418 
THE TROPICAL AaRICULTURIST. 
[Dec. 1, 1902. 
THE ASSOCIATED TEA ESTATES CO. 
OF CEYLON. LTD. 
DiEECTOBS : — Sir Alexander Wilson, Chairman' 
A B4thnne, Esq., J.P., S E Earle, E=q., and T C 
Owen, Esq. 
Report of Directors and Accounts to Jane SO^b, 
1902 to be snbmitted at the Sevenih Annual General 
Meeting of Shareholders, to be held at Cannon 
Street Hotel on Wednesday, 29th Octobsr, at 12 
o'clock noon. 
The Directors beg to submit herewith the Accounts 
of the Company for bis year ending Jaue SOth, 1902, 
showing a gross profit of £2,496 17a 2d., after deduo- 
tioD of the agreed proportion of minui-ing. Against 
this has to be put a sum of £446 13j lOd., being one. 
qn»rter of the amount itandint? ai^ainat Buildings and 
Machinery, and Immature CuUivaiion. 
After dedactioQ of sundry charges, interest on 
loans, etc, there remains a credit balance of £787 Os Id. 
to go against the loss shown in last year's Ac- 
counts of £963 lis 3d., making a debit balance of 
£176 lis 2d. 
The yield of Tea for the year was as follows : — 
1901-2. 1900 1. 
Silverkandy .. 121217 .. 112,045 
Cheatetford .. 372,550 .. 315,292 
Horagoda .. 3H.504 ... 42,8a3 
Doragalla .. 270 597 ... 229,035 
Total ... 7it7,868 ... 729,2J5 
This shows an increase of 68,663 lb. on the total 
yield of the previous year, and exceeds Superintend- 
ents' estimates by 15,9931b. 
The cost of production per lb> f.o.b. Colombo, was 
aa follows:— 
1901-2. 1900-1. 
an . a a 
a 
is 11 
.5 p-H o ^ es .2 
5 a d o 5 d 5 
S So 
•a <o rS so 
.a a 
9 S a 
si w O 
O 00 
60 
a 
Silverkandy 32'13 3-10 35 23ct 35 15 2 01 37 16ot 
Chesterford 24-27 2-39 26-66at 25 34 2 50 27-84ot 
Horagoda 27'67 -83 2>) 50ct 31-77 0 95 32-72ct 
Doragalla 24-53 3-95 28-48ct 30 14 5-57 35-71 ot 
The average prices reduced to the London equi- 
valenta for purposes of comparison : — 
1901-2. 1900 1. 
Silverkandy Gross 8-18d or 43 94ct Gross 7-18 1 or 42'72ct 
Chesterford do 5-73d or2919ct do 5-591 or 28 74ct 
Horagoda do 5-481 or27-6tjot do 5-20 1 or 26 39ct 
Doragalla do 6 24d or 32-21ct do 6-61d or 34 47ot 
The toial tea sold for the year realised a grosa 
average of per lb., and cost, sold in London 
6 21d fxcluaive of minnriiig. The exchange for the 
year averaged Is 4 11-32 d. The yiald per acre was 
404 lb over the fielda in full bearing. 
The Directors have decided thit in the inter- 
est of the shareholders the cultivation of Hora- 
goda Estate should be discontinued. Tliia decision 
has been given effect to, aud has m«t with Mr. 
Eraser's full approval. Excluding Horagoda the 
estimate for the season 1902 3 is 795,0.)D lb against a 
crop of 764,364 lb for 1901-2. 
During the year Messrs. McMeekin and Co. relin- 
quished the Secretaryship, and it was taken over 
by Messrs. Rowe, White and Co, of 16, Philpot 
Lane, E C. Mr. John MoBwan retired from the 
Board of Directore, and Mr. T C Owen who 
2 = o So a 
has had . over 20 years' practical experience 
as a planter in Ceylon, was elected in his 
place. Mr. A Bethone, the Director retiring by 
rotation, is eligible for re-election. Mr. J M Hen- 
dsrsiin, the Auditor to the Company, retires, and 
offers himself for re-election. 
By Older of the Board, Rowe, White & Co., 
Secretaries. 
16, Philpot Lane, London, E. C 21st Oct. 1902. 
THE SCOTTISH TRUST AND LOAN COM- 
PANY OF CEYLON, LTD. 
Capital, £125,000; First issue (fully subsoribsd), 
£75,000 ; Of wnich paid up, £45,000 ; Reserve Fund, 
£11,000. 
DiEECToRs. — James Haldans, C A, E'linburp;h ; John 
Wilaim, of Messrs Honeyman and Wilson Limited, 
E linburgh ; Henry Johnston, K C, Advocate, Edin- 
burgh ; George M Wood, S S C, Bdinbnrgh. 
S'scRETAHT. — Francis A Bringlos, O.A., 323 George 
Street, E iinburgh. Regiatere 1 Offica : 123 George 
Street, E Iinburgh. Lmdon Offioo : Adel ii le C'um- 
bera, 52 Graoechurca Street, E.U. A Gordon Dmkson 
London Agent, Agents in Oeylon. Messrs Cumber- 
batch & Co., Colombo. 
REPoftT by the Directors of the Scottish Trust aud 
Loan Company of Ceylon Limited, to the Twenty- 
fifth Ordinary General Meeting of Shareholders, to be 
held within the Company's Registered Office, No. 123 
George Street, Edinburgh, on Thursday, the 80th day 
of October 1902, at S SO p.m. 
The directors present their Twenty-fifth Report, 
being for the year to 31st August 19112. 
Estates in ths Company's Possession.— The year 
under review h*s again been a bad one for producers 
of tea, and prices have steadily decreased, and have 
now reached a very low figure. The total crop from 
the Company's properties amounted to 739,"101b. or 
36,000 lb. in excess of the estimate, and represents 
an increase over last year's figures of 32,313 ]b. The 
average net price realised has been only 6-391 as 
against 7'12i for last season, or a fall of -73 of a 
penny per pound. 
Faotobib3, Buildings, and Machinehy. — These are 
in a thorough state of repiir. During the year the 
extension to the BrookaidePactory has been completed/ 
anii m-w machinery erected at the Alnwick Factory, 
Cultivation op Estates. — The movement to restrict 
the output of tea which was mentioned iu the last 
report resulted in no defioiie scheme being adopted by 
producers. The Directora, however, decided to rest a 
proportion of the Company's tea, and wich this end in 
view 116 acres have lain fallow throughout the year. 
Reports from Ceylon speak very favourably of the 
healthy appearance of the tea thus treated. 
Accounts. — The balance at the credit 
of Profit and Lo33 Account is .. £3,548 15 0 
And the Directors propose to pay 
a dividend of 6 per cent per annum, 
free of Income Tax, of which 2J per 
cent was paid as an Interim Divi- 
dend at WhitsuniUy 1902 ... 2,700 0 0 
Leaving £843 15 0 
to be carried forwarded to next Account. 
Mortgai/e held in Oeylon by the Company, — Xfie only 
rem liuiug loj,n of the Ojoitiauy u novv reJuoad to 
£2 200 
Directorate. — TheDireHors regret that Mr H Herbert 
AuJeraoa his resigaeJ his leac on tne B jard, but has 
consented to remain temp irarily. in an advisory 
capacity, at thaLmdon Oifija. T'le Dir'^ctor retiring 
by rotation ia Mr (Jaorgs M Wooi, S S.C., and he is 
eligible for re-electi'iu. 
Auditors.— M.->i!iri. Moncrieff & Horsbrugh, C.A., 
are eligible, aud offar themselves for re-election. By 
Order of the Board. FRANCIS A. BRINGLOE, 
Secretary. 
—Edinburgh, 21st Oct. 1902. 
