I 12 
THE TROPICAL 
AGRICULTURISr. 
[Aug. 2, 1897. 
will tell you all about them, but there ia an item in 
the accounts I have been asked about, and it is 
a point which anyone not conversant with the 
way in which tea accounts are kept may be at 
a loss to understand ; therefore I shall explain 
it. You will find the item “ Tea unsold on 
November 30.” That has since realised 
.-£18,758. That is the amount we now know that it 
has realised, but at November .30 it was, of course, 
not sold. We have now at May 14 that amount 
in money instead of tea. There is another small 
amount we had to estimate subsequent to May 14. 
The small amount then remaining unsold had to 
be estimated, and was taken at .£-5, 803. This has 
now all been sold, and has exceeded the estimate 
by £nl, so that we came pretty near what it was 
li.rely to bring. The report goes on to refer to the 
expenditure on opening the new lands 
The balance of our capital, £30,000, will very shortly 
bo wanted, and we shall propose to offer the shares, 
pro rata, to the existing shareholders. We take it 
that will be the fairest way of doing it, though really 
it is not a very large amount. Coming now to the 
question of amalgamation with a neighbouring 
proprietor, we only foreshadow that in the re- 
port, and anything that I might say now would, 
perhaps, not be to our interest. However, I 
may tell you that various methods for 
working the new lands are under the consideration 
of the directors, but in the pres-nt stage of the 
negotiations it would be highly undesirable in the 
interests of the company to say any more on the 
subject than we do in the report ; but as soon as 
v/e are in a position to lay a scheme before you we 
shall call you together to discuss the whole subject. 
The amalgamation, you clearly understand, refers to 
the new lands ; the old property and estates will 
continue as before in their present state. To open 
up 5,000 acres of land is rather a tall order, and that 
cannot be done without more money. As to the pros- 
pects of the current season, I may say they are very 
good. You will be glad to hear that the quantity of 
tea made to the loth of this month is about 40,0001b 
ahead of the same period of last year; but larger 
production may mean lower prices, and therefore it will 
not be well to attach too much importance to this fact. 
At the same time we see no reason to expect that 
the current season’s results should not at least 
be as good, if not better, than last year’s and for 
this reason, among others, that the present rate of 
exchange, which was against us nearly all through 
Last season, has now turned more in our favour. I 
now beg to move: “ That the directors’ report and 
the accounts having been circulated, the same be 
adopted, and the dividend declared on the ordinary 
shares at the rate of 4 per cent., making 7 per 
cent, per annum for the year, be paid, and that the 
same be made payable on the 31st inst.” 
Mr. L. Davidson, in seconding the resolution, said, 
he desired to make a few remarks on the general 
working of the estates. The cultivation of the Black- 
water and Mahausa old estates had been somewhat 
altered recently. They were now going in for 
manuring, which, in his opinion, would produce more 
profit to the shareholders. The increase of crops next 
year would no doubt be very large, and when 
they got manure in regular rotation they might ex- 
pect greater returns in coming seasons. The Govern- 
ment lands that they acquired last year were, he 
considered, the most important possessions of the 
company. They were aware that they bought about 
2,7(i0 acres of laud from the heirs of a gentleman 
deceased. The Government were desirous of acquir- 
ing one block of that land, amounting to 1,200 acres, 
the reason being that it lay in the heart of a large 
block in the reserve forest, and that it also affected 
the rainfall of that side of the country, which was 
one of the driest parts of Ceylon. He ap- 
proached the Government Commissioner, and they 
arranged to make an exchange, the one portion of 
the bargain being suitable to Government purposes, 
and the other to the advantage of this com- 
pany. Plans of these properties had been 
sent home from Ceylon recently, and any of 
the shareholders would from ihem understand 
clearly the position of aSai.s. The land they got 
made a large block of 5,000 acres, almost without a 
break. It lay along a valley, through which they 
hoped in the near future to construct a cart road or 
tramway, which would practically tap the e^tste.s all 
the way through, and thus give economy in transport. 
He understood the directors would very shortly come 
to a decision regarding this road, pro'oa.hiy joining 
with other companies in the expense of iis formation. 
The total cost would not be large. The land in ques- 
tion was firstclass in character, and when fulp- de- 
veloped not only would it he the largest in Ceylon, 
hut one of the finest properties at a medium elevation. 
As to the staff in Ceylon, he might say they worked 
splendidly, and he had every reason to be proud of 
them. 
The resolution was agreed to unanimously. 
On the motion of Mr. C. T. Eich.vrusox, seconded 
by Mr. F. G. Phideaux, IMessrs. Boulnois and Bryans 
were re-elected directors. 
Messrs. Woodman, Tullooh, and Edds were re- 
appointed auditors, on the motion of Mr. H. A. 
Hadrill, seconded by Mr. J. W. Scott, and the meeting 
was brought to a close with a vote of th inks ti the 
Chairman and Directors. — //. n'.nl C. Mail, May 28 
^ 
OTHER TEA CO.MPANIES 
Southern Indian Tea Estates.— Dividend of 5 per 
cent, making a total of 10 per cent, for the year. 
As a large area of valuable land belonging to the 
Company is at present unproductive, the directors 
consider it desirable that some of it should be quicldy 
brought under cultivation, aud for this purpose it 
will be necessary to issue this year ,300 new shares— 
say 200 6 per cent, preference aud 100 ordinary shares, 
which it is proposed be first offered to the share- 
holders pro rata at lOf. 10s. per share, 
Tingri Tea Company, (Limited).- The report for 
1896 shows that the profit on the se.asons operations 
amounted to, including 161f. brought forward. 4,220f. 
The directors recommend a dividend of 6 per cent, 
carrying forward 830/. Owing to more unfavourable 
rates of exchange for remittauesa to ludia, the in- 
creased cost under this head amounts to 729/. In 
consequence of the high prices ruling for rice, the 
importation for the consumption of the labour force 
has been carried on at a loss of 492/. 
Bajmai Tea Company, (Limited). — The report for 
1896 states that the profit on the season amounted 
to 3,463/. A balance of 5,410/. was brought forward. 
The directors recommend a dividend of 5 per cent., 
making, with the interim dividend paid in November, 
10 1 er cent, for the year, leaving 4,773.'. to be carried 
forward. The negotiations for the purohivse of the 
Borbarrie Estate were satisfactorily concluded. 
British India Tea Company, (Limited).— The annual 
report states that the net profit amounted to 5,.362/. 
The directors propose to declare a dividend of 5 per 
cent, for the year on the ordinary shares, and to 
carry 2,098/. forward. 
Jh.anzie Tea. — Final dividend of 6 per cent., making 
10 per cent, for the year, which will absorb 5,01')/. 
carrying forward 1,069/. ’ 
Majuei Tea. — Account for past year show profit on 
season, 4,976/.; balance brought forward, 2,428/. The 
directors recommend a dividend of 5 per cent., with 
a balance carried forward of 2,606/. Although the 
crop of the past season failed to reach the manager’s 
estimate, the total exceeded that of the previous 
season by 68,066/. 
D.arjeeling Consolidated Tea. — The ordinary 
general meeting of the Comnanv was held on May 
17th at Winchester House. 'Sir Alexander Wilson 
presided, and said that he hoped the shareholders 
would consider the results of the past year as satis- 
factory under the circumstances, considering the ex- 
ceedingly poor seasons that most of the Darjeeliug 
companies had experiaiioed. The beard proposed a 
dividend on the ordinary shares at the rate of 4.s-. '2d. 
per share. The report was adopted, and the dividend 
approved. 
