March L', 1903.J TUE TROnCAL AGRICULTURIST, 015 
GLASGOW ESTATE COMPANY, LTD. 
THK ANNUAL REPORT. 
Directors :— Messrs. G H Alston, G C Walker aud 
J G Waidrop. 
E-TATB Inspector :— Mr .1 K Clark, Estate 
Superintendent : — Mr R VV Kerr. 
ACREAGK : 
Tea in full bearing .. .. 600 acres 
Tea partial bearing ... . . 41 do 
Tea not in bearing ., .. 9 do 
Grass ... . . 2 do 
Jungle, &a ... ... 62 do 
Total Estates . . 714 acres 
The Directors li».ve now to present their Annual 
Report aud the Accounts of the Company for the 
past year. 
The tea crop secured was 380,500 lb., against an 
estimate of 400.000 1b., thus showiug a shortfall of 
19,.o00 lb., which was due to the continued rain and 
absence of sunshine during the last 4 months of 
1902. The avernge nett price realised was 44-6C cts. 
per lb., as asainst 43'66 cents for the previous season, 
which may be considered satisfactory. 
The amount at credit of profii and loss account 
for the year's working was R73'902'5i. The 
balance brought forward from last year amounted 
to R2,2.51-09 trom which falls to be. deducted R300 00, 
being extra fees for the Directors for 1901 work- 
ing, in terms of the resolution p.isssd on 18th 
February, 1893. 
The sum therefore available for distribution is 
R'.5,853"(!3 and the Directors now recommend 
that a fiuil dividend of 15 per cent be paid for 
1902, muking with the Interim Dividend of 7 per 
cent paid on .^th August last, a total of 22 per 
cent for the year, and that the balance of Rl,353 o3 
be carried forward to the current year's accounts. 
It will be noticed that there has been no addition 
to the capital expenditure and any additions or 
alterations to michinery or buildings have been paid 
for out of revenue. 
The estimate for the current year is 392,000 lb, 
Tea on an expeuduure of R96,147 00. A sum of. 
R3,()00'00 will be required for a new Roller necessary 
to deal with the increaBing crops from the estate. 
As notified in the circular posted to Shareholders 
on the 12th ultimo the entire crop has been sold at 
60 cents per lb. f.o h. Colombo, which may be con- 
sidered very Fatisfactory. 
During the year under review the Hon. Mr W H 
Figg resigned his seat on the Board, and the Directors 
appointed Mr G H Alston to the vacancy. 
In terms of the Articles of Associ'ition Mr G H 
Alston now retires from the office of Director, but is 
eligible for re-election. 
Colombo, 28Lh .January, 1903. 
The Crops amounted to 358,032 lb Tea, being 18,032 
lb in excess of the E.stimate, and realised a nett average 
of 38'75 cents which included the bonus granted on the 
manufacture of Green Tea. 
The amount at credit of the year's working is 
R42,645"85 equal to 12 17 per cent on the pud up 
C 'pital of tue Company, to which has to be added 
Rl,564 86 brought forward from last year, making a 
total of R44,210'71 available for distribution. 
The Directors now recommend that a final dividend 
of 7 per cent be paid forthwith, making with the In- 
terim Dividend of 5 per cent paid ou the 5th August 
bist a total of 12 per cent for the year, and that the 
balance of R2 210 71 be carried forward to the current 
year's working. 
The estimate for the present year is 350,000 lb of Tea 
on an expenditure of R94,88.5 05 which includes a sum 
of Rll,7(j7 to be spent on Mmuriug. 
The Crop for the current vear has been sold by con- 
tract as intimated in the Circular issued to Share- 
holders on the 1st of December last. The Thirty 
Committee bonus having now been reduced to 4 cents 
per lb the buyers h^ve to pay the Company 37^ cents 
per lb of Green Tea. 
In accordance with the Articles of Association r 
James Poison now retires from the Board, but is eligible 
for re-election. 
Colombo, 28th January, 1903, 
UPPER MASKELIYA ESTATES CO., LTD 
I«E ANNUAI., EEPORT. 
Directors : — Messrs Jas Poison, AV D Gibbon aud G 
H Alston, Estate Superiuleiident : — Mr L A Wright 
Acreage : 
.31sT Dec. 1902. 
Brunswick 
and Caskien. Total. 
Bloomfield. 
Tea in full bearing 140 207 653 
Ten not in bearing 10 — 10 
Grass, Timber Trees, &c 62 — 62 
518 207 725 
The Directors herewith submit to the Shareholders 
the Accounts of the Company for the past year. 
CEYLON PROVINCIAL ESTATE CO., LTD. 
the birectdrs' report. 
Directors:— J Paterson, Esq., Edr^ard S Grigson, 
E^q., F L Cleinents, Esq. 
The Directors beg leave to submit their Report 
for the year ended 31st December, 1902, together with 
a S'atem:'nt of Accounts for the same period. 
The Tea Crop secured during the twelve months 
amounted to471,6l71bj against an estimate of510,000 lb 
aud is equal to an average yield of 484 lb per acre 
from the uvea in full and partial bearing. In the 
case of Glassaugh the Crop was fully up to estimate 
in the matter of quantity, but Browiilow fell short 
of expectations to the extent of close upon 40,000 lb. 
The finer or more careful system of plucking re- 
ferred to in tie last Annual Report was continued 
throughout 19(12, and the Brownlow shortage is partly 
attributable to that circumstance, but chiefly to ua- 
favour.ible weather in the latter half of 19112. 
Tne Revenue aud Expenditure Account shews the 
year's profit to have been R93,098'14. 
The cost of production in 1902 has been 24'65 cents 
per lb, which includes 106 cents spent in manuring, 
as compared with 25'02 cents and 1'69 cents respectively 
for Season 1901. 
The Crop has sold at an average nett price of 44*20 
cents per lb. against 44'10 cents iu 1901, and 42'56 
cents in 1900. 
During the past year the Company's liabilities have 
been decreased by the repayment of a loan of R20,000 
thus redu ing the "Loans on Mortgages" item in the 
Balance Sheet from Rr27,473-57 to R107,473 57. 
RlO.OOO of the sum repaid was set aside from the 1901 
profits, and the balance of RIO, 000 has been met out of 
the past year's surplus as shewn in the Profit and 
Loss Account. 
Including a sum of R3,144 58 carried forward from 
Season 1901, the Profit and Loss Account shews a 
b ilauce at credit of R46,198 03 nfter payment of an 
interim dividend of 3per cent interest on Mortgages, 
Bonus allow inces to Superintendents, aud provision 
made to the extent of R17..500 for Mortgage redemp- 
tion and depreciation of liuildings and Machinery. 
The Directors now recommend the payment of a 
filial dividend of 6 percent which will absorb R3J, 960 
aui make 9 per cent for the twelve months, aud 
that the balance remaining, after p.iynieut of 
Directors' Foes, bs carried forward to Season 1903. 
There wis no expenditure on Capital Account 
during the past season. 
