522 
THE  TROPICAL  AGRICULTURIST. 
[Feb.  I, 
POKTMOKE  TEA  COMPANY  OF  CEYLON, 
LIMITED. 
llegistered  on  December  7fli  by  Murray,  Hut- 
bins  and  Company,  11,  llircbin  Lane,  E.C.,  witli 
a ca))ital  of  £o0,0ui)  in  £1  sbares.  Objects  : To 
adojib  an  agreement  with  11  C.  Bowie  for  the 
purchase  of  tlie  Port  more  Tea  Estate,  in  tlie  Agra 
Patana  Division  of  tlie  Dimbula  District,  Ceylon, 
and  with  Lionel  M.  Torin  for  tlie  purchase  of  the 
“ Aldourie”  Tea  Estate,  in  tlie  Agra  Patana  Di- 
vision, and  to  plant,  grow,  .and  jiroduce  tea,  cotl'ce, 
chinchona,  cardomans,  plants,  etc.  The  subscrib- 
ers are  : — 
Shares. 
E.  C.  Bowie,  Eavensby,  Carnoustie,  N.B.  . . 1 
L.  M.  Torin,  Junior,  Carlton  Club,  Ball 
Mall  . . . . . . . . 1 
W.  H.  Anderson,  Enpert  Lodge,  Burn- 
ham, Bucks  . . . . . . I 
J.  E.  Grant,  101,  Leadenhall  Street,  E.C.  1 
J.  N.  Shand,  24,  Hood  Lane,  E C.  ..  1 
E.  C.  Haldane,  do.  do.  ..  1 
E.  E.  Neale,  do.  do.  ..  1 
The  first  directors  (to  number  not  less  than  three 
nor  more  than  five)  are  : H. C.  Bowie,  L.  M.  Torin, 
and  W.  H.  Anderson,  t^ualitication  £20.  Ke- 
gistered  office,  24,  Rood  Lane,  E.C. — Financial 
Truth,  Dec.  11. 
■* 
THE  CEYLON  LAND  AND  PRODUCE 
COMPANY,  LIMITED. 
crease  over  that  of  1896,  standing  at  18,083,0(W  lb., 
against  16,382,000  lb.  This  must  be  considered 
satisfactory,  as  evidencing  that  the  Market  has  been 
able  to  deal  with  the  extra  quantity  shipped  without 
any  decided  reduction  in  values.  The  Crop  has  been 
about  an  average  one  in  quality.  Quotations  on  the 
whole  ruled  below  those  of  last  year,  especially  in 
the  case  of  the  Common  to  Medium  grades,  owing 
mainly  to  increased  shipments  from  other  producing 
countries  ; but  Fine  an  Finest  met  a good  demand 
throughout. 
It  is  to  be  noted  with  pleasure  that  the  shipments 
from  London  to  Russia,  the  Continent  generally,  as 
well  as  to  Canada  and  America,  continue  to  expand, 
the  total  figures  for  the  first  ten  months  of  this  and 
the  two  previous  years  to  31st  October  being  : — 
1896.  1895.  1894. 
6,684,000  lb..  6,073,000  lb.  4,400,000  lb, 
Cocoa. — The  more  hopeful  view  taken  by  your  Direc- 
tors of  the  prospects  for  improved  values  of  this  article 
has  been  realized,  and  a gradual  advance  in  the 
price  of  good  to  fine  red  Ceylon  from  6.5s.  up  to  75s. 
per  cwt.  has  taken  place  during  the  twelve  months, 
although  other  growths  have  been  much  depressed. 
A further  recovery  in  values  is  probable. 
Coffee. — This  article,  as  anticipated,  has  not  main- 
tained the  values  of  last  year,  and  the  price  of  bold 
yellow  Ceylon  Liberian  has  fallen  from  90s.  to  76s. 
per  cwt.  The  prospect  of  large  supplies  from  other 
producing  countries  prevents  hopes  of  a permanent 
recovery  in  values. 
Acreages. — The  following  Statement  shews  the  ap- 
roximate  acreage  of  the  Company’s  Properties  at 
ate : — 
Director.s  James  Wil.son,  Esq.,  Chairman, 
William  Keiller,  Esq  , Sir  N.  A.  Staples,  Bart. 
Report  of  the  Directors,  to  bo  submitted  to 
the  Twelfth  Annual  General  Meeting  of  Shareholders, 
on  Tuesday,  the  15th  day  of  December,  1896,  at  2 
o’clock  p.m. 
Your  Directors  have  the  pleasure  to  submit  the 
annexed  profit  and  loss  account  and  balance  sheet 
for  the  crop  year  ending  30th  June,  1896,  duly  audited. 
The  amount  at  credit  of  profit  and  loss  account 
is  £12,125,  15s  2d,  which,  with  the  sum  of  £437  Os  lOd 
brought  forward  from  last  year,  leaves  £12,562  16s 
to  be  distributed. 
On  the  22nd  July  last,  an  interim  dividend  of  7J 
per  cent  on  the  ordinary  shares  and  3 per  cent  on 
the  preference  shares  was  paid,  and  your  Director's 
now  propose  to  pay  on  the  24th  day  of  December, 
1896,  the  balance  of  the  fixed  cumulative  dividend 
on  the  preference  shares  (3  per  cent),  making  (i  per- 
cent for  the  year,  and  7|  per  cent  on  the  ordinary 
shares,  making  15  per  cent  for  the  year,  and  in 
addition  a bonus  of  5 per  cent  on  the  ordinary  shares 
— all  free  of  income  tax.  It  is  also  proposed  to 
transfer  £5,000  frem  profit  and  loss  account  to  re- 
serve fund,  increasing  that  account  to  .£7,000.  and 
carry  forward  the  balance  of  £1,675  16s,  subject  to 
the  Directors’  remuneration  for  the  year  under  re- 
view, to  be  fixed  at  the  general  meeting,  and  to 
the  paj  ment  of  income  tax,  Ac. 
Your  Directors  are  again  pleased  to  chronicle  the 
continued  success  of  the  Company,  the  Tea  and 
Cocoa  crops  largely  exceeding  the  estimates  framed 
at  the  commencement  of  the  financial  year.  The 
prices  obtained  for  the  Company’s  Cccoa  mark  an 
improvement  upon  those  secured  for  the  previous 
crop,  but  the  net  average  for  Tea  was  somewhat 
lower  for  the  period  under  review. 
Tka. — During  the  eleven  months  from  January  1st 
to  November  30th,  the  total  number  of  packages 
from  Ceylon  Estates  disposed  of  at  Public  Auction, 
amounted  to  962,000,  realising  8,id.  per  lb.  average 
compared  with  896,800  at  8Jd.  per  lb.  for  the  same 
Eeriod  in  1895,  so  that  the  result  should  on  the  whole 
e favourable  to  the  trade  of  the  Island,  owing  to 
the  larger  out-turn,  although  the  price  realised 
shows  a falling  off.  Deliveries,  moreover,  about  kept 
pace  with  the  fuller  supply,  and  the  London  Bonded 
Stock  ou  the  31st  October  only  shewed  a small  iu- 
Names  of  Estate. 
Tea. 
o3  o 
O 
o 
a 
as  - 
Ji  u 
a a 
r-  nj 
oi 
60 
eS 
0> 
O 
o 
H 
Alloowiharie  Group 
117 
400 
153 
670 
Andangodde  Estate 
135J 
— 
40i 
176 
Fetteresso  Estate 
405 
— 
33 
438 
New  Peradeuiya 
458^ 
Estate 
386.^ 
174 
544 
North  Matale  Group 
296 
822 
459 
1577 
Owella  Estate 
26 
75i 
1.59i 
261 
Rickarton  Estate 
500 
96 
696 
Strath isla  Group 
127 
216 
59 
402 
Forest  Land 
— 
430 
430 
1993i 
1530^ 
14844 
6008^ 
Since  the  date  of  the  last  Report,  the  litigation 
therein  referred  to,  which  your  Directors  felt  com- 
pelled to  enter  upon  with  the  Company’s  late  Ceylon 
Agents,  has  been  brought  to  a successful  issue,  they 
having  paid  more  than  was  claimed,  and  would  have 
been  accepted  by  the  Company  had  an  amicable  settle- 
ment been  come  to  at  the  beginning.  Y’’our  Chair- 
man, shortly  after  his  arrival  in  Ceylon,  discovered 
that  the  late  Agents  had  debited  the  Company  with 
unjustifiable  items  in  account;  he  therefore  instructed 
the  solic'tors  who  were  conducting  the  legal  proceed- 
ings for  the  Company  to  claim  repayment  of  such 
amounts.  The  result  of  the  proceedings  was  that 
after  protracted  negociations,  initiated  by  the  defen- 
dants, and  shortly  before  the  date  fixed  for  the  trial, 
j’our  Chairman  decided  to  accept  an  offer  that  was 
made  by  them  (the  defendants)  which  settled  the 
amount  at  their  debit  in  the  Company’s  books, 
covered  estimated  amount  of  costs  and  charges  con- 
nected with  the  litigation,  also  the  Chairman's  ex- 
penses during  his  prolonged  absence,  and  in  addition 
left  a balance  to  credit  profit  and  loss  account  with. 
The  crop  prospects  for  the  season  1896-97  appear 
to  be,  so  far,  favourable,  and  according  to  last  re- 
ports the  estates  were  in  excellent  condition. 
Your  Directors  are  pleased  to  learn  from  reports 
brought  homo  by  your  Managing  Director  that  ho 
considers  the  present  stall  of  pnperinten^^ts  \ 
