May ], 1903. J 
THE TROPICAL AGRICULTURLST. 781. 
MOUNT VERNON (CEYLON) TEA. COxM- 
PANY, LIMITED. 
INCOEPOKATED UNDER THE COMPANIES ACTS, 
1862 TO 1900. 
Directors. — John Alexander Melville Stephens, 13, 
Davonshii-e Terroce, Hyde Park, (Chaii'tian). Wil- 
liam James Chi'ystal, 7, West George Street, Glas- 
gow. John George Ohrystal, 8, Boyal Bxchaneje 
Bnildinga, Glasgow. Robert Francis Baroiay, 19, 
West Regent Street, Glasgow. Alexander Cantlay, 
Anchnagatt, Aberdeen. 
Secretary and Office ;— Jamea Terrier Anderson 
(of Lyall, Anderson & Co.), 16, Philpot Lane, 
London, E.G. 
REPORT OF THE BOARD OF DIEECTORS, 
to be presented to the Shaieholders at their Fir.sb 
Annua! Ordinary Meeting, to be held at the Otliee 
of the Company, 16, Philpot Lane, London, E.G., 
on Monday, SOih March, 1903, at 11 a.m. 
The Directors have pleasure in submitting to the 
Shareholders the Report and Acconnta of the Com- 
pany for the year ending 31st December, 1902. The 
Company was incorporated on 27th December, 
1901, and the transfer o£ the property duly com- 
pleted on lOth Jiinuiry, 1902, from which latter 
date the Estate has been worked for account of 
the Company. Aa indicated in the private pros- 
pectus issued in December, 1901, The Vendors have 
made over to the Company the whole net profits 
earned by the Estate from 1st January, 1901, to date 
of purchase 10th January, 1902. These amounted to 
£4,702 1 73, and were utilised in the payment of 
dividends of ll'i per cent, in all, absorbing £1,700, 
leaving ft small balance of £2 17s to carry forward. 
The net profits from 10th Januarv to 31st December, 
190S!, amount tD £3,597 4s 6d, which, with the £2l7s 
mentioned above, gives a total to be dealt with of 
£3,Ci>0 la 6d. An Interim Dividend of 4 per cent, 
Ires of Income Tax, paid in September, 1902, absorbed 
i'1,600. It is now proposed to pay a final dividend at 
the same rate (making 8 per cent, for the year) £1,600. 
To place to Reserve Account aa a nucleus of 
that Fund £200. And to carry forward to next 
Account £200 la 6ci.— ^3,600 la 6d. The Direc- 
tors regret that the profits for the past year hare 
fallen considerably short of those realised by the 
Estate in previous seasons, the reasons for such 
shrinkage being threefold, namely, exceptionally un- 
favourable weather in Ceylon, the depressed state of 
the Tea market, and the loss of profit on the purchase 
of Helton Leaf — the proprietors of that estate having 
built a Factory of their own in the early part of the 
year. The crop secured for the past season was 
352,319 lb, or about 466 lb per cultivated acre, and in 
addition to this, 49.59 ID tea was made from Belton leaf 
in the beginning of the year, giving a total output 
from the factory of 357,2781b tea. It will be seen from 
the accounts that the tea has been sold partly in Lon- 
don and partly in Ceylon, the system adopted being 
to sell the higher grades in the former and the lower 
grades in the latter market, and the market continues 
to maintain a prominent position both in London and 
Colombo. The management of the estate has changed 
hands during the year, Mr Cantlay having resigned, 
and Mr Joseph C Dunbar having been appointed 
Manager in his place. It is a matter for satisfacliou 
that, as a member of the Board, the Company will 
ooDtinuo to have the benefit of Mr Cautlay'a long 
experience nud intimate knowledge of the estate, 
wuile the Shareholders are also to be congratulated 
on aecnriiig the services of an experienced planter 
like Mr Dunbar aa the Company's Man.iger and Re- 
presentative in Ceylon. In acoordanoo with the 
Articles of Association, Messrs J A Melville Stephens 
and \V J ChryBial retire from the Board, and those 
gentlemen being eligible offer themselves for re-eleo* 
98 
tion, Messrs Capo and Dalgleish, C.A., also offer 
themselves for re-election as Auditors. — By Order of 
of the Board, jAs. F. Anderson, Secretary. 
THE YATIYANTOTA, CEYLON TEA 
COMPANY, LIMITED. 
Directors: — Messrs A Thomson, Chairmin, Charles 
Young, J M Skinner. 
BIanaging Agents:— Messrs Whittall&Co., Colombo. 
Secretary and Officers: — T A Williams, 27, Min- 
cing La,ne, London, E.G. 
REPORT OF THE DIRECTORS 
to be submitted at the sixth annual general meet- 
ing of Shareholders to be held at the London 
Commercial Sale Rooms, 30 to 34, Mincing Lane, 
London, E.G., on Wednesday, the 8th April, 1903, 
at 12 noon. 
The Directors now beg to submit the duly audited 
accounts of the Company for the year ended Slst 
December, 1902. The bearing area, of all ages, waa 
2,982 acres, from which crops amounting to 1.434,496 
lb AVere secured, and, in addition, 7,107 lb were mad« 
from purchased leaf. Of the total, 772,011 lb were sold 
in Colombo, and 669,592 lb were shipped to London, 
the net average rc-lised for the whole being 
4'84d per lb. Including purchased leaf, the 
average cost, f. o, b. (or delivered to buyers in 
Colombo) was 3 37d per lb. The average rata 
of exchange for the year was 1^ 4 3-I6d per rupee. 
The following ia a comparative statement of the past 
three years' working : — 
ft=^s §as cps^ 
O u 
o 
M O 
ID M 
175 
I S3 
1900 2,854 1,470,590 lb 5151b Is 4 7-32a 3 40d 4-56d 
1901 2,970 1,261484 „ 425 „ Is 4 7-32d 3-83d 5-lOd 
1902 2,982 1,434,496 „ 481 „ Is 4 3-i6d 3-37d 4-84d 
The outturn for 1902 fell below expectation^, owing 
to unfavourable weather during nearly the whole 
of the second half of the year. The market was very 
poor during the earlier mouths of the year, but since 
October it has undergone material improvement. 
The net profit for the year amounts to £8,157 3 1 
To which has to be added balance from 
1901 Account 2,072 5 5 
Together 10,229 8 6 
Dividends have been paid as follows :— 
On the Preference Shares at 6 per cent per annum— 
On 1st July, 1902, and 
1st Jan. 1903 .. 2,700 0 0 
Leaving now to be dealt 
with ... £7,529 8 6 
This the Directors propose to appropriftte as follows: — 
(1) In (payment of a Divi- 
dend on the Ordinary 
Sharej of 5 per cent for 
the year 1902 , . £4,500 0 0 
(2) lu writing off Co^t of 
Properties, incln.HTig 
Depreciation of Machi- 
nery and Bail. iings .. 1,1 03 0 0 
(3) la carrying forward 
to 1903, the balance of ?,'ia9 8 6 
£7,529 8 6 
