( 



W ALA WE ESTATES CO., LTD. 



Directors.— Messrs F M Mack wood, G H Alston, T 

 B Campbell. 



The Directors herewith submit their report and balance 

 sheet for the year ending 30th September, 1905. The efforts 

 of the Directors to sell the land privately have not as yet 

 met with success. The working account for the year 

 ended 30th September, 9 >5, shows a loss of R974 74 and 

 with interest on mortgage loan and debenture loans, &c, 

 the balance at debit of profit and loss on the 30th 

 September, 19 4, has been increased by R7,4 (i'OU during 

 the past season, and now amounts to R2 4,652-23, after 

 writing back R3,972tl0 cumulative dividends charged in 

 previous years' accounts. Crops.— The Mahacrop was sold 

 for B3,000'06 and the Yala for R2.060-00.— By order of the 

 Directors, MACKWOoD & Co., Agents and Secretaries. 

 Colombo, 12th February, 906. 



THE RAYIGAM TEA CO.. LTD. 



Directors.— The Hon. Mr. Edward Rosling, 

 Albert Rosling, Gordon Frazer anil T. B. Campbell. 

 ACRKAUE. 



Acres. Annandale. 

 670 Tea in bearing 

 2(i Ravines, Grass, <fec 

 20 Forest 

 4S4 



Total 1,200 Total 300 



The Directors herewith submit their Report and Balance 

 Sheet for 1904. After writing off R4.304 "28 for depreciation 

 on Buildings and Machinery, the profit for the year 

 amounts to R29,232'08. Out of this an interim dividend of 

 2l per cent has been paid, and the Directors now propose 

 to pay a final dividend of 2£ par cent, making five per cent 

 for the vear, or R30,000, carrying forward a balance of 

 R758'20, inclusive of Rl,52618 brought forward from last 

 season; The crop of tea from Rayigam was 312,012 lb as 

 against 310,226 lb in the previous year, and from Annandale 

 100,968 lb as against 98,890 lb. The whole of the Rayigam 

 crop iwas made into Green Tea and netted 3.V91 cents per 

 lb- the Annandale tea netted 41*63 cents per lb as against 

 44-9S cents for 1903. A contract has been made disposing 

 of the Rayigam Green tea crop for the first six months of 

 t lie current' year at 35 cents per lb. The estimate of crop 

 for the current year is 300,000 lb for Rayigam and 100,000 lb 

 (or Annandale. 



Para Rubber.— Some 20 acres of ravines amongst the 

 Tea were planted during the year with this product, as well 

 as a certain amount of the old tea, and it is estimated that 

 there are 30,000 plants of all ages, of which 1,800 trees are 

 now old enough to tap. Fifty acres of Forest have been 

 foiled and will be planted with Rubber during the coming 

 vear.— By order of the Directors, MvckwooD & Co., Agents 

 and Secretaries. 



Rayigam. 

 Tea in bearing 

 Tea and Rubber 

 Rubber 

 Forest 



Messrs 



221 

 65 

 11 



FVAKELLIE TEA CO., LTD. 



Di UEC'EORS,— Messrs. W D Gibbon, J M Mason, and 

 H G Bois. 



The Directors now have the pleasure to submit their 

 Report and Accounts for the year ending Mist December, 

 19115. The crop realised was 206,502 lb. against an estimate 

 of 200,000 lb and 177,935 lb for the previous season. The 

 cost of the Tea was 2470 cents per lb (exclusive of 

 Capital Expenditure) as against 26-07 cents in 1904. and 

 netted 3278 cents per lb against 34"48 cents in 1904. The 

 fall in price must be partly attributed to the great 

 difficulty of making a bigger crop of tea properly, during 

 tiie extensive alterations to the factory and machinery. 

 The tea was, of course, also against prices. The erec- 

 tion of the new Dam and Turbine has caused a great 

 deal of extra work to the Superintendent as a large 

 quantity of stone and earth-work had to be dealt with 

 and he deserves credit for the satisfactory way in which 

 it has been done. Including R382-30 brought forward 

 from last season the amount of profit on the year's work- 

 ing, after writing off 10 per cent for depreciation on 

 machinery, > 8 Rl3,505'31. Out of this an Interim Dividend of 

 2 per cent has been paid absorbing R4.800 and leaving 

 R8.705-31 to be dealt with. This sum the Directors re- 

 commend being disposed of as follows : — 

 By payment of a Final Dividend of 3 per R. c. 



cent (making 5 per cent, for the year) 



absorbing . . 7,200 00 



By payment of a Bonus to the manager of 500 00 

 By CHiTyim» forward .. 1,005 31 



The Estate consirtts of:— • 



486 acres tea 5 years old and upwards. 

 2 ,, 4 vears old 

 * 3 „ 



11 ,, 1 year and under. 

 58 ,, Chona, Patua, &c. 



561 acres. 



The Estimate for 1906 provides for a crop of 200,uu0 lb. 

 to cost R55,885 including R5.529 for manure— and R2.719 

 Capital Account Expenditure. — By order of the Board 

 of Directors, J M Robertson & CO., Agents and Secre- 

 taries. Colombo, 14th February, 1906. 



THE NAHAVILLA ESTATES CO. 



The Directors beg to present their Report for the 

 year ended 31st December, 1905. together with a state- 

 ment of accounts covering the same period duly audited. 

 Conditions during the year were favourable for growth, 

 and each estate has produced more than the estimated 

 quantity of crop, the total output for the twelve months 

 being 652,448 lb. against au estimate of 570,000 lb. The 

 crop harvested last year (1904) was 557,098 lb. The cost 

 of production, exclusive of capital expenditure, and of 

 outlay on sundry products, works sut at 2611 cents per 

 lb. as compared with 28'58 cents per lb. in 1904. During 

 the year some R12.000 was spent on Ury and Maha- 

 pahagalla on Tea and Rubber extensions. It will be 

 seen from the acreage statement given in this report 

 that there are now 85 acres on Ury growing Rubber and 

 Tea together. The growth of the Rubber is said to 

 be promising. Prices, especially towards the latter 

 end of 1905, fell off to a considerable extent, and 

 the result is a nett average for the season of 

 33'29 cents per lb. against ; 6'80 cent per lb. in 

 1904. Notwithstanding the lower average price for the 

 season's produce the gross revenue for 1905 exceeds that 

 of any previous year, and the revenue and expenditure 

 account closes with a surplus of R54,428'21 transferred 

 to credit of profit and loss. After payment of interest 

 on loans and certain fixed charges, anil making further 

 provision for Mortgage Redemption. Depreciation and 

 Coast Advance Reserves, there remains a sum of R26.321'63 

 to dispose of, and the Directors propose to use it to the ex- 

 tent of R23,790 for the payment of a dividend of percen 

 the balance, after providing for Directors' remuneration, to 

 be carried forward to 1906. During the year the mort- 

 gage debt of the Company has been reduced by R21, 000-00, 

 and it now stands at R177,10O"0O. The estimates for 

 season 1906 are based on a crop of 634,000 lb to cost 28'58 

 cents per lb including an allowance of 2-80 cents per lb 

 for cultivation works. An enlargement of the Nuhavilla 

 factory has become necessary, and the Directors have 

 decided to proceed with it at once, and also to provide 

 and additional Rolling and Drying machinery for Ury. 

 It is estimated that these improvements will involve an 

 outlay of RIO.OOO'OO, and a further sum of about R4, 500-00 

 will be required during 1906 for the upkeep of land 

 not yet in bearing. The additional outlay has not been 

 taken account of in calculating the estimated cost of 

 the 1906 crop. The following is a definition of the pro- 

 perties as at 1st January, 1906 : — 



Naha- M. P. 



villa. Ury. Galla. Galella. Total. 

 Tea in full bearing 441 581 252 287 1,511 

 ,, in partial bearing 71 7 25 103 



,, not in bearing 5 16 21 

 Tea and Rubber (1901-5) . . 85 85 

 Cardamoms . . 15 6 20 



Forest 46 40 . . 72 158 



Grass, Patna. Fuel, &C.101 124 69 254 538 



Total G64 



818 



613 



S.705 31 



—By order of the Directors, George Stkuart * Co. Agents 

 and Secretaries. Colombo, 17th February, 190C. 



THE K ANDY AN HILLS CO., LTD, 



ACREAGE STATEMENT : 



Acres. 



Tea in full bearing . . 432 



Cocoa - - -90 



Rubber and Cocoa - - 20 



Rubber opened N. W. Monsoon. 1905 . 60 



Jungle, Ravines and Waste LaaU . • 717 



Total . 1,309 



The Directors have pleasure is submitting to the share, 

 holders their report for the season ending 31st December 

 1906, together with a statement of accounts, duly audited' 

 covering the same period. 



