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THE TROPICAL AGRICULTURIST. [Sept, i, 1897 . 
CEYLON. 
Paid-up 
Price 
Net 
Per 
Company. 
share 
per lb. 
profit. 
cent. 
capital. 
£ 
1896. 
1896, 
ordy. 
High class over 
8-25d. 
d. 
£ 
shares. 
Nuwara 
158,700 
10-30 
8,320 
5,351 
6 
Ouvah 
100,000 
9-1-5 
6 
Spring Valley . . 
80,000 
9-08 
— 
2J 
Dimbula ,, 
150,600 
9-22 
14,375 
10 
Cevlon Laud . . 
47,950 
8-25 
11,.372 
20 
Carolina 
60,000 
8-35 
7,586 
11 
Imperial Es- 
tates 
90,000 
8-36 
4,113 
5 
Scottish Cevlon. 
50.000 
8-86 
8,976 
15 
Standard 
56,000 
— 
11,284 
15 
Alliance 
50,000 
8-23 
5,187 
10 
Scottish Trust 
and Loan 
45,000 
9-50 
5,539 
m 
* Other Cos. (2) 
46,000 
— 
3,702 
— 
933,650 
85,805 
9-10 
Low class under 
8'25d 
Cevlon and Ori- 
ental .. 101,26-1 
Ceylon Planta- 
tions • • 218,460 
Consol. Estates. 62,000 
Eastern Pro- 
duce ■ • 299,888 
Lanka Planta- 
tions • • 161,700 
Sunuyaama ... 5.5,000 
-| Other Cos (11) 228,;;6o 
1,159,675 
8-07 
8T4 
6-50 
7'33 
8T5 
6-75 
8-316 
50,596 
6,866 
15 
8 
39,163 6J 
10,708 5 
6,213 8 
23,296 — 
145,158 
12-5 
Not claasiiied— 
New Dhnbula . . 
United Planters 
Madulseema . . 
Haputale 
+ Other Co.s (3) 
86,200 
139,400 
96,700 
66,547 
48,940 
437,787 
Total Indian.. 4,730,523 
,, Ceylon.. 2,531,112 
20,323 
10,268 
2,033 
4.040 
4,602 
41.266 
4-17,197 
272,229 
14 
6 
Per- 
cent. 
9-45 
10-75 
719,426 9-90 
Grand Total . . 7,261,6.35 
The striking feature in the above figures is the 
remarkable and miiform success of the companies, the 
normal dividends on the ordinary shares being Irom 6 
to 15 per cent, whilst the average la 10 per- cent. The 
94 companies represented above have an aggregate 
naid-up share capital of £7,261,635, and the tret profit 
on last yew'® working was £719,426, equal to an average 
return of 9-90 per- ceut. The Indian companies, 
reru-eaenting an aggregate capital of £4,730,523, last 
veM- made a net profit of £447,197, or 9.4t> per cent. 
The Cevlon companies, representing £2,531,112 capital, 
nave a 'return of £272,229, or 10 75 per cent, or If per- 
cent more than the return on the higher priced In- 
dian teas. ^ , . n '.•» i 
The classitication according to the price oi the teas 
produced on the various gardens gives some reniark- 
able results, The Indian companies which produce the 
best class of teas have obtained a profit on an average 
of 11-62 per cent, and the cheaper teas gave a return of 
9-17 per ceut, the better class of tea yielding 24 per 
cent move than the inferior quality. In the case of 
* Battalgalla, Ragalla (2). 
i Bandarapolia, Central Ceylon, liideraxDolla, 
land, Hunasgeria, Kelani, Rangalla, Tyspaue, Goo- 
niei-a, Nehalma, Panawal (11). 
J Caledonian Plantations, Poouagalla, New Ceylon 
Plantations (3). 
Ceylon, however, the reverse holds good. The com- 
panies which have produced tea below the average of 
8"25d per- lb. have given a much better result for the 
investor than lire better class, the percentages being 
12-5 for the former and only 9-1 for the latter. 
What of tea-growing as an investment ? The 
statistics given above point to it as being a very 
remunerative undertaking. Tea-growing, we believe, is 
a sound industrial enterprise, and although there are 
influences, both advantageous and disadvantageous, 
which will greatly affect the future of the industry and 
whicii need to be very carefully considered, under- 
present circmnstances we think the debenture stock 
and the pt-cfcr-cncc shares afford opportrrnities for sate 
investment. An average return of 10 per cent on a 
total capital of 71 millions is sufficient evidence of the 
satisfactory security which the preference shaies, at 
least, offer as an iirvestment. A considerable propor- 
tion of this 71 million being preference share capital, 
the dividend upon which is fixed, the amount required 
for that dividend would be much less than 10 per cent, 
leaving a larger amount than a ten per centage for the 
ordinary share capital, which surplus constitutes, in 
effect, an annual reserve for the preference shares. In 
other words, the security for the preference shares in the 
aggregate in the above companies is very much more 
than the 10 per cent which the net profits seem at first 
sight to indicate. The ordinary shares are, of course, 
more liable to fluctuations. Their value as permanent 
investments will be inquired into in a subsequent 
article. — hivesiors’ Guardian, Loudon, .July 10. 
DUMONT COFFEE CO., IJJ. 
The report of tlie directors of the Dumont 
Collee Company, Limited, states that the profits 
for 1896 were guaranteed hy the vendor.s at 
£ 120,000 w'hich sum was duly paid to the com 
pany. After meeting expetrses and writing ott' 
the entire preliminary charges, paying the deben- 
ture interest and jireference dividend, and also a 
distribution of 10 percent, on the ordinary stock, 
a sum of £83, .506 is placed to reserve account, 
and £11,411, carried forward. The actual profits 
of the Companhia Agricola Fazenda Dumont for 
1896, after luoviding for all otitstandings on the 
estates, amounted to K2, 444, 024 •'?694, whicli sum, 
calculated at the average rate of exchange, is 
equivalent to £92,005 sterling. This sliort fall 
in the profits is mainly attributable to the heavy 
drop in the price of 8 antos coffee, and to want 
of care and su|)ervision in the hanesting and 
curing of last year’s crop, owing to the ill-health 
of the vendor’s manager. A large difference 
arises, moreover, in the conversion of the profits 
into sterling at the average rate of exchange 
for 1896, as against the rate at which the audi- 
tors based their estimates in the prospectus. The 
crop, which had been calculated at 80,357 cw-ts. 
amounted to 74,415 cwts. The directors w-ere not 
in a position to exercise any control over the 
management of the property until the 1st January 
last. Since then ste]is have been taken to intro- 
duce a better system of management, and to add 
considerably to the machinery and appliances for 
curitig the coffee crop. A considerable quantity 
of new machinery has been purchased, and some 
of it is already erected and in working order on 
the estates . — Financial Times, July 9. 
Coffee Plant Disease.— A Nilgiri corres- 
pondent writes : — “ The comparatively dry w-eather 
that lias prevailed in the southern and eastern 
parts of the Nilgiris has developed a serious at- 
tack of leaf disease on coffee estates and the 
planters are anxious that some investigation 
should he made by Covernment.” 
