pay  a Dividend  of  8 per  cent 
on  the  Ordinary  Shares,  which 
will  require 
1,520 
0 
0 
To  put  to  a Reserve  Fund  the  sum  of 
1,000 
0 
0 
Carrying  forward  the  Balance,  viz. 
298 
11 
2 
£6,267 
14 
5 
The  following  shows  the  result  of 
the 
year’s 
working,  viz.; — 
NET  PROCEEDS  OF  CROP. 
£. 
881,484  lb.  Tea  at  an  average  net  price 
s. 
d. 
of  about  6|d.  per  lb.  realized 
23,480 
6 
2 
Interest  on  Account 
119 
17 
0 
23,600 
3 
2 
EXPENDITURE  ON  EST.A.TES. 
Messrs.  George  Steuart  & Go's  drafts — 
R2-42,962'97  at  an  average  of  Is.  2 7-32d 
per  rupee 
14,399 
7 
Postages  
1 
0 
Bonus  to  Superintendents — 
R4,000  at  Is.  2id 
237 
10 
14,637 
17 
8 
Net  Profit  on  Cultivation 
£8,962 
6 
6 
From  the  foregoing  figures  it  will  be  seen  that  the 
Season  was  a very  prosperous  oTie,  the  yield  of  Tea 
having  exceeded  the  estimates  given  in  the  last 
Annual  Report  by  about  100,000  lbs.,  and  a con- 
siderably larger  dividend  might  have  been  paid  on 
the  Ordinary  Shares,  but  ihe  General  Managers 
strongly  advoc.ite  a continuance  of  the  Policy  indi- 
cated in  their  last  Report  of  making  provision  in 
favourable  seasons  for  less  prosperous  times,  partly 
by  liberal  extension  of  cultivation  and  partly  by 
building  up  a good  Reserve. 
The  outstanding  advances  made  to  coolies  (com- 
monly called  ‘‘  Coast  advances  ”)  amount  at  Current 
Exchange  to  £1,031  Ss.  Id.  This  has  been  paid  out 
of  Revenue,  and  the  Superintendents  on  the  Com- 
AGRICULTURIST.  381 
p.any’s  Estates  certify  that  in  their  opinion  these 
advances  (with  tiifling  exceptions)  are  all  good  and 
recoverable,  but  it  has  been  thought  better  not  to 
take  credit  for  them  in  tho  Accounts,  and  the 
amount  therefore  practically  forms  an  additional 
Reserve  Fund. 
The  shareholders  are  aware  that  the  Company  has 
recently  acquired  three  new  Estates  on  terms  which 
the  General  Managers  believe  to  be  favorable,  and 
to  promise  satisfactory  result-3,  though  it  w'ill  be 
some  years  before  these  Estates  are  fully  developed. 
For  convenience  of  reference  the  following  approxi- 
mate particulars  of  all  the  Estates  now  held  by  the 
Company  are 
Name  of 
appended  : — 
Ceylon 
In  Cultivation 
Estate 
District 
lu  Bearing 
Recently 
Planted. 
Wattegodda 
. . Dimbula 
800 
Nil 
Tallagalla 
. , Kalutara 
270 
70 
Ellagalla 
. . Matale 
207 
• 20 
Hoonoocotua  1 . . 
and 
> Kotmale 
588 
30 
Hennewille  1 
Wariagalla 
, Nilambe 
412 
85 
Rutland 
. . Few  .beta 
414 
30 
Knutsford 
. Kalutara 
101 
59 
R 
eserve  Suit.abI 
3 Forest  Waste, 
Tot.il 
for  Tea 
Water,  &c. 
Acreage 
Wattegodda 
..  Nd 
95  . . 
895 
Tallagalla 
. . 141 
. . 15  . . 
499 
Ellagalla 
Hoonoocotua 
..  13 
j 
205  . . 
445 
and 
Hennewille 
' 45 
J 
. . 50 
713 
Wariagalla 
..  140 
624*  . . 
1261 
Rutland 
..  87 
64  . . 
595 
Knutsford 
..  Nil 
23  . . 
186 
* of  which  73  acres  are  planted  with  Cardamoms  and 
40  with  Cocoa. 
The  last  three  Estates  having  been  purchase!  as 
from  1st  July,  1896,  the  working  of  them  does  not 
appear  in  the  Accounts  now  presented,  which  are 
for  the  Crop  Year  ending  30th  June,  1896. 
IIooH'oocotua  and  Hennewille  are  now  worked  as  one 
Estates,  which  will  henceforth  be  known  as  ‘‘Hoonoo- 
cotua  ” only.  Knutsford,  which  adjoins  Tallagalla, 
will  now  be  amalgamated  with  it,  and  tho  two 
Estates  will  be  called  “Tallagalla”  only. 
The  followng  are  the  Estimates  for  the  current 
season’s  crops  : — 
Expenditure,  at  l/2i  per  Rupee.  Crop. 
R.  £ s d Jb.  Tea 
Wattegodde  83,043  . 4 930  13  7 300,000 
Tallagalla  48,386  2,872  18  4 220,000 
Ellagalla  27,960  1.660  2 6 85,000 
Hoonoocotua  71,193  4,227  1 8 250,000 
WariagUla  39,987  2,37-1  4 6 130,000 
Rutlan  I 47,906  2,814  8 4 154,600 
Also,  2,500  lb.  Cardamoms  and  30  cwts.  Cocoa  from 
Wariagalla. 
The  foregoing  Estimates  have  been  cautiously 
framed,  as  it  has  not  been  thought  advisable  to  count 
on  such  a favourable  season  as  we  have  just  had.  It 
is  to  be  hoped,  therefore,  that  the  Estimates  will 
be  fully  realized,  and  in  that  case  the  results  will 
be  quite  satisfactory  if  the  price  of  Tea  is  main- 
tained and  Exchange  does  not  materially  rise. 
During  last  Season  about  150  acres  were  opened 
up,  and  a further  130  to  150  acres  will  be 
taken  in  hand  this  Season.  The  cost  of  these  exten- 
sions, and  of  air  enlargement  Factory  of 
on  Wariagalla,  will  be  ch.aigcd  to  the  P.ictoi'y 
and  Extension  Account,  but  the  premium  realised 
on  the  Debentures  .and  shares  issued  this  year  (which 
has  been  c.arried  to  the  credit  of  the  Factory  ai:d 
Extension  Account,  as  arranged)  will  provide  for 
most  of  this  expenditure,  which  is  estim  ited  at  about 
£1,600,  during  th  e current  season. 
The  Preferred  Shares  to  the  .lominal  amount  of 
£13,000,  Nos.  1,701 — 3,000,  both  inclusive,  and 
Ordinary  Shares  to  the  nominal  amount  of  £13,000, 
Nos.  6,901 — 8,200,  both  iaclusive,  which  were  issued 
on  1st  July  last,  and  are  included  in  those  enumerated 
in  the  annexed  Balance  Sheet,  do  not  participate  in 
