698 
THE TROPICAL AQRICULTUEIST. [April 1, 1903. 
THE NAHA VILLA ESTATES CO., LTD. 
Directors :— Messrs. J M Mason, E S Grigson, 
W Anderson, Gordon Pyper ; Agents and Secretaries : 
— Messrs. George Steuart & Co. 
NINTH ANNUAL REPORT OF THE DIRECTORS. 
The Directors have the pleasure to present their 
Report for the year ended 31st December, 1902, the 
accounts in connection with which show the 
Company to be now in a sounder financial position 
and afford ground for a better di videned than last time . 
The surplus of Revenue over Expenditure (B45,4;40'59) 
is much the same as for the previous season, but there 
is now less need to make provision for further improve- 
ments. After placing R7,500 to Depreciation Account, 
and the payment of Interest on Mortgages and Sun- 
dry other chages, the Profit and Loss Account 
shows a sum of R22,482 49 available for distribution, 
out of which the Directors propose to pay a dividend 
of 5 per cent on the oaid up Capital of the Company. 
This will absorb R19,825-00, and the balance R2,657-49 
after payment of Directors' Fees they propose to 
carry forward to next season's account. The Tea Crop 
fell short of Estimate, and only amount to 515,611 lb 
against 524,840 the previous year. The Average Price 
realised was however, somewhat better, being 35"43 
ceuts as compared with 34'84 last year. The cost of Pro- 
duction including 1"22 cents for Blanuringand Burying 
of Primings was 28'11 cents against 28 00 last year. 
Coffee realised only B6,789'40 as compared with 
R8,846 11 the preceding year. The Water-Power In- 
stallations recommended in last Report have been 
completed on both Ury and Nahavilla, and are work- 
ing satisfactorily. A new Roller and a Drier have 
also been placed in the Nahavilla Factory, besides 
Fans ; but Fans are still required for the tJry Fac- 
tory to inprove the condition of the wither in the 
busy months. The Tea Crop for the coming season 
is estimated as 590,000 lb to be produced at a cost of 
25 65 cents per lb exclusive of any manuring or capital 
expenditure that may be decided upon. The manu- 
facture of Green Tea at certain seasons of the year 
is under consideration. 
ACREAGE. 
: ^ . 3 I 
0 ^ C5 H 
. Tea in full bearing 317 521 252 287 1,377 
Tea in partial bearing 48 — — — 48 
Tea not in bearing 90 16 — — 106 
Coffee 30 41 — — 71 
Oardamoms — — 5 — 5 
Forest 45 41 — 72 158 
Grass, Fuel Trees, 
Pfttna &c. 71 147 84 254 556 
of 5 per cent absorbing R57,000 be declared, R9,500 
reserved for Working Capital and the balance R7,403-15 
carried forward. 
It will be seen that the Property representing 
Capital stands in the Balance Sheet at approximately 
R194 per acre cultivated as compared with the same 
figure in the previous year's accounts, and that the 
Profit is R75-21 per acre in bearing and 38'24 per cent 
on the Capital. 
The total Tea Crop was 656,820 lb (630,643 lb. Black 
26.1771b. Green Tea) or 76,820 lb more than the esti- 
mated quantity, the heavy crop being attributed to im- 
provement in the bushes under the system of allowing 
them to get well up from pruning before tripping ; the 
appearance of the Tea ia good and prospects of cfop 
for 1903 fairly satisfactory ; the Superintendent esti- 
mating an outtulru of 541,512 lb. Green Tea from Estate 
leaf. 
The total quantity of Tea for disposal was 695,374 
lb including 38,554 lb made from purchased leaf, of 
which 541,002 lb were sold locally averaging 29'17 cents 
per lb and 154,372 lb shipped to London in the earlier 
months of the year averaging 27 85 cents per lb. 
The cost of Tea per Superintentendeut's Estate Re- 
port was 15 27 cents per lb and the total cost delivered 
to buyers or put on board ship including all charges 
was 18'02 cents per lb ; or exclusive of Depreciation 
17'11 cefits per lb the nett value realised from sales was 
28 88 cents per lb. E14,'08-43 was spent in 1902 on 
New Machinery and Factory Extension and further 
outlay estimated for at Rl 2,500 on New Engine and 
Boiler and a Dryer will be incurred in 1903. Manu- 
facture of Green tea was oommencsd on 8th December, 
1902, 26,331 lb being made by the end of the year which 
realised with the bonus 37'82 cents pet lb ; Green Tea 
manufacture will be continued for the first six months 
of 1903 the crop for that period not exceeding 300,000 
lb having been sold on Contract at 35 cents per lb, the 
bonus accruing to the sellers. 
The Company's Property coasiated on the 31st 
December, 1902 of :— 
Total 601 766 341 613 2,321 
Mr J M Mason retires from the Board by rota- 
tion, and does not seek re-election, as he is about 
to leave for England. The appointment of an 
' Auditor for the ensuing year rests with the meeting. 
YATADERIA TEA COMPANY OP 
CEYLON, LIMITED. 
Directors. — Mcf.srs. Frank Liesching, David Fair- 
weather liud Henry Valentino Masefield (Managing 
Director); Agents and Secretaries — The Eastern Pro- 
duce and Estates Co., Ltd.; Siiperinteudeut of Estate 
— Mr. J R Pairweather ; Bankers — Bank of Madran ; 
Solicitors — Maasrs. Julius & Creasy ; Auditor — Mr. 
J D Forbes. 
The Diieotors have pleasure in submitting the 
B.%l(>.nco Sheet and Profit and Loss Account for the 
year ending 31st December, 1902. 
'The Profit for the year is R72,657 16 to which must 
be added Rl,245*99 balance from J'JOl.and theDirectors 
recorameud that a Dividend of 25 per cent and bonus 
Acres Tea 
17a 
Planted 
in 
981 
Acres 
Tea 
Yield in 
1902 tea 
per acre lb 
610 
522 
687 
642 
842 
1,107 
831 
936 
625 
851 
617 
610 
Compared 
with lb in 
1901 
580 
627 
541 
723 
867 
725 
687 
863 
682 
333 
340 
277 not in bearing 
1885 
1887 
100 1888 
42 1889 
6 1890 
52 1891 
120 1892 
68 1894 
37 1895 
75 1896 
33 1897 
29 1898 
j 24 1899 
I 1 1900 
I not in bearing — — 
L 14 do 680 §15 
average on 986 acres avearge oa 942 acres 
22 Acres, 1,311 Coconuts plantee in 1896, 
and Para Rubber planted ia 1S98, 
and Factory site. 
10 ,, Cardamoms, 
255 „ Forest, eto. 
Total 1,268 Acres. 
Para Rubber.— Daring 1902 some 42,647 plants were 
put out, the growing plants and trees on the Estate of 
all ages being estimated at 55,000, of which 848 trees 
have been tapped. 
Mr David Fairweather retires from the Board, and 
being eligible ofiers himself for re-election and the 
sbareholders will be requested to elect and Anditorfor 
the current year. By order of the Directors, 
The Eastern Pboduch & Estates Co., Ltb,, 
Colombo, March 2, 1903. Agent & Secretaries. 
