0«T. 1, 1902.] THE TROPICAL 
AaiilCULTlJKlST. 
28l 
THE PENKHOS ESTATES COMPAMY OF 
CEYLON, LIMITED. 
REPORT OF THII DIRECTORS. 
DlRBCTOEs:— E M Shaltook.Esqand GW Suhreu.Esq. 
The Directors have pleasure in layiug before the 
Shareholders their Report and Aecouuts for the year 
ended 30th June, 1902, duly audited. 
The amoaut of Tea accured was 237,229 lb. — 
210,120 lb on Estate account as against an Estimate 
of 207,000 lb, shewiafj an increase over last season 
of 10,977 lb, and 27,109 lb manufactured from 
bought leaf, a decrease as compared with last 
ieason of 7,919 lb. 
The Comparative Table of the Estate Tea for the 
past sis seasons is appended, and will doubtlesa be 
found of interest; — 
Cost laid Net 
down in Or without At. 
Crop in lb. Colombo. Manure. Price. 
1896- 1897 15.5-625 27-52 26-31 36--12 
1897- 1893 145-250 26-23 25-65 39-12 
1898- 1899 158-106 25-41 24-05 41-03 
1899- 1900 196 554 23-74 22 32 37-46 
1900- 1901 199.143 26-29 23-88 34 89 
1001-1902 210-120 22-39 21 50 32-94 
The total Crop secured coat, inclusive of Manure, 
22 72 cents per lb. laid down in Colombo, and re- 
alised a net average price of 32-30 cents. Included 
in the Expenditure is a sum of E536-18, whjch has 
been spent in re-draining a further portion of the 
Estate. This work is being steadily proceeded with, 
some 199 acres having been treated up to date, and 
the Improvement in the appearance of the bushes 
on those fields where the work has been carried on 
is already most marked. A sum of E933-09 has also 
been spent during the year on the upkeep of young 
elearings. 
After payment of the Interest on Debentures, viz : 
R3,030-0U, the nett Profit for the year comes to 
R16,727-52, or slightly over 11 per cent on the Capital 
of the Company. To this must be added the amount 
brought foKward from the previous season, viz: Rl, 142-38, 
making the total amount available for distribution 
R17.8C9-90. 
The Directors recommended that this be apportioned 
as follows ; — 
R. 
By payment of a dividend of 7 per cent 10,500-00 
By payment of a bonus to Superintendent 1,2.50 00 
By placing to Reserve Fund 2,000.00 
By carrying forward to next account 4,119 90 
17,869-90 
The acreage of the Company's estates is as follows: — 
Old Tea . . 518t Acres. 
Tea under 4 years . . 7} do 
Tea under 2 years ,, 44 do 
Forest 
Chsua &c- 
600 Acres. 
42 do 
296 do 
Total .. 738 Acres. 
Mr E M Shattock retires by rotation from the 
Board of Directors but, being eligible, offers him- 
self for re-election. 
It will also be necessary to appoint an Auditor 
for season 1902-3.— By order of the Directors, LEE 
HEDGES & Co., Agents and Secretaries. 
Colombo, August 18th, 190-2. 
HAPUGAHALANDE TEA COMPANY, LTD, 
llsport of the Directors presented to the 
eighth annual ordinary general meeting of share- 
holders held on Saturday, 30th August, 1902, 
at 12-30 p.m. 
Your Directors beg to submit their Annnal Report 
and Accounts for the twelve months ending 30th 
June, 1902. 
The quantisy of Tea manufactured for the season 
(including estate and brought leaf, but excluBive of 
that manufactured for other estates) was 135,150 lb 
as compared with 181,020 lb in 1900-1901. The serious 
falliog-off in crop was due to the abnormally unfavour- 
able weather experienced during the first few months 
of the period under review. 
Estimating the unsold tea at a safe valuation, the 
amount relised for this product has been Kll,392-98, 
equal to an average of 30-63 cents per lb. 
After setting aside R3, 293-58 for depreciation on 
buildings and Machinery, the sum available for dis- 
tribution (including R5, 492-13 brought forward from 
last account) is R14, 658-96. From this sum the 
Directors recommended payment of a dividend of 5 per 
cent, absorbing R8,5000 and leaving K5,1.58-96 to ba 
carried forward. 
In terms of the Articles of Association Mr Keith 
Rollo retires from the Board of Directors and is 
eligible for re-election. 
The appointment of an Auditor for the current 
season will rest with the meeting. 
LEWIS BROWN & CO., 
Agents and Secretaries, 
EILA TEA COMPANY. 
DIRECTORS' REPORT. 
Messrs. G P Walker, S Bois and 11 G Bois. 
The Directors herewith submit their report and 
accounts for the year ending 30th June, 1902. 
The following figures show the result of the year's 
working on the Company's estates : — 
Estimated Crop. Cost per b. Price 
Crop. realised, in Colombo, realised, 
Eila 252,550 237,175 19-50 cts. 27-22 cts 
Kanangama 114,500 86,585 24-73 „ 28-44 „ 
367,050 323,760 20-90 cts. 27-54 cts 
from which it will be seen that there was a short- 
fall in crop of 43,290 lb. but the cost of production 
was only 20-90 cents against an estimated cost of 
21-46 cents for which much credit is due to the 
Superintendent. The shortfall on Kanangama estate 
was to a great extent due to the severe attacks of 
helopeltis nnd partly to an insufiioient labour 
force and steps have since been taken to put this 
latter ou a more satisfactory footing. At clfe end 
of the season helopelties was very bad on Kanan- 
gama and it ia to be hoped that the measurea 
employed by the Superintendent to cope with this 
pest will be successful. The visiting agent in hia 
last report stated that the general appearance of 
the tea on both estates was satisfactory. 
During the year a further instalment of £500 waa 
paid to the Standard Assurance Company, in re- 
duction of their loan per £7,000. The amount now 
outstanding is £5,000. 
The net profit for the season after providing for 
10 per cent depreciation on buildings and machi- 
nery is R7, 676-83 out of which the Directors pro- 
pose to pay a bonus to Mr. Dawkin which will 
absorb .. .. .. R 500-00 
to pass the Reserve Account, . .. 6,50000 
to carry forward to next season] , . 676-83 
R7,676-83 
The estate of the Company now consist of : — 
Eila . . 716 acres Tea 5 years old and upwards 
240 do Forest. 
956 acres. 
Knangama 215 acres Tea 5 years old and upw.irds 
108 do Forest. 
823. acres. 
The estimates for the current season provide for 
a crop of 375, ISO lb. Tea at a cost of RS3,935-65, 
