COMP A \ \ MEETINGS
LETHENTY TEA ESTATES
WEATHER AFFECTS CROP THE 64th Annual General Meeting of The Lethenty Tea Estates Association, Ltd., was held on July 31 in London, Mr. G. S. Napier-Ford, chairman, pre- siding.
The following is an extract from his circulated statement for the year 1961: Rainfall amounted to 134.39 inches against 155.12 inches in 1960 and a decennial average of 149.63 inches. Apart from being drier than usual at the beginning of the year climatic conditions were in no way abnormal. Crop amounted to 959,063 lbs. of made tea a reduction of 44,604 lbs. on 1960 crop and 140,937 lbs. less than the estimate for 1961. which was kept at one million one hundred thousand pounds. The reduction compared with 1960 is dis- appointing and was due to rather less favourable weather conditions during the second half of the year.
The Estate cost for 1961 comes out at 27.06 pence per pound compared with 26.61 pence per pound for 1960. The small rise in cost is entirely due to the reduced crop harvested and under present con- ditions must be considered reasonable. A net sale price of 32.91 pence per pound was obtained for the year compared with 33.07 pence per pound for 1960. As the average market price of all tea sold during 1961 was fourpence per pound less than 1960, un- doubtedly the Company's teas maintained a higher position relative to market prices.
There remains, before tax, a not inconsiderable profit for the year of £10,156. The taxation charge for the year computed according to the tax laws currently in force in Ceylon, requires £8,573 which leaves only £1,583 available for distribution. Your Board recommend the payment of a 5`;,,' dividend. If, as we hope, our final crop for 1962 approxi- mates the figure estimated, profits should be some- what higher.
The report and accounts were adopted.
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