June r, 1898.1 THE TROPICAL 
PKODUCE AND PLANTING. 
Japanese Tea. — It is mentioned in the report of 
the Yokohama Chamber of Commerce that the quality 
of the crop of tea — a great staple of the Japanese 
export trade — was decidedly inferior last year to that 
of 1896 and it is stated lhat Indian and Ceylon teas 
are now rapidly gaining an advantage in the United 
States and Canada, the chief markets for Japan teas. 
Meanwhile the restrictive measure adopted in America, 
requiring the quality of the tea imported to be up 
to a certain standard, has made more careful selection 
necessary. On the whole, the year is said to have 
proved fairly remunerative to the Japanese tea grower, 
though the attempts to introduce Japan tea into Russia 
have not yet met with much success. 
The Budget and the Tea Duty. — Amongst tea 
producers opinions differ as to the advantages likely 
to accrue from the farther reduction or abolition of 
the duty on tea. The majority of consumers, on the 
other hand, would like to have seen the duty on a 
popular article of food reduced or abolished. The 
Chancellor of the Exchequer thought proper to 
please the consumers of tobacco on the score that 
it was many years since there had been a reduction 
of the duty, and that other articles of produce have 
previously received benefits. A total remission of the 
duty on tea is a public service which we shall expect 
from some future Chancellor. Meantime the argu- 
ments used against the reduction or abolition of the 
duty on tea apply in the case of tobacco. It is 
argued by some that the market will be glutted with 
cheap and worthless tobacco, while others maintain 
that the reduction of duty will mean cheaper 
and better tobacco, the benefit of which 
will be specially felt by the working classes. In 
analysing the “ breakfast table ” part of the reve- 
nue Sir Michael pleasantly extolled tea and coffee, 
both of which had ‘‘ done well.” But cocoa in pro- 
portion as a friend of the Exchequer had done better 
relatively than either. There was a laugh when Sir 
Michael, a Bristol M.P., began to advertise the 
merits of cocoa as a beverage, the feeling being ex- 
ressed that a C hancellor of the exchequer looks 
indly on produce in proportion to its yield to the 
revenue. Since his Budget speech no fewer than 
three of the rival factors of cocoa have put forth 
pictures associating the Chancellor of the Exchequer 
with their particular brand.— H. # C. Mail. 
CEYLON TEA COMPANY 
MEETINGS. 
CEYLON PROPRIETARY TEA ESTATES 
COMPANY, LIMITED. 
(From Our Own Reporter.) 
The first annual meeting of shareholders in 
this Company, which was formed in January 1897, 
was held on Monday, May 2nd at 20 Eastcheap, 
London, the Chairman, Mr. G. A. Talbot, presi- 
ding. There was a good attendance, which 
included Messrs. H. K. Rutherford and R. A. 
Cameron (directors). 
The Secretary (Sir Wm. Johnston, Bart. ) read 
the notice convening ttie meeting. 
The Chairman : -We are very sorry, gentle- 
men, that Mr. F. H. Wiggin, one of your direc- 
tors, cannot be here today. He has been very 
unwell, and is still in the hospital, but Ave are glad 
to hear that he is now making satisfactory pro- 
gress towards recovery (hear, hear). As yon 
have all received the report and accounts, I pre- 
sume it is your pleasure that tlmy be taken as 
read. As this is the first annual report tliat tlie 
directors liave presented to yon, it is as well 
briefly to consider .the conditions under which 
the Company has worked during the year. 
AGRICULTURIST. 847 
As compared with tlie previous year, on the basis 
of Avhich cur e.stimates were framed, the general 
selling average price of tea has been Id lower, and 
the rupee on an average was worth Id mme— 
Id rise in exchange means |d a lb. increase in 
cost of the production of tea— and the loss on 
rice supplied to the coolies, owing to its increased 
cost through the Indian famine, is another factor 
increasing the cost. These items make roughly 
Id a lb diminished profits tiuough general and 
unpreventable causes, and Id a Ih, on our crop of 
868,710 lb represents over 4 per cent on our ordi- 
nary share capital. Whether these conditions 
will last or not it is not for me to say, but I may 
remark that the price of rice is falling. As to 
the present inflated value of the rupee, this is 
doing so great and so increasing an injury to 
Indian trade that it is only reasonable to hope 
that the Government will' take some action to 
relieve the strain on producers, as an act of expe* 
diency if not of justice (hear, hear.) If, however, 
unfavourable conditions of market and exchange 
continue, we are in a position to meet them, for 
four out of our five estates are at a comparatively 
high elevation, and should therefore produce good 
tea. They are all in good order, I am able to 
report, for I visited each of them this year, and 
provision is made in the estimates for improving 
the cultivation by manuring. On Radella estate 
during last year, a factory of tlie best type was 
put up, and the machinery on Forres estate was 
reorganised with new motive power. It is there- 
fore only reasonable to hope that the quality of 
the tea on these estates — and they are both first- 
class properties— Avill be maintained if not im- 
proved under the more favourab'e conditions. I 
shall be very pleased to answer any questions 
the shareholders may wish to ask, and to give 
yon any information in my power. I have now 
to propose ; “ Tliat tlie reports and statement 
of accounts as submitted be received and adopted, 
and that a final dividend of tliree per cent on the 
ordinary shares, making five per cent for the 
year, free of Income Tax, be declared payable 
on and after 5th May.” 
Mr. H.K. Rutherford : — I have great pleasure 
in seconding the resolution. 
Mr. E. Tye I notice there are 100 acres to be 
added to the area of tea this year. What area is 
suitable for tea out of the 800 acres that we 
seem to have to spare on the estates ? 
Tlie Chairman : — I should say about 150 acres. 
Mr. Tye : -In addition to tiie 100 ? 
The Chairman .-—Yes. 
Mr. Tottenham :— Speaking from memory t 
think the capital issued when the Company was 
formed was £102,000 : £104,600 seems now to 
be the figure. Where did the other £2,000 odd 
come from? You seem to have issued more. 
Ml'. Rutherford ; — We acquired an adjacent 
property. It has a very small acreage. These are 
the vendors' shares. 
The niotion was carried unanimously. 
Mr, G. T. White proposed that the directors’ 
remuneration be fi-xed at £300, commencing with 
the year 1897. 
Mr. TottenHaji seconded. 
Mr. Lindsay Nioholson : — It seems to me that 
at the time when we are doing the worst we 
are of ten having to work tlie hardest, and I was 
going to suggest that, seeing wliat a good Com- 
pany tliis is and what a future it lias before it, 
our directors should be entitled to draw £100 a 
year each, which would make £400 instead of 
£300 I am satisfied they will not draw thi^ 
