570 
THE TROPICAL AGRICULTURIST, 
[Feb. I, 1898. 
ber of ventures recently introduced on the home 
market, consisting of properties at full prices and of 
more or less indifferent reputation. The public, we 
believe, are not committed to any large extent. The 
romotera and London Agents, as we have said 
efore, hold the position at advantage, whilst the 
under-writers, though probably their “ considerations ” 
are not small, may be victims throogh the want of 
appreciation on the part of the public. 
^ 
UPPER DIMBULA DISTRICT IN 1897. 
Jan. 20th, 1898. 
Weather Genee.ally. — The weather during 1897 
was, on the whole, favourable for tea, the rainfall 
being slightly over the average and very well distri- 
buted. 
The Rainfall here for the season, was 102’53 fall- 
ing on 231 days against an average for the last 15 
years, of 98'52 and 214 rainy days. 
Crop. — With few exceptions crops were very satis- 
factory ; estates as a rule having exceeded estimates 
and previous yields. 
Labour Supply. — Sufficient on most estates, but there 
are exceptions, as usual, to prove the rule. 
Transport.— Foot and mouth disease caused a good 
deal of trouble for some time, but on the whole there 
has not been much to complain of. 
Roads.— The cart roads, especially those converg- 
ing on Talawakele, were not what MacAdam would 
have considered peifect, but minor roads show a 
marked improvement during recent years. 
Rice and Other Supplies.— Tnese have been ex- 
ceedingly dear during the greater part of the year. 
The slip on the railway caused considerable incon- 
venience to nearly all of us as most estates now deal, 
directly with Colombo for their food ppplies, and 
as we do not lay in stocks except during the heavy 
monsoon months, almost all were on short commons 
and felt anxious for some time ; but, thanks to the 
shrewd common sense of that Tipperary Scotchman, 
who is such an ornament and tower of strength to 
the Railway Department, we all worried through 
fairly satisfactorily. 
Grievances.— These are really too numerous to men- 
tion ; but low prices, high exchange, dear rice, and 
perverse London Brokers prevent most fellows from 
keeping as soundly as they’d like to. 

A CEYLON TEA COMPANY PROPERLY 
DEFENDED 
The Diiiibula Valley (Ceylon) Tea Company 
has been the object of a good deal of criticism since 
it qame into existence ; but it has held on its 
way and paid successive dividends after a most 
satisfactory fashion. Nevertheless, the 'Tnvestors' 
Review” — rightly valued in London, for the honest, 
outspoken criticism of its Editor, Mr. Wilson, a 
hard-headed Aberdonian— had, in its October issue, 
an attack on the “ Dimbula Valley” calling it 
“ A Weak Tea Company.” This was not seen 
by the Managing Director for some time after 
its appearance ; but when it came under his 
notice, he immediately wrote a reply which we 
think very thoroughly disposes of the attack. 
The letter is inserted in the issue of Jan. 7th as 
follows : — 
(From the Investors' Review, Jan. 7.) 
We shall be as pleased as Punch if the anti- 
cipations in the following letter come true : — 
Dimbula Valley (Ceylon) Tea Company, Limited. 
16, Philpot lane, London, E.C., Dec. 1, 1897. 
Sir, — My attention has been drawn to your article 
in the Investors’ Review for October headed “ A Weak 
Tea Company.” With reference to the writer’s com- 
ments on the Dimbula Valley (Ceylon) Tea Company, 
Limited, I can only say they are unfair in the com- 
parison drawn between this company and the other 
two named. 
In the first place, the writer of the article adds 
to the Company’s capital £6,250, the amount of the 
mortgages which were taken over when the estates 
were purchased. These mortgages could only be paid 
off at certain dates, but the company hold the amount 
ready to pay them at due date. 
In estimating whether our capital is high or low 
the amount of mortgages should, therefore, not have 
been added. Then our profit of £14,.595 Is 8d was 
practically derived from 1,440 acres of bearing tea, 
or at the rate of £10 per acre net profit, whilst I 
assert without any fear of contradiction that the 
average profit for the whole of Ceylon is not over 
£5 per acre. 
This shows that the dictum is all wrong of the 
writer of the article, to the effect that “ any tea 
company’s capital which stands over £50 an acre is 
over capitalised,” because it is manifest that a com- 
pany’s gardens which turn out a net profit of over 
£10 an acre must be worth more than those giving 
only half that, or even less. The only estate belong- 
ing to the company absolutely in full bearing last 
year gave over £16 per acre profit, and I am aware 
that it has done something like this for several years. 
Therefore, no rule such as the writer lays down is 
applicable to Ceylon, or any other gardens. 
I would, in conclusion, point out that in judging 
the stability or otherwise of a tea company as a safe 
diviiiend-paying concern, the net profit per pound of 
tea realised is the most important guide. A company 
whose net profit per pound is but a penny, is surely 
in a very different position from one whose profit 
is 4d as was, and, I hope, always will be, the 
position of this company. 
Should tea drop Id a pound, a capital of £50 would 
be a bit high, would it not ? — Yours faithfully, 
James Sinclair. 
There can be no doubt that the estates belong- 
ing to the Dimbula Valley Company are all ex- 
ceptionally valuable— producing heavy crops ol 
high-grown, high-priced tea. 
PLANTING PROSPECTS IN NORTH 
BORNEO. 
We take the following from the letter of a 
resident of long experience in North Borneo, 
dated Sandakau, oth Jan. : — 
“ You may like to note as new's from here that 
the present prices and future prospects for coffee 
in North Borneo are filling planters with conster- 
nation, and that jiarts of the forest already felled 
for coffee are being given up for that purpose and 
are being devoted to Cotton and Coconuts instead, 
while efforts are being made to plant up 
Rubber both Para and Willoughbia. It is a 
great pity that coffee has fallen in price, 
as coffee growfing was rapidly spreading and 
offered an easy and expeditious' way of making 
the country prosperous. The size, health 
and cropping powers of our coffee trees is undeni- 
able, but what is to be done with the price at $20 
and not likely to stop long there either ? ” 
Well-prepared good “ plantation coffee, ” how- 
ever, still keeps up wonderfully in price. 
The German Commercial Expedition to 
China and Japan — liaving completed its work, 
(among other trips, penetrating 1,100 miles up the 
Yangtsekiang in China) is now broken up. Dr, Her- 
mann Schumacher, jr., the accomplished Secretary, 
with some of the members is now on the way home 
and the paity have been visiting our hill-country. 
In all there were ten experts in the Ex- 
pedition : two of these are now in India and two 
in Siam, afterwards to visit Java and Sumatra. 
Altogether a valuable body of information must 
have been compiled by the Commission and Dr. 
Schumacher is certain to prepare a very useful 
interesting Report. 
