March 2, 1903.] 
THE TKOPICAL AGPJCUr.rURIST. 
aliaed was 27"61 ceuts per lb.; agftinst a cost of pro- 
duction of 23 08 ceDt3 per lb. This included the 
som of R3,267 16 epent on mnnaring, or say l'8l 
cents per lb. of made tea, and Rl,840 16 spent on 
re-roofing 2 sets of lines with iron, and other 
repairs to lines, eqnal to 102 cents ppr lb. of made 
tea. The Directors regret to state that between 22Dd 
November and 18th December, on which latter date 
the theft was discovered, 5,0J4 lb. tea were 
stolen from the Factory. Every effort is being 
made to trace the thieves, but up to date without 
success. It is however anticipated that p. consider- 
able proportion of the value, RI,421-40, will be 
recovered, but in the meantime the Directors have 
decided to set aside this amount to a doubtful 
debts account. After making this provision the nett 
profit for the year amounts to E4,205 82, to which 
has to be added K2,603-51 brought forward from 
1901, making a total of B6,809-33 available for dis- 
tribution. The Directors now recommed the pay- 
ment of a dividend of 2 per cent for the past year 
and that the balance of Ill,509-33 be carried for- 
waid to the present years' accounts. The crop for 
the current season is estimated at 200,000 lb. Tea 
costing 23-25 cents per lb. delivered in Colombo. 
Owing to the demand for Green Ttas, the Direc- 
tors have considered it advisable to undertake their 
manufacture. The necessary machinery is now on 
the estate and it is hoped that the manufacture 
of Green Tea will be commenced in the coarse of 
the next few days. The additional expenditure for 
this work should not amount to more than R5t0, 
which is included in the expenditure of.23'25 cents, 
per lb. given above. It is also proposed to continue 
the planting of para rubber on suitable ground. 
During the year the Hon. Mr W H Figg resigned 
his teat on the Board, and the remaining Directors 
appointed Mr G 11 Alston to fill the vacancy ; in 
accordance with the articles of Association he now 
retires, but is eligible for re election. The appoint- 
ment of an Auditor for the present year rests with 
the meeting. — By order of the Directors, 
Whittall & Co., Agents and Secretaries. 
Colombo oih Feb. 1903. 
THE KANDYAN HILLS CO.. LTD, 
ANNUAL EtPORT. 
Tea in full bearing .. 410 acres 
Not in bearing under two years . . 23 do 
Reserve and Forest Lands .. 787 do 
Cocoa . . 90 do 
Total .. i,310 do 
The Directors beg to present their report for the 
sffttou ended 3lst IJecember, 1902, together with a 
duly audited statement of accounts for the same 
period. The Tea Crop including Tea made for others 
amounted to 206,788 lb., and the Cocoa crop reached 
' cwt 141-1-14, whilst the made Tea gathered from the 
Estate itself was 182,091 lb as against the estimate of 
200,000 lb. The total cost of production, including the 
expenditure of cents 1'42 on manurR, was 25 02 cents 
per pound of made Tea. After paying interest and 
ail other fees and charges their remains a balance 
of R2 932-48 at credit of Profit and Loss Account, 
which the Directors recommend should be carried for- 
ward. The new Season's estimate of expenditure 
amounts to R45,t36, or iqiial to 22'51 cents per pound 
of made Tea on a crop of 200,001') lb, and includes a sum 
of Rl,960 to be spent on manuring or cts 98 per pound. 
The Cocoa Crop is cstimnted at cwt 130 against an 
expenditure of R3,910. Ir. addition to the above, it 
has been decided by the Visiting Aseut and Directors 
that a sum of not more than R2,0u0 should be spent 
on Caslilloa and Para Riiliber to be planted partly 
io a new clearing, which will be opened for the pur- 
pose and partly in ravines and other suitable places oil 
the Estate. At the end of September last the Factory 
onPausalatenue was totally destroyed by fire, which 
necessitated arrangements haviug to be made for the 
manufacture of the Green Leaf from the Estate iu 
the neigbouring Factories. Whilst the actual ioss 
to the Company was fully covered by insurance, 
additional expenditure was incurred for manufacture, 
and the Superintendent was obliged to resort to finer 
plucking 60 as not to exceed the capacity of the 
Factoiies, to whom be was indebted for the manu- 
facture of his Teas. The shortage in crop as compared 
with the estimate is thus partly accounted for, as also 
the increased cost of production, though the deficiency 
in crop may be attributed mainly to the abnormally 
wet season experienced during the latter part of the 
year. The new Factory has now been completed 
and is thoroughly up-to-date in its equipment, in- 
cluding Fans and the latest improvements. It will 
be noticed that in the Profit and Loss Account no 
special provision has been made for depreciation of 
buildings and machinery, as the Factory has recently 
been re erecied, but this has been amply provided 
for by the surplus remaining over from the amount 
received as insurance against Loss of Income after 
covering the cost of rebuilding the Factory, Given 
a normal season the estimated crop should be realized, 
and is hoped a better class of Tea manufactured 
with the ample accommodation and machinery now 
at the disposal of the Superintendent. In terms of 
the Memorandum and Articles of Association the 
Hon, Mr J N Campbell retires from the Board of 
Directors, brrt is eligible for re election. It will 
also he necessary to appoint a Director in place of 
Mr W Shakepeare who is shortly leaving the Island, 
The appointment of an Auditor for the current 
year rests with the Meeting. 
MAMA UVA ESTATE COMPANY, LTD. 
ANNUAL REPORT, 
Directors :— Messrs, S Bois, Jas. Poison and G 
H Aloton. 
Estate Inspectob : — Mr. Jas. Poison, Estate 
SuPEEiNTENDENT :— Mr C "W Macleau. 
ACREAGE : 
Tea in full bearing .. .. 618 acres 
Cardamoms . . . . 89 do 
Fuel .. .. 20 do 
Total Cultivated 
Jungle and Waste land,&c. 
Total of Estate 
727 do 
231 do 
958 acres 
The Directors have now to present to the share- 
holders the accounts for the past year. The tea 
crop secured amounted to 242 376 lb. against an 
estimate of 262,000 lb. the shortfall being due, as 
in almost all districts, to continued rain and 
absence of sunshine during the last three months 
of the year. The cardamom crop however ex- 
ceeded expectations and yielded about 9,600 lb, 
against an estimate of 9,000 lb, The prices realised 
for these products were 34-57 cents per lb, nett for 
the tsa, and 83 .33 cents nett per lb. for ihe carda- 
moms sold; against 34 78 cents per lb. and 1-25 
per lb. respectively in 1901, As shareholders are 
probabl; aware, the market for cardamoms has been 
very low during the last twelve months. After 
allowing for depreciation on buildings and machi- 
nery, and estimating at a low rate for the Carda- 
mcms yet to be sold, the amount at credit of profit 
and loss account for the year's working wag 
R23,012'3l, equal to 7-68 per cent on the paid up 
capital of the Company, to which has to be added 
the balance of R3,012'17 brought forward from 1901, 
and R432-47, being nndtr estimattd value of 
cardnmoms appearing as unsold in last year's 
Rccoirnts, making a total of R26,4S6-95 available for 
distribution An Interim dividend of 3 per cent 
was piid on 5th August last, absorbing E9,Ct\), 
and the Directors now recommend the payiuent 
of a final dividend of 5 per cent, making 8 per 
cent for the year, and that the balance of K2,4S6"9fi 
