Aug. 1, 1902.] 
THE TROPICAL 
AGEICULTimiST. 
127 
two previous years. Unfavourable wealher in the 
Daijeeling district, which seriously affected the qua- 
lity, and an unusually low range ot valufs for ]3ar- 
jeeliugTea, generally, in the London market, were 
the main cauees of this regrettable fall in price 
Adverse weather similarly affected the results of the 
Anglo-American and Kauan Devan Companies, in 
which this Company is largely interested. 
For some considerable time past, in view of the 
adverse circumstances affecting the Tea-growing In- 
dustry, the directors have had under consideration 
the terms of the agreement between the Manapjing 
Agents and the Company. While it was recognised 
that at the time the agreement was entered into its 
terms were reasonable, the Agents, on being ap- 
proached, expressed themselves as perfectly willing to 
consider a re-arrangement, and they voluntarily 
offered in future, during the continuance of the 
present depression in tea, and, while reserving their 
rights under the agreement, tn restrict their charges 
as Agents of this Company to thair actual outlay, plus 
a commission of 3 per cent on the uett profits. 
The Managing Agents have also, in view of the dis- 
appointing results of last season's working, voluntarily 
agreed to give up to the Company, for the benefit of 
the Revenue Account of 1901, the whole of their Com- 
missions for that year : and the London Agents 
have also agreed to return one-half of their Com- 
missions. 
Giving effect to the above concessions, so far as they 
affect the year under review, the Accounts now 
sabmitted show a balance at credit of Profit and 
Loss account of £31,900 : 10 : 4, against which are 
chargeable : — Commission on Profits to Estate 
Managers and Secretaries, Interest, Discount on Bills, 
&c., and Dividend at the rate of 5 per cent, per 
annum for six months cndei iilst May 1901, paid to 
the Preference Shareholders on 15th June 1901, 
which total £18,897 : 15 : 1, leaving a balance df 
£13,002 : 15 : 3. The Directors propose to transfer 
£5,000 to Reserve Account, leaving £8,002 : 15 : 3 to be 
carried forward to next year. 
The planted area of the Company's properties 
is now 13,494 acres. No extensions are in hand or con- 
templated. 
The estimate of yield for the current season is 
3,175,280 lb of Tea. The increase expected is mainly 
from the Company's young Estates in Assam which are 
nov/ coming into bearing, and which being planted with 
a high-class jat of Tea should help to improve the 
average price of the Company's produce. 
[Here follow paragraphs identical with those in 
the " Consolidated " Company's report quoted yes- 
terday, alludiuK to foreign markets consumption 
and Mr A K Muir succeeding Sir John Muir as 
Chairman. — Ed.T.A.] 
In terms of the Articles of Association, one ot the 
Directors, Mr Robert Soott, retires at this time, and is 
eligible for re-election. The Directors regret that Mr A 
B Murray finds it necessary to retire on account of his 
health, and they have considered the question of 
filling his place. They approached MrD M Hannay, of 
Messrs Kelly it Co., Exchange Square, Glasgow, and 
he has expressed his willingness to be nominated for a 
Beat on the Board, 
The Auditors, Messrs. Aloxander Sloan & Co., C A, 
retire, and offer themselves for re-election. By order 
of the Directors. JA.MES FINLAY & Co., 
Glasgow, 11th June, 1902. Secretaries. 
THE ANGLO-CEYLON AND GENERAL 
ESTATES COMPANY, LTD, 
RtrORT OF THE BOAKD OV DIRECTORS. 
To bo presented to the stockholders at the six- 
teenth annual meeting to be held at 20, Eastcheap, 
London, E,0., at uooQ on Thursday, July 10th, 
ma. 
The Directors herewith submit their report, and 
the accounts for the year ending Slat March, 'l902. 
The net profit, with the balance of profit carried 
forward from the previous year, after debiting the 
debenture interest, as shewn in the audited accounts 
annexed hereto, amounts to £21,311 l9s 7d, and the 
Directors recommend a payment thereout of a divi- 
dend ot four per cent on the Consolidated Stock ot 
the Company, leaving a balance of £11,311 19s 7d, 
to be carried forward. It is proposed to pay the 
dividend on the 11th July, 1902. 
The year in Ceylon was by no means favourable 
to the tea industry. The crop, which in the previous 
year amounted to 2,180,075 lb. from the estate leaf, 
and 133,(372 lb. from the bought leaf, consisted in the 
present year of 2,269,718 lb. of estate, and 87,38-1 lb. 
of bon^it leaf. The crop of cocoa was a short one, 
owing to drought, and amounted to 1,570 cwts. as 
against 2,'.'85 cwts. in 19U0-1901. The gross price 
of the Company's tea was equal to 7'39 pence per lb 
in the Loudon market, as against 7'68 pence per lb 
in the year 1900-1901 ; but it compares well with the 
Ceylon average. The price realised for cocoa was 58s 
6d per cwt, as against 74s 3d in the previous year. 
lu Blauritius the crop of canes was somewhat dis- 
appointing and difficult to work, and this combined 
with the exceptionally low prices, which resulted from 
the excessive supplies of beet sugar, made the year 
comparatively unremunerative. In all 76,698 tons of 
cane were handled on the ostites in which the 
Cii::pciiiy is iui.ei.,jt,i^u, aud (jroduced a crop of 7,553 
Luus of sugar, as against 8,565 tons in the year 
1900-1901. 
The result of the working of the estates in Ceylon 
and Mauritius, respectively, is given in the profit and 
loss account, calculated at the average rate of ex- 
change of Is 4 3-16d, as against Is 4id in the year 
1900- 19U1, 
The crop prospects of the current year, aud the 
condition of the estates, both in Ceylon and Mauritius, 
are reported to be good ; and a favourable feature 
in the outlook of Mauritius is the recent imposition 
of additional duties on beet sugar imported into 
India, with a view to countervail the large kartel 
bounties of Germany and Austria. From Selaugor 
the reports of the progress made by rubber, coconuts, 
and other products, continue satisfactory. A state- 
ment of the acreages is given in the schedule annexed 
hereto. 
Mr. Stuart C Mackenzie, K.G., under the provisions 
of the Articles of As,-.ociation, retires from the Board, 
and, being eligible, offers himself for re-election. 
The auditors, IMessrs. Welton, Jones & Co., also 
retire from office, and have expressed their readiness 
to act, if re-elected. 
BOGAWANTALAWA DISTRICT TEA 
COMPANY, LIMITED. 
Kepcbt.— To be presented at the fifth ordinary 
annual general meeting of the Company, 2ud July. 
The Directors have the pleasure to submit the 
balance sheet and accounts of the Company for the 
year ending 31st March. 1902, duly audited. 
The yield of tea fell short of the estimated quan- 
tity by 53,414 lb., the shortfall being attributabla 
to the great deficiency in raiufall as comnared 
with the average. The prof'ts for the year" were 
also affectrd by the further fall in the price of tea, 
the market having continued in a very unsatisfac- 
tory state. The expenditure was as low as could be 
expected under the circumstances, and includes 
the amount spent ou new clearings, buildings and 
machinery. 
The total yield was 1,134,586 lb. tea plucked off 
2,185 acres, being at the rate of 519 lb. per acre 
all round, costing free on board at Colombo 24 cents 
or 4d per lb.. The gross average price of the 
1,113,555 lb. sold in Lgndoa was 7.22 per lb, 
