June  i,  1897.] 
THE  TROPICAL  AGRICULTURIST. 
847 
attention  of  importers  of  Ceylon  tea  to  tlie  im- 
lierative  necessity  for  complying  with  the  conditions 
of  the  danse  referred  to,  so  that  buyers  may 
operate  with  tlie  fullest  confidence  in  the  future.” 
The  Committee  pointed  out  that  inasmuch  as 
careless  or  neglected  bulking  of  necessity  involves 
unreliable  samples,  the  complaint  is  undoubtedly 
a serious  one;  and  they  regretted  to  find  on  iu- 
iiuiry  that  the  complaint  was  not  altogether  un- 
founded. The  Committee  of  the  Indian  Tea 
Association  have  called  the  attention  of  importers 
ol  Indian  tea  to  the  matter. 
Before  this  letter  reaches  you,  Messrs.  Gow,  Wil- 
son & Stanton’s  work  on  the 
TKA  rUODUCING  COMPANIES  OF  INDIA  AND 
CEYLON 
will  be  in  your  possession.  I had  a talk  with  Mr. 
Wilson  today  about  the  book,  further  supi)lies 
of  which  are  being  loudly  called  for  from  the 
publishers.  Mr.  Wilson  tells  me  that  the  main 
object  of  the  book— which  is  to  bring  to  the 
notice  of  the  public  the  fact  that  there  is  a 
very  large  Held  for  investment  of  capital  in  the 
tea-producing  industry —seems  likely  to  be 
attained,  judging  by  the  large  amount  of 
notice  it  has  .attracted  in  the  Lomion  and 
provincial  newspapers.  Lengthy  notices  have 
appeared  in  the  Manchester  Guardian,  the  New- 
castle Daily  Chronicle,  the  Statist,  the  Dundee 
Advertiser,  the  Scotsman,  the  London  Telegraph 
and  the  Money  Market  Review,  and  siiortor 
notice.s  in  scores  of  other  [lapers  in  all  parts  of 
the  country.  This  bold  advertisement  of  the 
British-grown-tea  enterprise  must  do  good.  The 
Economist,  in  the  course  of  a very  friendly  review, 
remark  that  the  authors  do  not  offer  any  opinion 
{IS  to  the  extent  to  which  the  new  areas 
steadily  being  brought  into  ciiltivation  both  in 
Inuia  and  Ceylon  .are  likely  to  .affect  the  refa- 
tions  of  supply  and  tlemaud.  In  its  leading  .article 
last  Saturday  the  Financial  Times  names  the 
compilation  “ The  Tea  ‘ Bunlett’  ” and  deals  at 
gre.at  length  with  the  tea  industry  from  the  in- 
vestor’s point  of  view.  Speaking  from  this  point 
of  view  Messrs.  Gow,  Wilson  & Stanton  mention 
several  features  shown  by  tea  companies  as  being 
especially  satisfactory.  The  statement  of  this  side 
of  the  case,  saj^s  the  Financial  Times,  is  un- 
doubtedly coirect  as  regards,  by  far  tlie  greater 
numbers  of  these  companies,  though  an  exception 
could  be  ])oiuted  out  here  and  there.  It  may 
be  objected  against  the  book  that  it  only  brings 
the  history  of  the  large  majoiity  of  the  com- 
panies up  to  the  end  of  189d,  l)ut  it  was  im- 
po.ssible  to  do  more  than  this,  except  in  one  or 
tw'o  c.ases,  since  tlie  rejiorts  of  most  of  them 
for  1.S90  will  not  be  issued  until  May  or  July 
next.  For  last  year  the  consumption  of  Ceylon 
tea  is  given  at  80,294,000  lb.,  or  35  per  cent  of  the 
total.  All  this,  s.ays  the  Financial  Times,  is  very 
re-assuring  for  holders  of  India  and  Ceylon  [iro- 
ducing  companies’  shares  ; and  almost  equally  so 
is  the  increase  in  consumption  of  tea  per  head 
of  the  population.  In  fact,  we  h.ave  almost  as 
good  a right  now  to  be  called  a nation  of  tea- 
drinkers  as  we  have  to  be  called  a nation  of  beer- 
drinkers. 
The  Acme  Tea  (,’uest  Company  are  likely  to 
send  out  their  Assistant  Manager,  Mr.  II.  J. 
Stewart  Brown,  to  exploit  Ceylon.  The  Acme 
is  taking  wonderfully  in  India  and  is  becoming 
a big  industry  as  may  be  seen  from  the  extract 
given  elseivliere  entitled  “ New  Industry  for  Gl.as- 
gow,” 
TEA  BULKING. 
A recent  mail  brings  us  news  ot  a great  outo  y from 
the  Associ.ated  Wholesale  'l  ea-dealers  in  London 
against  the  carelessness  displav.'d  in  respect  of  the 
bulking  of  Ceylon  tea  offered  iit,  public  sale.  The 
'Tcaand  ProduceCommitteeof  the  Ceylon  Association 
in  London  have  met  to  investigate  the  charge,  and 
have  practically  entered  a plea  of  “Guilty”  on 
behalf  of  their  clients  - or  at  any  rate  of  some  of 
them.  Of  course,  neglect  of  bulking  is  a very 
serious  matter,  as  everjdjody  is  iiware  who  know's 
anything  of  the  method  of  operations  in  the  tea 
trade.  Bulking  in  London  is  a very  costly  thing,  and 
though  only  an  unscrupulous  importer  would, 
to  save  charges,  deliberately  violate  established 
conditions  of  sale,  it  has  come  out  in  the  in- 
quiry made  by  the  Ceylon  Association  Com- 
mittee that  there  is  .sometimes  a certain  loose- 
ness of  statement  .as  to  whether  p.arcels  of  tea 
have  really  gone  through  the  bulking  proce.ss 
before  leaving  Ceylon.  'The  long-suH'ering  whole- 
salers do  well  to  he  angry  when  they  come  across 
more  than  a stiay  instance  or  two  in  which 
sample  and  bulk  seem  to  be  almost  entire 
strangers  to  one  another ; but  they  cannot  com- 
plain of  the  spirit  in  which  they ’ have  been  met 
by  the  Ceylon  Associ.ation  (and  by  the  Indian 
Association,  for  Indian  tea  was  complained  of, 
too).  No  doubt  the  representations  of  the  Asso- 
ciation will  receive  due  consideration  in  the 
proper  quarter. 
THE  PAN  AW AL  TEA  COMPANY,  LIMITED. 
Report  of  the  Directors  of  the  Panawal  Tea  Com- 
pany, Limited,  to  he  presented  to  the  Shareholders 
at  the  Fifth  Annual  Ordinarj’  (General  Meeting,  to 
be  held  on  Friday,  23rd  April,  1897,  at  the  Office  of 
the  Company,  39,  Victoria  Street,  Westminster,  S.  W. 
at  3 o’clock  in  the  afternoon.  ’ 
The  Directors  have  the  pleasure  to  submit  the 
General  Balance  Sheet  and  Profit  and  Loss  Account 
for  the  year  ending  December  31st,  1896,  duly 
audited  : — 
The  net  amount  at  credit  of  pro- 
fit and  loss  account,  including 
balance  brought  forward  at 
31st  December,  1895,  after  pro- 
viding for  General  Expenses, 
Directors’  and  Auditors’  Fees. 
An  interim  Dividend  of  4 per 
cent,  on  the  Ordinary  Shares 
for  the  half-year  ending  30th 
-Tune,  was  paid  3rd  October, 
1896,  amounting  to 
It  is  proposed  to  pa.y  a final 
Dividend  on  the  Ordin.ary 
Shares  from  1st  July  to  31st 
December,  1896,  at  the  rate  of 
4 per  cent,  (making  a distribu- 
tion for  the  year  of  8 per  cent, 
free  of  Income  Tax),  wbicli 
will  absorb 
Dividends  on  the  7 per  cent. 
Cumulative  Preference  Shares 
were  paid  for  1896  in  full, 
amounting  to 
It  is  proposed  to  write  off  part 
of  the  cost  of  New  Extensions, 
Machinery,  &c..  completed 
during  the  year 
Leaving  to  be  carried  forward  to 
next  year  a bala.;cc  of 
680  0 0 
680  0 0 
371  0 0 
213  17  7 
90  15  4 
f 8.  d. 
2,035  12  11 
mi  t,  *2,035  12  11  £2  035  19  i 
The  Duectors  recommend  the  distribution  of  a div 
dend  at  the  rate  of  4 per  cent,  on  the  Ordinary  Shaw 
of  the  Company  from  1st  July  to  31st  December  i*q, 
making,  with  the  Interim  dividend  paid  to  30th ’jun 
