April 1, 1903.] tHE TROPICAL 
H E KNAVESMIEE ESTATES CO,, L'JD. 
The Directors liave the pleasure to submit tlie 
Baltince Sheet and Profit and Loss Accounts duly 
audited tor the year enUtd 31st December, 1902. 
The suri lus on Kevenue and Expenditure accoun*' 
is K23, 546-80, to which has to be added tlie balane® 
E2,979 96 carried forward from season 1901. 
Tlie Profit and Loss Account after pmvidirj? fof 
Depreciation, Irrecoverable Coast Advances and 
Superintendent's Commission and other charges 
sbov's an available balance of HJ8,560-29, out of 
whitli the Directors propose to pay a Dividend of 4 
percent. That will absorb R]6,600 acd leave, 
subject to the payment of Directors' fees, a sum of 
Kl,960 29, which it is proposed to carry into the 
current season's accounts. 
The Profit earned represents a return of R48'45 
per ncre on the area of Tea in bearing as against 
K56-72 per acre in 1901. 
Tlie Crop secured from Estate Leaf was 279,661 
lb. or 20,339 lb. under the estimate. The Plucking 
area was 486 acies, and the yield per acre 575 lb. of 
madeTea. Had the last four months of the year 
been up to the average with regard to weather, the 
full estimate should have been secured, but total 
want of f un stopped tlie bushes Hushing freely. 
'J he total quantity of Tea dealt with amounted to 
316,435 lb., which included 36,774 lb. made from 
bought leaf. 
The Tea sold to end of December was 292,200 lb., 
the net proceeds of which equalled 27'62 cents per 
lb., leaving unsold 24.205 lb,, which has been 
estimated to produce 31 75 cents per lb. 
Includi) g the cost of Tea made from bought leaf, 
the twelve months' crop was put on the market for 
20"48 cents per lb. 
The Company's property on 31st December, 1902, 
consisted of : — 
Tea in bearing . . 486 acres 
Tea not in bearing • . 30 do 
Jungle ... 73 do 
Buildings & Waste land ... 5 do 
Total ... 594 acres 
The question o* Green Tea manutf.cture has been 
undtr consideration, and the Board is making 
arrangements to have the necessary plant installed 
as soon as possible. 
The Crop expected in 1903 is 300,000 lb. of made 
Tea, and the Estimate cost is 20'66 cents per lb. 
.The Expenditure Estimate provides for the upkeep 
of 30 acres of unproductive land as also for the 
purchase of Green Tea making machinery, and 
allowance has been made for starting manuring on 
a small scale. 
The Koyalty payable to the Company by the 
Syndicate which leased the right to work Plumbago 
on the Estate has not yet been recovered, but all 
the mineral has now been realised and the small 
amount coming to the Company will shortly be 
available. There has been no mining in progress 
during 1902. 
In terms of the Articles of Association Mr Payne 
GalUvey retires from the othce of Director, and is 
eligible for reelection. 
'i'he appointment of an Auditor for 1903 rests 
with the meeting. By order of the Director.^, 
George Steuart & Co., Agents & Secretaries. 
Colombo, Jan. 13, 1903. 
SI 
AGRICULTURIST. 66t 
THE KELANI TEA GARDEN CO., LTD. 
Following is the report submit ed at the annual 
meetirig at noon today, the minutes of which are 
held over for Monday : — 
KKPOET OF THE DIRECTORS. 
ACRE AO 13 : 
398 
acres 
Tea in full 
bearing 
10 
I) 't 
1899 
14 
i) 
>> >i 
1900 
422 
11 »i 
313 
reserve 
11 
Ravines, 
Waste, and Giass. 
Total 746 
acres 
The Directors beg to submit to tiie Shareholders 
of the Company ihe Accounts for the year ending 
31st December, 1902, duly audited. 
The Crop for the year amounted to 151,145 lbs. 
of made Tea as against the estimate of 200,000 lbs 
realising R43,325*15, or an average nett price of 
28-66 cents per pound, and in addition to the 
above 112,420 lbs. of made Tea was manufactured 
for others, making a total of 263,565 lbs, made 
tea dealt with in the Factory, 
The expenditure, exclusive of items under Capi 
tal Account, amounted to R44, 6^2-79, equal to 
25'98 cents per pound of made Tea, and included 
R2,90r99 spent on manuring representing 192 
cents per pound madeTea. 
The balance at credit of Proht and Loss Account 
after providing for depreciation on Building and 
Machinery, interest andother charges, and including 
the amount R6,807-30 brought forward from the pre- 
vious year is R8, 178-36, which amount the Directors 
recommend should be carried forward to next 
account, 
The result of the year's working has been most 
disappointing, the crop falling short of the origi- 
nal estimate by 48,855 lbs. This shortage may be 
attributed to an unusually severe attack of Helo- 
peltis affecting some 203 acres of the Tea in bear* 
ing, and also to an exceptionally wet and sunless 
North-East monsoon. 
During the year arrangements were made with 
the proprietor of Kiriporuwa Estate for the maiiu- 
factuie of his Teas under a contract extending 
over two years, and to enable the Superintendent 
to cope with the additional lenf in the Factory, 
two Davidson's Sirocco Fans were erected in the 
withering lofts. This expeiuliiuve has alieady been 
move than recouped by the profit on outside leaf 
manufactured during the past season. 
The estimate for the current reason is 210,000 
lbs. made Tea to be delivered in Colombo at a cost 
of cents 22-72, which includes ti3,.35S, or the equi- 
valent of cents I'OS pe»' pound to be spent on 
manuring. 
In the terms of the Memorandum of the Articles 
of Association, Mr. Shakspeaie retiius from the 
Board, and as he is leaving the island does not 
seek re-election, It is proposed that Mr. E R 
Waldock be elected in his plueo. Mr. Hoseason 
also wishes to retire fronr the Board, and it is 
proposed that Mr- C L Davis be elected in his 
place. 
The appointment of an Andjt^or rests with the 
Meeting.— By Ordtr ot the Boaidof Directors, 
Carson & Co,, Agents and Secretaries, 
