June  Ij  1897.] 
THE  TROPICAL  AGRICULTURIST. 
''^59 
cent,  (free  of  income  tax),  making  10  pec  cent,  for 
Ihe  year,  be  declared,  payable  forthwith.” 
Proposed  by  Mr.  PoRTEa,  seoomled  by  Mr.  Sivip- 
son: — '‘That  Mr.  G.  W.  Paine  be  re-elected  a dir- 
ector.” 
Proposed  by  Mr.  Stocks,  secoii.led  by  Mr.  J.  C. 
Anderson: — “That  Messrs.  C.ipe  and  Dalgleisli  be 
re-elected  auditors  for  the  ensuing  year.” 
Proposed  by  Mr.  G.  \V.  Paine,  seoondel  by  Mr. 
Simpson  : — “ That  a vote  of  thanks  be  and  is  hereby 
given  to  the  Ceylon  and  London  staffs  for  their 
efficient  working  of  the  Compauj’’s3  piroperties  and 
business.” 
Proposed  by  Mr.  Andrews,  seconded  by  Mr. 
Simpson  : — “ That  a vote  of  tlianks  be  and  is  hereby 
given  to  the  chiirman  and  directors  of  the  com- 
pany.” 
In  responding,  Ihe  Chairman  mentioned  inci- 
dentally that  there  wis  a considerable  enquiry  for 
their  shares  at  .£1-1  per  J310  shave,  and  the  ]ivo- 
proeeedings  were  then  hronght  to  a clnse. 
THE  BAND.\.UAPOE.\-  CEYLON  TEA  Ct).,  Iff) 
The  fourth  annual  ordinary  meeting  of  the 
Bandarapola  Ceylon  Company,  Limited,  was  held  at 
the  office  oi  the  Company,  Hi,  Philpot  Lane,  E.C., 
on  Wednesday,  April  14,  1897,  at  2'iiO  p.  m.,  Mr. 
G.  ^V.  Paine  in  the  chair. 
Owing  to  very  few  sh.areholders  being  present 
the  proceedings  assumed  a formal  character,  and 
the  following  resolutions  wei’c  passed  unanimously 
Proposed  by  Mr.  G.  W.  Paine,  seconded  by  Mr.  C. 
J.  Scott: — “That  the  report  and  accounts  as  presented 
to  the  shareholders  be  received  and  adopted.” 
Proposed  by  Mr.  G.  W.  Paine,  seconded  by  Sir 
George  A.  Pilkington  : — “ That  a final  dividend  of  5 
per  cent,  (free  of  income  tax)  be  declared,  payable 
forthwith,  making  in  all  10  per  cent,  for  the  year.” 
Proposed  by  Mr.  G.  W.  Payne,  seconded  by  Mr,  H. 
Eraser  : — “ That  Mr.  0.  J.  Scott  be  re-elected  a 
director  of  the  Company.” 
Proposed  by  Mr.  Geo.  G.  Anderson,  seconded  by 
Mr.  D.  Andrew  : “ That  Mr.  John  Dalgleish,  C.A.,  be 
re-elected  auditor  for  the  ensuing  year.” 
Proposed  by  Mr.  G.  W Payne,  seconded  by 
Mr.  H.  Eraser:  “That  a vote  of  thanks  by  given  to 
the  Ceylon  and  London  staffs  for  their  efficient  work- 
ing of  the  company’s  property  and  business.” 
Proposed  by  Mr.  D.  Andrew,  seconded  by  Mr.  W.  D 
Camprei.l: — 'That  a vote  of  thanks  be,  and  is  hereby, 
given  to  the  chairman  and  directors  of  the  Com 
pany.” 
The  proceedings  then  terminated. 
THE  NAHALMA  TEA  ESTATES  CO.,  LD. 
The  third  annual  ordinary  general  meeting  of  the 
shareholders  of  the  Nahalma  Tea  Estates  Company, 
Limited,  was  held  at  the  offices  of  the  Company,  391 
Victoria  Street,  Westminster,  on  Tuesday  last. 
The  chair  was  occupied  by  Mr.  Arthur  Marshal!, 
Chairman  of  the.  Diiectors. 
The  Secretary  iiaviug  read  the  notice  convening 
the  meeting,  and  the  minutes  of  the  previous  meeting 
having  been  read  and  confirmed,  the  Chairman 
moved  the  adoption  of  the  rep  art,  which,  he  remarked, 
spoke  for  itself.  The  proposal  was  seconded  by  Mr. 
T'obsythe,  and  carried  unanimously. 
Mr.  Abernethy  proposed,  and  Mr.  S.  MacP>ey 
seconded,  the  payment  of  a dividend  at  the  rate  of  2 
per  cent,  on  the  ordinary  shares,  making  6 per  cent, 
for  the  year.  The  resolution  was  carried. 
The  Chair.man  then  proposed  and  Mr.  Abernethy 
seconded  the  re-election  of  Mr.  Eousyxhe,  the  director 
retiring  by  rotation.  The  resolution  was  carried 
nem  con. 
Mr.  Batten  proposed  the  re-eleciion  of  the  audi- 
tors of  the  Company  Mtsns.  Eox,  Sissons,  & Co.,  and 
the  proposal,  having  been  seconned  by  Mr.  Eorsythe, 
was  carried  unanimously. 
The  proceedings  closed  with  a vote  of  thanks  to  the 
Chairman. 
CEYLON  TEA 
LIMITED. 
50, 6, '2  Ifi  1 
Keport  of  the  Directors  to  bo  submitted  at  the 
Tenth  Annual  Ordinary  General  Meeting  of  Share- 
holders to  be  held  at  the  Office  of  the  Companv  on 
Thursday,  29th  April,  1897.  ’ 
The  Directors  have  the  pleasure  to  submit  the 
General  Balance  Sheet  and  Profit  and  Loss  Account 
for  the  year  ending  31st  December,  1896,  duly  audited. 
i-  s d.  £.  s.  d. 
The  net  amount  at  Credit 
of  Pi'ofit  and  Loss  Account, 
including  balance  brought 
forward  at  31st  December, 
1895,  and  after  providing  for 
General  llxpenses,  Direntors’ 
Pees,  Tneomr-  Tax,  Ac.  io 
An  intr-iim  Dividend  of  7 
ppv  cent,  on  the  Ordinary 
Sliares  wa.i  paid  2sth  October, 
1896,  aniomitiiig  to 
It  is  propo.sed  to  pay  a 
final  Dividend  of  8 per  cent, 
on  the  Ordinary  Shai'cs 
(makino  15  per  rent,  in  all, 
free  of  income  Tax)  which 
will  ahsoih 
Dividends  on  the  7 per  cent. 
Preference  Shares  were  paid 
for  1896  (less  Income  Tax), 
amounting  to 
It  is  proposed  to  add  to 
Reserve  Fund 
It  is  proposed  to  write  off 
for  Depreciation 
And  to  carry  forward  to  next 
year  a balance  of 
11,716  12  0 
13,390  8 0 
5,486  17  3 
14,542  14  9 
4,000 
1,516 
0 0 
4 1 
rru  -p.-  . , . T50,652  16  1 
Ihe  Directors  are  pleased  to  be  in  a position  to  re- 
^mmend  a total  Dividend  of  15  per  cent  on  the 
Urdmary  Shares,  this  being  the  tenth  consecutive  year 
in  which  a like  dividend  has  been  declared.  It  is 
Depreciation  the  sum  of 
£4,000,  and  to  add  £14,542  14s  9d  to  the  Reserve 
£ nnd,  which,  w’lth  the  addition  of  £4.57  .5s  .3d  derived 
from  profits  on  Sale  of  Investments  during  the 
year  will  stand  at  £85,000.  The  yield  of  tea  was 
4i0  lb.  per  acre  over  plucking  area  of  7,998  acres  have 
and  this  is  the  largest  average  outturn  the  estates 
given  since  the  formation  of  the  Company.  The 
yield  for  1895  was  437  lb.  per  acre.  tL  crop  for 
1896  was  as  under : — ^ 
„ , , ^ , Tea  manufactured 
Estate  tea  Bought  leaf  tea  for  others.  Total 
lb.  lb.  ■ 
^i63,167  505,586  1,214,843  5,483,596 
Ihe  ^oss  price  realized  for  the  Company's  teas 
sold_  m London  was  814d  as  against  8-09d  per  lb.  in 
189o.  The  average  rate  of  exchange  during  the  year 
was  unfavourable,  compared  wnth  that  for  1895  being 
Is  2 3-6  7-4d  as  against  Is  I 1-3  5-2d.  Appended  to 
this  Report  will  be  found  a statement  of  annual 
crops  acreages  in  bearing,  yields  per  acre,  profits 
6a»rued,  eucI  Eiiiouiits  set  aside  for  Reserve  Fund 
and  Depreciation  for  the  last  ten  years,  also  a state- 
ment of  the  properties  held  by  the  Company  at  31st 
December  i896. 
From  the  Coconut  Estates  875,570  nuts  were  har- 
vested, and  the  outturn  from  the  Mill  at  Sirano-a- 
pathe  was  3,016  cwts.  of  Copra  and  3,540  cwts  "of 
Fibre.  Anotbei-  Jlill  is  being  erected  on  the  Mawatte 
Estate,  axd  as  the  various  Coconut  Estates  come  into 
be.rring,  satisfactory  profits  fr.im  this  portion  of  the 
Reserve  in  vest  men  c may  be  looked  for. 
Mr.  H.  V.  Masefield  lias  been  appointed  Ceylon 
Manager  in  place  of  Mr.  G.  A.  Talbot,  wlm  lias  retired 
from  that  position  and  joined  the  Board  of  the 
Company.  The  Directors  again  cordially  desire  to 
express  their  satisfaction  with  the  work  performed 
by  the  staff  in  Ceylon  and  London  during  the  year. 
Under  the  Articles  of  Association,  Mr.  David  Reid 
vacates  hia  seat  on  the  Board  and  Mr.  G.  A.  Talbot, 
