7H 
THE  TROPICAL  AGRICULTURIST.  [April  i,  189 
The  Directors  have  now  the  pleasure  to  submit 
their  first  annual  report  and  accounts,  being  those 
for  the  year  ending  31st  December  last.  The  yield 
of  Tea  during  the  period  has_  been  176,410  lb.  costing 
29’66  cts.  and  realizing  55'85  cts.  per  lb. 
As  will  we  seen  from  the  accounts  the  nett  pron^ 
for  the  year  amount  to  K33,348'58,  after  writing  on 
one-third  of  the  perliminary  expenses.  interim 
dividend  of  4 per  cent  wasdeclared  on  the  I4tn 
August,  absorbing  R16, 40000,  and  the  Directors  re- 
commend a final  dividend  of  4 P®i' 
8 per  cent  for  the  year.  The  sum  of  R548'o8  will 
then  be  left  to  be  carried  forward  to  the  current  year  s 
account.  ,,  m • <. 
The  Estimate  for  1897  is  190,000  lb.  Tea_against 
an  expenditure  on  working  account  of  B55,605-50. 
In  terms  of  the  Articles  of  Association  all  the 
Directors  new  retire  but  are  eligible  for  re-election. 
The  appointment  of  an  Auditor  for  the  current 
year  will  rest  with  the  meeting. 
^ 
THE  HIGH  FORESTS  ESTATES  COMPANY 
LIMITED. 
The  annual  ordinary  general  meeting  of  the 
above  Company  was  held  at  the  Company  s 
Ollices,  No.  7,  (iueen  Street,  Fort,  Colombo,  at 
3 p.m.  on  Monday,  22nd  ^larcli. 
The  Report  is  as  folloAvs  : 
ACBEAGE. 
Tea  in  bearing  . . 432  acres. 
,,  in  partial  bearing  103  „ 
„ not  in  bearing  . . 53  „ 
,,  planted  in  1896  ..  246  ,, 
Forest  and  Patna 
834  acres. 
798  „ 
Total  . . 1,632 
have  pleasure  in  submitting  to 
The  Directors  have  pleasure  in  submitting  to  the 
Shareholders  the  Account  of  the  Company  for  the  past 
^ The  total  crops  secured  were  146,861  lb.  tea,  which 
realized  a net  average  of  53  cents  per  lb.  and  5,513  lb' 
Cinchona  bark  at  a cost  of  E48,287-47  on  working  ac- 
*'°After  making  ample  provision  for  depreciation  of 
Buildings  and  Machinery  the  result  of  the  year’s  work- 
ing shows  a profit  of  B25,942'90,  from  which  falls  to  be 
deducted  the  balance  at  debit  (E3,608-54)  brought  for- 
ward from  1895.  This  leaves  a sum  of  R22,334'36 
available,  and  the  Directors  now  recommend  the  pay- 
ment of  a dividend  of  24  per  cent,  which  will  absorb 
R20  000  and  leave  a balance  of  E2  384.36  to  be  carried 
forvvard  to  the  current  year’s  accounts. 
For  the  information  of  Shareholders  a copy  of  Mr. 
Megginson's  report  on  the  Estate,  dated  6th  March, 
1897  is  issued  with  this  report.  The  reasons  for  the 
shortfall  in  the  crop  are  fully  given  therein.  The  Di- 
rectors  have  every  confidence  that  tne  ctiri’ent  year  s 
working  will  show  more  satisfactory  results. 
During  1896  a sum  of  R43,886'50  was  expended  on 
the  opening  of  the  246  acres  and  on  nurseries, 
R26  139T7  on  buildings,  and  R19,563'67  on  machin- 
prv  ’ The  expenditure  on  Captal  Account  during  1897 
is  estimated  at  R58,977,  viz;  R14,750  on  completing 
the  extension  of  the  Factory',  Bungalow,  Lines,  etc., 
R4  2.50  on  new  machinery,  and  R39,977  on  the  upkeep 
of  the  young  tea  and  in  opening  up  a further  216  acres. 
To  meet  this  Capital  expenditure  the  Directors  m Sep- 
tember last  gave  notice  of  a call,  payable  on  1st  Jan., 
1897  of  R150  per  share  on  the  pa'rt-paid  shares,  which 
'^^The^yiefd  "ot^e^  in  i897  is  estimated  at  200,000  lb. 
against  an  expenditure  of  R64,090. 
^During  the  past  year  Mr,  G.  W.  Carlyon  resigned  his 
seat  on  the  Board  and  Mr.  C.  A.  was  an- 
Dointed  to  the  vacancy.  Subsequently  Mr,  C.  A. 
Eeechman  resigned  and  Mr.  F.  W.  Bois  on  the  in- 
vitation of  the  other  Directors,  accepted  the  vacant 
seat. 
Under  the  articles  of  Association  all  the  Di- 
rector.? now  retire  from  oflice  but  are  eligible  for  re- 
election. 
The  appointment  of  an  Auditor  for  the  current  year 
will  rest  with  the  meeting. 
By  order  of  the  Directors,  Whittale  & Co.,  Agents 
and  Secretaries. 
Colombo,  11th  March,  1897. 
♦ 
COLOMBO  COMMERCIAL  COMPANY, 
LIMITED. 
The  following  is  a copy  of  the  Directors’  report, 
which  was  presented  at  the  second  ordinary  general 
meeting  held  in  London  on  the  16th  inst. 
The  Directors  now  present  the  following  annual 
accounts  to  shareholders,  viz.  : — 
Profit  and  loss  account  for  the  year  ending  30th 
September,  1896. 
Balance  sheet  made  up  to  30th  September,  1896. 
The  year’s  operations  have  resulted  satisfactorily, 
and  the  Directors  are  able  to  recommend  the  pay- 
ment of  the  following  dividends  free  of  Income  Tax  : — 
Dividend  in  full  on  the  6 per  cent. 
Preference  shares  for  the  year  £ 
ending  30th  September,  1896  . . 1,091  2 0 
Dividend  of  8 per  cent,  on  the  Ordi- 
shares  for  the  same  period  . . 5,600  0 0 
6,691  2 0 
After  payment  of  these  Dividends  there  will  remain 
the  sum  of  £415  15s.  3d.  to  be  carried  forward  to 
next  account. 
During  the  year  the  six  per  cent.  Debentures  have 
been  converted  into  debentures  bearing  four  and  a 
half  per  cent,  interest,  and  an  additional  sum  of 
£4,000  has  been  issued  at  this  rate.  It  is  the  pre- 
sent intention  of  the  Board  to  pay  off  £4,000  of  five 
per  cent,  debentures,  maturing  on  30th  September, 
1897. 
The  Liquid  Assets  in  Ceylon  appears  in  the  Com- 
pany’s accounts  at  an  exchange  of  Is.  Id,  per  rupee 
the  present  value  of  the  rupee  being  about  Is,  3d. 
It  will  be  seen  by  the  profit  and  loss  account 
that  the  sum  of  £2,007  8s.  4d.  has  been  transferred 
to  exchange  reserve  against  capital  expenditure.  The 
board  are  glad  to  report  that  they  have  been  en- 
abled to  make  such  a substantial  addition  to  this 
account  during  the  year  ; inclusive  of  this  sum  the 
amount  appearing  under  this  heading  is  now 
£19,000. 
Braybrooke  Lodge,  a property  adjoining  the  Com- 
pany’s mills  at  Colombo,  was  in  the  market,  and 
in  view  of  the  extension  of  the  Company’s  busi- 
ness the  Directors  considered  it  advisable  to  se- 
cure it.  The  purchase  has  been  completed,  and  the 
cost  has  been  written  off  in  the  accounts  now 
presented. 
Mr.  Brown  went  to  Ceylon  last  November,  and 
is  expected  to  return  in  time  to  take  the  Chair  at 
the  forthcoming  meeting. 
The  Directors  are  glad  to  report  that  the  pros- 
pects of  the  Company  are  favourable,  and  they  also 
have  much  pleasure  in  acknowledging  the  valuable 
services  rendered  by  the  Company’s  Manager  and 
staff  in  Geyton  during  the  past  twelve  months. 
On  the  retirement  of  Mr.  H.  H.  Potts  from  the 
Board  through  ill  health,  the  Directors  elected 
Mr.  P.  C.  Oswald  to  the  vacancy.  Under  clause 
No.  95  of  the-  Articles  of  Association,  Mr.  Oswald 
retires  from  the  Board  on  this  occasion,  and,  being 
eligible,  offers  himself  for  re-election. 
Messrs.  Deloitte,  Dever,  Griffiths  & Co.,  the 
Auditors,  also  offer  themselves  for  re-election. 
By  order,  J.  ALEC  ROBERTS, 
Secretary 
London,  March  5th,  1897. 
