bEC. 1, 190a.) 
THE TROtlCAL AGRICULTUEIST. 
42i 
get labour to harvest the full crop estimated for the 
new season. 
The area under tea amounts to 730 acres. 
The Manager's estimate for the present season is 
310,000 lb. 
In accordance with the Articles of Association, 
Lieutenant-Colonel Colvile retires by rotation, and, 
being qualified, offers himself for re-election. 
The Auditors Messrs. Jackson, Taylor, Abernethy 
& Co., retire, and, being eligible, ofier themselves 
for re-election. 
October 30th, 1902. 
TSE GOOMEKA (CEYLON) TEA ESTATES 
COMPANY, LIMITED. 
REPORT OF THE DIRECTORS. 
The Directors beg to submit herewith their eighth 
annual report and balance sheet for the year ending 
30th June 1902. 
■ The accounts, after paying debenture interest and 
London expenses, show a profit of ^404 10a 6d 
which deducted from the debit balance of £2175 153 
lOd brought forward from last year, leaves a loss of 
£1,771 5s 4d to be carried forward. 
The total crop from the Company's estates amounted 
to 142,488 lb. realising a net average of 6d per lb., 
against 245,313 lb harvested from the Company's 
estates the previous year, which realised a net aver- 
age of 4-18d. 
During the past year the system of high cultivation 
advocated by Mr, Joseph Fra.ser, and previously men- 
tioned, has been continued by the Directors- The 
results have justified the wisdom of this step, as the 
figures for the past season show. In view of the 
serious crisis through which the tea industry is now 
passing, the result cannot be looked on as otherwise 
than satisfactory. The Directors consider that the 
prices realised for the tea reflect credit on the manage- 
ment of the Company's properties in Ceylon, 
The estimate fc)r the new season is 170,000 lb from 
Goomera, and 97,500 lb from Hunugalla, against a 
crop of 150,407 lb (exclusive of bought leaf) from 
Goomera and 89,480 lb from Hunugalla last year. 
The Directors not having drawn any fees for some 
years, propose drawing half for the past season. 
Mr. F E Cobb retires in accordance with the 
Articles of Association, and being eligible, offers 
himself for re-election. 
The Auditor, Mr. J D Stewart Bogle, O.A. retires 
and offers himself for re-election. 
October 28th, 1902. 
CEYLON LAND AND PRODUCE COM- 
PANY, LIMITED. 
DiEECTORs,— James Wilson, Esq., Chairman, \Vm, 
H Hasiam, Esq., Alex. D Wilson, Esq. 
Kepdrt of the Directors, to ba submitted to the 
eighteenth annual general meeting of shareholders, (on 
Friday, the 14th day of November. 
Tonr Directors have the pleisure to submit the 
annexed profit and loss account and balance sheet for 
the crop year ending 30th June, 19C2, duly audited. 
319 shares of £5 each, being part balance of the six 
per cent. Cumulative preference capital, were allotted 
during the past year, and the premiums received, 
less cost of issue, transferred to Reserve ^und 
In tlie sum of £185. The amount of credit of Profit 
and Loss account is £7,053 Ss Id, which, with the sum 
of £327 2s Id brought forward from last year, leaves 
£7,.380 78 2d (0 be distributed. On the 22nd July last 
an Intexim Divideud of 7i pec cent ou the Ocdioary 
Shares and 3 per cent on the Preference Shares was 
paid, and your Directors now propose to pay on the 13th 
day of December, 1902, the balance of the fixed Camn- 
lative Dividend on the Preference Shares (3 per cent) 
making 6 per cent for the year, and 7i per cent on the 
Ordinary Shares, making 1.5 per cent for the year, all 
free of Income Tax, and carry forward the balance of 
£1,120 23 2d, subject to the Directors' remuneration for 
the year under review and to the payment of income 
Tax, &c. A sum of £954 10s lOd spent upon permanent 
improvements during the year has been debited to 
Revenue. In accordance with a Resolution of the 
Board, a Call of lOs per Share was made upon all 
Members holding Preference Shares upon which £t 
lOs had been paid, and the same was payable on the 
1st July last. These Shares are now fully paid. 
Your Directors have to report that the total Crop of 
Tea from the Company's Estates for the year amounted 
to 986,862 lb, representing a shortage on the Estimates 
of 82,888 lb ; there were, however, increases of 10,061 lb 
made from purchased leaf, and of 68,227 lb made from 
others, the outturn aggregating 1,440,150 lb, as com- 
pared with the provision made at the commence- 
ment of the season for J,444,7.5'J lb, a deficiency 
of only 4,600 lb. The net average price obtained 
is again low, it being only fractionally better than 
that recorded last year viz, 5.46, versus 5.28d ; the 
mean rate of exchange (Is 4p) remains the 
same, and Freights were the tarn higher; Your 
board desire to point out that their declared policy of 
sparing no expense to bring the Company's Estates 
into the best possible state of cultivation has been 
persevered with, and there is no doubt the present 
condition of the properties fully justifies the course 
taken ; during the year R-24,318 (£1,659 Ss. lid.) were 
expended ou manuring Tea and Cocoa, the wiiole 
of which has been debit to Revenue Account. 
The Coca crop totalled 2,865 cwt, as compared with 
an estimate of 2,325 cwt. ; the prices, however, shev? 
a marked falling off. The greatest efforts continue 
to be taken to keep Cocoa disease well under control, 
and as a matter of fact the Government Mycologist 
reports that the work of cutting out cankered parts 
of trees had been well done, and in his opinion wag 
effective in curing the trees so treated in a very 
large proportion of cases ; he adds, that the measures 
adopted promise excellently, and if vigorously larrled 
out should ensure that very little need be spent per 
acre in the future. The census of Coconuts taken 
in June last indicates a tott.1 number of 47,088 trees, 
equal to 620 acres, at the rate of 76 trees per aordi 
It was found necessary to extend the North Matale 
and Strathisla Tea factories, and increase the 
machinery in the latter building to fully cope with 
the larger output ; the Directors have under their 
consideration the question of erecting a Green Tea 
factory on Alloowihare. 
Tea. — The output has been a fair average one in 
point of quality, although the standard of excellence 
reached in 1901 was not upheld. Unfortunately also 
the Indian crop contained a large proportion of 
medium and low class Tea, which, competing with 
Ceylon, kept prices for common and fair grades much 
under those of the year before, consequently render- 
ing the result of working of many estates unsatisfac- 
tory. On the other band, however, there was a brisk 
demand for all invoices with attractive flavour. * * * 
Cocoa. — The demand for this article during the first 
six months of the year was slow, and in consequence 
much lower prices were recorded. At the end of Augi 
ust values improved, owing to the demand from 
America, partly resulting from the short Java crop, 
and a material advance took place which has been 
since well maintained. Finest kinds— of which the 
supply is very small — are considerably higher than 
they were at the beginning of the year, and ths 
Directors are of opinion that the prospects of good 
values for next season are very favourable. Tba 
statistical position of M kinds of Cocoa is good, 
the deliveries showing au increase on last year'Si ttlQ 
stoclsa beiDg uow mach smailWri 
