846 
THE TROPICAL AGRICULTUEIST. 
[June I, 1901. 
en current account. It will be of interest to the 
shareholders to know that the Company's pro- 
perties, which cost according to the annexed balance 
sheet £106,865 Os 4d, were valued in March last 
by an independent valuer on behalf of the Board 
at £167,500. . . 
Under Clause 97 of the Articles of Association 
Mr. 0 Hannen retires from the Board, and being 
eligible offers himself for re-election. 
The appointment of Auditors rest with the share- 
holders, and Messrs. Fuller, Wise & Fisher offer 
themselves for re-election. 
G. E. Strachan, and C. Hannen, Directors ; M. P. 
Etans & Co., Secretaries. 
25th April, 1901, 
POONAGALLA VALLE\ CEYLON COM- 
PANY, LIMITED. 
EliPORT OF THE BOARD OF DIRECTORS. 
To be presented to the Shareholders at their Fifth 
Annual Ordinary Meeting, to be held at the 
Office of the Company. 16, Philpot Lane. London, 
E.C., on Tuesday, the 7th May, 1901, at 12 noon. 
The Directors beg to submit to the Shareholders 
the Report and Accounts of the Compa.ny, duly audited, 
for the year ending 31st December, 1900. 
The net profit for the year after providing for De- 
benture Interest and other charges, amounts to £474 
8s lOd, which with £191 13s lOd brought forward from 
last accounts, gives £666 "23 8d from which has to be 
deducted the Interim Dividend of 2 per cent paid in 
September, amounting to £450, leaving available £216 
2s 8d which it is proposed to carry forward to next 
account. 
To those familiar with the conditions which obtained 
in the Tea Market for the latter part of the past year 
this diminution in the profit earned will not cause much 
surprise, but the prospects of the season now entered 
upon are, from various causes, more favorable, and your 
Directors' hope that their next Beport will confirm 
this view. , ■ , ■ i , 
The following figures furnish a comparison between 
the season now closed and the preceding year ;— 
1900 1899 
Total Tea Crop secured 480,886 lb. 302,614 lb. 
Total Coffee Crop secured 231 bushels 960 bushels 
Average Price realised 
ior Tea. ... •■■ 6-544d per lb. 7-o09d per lb 
Average rate of Ex- 
change ... 1/4 13.32d per l/4 19-64a 
Eupee per Rupee 
The increase in the Tea Crop is partly accounted 
for by the acquisition of Catcou Estate, comprising 
147 acres of tea, and a considerable area of young tea 
nhich has come into bearing during the year. 
The acreage of the five properties owned by the 
Company, viz :— Lunugalla, Udahena, Gabragalla, 
Poonagalla and Catton Estates is now as follows :— 
Tea in bearing .. ... 1.237 acres. 
Tea and Coffee ... ... 53J do 
Coffee ... .. 18 do 
Fuel Clearings .. .. 201i do 
Jungle Patna and Scrub ... 1,244 J do 
Total 2,754J acres. 
The Central Factory at Poonagalla is now com- 
pleted in every detail, and this, in conjunction with 
the extensive system of wire shoots connecting the 
various estates, is proving of great advantage to the 
ecoumical working of the properties. 
The Chairman has recently returned from one of 
his periodical visits to Ceylon, and reports most 
favourably of the condition and appearance of the 
different estates, an opinion fully confirmed by the 
yiaiting Agent, Mr. K. Morison, 
In accordance with the Articles of Association. Mr' 
George G. Anderson retires from the Board, and, being 
eligible, offers himself for re-election. 
Messrs. Cape and Dalgleiah, G.A., also off ar them- 
selves lor re-election as Auditors. — By order of the 
Board, Lyall Anderson A Co., 
Agents and Secretaries. 
16, Philpot Lane, London, E.G., 20th April, 1901. 
THE GALAHA CEYLON TEA .ESTATES 
AND AGENCY COMPANY, LTD. 
The report of the directors, to be submitted to 
the snarenolders at the fourth annual ordinary general 
meeting, states that the gross, profit for the season 
after providing for depreciation on machinery, &o. 
is is, 017 9s 3d ; and balance of last account, £42 13s 9d 
total, £8,060 3s. From this has to be deducted : 
Interest on £55,000 debentures at 5 per cent pe- 
anuum, £2,750 ; dividends on £60,000 preference share, 
at 6 per cent per annum, £3,600. London charges ; 
Fees to trustees, directors, and auditors, £550 ; interest, 
on loan, £629 IOj lOd ; income tax, insurance, dko., 
£419 l7s 6d. Leaving a balance to carry forward, 
£llO 143 8d. The tea crop during the season, including 
15,200lb from bought leaf, amounted to l,170,4361t) 
and the cardamom crop was 15,5461b. This company, 
in common with others, has suffered from the extreme 
depression which ruled in the tea market during a 
considerable part of the year, and the directors regret 
that they are, therefore, unable to declare a dividend 
on the ordinary shares. They are pleased, however, 
to report an improvement in the prices recently 
obtained. The company's teas meet with continued 
favour, their general uniformity in character and 
quality being highly appreciated by the trade, but the 
directors have decided to raise still further the 
standard of quality, believing tnat this policy will 
have beneficial results, although it will necessarily 
entail a higher cost of production and reduced output. 
As the company found it necessary to incur certain 
expenses in connection with the tramway and fac- 
tory, which were not anticipated when they purchased 
the properties, Mr. G B Strachan, the vendor, being 
the only holder of ordinary shares, voluntarily con- 
tributed after the last meeting the sum of i;8.400 to 
cover same, and the directors have placed that amount 
to the credit of the reserve, bringing up that fund to 
£5,700. On December 31 last the company had under 
cultivation in tea 2,867 acres, and in cardamoms 235 
acres. Mr. W L Strachan having resigned his seat 
on the board in consequence of his departure for 
Ceylon, the Board appointed Mr. J. H. Strachan in 
his place for the residue of his term of office. Mr. 
J. H. Strachan new retires and, being eligible, offers 
himself for re-election. — Home and Colonial Mail, 
April 26. 
Cheap Tea. — Tea sweepings (for the manu- 
facture oi caffeine), when mixed ^vith assafetida, 
can now be imported duty free into the United 
States by a decision of the Treasury Department. 
By the ruling permitting this, it is expected that 
refunds to a con,siderable amount will be made* 
The Treasury Department declined for a long time 
to permit the importation of tea sweepings to be 
classified in any way, holding that the Pure Tea 
Act excluded sucli merchandise, although it is not 
designed for consumption as tea. The first conces- 
sion that was made to tlie importers was to allow 
the importation, upon condition that sufficient 
assafetida should be mixed with the tea sweepings. 
Then the courts decided that the mixture can be 
imported aa a crude drug. — Retail Druggist. 
