488 
THE TROPICAL AGRICULTURIST. 
[Jan. 1, 1903. 
THE CALEI/ONIAN (CEYLON) TEA 
ESTATES, LIMITED. 
REPORT OF THE DIRECTORS 
to be submitted at the fifth ananal general meet- 
ing of shareholders on Thursday, 27th November, 
at noon. 
The Directors beg to submit the balance sheet 
and profit and lo33 account for the year ended 30th 
June, 1902, duly audited. 
The working account, after providing for London 
charges, shows a profit of £4,134 123 53, and the 
Profit and Loss Account, including the balance 
brought forward from the previous year, and after 
payment of Interest on debentures, &c., leaves an 
available balance of f 1,993 83 5d, 
Prom this sum the Directors now recommended 
the payment of a dividend of 6 per cent on the 
preference shares for the year to 30lh June last, 
amounting to £1,920, leaving to be carried forward 
to the next year the balance of £1Q 83 5d, =£1,998 
8s 5a. , , 
The Directors regret that they are again unable 
to declare any dividend on the ordinary shares. 
The yield of tea from the Company's estates 
for the past and two previous seasons was as 
follows : — 
1901.2. 190001. 1899-900. 
lb. lb. lb. 
Lawrence and Venture 410,120 399,087 402,535 
Seleeama ... 165,379 167,378 111,415 
■Wsivina .. 112,695 94,979 40,763 
In accordance with the Articles of Association, S 
Alfred Dent retires from the Board, and being eligib 
offers himself for re-election ; 
The Auditors, Messrs. Singleton, Fabin & Oo., also 
offer themselves for re-election. 
638,194 661,444 554,713 
The gross average prices obtained in London 
Were ; — 
1901-2. 1900-01. 1899 900. 
Lawrence .. 6-62d 6-84d 740d 
Venture .. 6-7Bd 7-I3d 7-59d 
Selegama .. 5-70d 5-79d 6-52d 
Wavina .. 7'78d 5-64d 6-39d 
1G7 cwt. of cocoa were secured from Kahawatte 
and 18 cwt. from Wavina, and this realised a net 
average of about 60s per cwt. : 4,200 seed pods were 
also disposed of. The previous year's crop of cocoa 
was only 70 cwt. 
The above figures show that the total quantity 
of tea produced was 26,750 lb. more than the pre- 
vious season's crop, and 13,1941b. over the estimates. 
The improvement in the market for Ceylon tea, 
notified at this time last year, was not maintfiined, 
and for a large portion of the crop lower prices bad 
to be accepted ; the result of the year's working, 
owing to the increase in the quantity of tea and 
cocoa gathered, is however, practically the same as 
that of the previous season. 
The estimates for the current season are given 
by the managers in Ceylon, as follows : — 
lb. 
Lawrence and Venture 400,000 Tea 
Selegama .. llhMO Ho 
Wavina ... 110,000 do and 20 cwt. Cocoa 
Kahawatte .. — 175 do do 
685,000 do 195 do do 
The coconuts on Kahawatte and Wavina are 
coming on well *nd promise to be a success ; the 
para rubber trees on the latter estate are also 
progressing favourably. 
The amount charged to capital in the accounts 
now rendered, includes the cost of a new bungalow 
on Wavina estate, and a new set of coolie lines 
on Selegama. 
Further capital expenditure will be necessary to 
Provide a factory for Wavina estate, as well as 
Additional machinery and appliances on other eotates, 
in order to keep pace with the new aaci jmprpvecl 
jjigtbocls of manufetroUue, 
THE HORNSEY TEA ESTATES COM- ' 
PANY, LIMITED. 
THE SIXTH ANNUAL REPORT, 1901-1902. 
Directors. — Oharles A Reiss (Chairman) ; Hamil- 
ton A Hancock ; Walter S Sichel and W S T 
Saunders (Manfiging Director in Ceylon), 
Secretary. — Albin 13 Tomkins. 
The Directors beg to submit to the Shareholders 
the Report and Audited Accounts for the year closing 
30th June last. 
The Crop of Tea has weighed out 168,749 lb. against 
last year's 176,885 lb, or a decrease of 8,136 lb of made 
Tea. 
The cost of production has been 26"62 cents; against 
last year 30 84 cents, or in sterling 4Jd per lb, Colombo 
against 5d per lb Colombo, last year. 
The London sales have totalled 31,1301b of Tea, 
selling at an average 7-1 5d per lb gross, and the 
balance of the crop has been sold in Colombo, and 
realized an average o£ 39 74 cents per lb. The average 
sale price for the whole crop has been equivalent 
to a London price of 7'201porlb gross, against last 
year's 7'47d per lb, or a farthing per lb less. 
Although the crop has been smaller than last year's, 
the advantages of having a Factory are very marked. 
The cost of production has been Jd per lb lower 
and the profit on the working of the estate shows 
an increase over last year of £236 17s 3d. 
The average selling price is again lower than the 
previous year. This is not due to a falling off in the 
quality or make' of the Tea, which have been quite 
as good as usual, but to a low and adverse market, 
which has kept prices down during the period under 
review. Prospects for the current year are hopeful; 
the crop showing an increase of 7,800 lb since the 
first of July. 
The Audited Accounts herewith show that after 
paying fixed charges and Preference Dividend for 
the twelve months, there is a credit balance of 
£21 14s lid, to Profit and Loss, and this amount 
has been written off Preliminary Expense? Account, 
The Directors have decided that in future the Pre- 
ference Dividends shall not be paid before the end 
of Marchj and the end of September. This change 
is deemed advisable as the crop is not entirely sold 
until the later date. 
The Directors desire to express their thanks to Mr 
W S T Saunders, and to Messrs E Benhara & Co, 
the Colombo agents, for the attention given to the 
Cor^any'a business during the year. 
In accordance with the Articles of Association, Mr 
Hamilton A Hancock retires from the Board, and, 
being eligible, offers himself for re-election. 
The Auditors, Messrs Singleton, Fabian & Co, offer 
themselves for re-election. 
Charles A Eeiss and Walter S Sichel, Directors, 
Ai.BiN B Tomkins, Secretary. 
51, Lime Street, E C, London, INov. 14. 
DIGALLA CEIXON TEA ESTATE COM- 
PANY, LIMITED. 
Report of the Directors to be submitted at tha 
Sixth Annual Ordinary General Meeting of Share- 
holders to be held at 20th, JSastcheap, B.C., on 
Tuesday, 16th December. 1902. 
The Directors are pleased to say that the work- 
ing of estate during the past season has given con- 
siderably better results than the previous year, and 
the profits have made it possible to wipe out the loss 
oE last year, and to pay treferenoe Dividends tq 
30th Juae, 1902, 
