March t, 1895.] TTHE TROPICAL AGRICULTURIST. 
619 
forward to the current year's Accounts. The Deprecia- 
tion Account will thus be brought up to R4O.00O a sura 
which the Directors consider sufficierit td provide for de- 
preciation of Buildings and Machinery for some time to 
come. It will be noticed that the form in which the 
Depreciation Account is shown has been altered in this 
year's accounts, the amount being placed on the "Liabilities" 
side, instead of being deducted from coast of Buildings 
and Machinery as ill" previous years. 
The sum of R2;325'55, has been especially reserved to 
provide for the " doubtful" cost advances referred to in 
the last Report. 
With the sanction of the Shareholders at an Extraordinary 
General Meeting held on 24th November last the Direc- 
ors have leased to the We-Oya Tea Company Limited, 
a Factory site on New Polatagama. This Factory will be 
available for manufacturing leaf from the new Estate 
when it comes into bearing. 
During tho year a small block of land (acres 9. 3 26 
in extent) was purchased at upset price from Government 
to secure a water supply from the river for this Factory. 
The clearing on New Polatagama has been successfully 
planted with tea and coconuts, and the last clearing of 
14S acres on old Polatagama has been fully supplied. 
The Estimated Crop for 1895 is 275,090 lb. Tea on an 
estimated outlay on working account of R57,000. In addi- 
tion to this expenditure it is estimated that the sum of 
R13,000 will have to he spent on young clearings and 
in additions to the Buildings on Old Polatagama, whilst 
estimates are now being framed for supplying water power 
to the Factory. The expenditure on New Polatagama is 
estimated at R14,500, all on Capital account. 
During the year Mr. A. Thompson having resigned his 
seat on the board, Mr G \V Carlyon was nominated to 
fill the vacancy. In terms of the Articles of Association, 
Mr. Carlyon now retires by rotation, but is eligible for 
re-election. 
THE PINE HILL ESTATES COMPANY, 
LIMITED. 
In accordance with the report issued on 20th 
Sept. 1894, your Directors have called you together 
to obtain your sanction to the starting of a General 
Reserve Fund. 
The accounts for the half-year ending 31st Dec. 
1894, are briefly as follows : — 
Expenditure on the Estates for the six R. c. 
months - - 37,254 52 
Kett Proceeds of 93.828 lb. Tea (partly 
estimated) - - 66,256 79 
Nett Proceeds of 338 bush. Coffee • 5,551 88 
Do. Cardamoms, &c. - 226 38 
62.035 05 
Leaving a profit of - 24,780 53 
Out of this, your Directors propose to 
pay at once an interm dividend of 5 per 
cent, absorbing - - 17,395 00 
And to place the Reserve Fund - 5,000 00 
carrying forward the balance. 
THE YATADFKI A TLA CO. OF CEYLON, 
LIMITED. 
The Directors have tho pleasure to submit the 
Balance Sheet, and Profit and Loss Account for the 
year ending :ilst December 1894, duly audited. 
The balance of profit (including R10, 151-46 brought 
forward from last year, after crediting Reserve Fund 
with 1(5,000, as voted at the last General Meeting; 
and after writing off for depreciation of buildings and 
machinery, as shown by the accounts) is R73,944 - 2l 
Of this sum, R23, 75000 has been absorbed in paying 
an interim dividend tit the rate of 12 l per cenl 
and llii' Directors propose that a further dividend of 
124 per cent, and a bonus of 5 per cent, absorbing 
I{.'i3,250lH), bo declared, and made pavablo on the 
27tli February, that R5,0Q0 be transferred to Reserve 
Fund account, and that the remainder of R.10,944"26 
(alter paying J {l.ooo special fees voted to the Diroc 
tors at the General Meeting in 1893) be carried for 
mrdi 
It will be seen that the property representing 
capital stands in the Balance Sheet at approximately 
R266 per acre cultivated, as compared with about 
R286 in the previous year's accounts. 
No new machinery has been added, and a Sirocco 
was sold in the past year ; but the dam for storing 
water referred to in the last report has been success- 
fully completed, and has proved economical in res- 
pect of fuel. Two wire shoots have been put up, and 
a third is under consideration. It is proposed to 
build the permanent bungalow for the Superintend- 
ent this vear. 
The total tea crop was 488,763 lb., or 46,712 lb. less 
than estimated in the last report, the weather being 
unfavourable, particularly in the first half of the year. 
The plucking area was 700 acres. The total quantity 
of tea for disposal was 488,763 lb., of which 97,908 
lb. were sold locally, averaging 35"68 cents per lb.; 
and 390,855 lb. were shipped to London, of which 
74,665 lb. has still to be accounted for ; but the average 
obtained for the 316,190 lb. as yet accounted for is 
37'12 cents per lb. The cost of the tea delivered to 
buyers or put on board ship, including all charges 
and depreciation of buildings and machinery, was 
23 - 47 cents per lb. (being '81 cents more than in 1893). 
The net value realized from sales (a portion being 
estimated) was 3653 cents per lb. (being 1*15 cents 
more than the previous crop). The sum written off 
for depreciation represents 2-] 7 cents per lb. of the cost. 
The Company's property (including 93 acres pur- 
chased during the year) consisted on the 31st Decem- 
ber, 1894, of :— 
lb. 
Acres. per 
'172 Tea planted in 1S85; yield in 1894 843 A 
770 acres 
Tea— viz:— 
20S 
100 
43 
6 
1887 
1888; 
1889; 
1890; 
1S91; 
1892; 
119 ,, 
70 „ 
16 Planted in Cocoa. 
218 Forest, &c. 
821 
775 
726 
59S 
691 
195 
1894; (not in bearing) 
4> o . 
r. I- ~ 
lis™ 
1,004 acres as per last report. 
93 ,, purchased from Crown and natives. 
Total 1,097 acres. 
The Directors propose an extension of about 30 
acres in 1895. 
The estimated crop for 1S95 is 550,000 lb. tea. 
Mr. David Fairweather, who took charge of the 
estate, thus vacating the office of Director, when the 
Superintendent was invalided, was re-elected to the 
vacancy on the board as soon as his disqualification 
ceased. M. H. V. Masefield retires from the Board 
by rotation in terms of the Articles of Association, 
and, being eligible, offers himself for re-election. — 
Report adopted. 
THE CASTLEEEAGH TEA COMPANY OF 
CEYLON, LD. 
The Directors submit herewith the Balance Sheet, 
and Profit and Loss Account for the vear ending 
31st December, 1894, duly audited. 
The balance of profit (including Rl, 979-13 brought 
forward) is R22. 937-72, after providing for deprecia- 
tion of buildings and machinery as shown in the 
accounts. The Directors propose to declare a divi- 
dend for the year 1894 at the rate of 8 per cent, 
payable on the 27th February, absorbing R19.260, 
anil to carry forward to 1859 account R3.737-72. 
The crop of tea secured was 109,024 lb. against 
the estimate of 120,000 lb. (reduced in June to 
105,000 lb.), the season having been unfavourable, 
particularly in the early months. The cost of the tea 
delivered to buyers, or put on board, was .l.i SS cents 
per lb. including all charges, or 3P57 cents exclusive 
of charges for depreciation of buildings and machi- 
nery. 94,934 lb. were sold locally, realizing 51-34 
eents per lb. ; and 14,090 lb. shipped to London, 
K realizing 68*22 cents (including a portion estimate^ 
