April 1, 190l.] 
THE TROPICAL AGRICULTUBIST. 
699 
report, but the Directors are glad to say that the 
bashes have fully recovered, and are now in a more 
healthy condition than ever. 
The nett average price realized was 30 68 cents, 
against 36 43 cents in 1899. 
Coconut Divison. — This crop was 20,884 nuts short 
of the estimate entirely owing to the unfavourable 
aeason. The total crop gathered during 1900 was 
579.116 nuts of which 2,118 nuts were sold on the 
estate at R30 per thousands nuts. The remainder were 
made into copra— Candies 444-4'0 18 and sold at a nett 
average of R44'93 per candy, as compared with candips 
421-0-2-8 in 1899 which realised an average of R44-20 
per candy. 
The estimates for this year are : Tea. 180,000 lb. 
against an expenditure on working account of 
E39, 285*75. Coconuts, — 700,000 nuts on an expenditure 
of R14,440. 
After making the usual provision for depreciation 
of buildings and machinery, the result of the year's 
working shows a loss of iEl9,715'9i! as compared with 
E5,993-30 in 1899. 
Mr G H Alston having resigned his seat on the 
board, the Hon W H Figg was appointed to fill the 
vacancy. The vacancy caused by the resignation of Mr 
F Capper was tilled by the appointment of Mr H H 
Capper, and on his subsequent resignation, the 
Directors appointed Mr F Crosbie Roles to the vacant 
seat. 
In terms of the articles of Association, Mr H 
Tarrant retires from the board of Directors, but is 
eligible for re-election. 
The appointment of an Auditor for the current year 
ill rest with the meeting 
THE NAHVILLA ESTATE CO., LTD. 
BEPOKT. 
The Directors herewith present their Report for 
the season ended 31st December, 1900, together with 
a duly audited Statement of Accounts for the same 
period. 
Conditions generally throughout the year were 
favourable for yield, and the Tea crop amounted to 
539,974 lb., against an estimate of 390,000 lb. It is 
also very largely in excess of the output of last 
season. 
The Coffee crop, nearly all of which came from 
Nahavilla estate, amounted to 1,176 bushels of parch- 
ment, and is about 400 bushels more than had been 
expected at the beginning of the year. 
Tea prices show a falling-off from season 1899, 
the net average per lb. being 35'42 cts. and 40 cts. 
respectively, but the cost of producing the crop and 
placing it on the market has been reduced from 
30"32 cts. to 29'42 cts. per lb,, including one cent 
per lb. for manure. 
The working is still rather expensive owing to the 
large acreage of Tea in partial bearing, but further 
reduction will be possible as these fields reach 
maturity. 
The total profit on the working of the several 
estates for the year tinder review is R50,212 61, 
■which, after allowing for interest on mortgages, c&c, 
is equal to about 9 per cent, on the paid-up capital 
of the Company, a highly satisfactory result, having 
regard to the fact that Ceylon Teas hare receded 
so much in value of la,te, and that there is still a 
large acreage of young Tea (neatly a third) from 
which' little or no leaf has yet been gathered. 
The Directors regrei;, nevertheless, that the finan- 
cial position of the t!ompany does not in their 
opinion justify the payment of a dividend, and they 
recommend therefore th at the balance as per Profit 
and Loss Account, namely E32,914'51, should be 
carried forward to Extension Account. 
Since the Company was formed, a sum of about 
R250,000 has been spent on improving and develop- 
ing the estates, with the result that we have now 
close on 1,500 acres of Tea in place of 837 at 
RtaKtiog, and new Fa,ptoeieg h^v9 been erected OQ 
Tjry and Nahavilla, which, although fairly complete 
in themselves, will require some further extensions 
in the near future as the returns of leaf increase. 
This expenditure has been partly met by money 
raised from time to time ou mortgages of the Estates, 
at reasonable rates of interest, but there is still a 
considerable sum outstanding, and at the beginning 
of the year the Shareholders were invited to coma 
forward and as.sist the Directors in placing the Com- 
pany on a sound financial basis<by subscribing to an 
issue of Preference Shares, the object being to pay 
off these mortgages and provide funds for any ad- 
ditonal expendituce that might be required for the 
completion of the Buildings, and for bringing the 
young fields of Tea into bearing. 
The response to this Circular was not such as to 
admit of the scheme being put through, and other 
snggestions for providing the necessary funds having 
for various reasons also fallen through, the Directors 
feel that there is now no alternative bat to adopt 
the course they have suggested in respect to the dis- 
posal of last year's surplus. 
With regard to the future there is more land that 
could be planted with tea on some of the estates, but 
all that is at present contemplated is to bring into 
bearing the fields which have already been opened and 
improve the Factories on Ury and Nahavilla* in such a 
way as to place the respective Superintendents in a 
position to do full justice to the requirements of an 
increasing output of tea. 
The expenditure necessary for the above purposes 
is roughly computed at R30",000, but this does not in- 
clude the erection of a Factory on Galella which may 
perhaps be undertaken if funds are available at soma 
future time though not just at present. 
As already intimated there is a large acreage of young 
tea on the Company's estates to come into bearing yet; 
and the capital cost of the property per acre when fully 
developed will probably be about 11400 on the culti- 
yated area, which is fairly moderate for a good going 
concern with a large reserve of land and a steadily in- 
ereasing yield. 
We are, however, in need of money, and although 
the present may not be an opportune time for at- 
tempting to provide what is required in this con- 
nection and enable the Shareholders to participate 
in the annual profits, it is hoped that the commercial 
aspect of Tea may improve in the near future and 
aff.ord opportunities for putting the affairs of the 
Company on a good financial footing. 
From an agricultural point of view the outlook on 
the Company's Estates continues satisfactory, the 
estimates for the new season being 565,000 lb of Tea 
and 520 bushels Coffee against an expenditure of 
E162,388, including manure which, however, is to be 
spacingly used. 
Tea in full 
bearing 
,, partial 
bearing 
,, not in ,, 
Coffee 
Cardamoms 
Forest 
ACREAGE. 
Naha ■ 
villa. Cry. M.P.G. Galella. Total. 
288 309 
35 212 
84 16 
78 41 
— 15 
45 41 
217 
287 
1,101 
35 — 
Grass, Fuel Trees 
and Patana ... 71 
282 
— — 100 
— — 119 
5 — 20 
— 72 158 
132 
84 254 
601 766 
341 
613 
541 
2,321 
Mr. E S Grigson retires from the Board of Direct- 
ors by rotation, and is eligible for re-election. 
The appointment of an Auditor rests with the 
Meeting — By order of the Directors, 
George Steuart & Co., 
Agents and Seoretariea, 
Colombo, l8t March, 1901. 
