April  r,  1897.]  THE  TROPICAL  AGRICULTURIST.  669 
THE  CEYLON  PROVINCIAL  ESTATES 
COMPANY,  LIMITED. 
Tlie  second  ordinary  general  meeting  of  tlie 
aliareliolders  of  litis  Company  was  lield  at  Colombo 
on  tlie  27tli  Feb.,  when  tlie  following  report 
Nvas  presented  and  adopted  : — 
The  Directors  have  the  pleasure  iu  submitting  their 
report  for  the  past  year,  1896,  together  with  a state- 
ment of  accounts  shewing  the  results  of  the  Com- 
pany's work  from  1st  August  to  31st  December  last. 
The  accounts  now  submitted,  taken  in  conjunction 
with  those  laid  before  the  meeting  held  on  the  5th 
September  last,  cover  the  Company’s  operation  for 
the  whole  of  1896. 
The  expenses  incurred  in  forming  the  Com- 
pany, and  the  legal  and  other  outlays  attendant 
upon  the  purchase  of  the  three  properties,  amount 
to  R9,074'63  altogether,  and  after  providing  for  that 
out  of  revenue  the  net  earnings  for  the  year  come 
to  R61,567'99. 
On  the  5th  September  last  a dividend  of  4 per  cent 
was  declared,  and  out  of  the  amount  now  at  credit 
of  the  Profit  and  Loss  account  the  Directors  recom- 
mend that  a further  dividend  of  5 per  cent  be  paid, 
in  respect  of  the  shares  entitled  to  participate  mak- 
ing 9 per  cent  for  the  year.  The  balance  after  set- 
ting apart  a sum  of  R500  to  meet  remuneration  to 
the  Directors  they  have  decided  to  employ  in  pro- 
viding, as  far  as  it  will  go,  for  what  the  Company 
has  spent  during  1896  in  adding  to  the  cultivated 
area  of  the  estates. 
The  Tea  extensions  in  1896  represent  63  acres  al- 
together (50  on  Brownlow  and  13  on  Glassaugh), 
and  it  is  in  contemplation  to  clear  and  plant  30 
acres  more  on  Brownlow  in  1897. 
Since  the  Shareholders  met  in  September  last  the 
purchase  of  Aadneven  Estate  has  been  concluded. 
The  consideration  given  for  it  was  £6,085  sterling 
in  cash,  and  12'2  shares  of  the  Company  taken  at 
a premium  of  40  per  cent.  The  area  of  the  property 
extends  to  188  acres  altogether,  of  which  170  acres 
are  under  Tea  cultivation. 
The  total  Tea  Crop  harvested  in  1896,  inclusive  of 
some  small  sales  on  the  Estates,  was  368,367  lb.  but 
in  the  case  of  Aadneven  the  Company  got  the  bene- 
fit of  4 months’  yield  only  (September-December). 
The  average  selling  price  of  the  Tea  was  about 
48'82  cents”  per  lb.  and  the  coat  of  production  26.80 
cents  per  lb.  approximately. 
The  Estimates  for  1897  point  to  an  output  of 
370,000  lb.  of  Tea  from  the  three  Estates  which  it  is 
expected  will  be  put  on  the  market  for  about  27'60 
cents. 
The  following  statement  shews  the  area  of  the 
Company’s  properties: — 
Glassaugh  and 
Aadneven. 
Brownlow. 
Total. 
Acres. 
Acres. 
Acres. 
Tea  in  full  bearing 
426 
400 
826 
, in  partial  „ 
34 
— 
34 
„ not  in  bearing 
28 
50 
78 
Forest 
23 
62 
85 
Waste  and  Grass 
21 
72 
93 
Total  acres.  .532 
584 
1,116 
YOG  AN  TEA  COMPANY,  LD. 
The  annual  general  meeting  of  shareholders  of 
the  Vogan  Tea  Company  took  place  at  Colombo 
on  the  27th  Eeb. 
The  Annual  Report  was  as  follows : — 
The  directors  have  pleasure  iu  submitting  to  the 
shareholders  their  report  and  accounts  for  the  year 
ended  3 1st  December  1896  which  they  think  will  be 
considered  satisfactory. 
The  estimated  crop  for  Vogan  and  Iddagodde  was 
265,tXJ0  lb.,  and  for  Barkindale  and  Stamford  HilJ 
84 
77,000  lb.,  i.  e.,  342,000  lb.,  and  the  crop  actually 
secured  was  as  follows 
lb.  per  lb. 
Vogan  and  Idda-  realising  a net  average 
godde  . . 275,606  price  of  cts.  . . 41-39 
Barkindale  and  realising  a not  average 
Stamford  Hill  87,791  price  of  cts.  ..  53'02 
Total..  363,460  lb.,  averaging  cts.  4T23 
The  laid  down  cost  in  Colombo  was  for  : — 
per  lb. 
Vogan  and  Iddagodde  . . cts.  23  06 
Barkindale  and  Stamford  Hill  ..  cts.  31’35 
or  an  average  of  cts.  25'03  per  lb.,  which  includes 
a sum  spent”  on  manure  of  R4, 638-41,  and  the  cost 
of  making  Iddagodde  tea  in  Pantiya  Factory  for 
the  first  five  months  of  the  year,  aud  of  Barkindale  , 
and  Stamford  Hill  teas  in  Auutield  and  Ottery  Fac- 
tories respectively  for  the  whole  year. 
During  the  year  under  review  77  acres  of  tea 
were  opened  on  Vogan  estate,  and  a further  70 
acres  of  forest  were  felled  and  burnt  off  out  of  100 
acres  to  be  planted  in  1897.  For  the  latter,  nur- 
series of  dark-leafed  Manipuri  Indigenous  Seed  have 
been  laid  down. 
At  the  extraordinary  general  meetings  of  the  Com- 
pany  held  on  the  12th  and  28th  December-  last, 
the  shareholders  authorised  the  directors  to  accejrt' 
the  purchase  of  about  210  acres  of  land  adjoipiHia.,,^. 
Vogan  and  Iddagodde  estates,  made  by  their-autho-.''* 
rity  from  Government,  and  this  addition  to  the 
Company’s  property  is  a valuable  one.  At  the  same 
the  directors  were  authorised  to  issue  debentures 
from  time  to  time  as  required  for  the  purposes  of, 
the  Company,  the  aggregte  not  to  exceed  R100,000' 
at  7 per  cent  interest  or  less,  on  such  terms  of 
repayment  and  for  sirch  periods  as  they  may  deem 
expedient. 
Up  to  the  J7th  of  this  mouth  Debentures  to  the 
extent  of  R49,000  have  been  issued  bearing  interest 
at  7 per  cent,  and  this  rate  of  interest  will  be  the 
rate  for  the  balance  of  the  Debentures  when  issued. 
The  Acreage  of  the  Company’s  Estates  is  as 
follows : — 
Vogan  and  Iddagodde  518  Acres  Tea  iu  bearing 
24J  „ ,,  in  partial  bearing 
1263  „ „ not  in  bearing 
590  „ ,,  Jungle 
70  ..  ..  „ (felled) 
Barkindale  & Stamford 
Hill 
2-20  „ Tea  iu  bearing 
Total..  1,549  Acres 
After  writing  off  R2,731-53,  half  the  amount  of  pre- 
liminary expenses,  and  setting  aside  R3,000  for  de- 
preciation of  Buildings  and  Machinery,  the  balance 
available  for  distribution  amounts  to  R58,520‘09. 
Of  this  sum  R28,800  were  absorbed  by  the  pay- 
ment of  an  interim  dividend  of  4 per  cent  for  the  six 
months  ended  30th  June  last,  aud  the  Directors  now 
recommend  a further  dividend  of  4 per  cent  for 
the  last  six  months,  making  8 per  cent  for  the  year, 
and  the  carrying  forward  of  the  balance  R920-08  to 
the  next  account. 
As  the  Share  Capital  of  the  Company  was  not 
finally  called  up  till  about  the  middle  of  February, 
1896,  the  Profit  is  really  the  result  for  under  eleven 
months. 
The  iron  work  of  the  new  Factory  on  Stamford 
Hill  is  erected  and  it  is  hoped  that  the  Company's 
Tea  will  be  manufactured  there  from  some  time  in 
April  next. 
The  estimated  Crop  for  1897  on  Vegan  and  Idda- 
godde is  300,000  lb.  Tea,  aud  on  Barkindale  and 
and.  Stamford  Hill  104,000  1b. 
In  accordance  with  the  Articles  of  Association 
all  the  Directors  retire,  but,  being  eligible,  offer 
themselves  for  re-election. 
It  will  also  be  necessary  to  appoint  an  Auditor 
for. 1897. 
By  order  of  the  Directors, 
Lee,  Hedges' & Co., 
Agents  lO  kleerctanes, 
Colombo,  Ftbruary,  18th  189J. 
