6t6 
THE  TROPICA! 
AGRICULTURIST. 
[March  i,  1S97. 
LON  HILLS  TEA  ESTATES  CO.,  LD. 
Tlie  annual  general  meeting  of  the  shareliohlers 
of  this  Company  was  held  or.  the  15lIi  Eeh. 
in  the  otiice  of  Messrs.  Ijosanc^uet  A'  Co.  Present  • — 
Messrs.  J.  H.  Kenton  in  the  Chair,  W.  M . Kenny, 
G.  C.  Walker  by  his  Attorney  Mr.  J.  W.  Forbe.s, 
W.  C.  Brodie,  A.‘  V.  Kenton,  A.  AV.  Tlieniing,  J.  D. 
Balfour  by  pro.xy.  Tlie  home  shareholders  were 
all  represented  by  proxy.  In  laying  the  Directors’ 
report  and  statement  oi  the  Company  s accounts  as 
for  the  2lst  Deceml)er  last  before  the  meeting,  the 
Chairman  explained  how  it  was  thattlie  estimate  of 
crop  had  not  been  full?  realised  and  pointed  out  that 
bitter  results  might  reasonably  be  expected  this 
year.  Mr.  J.  H.  Kenton  pruposedt  he  adoption  of  the 
report,  Mr.  Walker  seconded  and  the  motion  was 
earned  unanimously. 
Mr.  Walker  proposed  and  Mr.  Brodie  seconded 
that  a dividend  at  the  rate  of  0 per  cent,  per 
annum  be  paid.  Carried  unanimously.  Mr. 
Unwin  proposed  and  Mr.  Brodie  secomled  that 
Ml.  W.  W.  Kenny,  the  retiring  Director,  be  re- 
elected. Carried  unanimously. 
STINSEOKD  TEA  COMPANY. 
The  first  ordinary  general  meeting  of  the  share- 
holders of  this  Company  was  held  on  the  15th  F eb. 
in  the  otiice  of  Messrs.  J.  M.  Kobertson  A Co.  Mr. 
W.  Forsythe  presided  and  the  others  present 
were  Messrs.  F.  W.  Bois  and  W'.  Moir  by  his 
attorney  Mr.  V.  A.  Julius. 
The  report  of  the  directors  was  submitted  as 
follows  : — 
The  Directors  have  now  to  render  their  first  Report 
and  Accounts,  being  those  for  the  season  ending  iJlst 
December,  189G. 
The  quantity  of  tea  received  from  the  two  Estates 
Waa  lboai7  lb.  which  is  considerably  under  the  esti- 
mate iheshortfaU  being  upon  the  Ivies  estate,  where 
IhH  result  of  the  year  has  been  most  disappointing. 
£ consequence  of  a scarcity  of  labour  at  the  com- 
mencement of  the  season  pruning  was  unduly  delayed 
The  'LVa  Factory  also  was  not  fiually  completed  until 
the  both  of  June  and  the  crop  lor  the  first  half  of 
the  year  was  manufactured  in  a neighbouring  factory 
It  a cost  of  10  cents  per  lb.  Prospects  for  the  new 
■easoii  are  favorable  on  both  properties. 
d'he  Directors  trust  that  then  next  annual  Report 
«iit  indicate  better  returns,  as  labour  is  now  plenti- 
ful and  the  1B97  crop  is  estimated  at  217,.500  lb.  of 
made  Tea. 
acres  of  young  Tea  upon  Stinsford  will  be  in 
^artia^  bearing  the  latter  half  of  1897,  and  the 
acrU  planted  in  1896  with  Nahaketti  Indigenous 
is  now  growing  satisfactorily.  , .u- 
30  acres  of  new  land  are  being  opened  this  year  upon 
Ivies  and  the  work  is  well  in  hand. 
The  result  of  the  season  shews  a profit  of  R21,941-46, 
and  the  Directors  recommend  that  a dividend  of  6 per 
cent  on  the  capital  of  the  Company  be  paid  absorb- 
inff  R18  QUO  and  that  the  balance  of  ii3,9Al4b  be 
carried  forward  to  the  next  account. 
In  accordance  with  the  Articles  of  Association  all 
the  Directors  retire,  but  being  eligible  offer  them- 
selves for  relection. 
It  will  also  be  necessary  to  appoint  an  auditor  or 
season  1897. 
The  report  and  accounts  were  pa.ssed  and  a 
dividend  of  0 per  cent  wa.s  declared.  The  diiec- 
fn™  were  re-elected  and  Mr.  Jol.n  Gutlum  ap- 
pointed auditor  lor  IShT- 
THE  GI.ASGOW  ESTATE  CO.MPANY,  LD. 
TKA  AND  COFFEE. 
The  annual  ordinary  general  meeting  of  share* 
holders  of  tlie  above  Company  was  held  at  the 
Company’s  Ottice.s,  No.  7,  Gueeu  Street,  Fort, 
Colombo,  on  Saturday,  February  13Lli,  1879,  at 
12  noon. 
Pre.sent : — Mr.  J.  G.  "NVardrop,  Chairman} 
Directors  ; Messrs.  A.  Thom.son,  Thos.  Mackie, 
E.  J.  Young.  The  following  shareholders  were 
represented  by  their  attorneys  : — Mr.  E.  John  by 
Mr.  K.  .lohn  ; Mr.  (1.  C.  NV'alker  by  Mr.  Jas. 
Forbes;  Mr.  G.  \V.  Carlyon  by  Mr.  A.  Thomson; 
Mr.  \V.  H.  G.  Duncan  by  Mr.  A.  Thomson. 
Mr.  Wardrop  having  taken  the  chair,  tlie 
notice  convening  the  meeting' ivas  read. 
The  re}iort  and  accounts  of  the  Company  as 
published  were  adojited,  and  a linal  dividend  of 
9 per  cent,  was  declared  and  made  payable 
forthwith. 
Mr.  Alex  Thomson  was  re-elected  a Director 
and  Mr.  Hercules  J.  Scott  was  appointed  Auditor 
for  this  year. 
A vote  of  thanks  to  the  Chair  closed  the  pro- 
ceedings.  
RKPORT. 
ACREAGE, 
Tea  in  full  bearing 
433 
acres. 
Do.  partial  bearing 
157 
♦) 
Do.  not  in  bearing 
46 
Grass 
2 
Jungle,  A'c. 
76 
Total  Estate  . 
. 714 
acres. 
The  Directors  have  pleasure  in  submitting  to  the  Share- 
holders the  accounts  of  the  Company  for  the  past  year. 
The  crops  secured  amounted  to  232,013  lbs.  of  Tea 
and  260  bushels  Coffee,  as  against  232,239  lbs.  Tea 
and  562  bushels  Coffee  iu  1895.  The  net  average  prices 
realized  wore  58  01  cents  per  lb.  for  Tea  and  R16'94  for 
Coffee  respectively,  as  against  58i  cents  and  R18  res- 
pectively in  the  preceding  year. 
After  making  the  usual  provision  for  depreciation 
of  Buildings  and  Machinery,  the  resuit  of  the  year’s 
working,  including  a small  balan.ie  from  1895,  shews 
a profit  of  R64,538’98,  equal  to  about  19J  per  cent 
on  the  Capital  of  the  Company,  as  against  21j  per 
cent  in  the  previous  year.  The  reduced  revenue  is 
due  to  the  smaller  Coffee  crop  secured.  This  latter 
product  having  ceased  to  be  profitable,  the  trees  re- 
maining on  tlie  Estate  are  now  being  cut  out  and 
larger  returns  from  the  Tea  fields  from  which  they 
are  being  removed  will  doubtless  result. 
An  interim  dividend  of  8 per  cent  was  declared  on 
the  8th  August  last,  and  the  Directors  now  recom- 
mend the  payment  of  a final  dividend  at  9 per  cent, 
making  17  per  cent  lor  the  year.  They  further  re- 
commend tliat  the  sum  of  R8,000  be  added  to  the 
Extension  Fund,  and  that  after  payment  of  R200  extra 
fees  to  the  Dire  ctors  in  terms  of  the  resolution  passed 
on  18th  February,  1893,  the  balance  of  Rl,088'98  be 
carried  forward  to  the  current  year’s  aceount. 
During  the  past  year  good  progress  has  been  made 
with  the  Turbine  Installation  referi'ed  to  iu  the 
last  Annual  Report,  and  the  Directors  look  for  its 
completion  during  the  current  month.  Tlie  work  has 
been  found  to  be  much  heavier  than  was  anticipated, 
and  as  -will  be  seen  from  the  accounts  now  submit- 
ted, the  sum  expended  under  this  head  to  31st  Decem- 
ber last  amounted  to  R26,696'94.  It  is  expected  that 
a further  sum  of  about  116,700  will  he  required  to 
complete  the  undertaking,  the  total  c ost  of  which 
the  Directors  suggest  should  bo  charged  against  the 
Extension  Fund.  The  Capital  Account  outlay  incurred 
during  the  past  year  anionnted  to  R6,214‘48  for  ad- 
ditions to  Buildings  and  Machinery  aud  on  the 
opening  of  a new  Tea  clearing  of  15  acres  iu  extent. 
The  estimates  for  the  current  year  arc' 250,000  lbs. 
made  Tea  again.st  an  expeiidituro  on  Working  .Vecount 
of  R67,697’50.  It  is  proposed  to  open  a further  clear- 
ing of  15  acres  during  the  year  in  ooiiuoctiou  with 
