S22 
THE TROPICAL AGRICtLTURIST. [June 1, 1903. 
Glenorchy Estates continue to be of a satisfactory 
nature, and the prospects for the current season are 
encouraging;. In accordance with the Articles of As- 
sociation, Mr. E. C. Bowie retires from the Board at 
this time, and, being eligible, offers himself for re- 
election. Messrs. Cape & Dalgleisb, C.A., also offer 
themselves fer re election as Auditors. By order of the 
Board, Lyall Anderson & Co., Agents and Secretaries, 
16, Philpot Lane, London, B.C., 7th April, 1903. 
EDERAPOLLA TEA CO., OF CEYLON, LTD- 
Report op the Board of Directors— to be pre- 
sented to the Shareholders at their Seventh Ordinary 
General Meeting, to be held at the Office of the Co., 
16, Philpot Lane, London, E.G., on Tuesday, the 21tt 
April, 1903 at 11-30 a.m. 
The Directors beg to submit to the Shareholders the 
Report and Accounts of the Company, duly audited, 
for the year ending 31st December, 1902. 
The total outturn of Tea from the three Factories, 
inclusive of 17,040 lb made from bought leaf, amoun- 
ted to 533,049 lb, shewing an increase, compared with 
last season, of 24,991 lb a result which must be deemed 
satisfactory considering the very unfavourable weather 
experienced during the last four months of the year. 
The average price realised for the whole crop was 
6'873d. against 6186d per lb secured for the previous 
year, and the average rate of Exchange was 1/4 
23/64ths, against 1/4 3/8ths for 1901. 
The net profit on the year's working amounts to 
£1,356 Us, which, with £183 Is Sd brought forward 
from last accounts, gives £1,639 183 8d to be now dealt 
with, and this it is proposed to apportion as follows : 
—Amount as above £1,539 18s 8d ; To Dividend of 5 
per cent (free of Income Tax) £1,275— To carry for- 
ward to next account dE264 18s 8d. 
Your Directors have had under consideration for 
some past time the desirability of manufacturing Green 
Tea and have now decided, on the recommendation of 
their Ceylon advisers, to make it at bt Helen's Factory 
and to continue the ordinary Black To i manufacture, 
at Ederapolla and Ardross. During the absence of Mr 
Arthur Watt on furlough from May last until February 
of this year, Mr H E Watt acted as General Manager 
in Ceylon, and the Board desire to place on record 
their high appreciation of the manner in which he 
conducted the management of the Batotes, 
The Debentures amounting to £3,500 which matured 
on Ist January, 1903, have been renewed at 5 per 
cent interest per annum, as follows : — £450 for 3 
years ; £3,050 for 5 years. In accoi dance with the 
Articles of Association, Mr R Porter retires from the 
Board at this time, and, being eligibla, offers himself 
for re-election. Messrs Cope and Dalgleish, C.A., 
also offer themselves for re-election as Auditors. 
G. W. Paine, Chairman. 
15, Philpot Lane, London, E.G., 7th April. 
The tea crop for the season amoaxtted to 713,045 lb 
showing a shortage of 31,955 lb on the estimate, and 
the net average price obtained was 6 90d per lb, 
against 6*97d per lb realised last season. The average 
rate of exchange was Is 4'20d per rupee. The Directors 
have written off for depreciation a sum of £1,300 which 
covers the whole of the capital expenditure of the 
year amounting to £994 Os 8d. 
The crop for the present seasonisestimated at 793,000 
lb. It is fully expected that the Government E,ailway 
extension to the Company's Ragalla property men- 
tioned in the last report will be completed before the 
end of the present year. The Company has received 
f lom Government for the sale of land acquired for the 
extension the sum of £340 12s 6d, which, with the ap- 
proval of the Trustees for the debenture holders, is 
being used for adding to and improving the bazaar 
buildings on the property. 
The following are the acreages of the Company's 
estates :— 
Coffee 
Name Tea. & Cin- Timber Patna Total 
chona &c. 
H&"al •• 15 174 288 1390 
Kelburne ... 70U 9 208 64 981 
RAGALLA TEA ESTATES, LIMITED, 
Report of the Directors to be submilted to the 
Shareholdev.s at the Eighth Annual Ordinary Gen- 
eral Meeting to be lield at 30, Mincing Lane, EC, 
on Monday, 20th April, 1903, at 12 o'clock noon, 
The Director.^ beg to submit their Report, and also 
Statement of Accounts duly audited, for the period of 
12 months ending Slat December last— Showing a net 
profit for th it period, after making liberal provision 
for depreciation of ^3, 804 12s lid add the balance of 
last account £126 73 8d.— Total £3,931 Os 7d. 
Out of which the following dividends have been paid: 
-3902, 1st July— Preference Shams £1,050 ; 1903, 1st 
Janniiry Preference Shares £1,050— £2,100.— Total 
dEl,831 0.1 7d. 
From which the Directors recommend a dividend of 
4i per cent, froe of Income Tax, on the ordinary 
phares £1,755 L eaving a b ilunce to carry forward of 
£79 Os 7d. 
1613 24 382 352 2371 
It is with very great regret the Directors record the 
death of their colleague, the late Mr M P |E vans. His 
place on the Board has been filled by the |appointment 
of Mr William Dunn. 
Under Clause 97 of the Articles of Association Mr 
Hannen retires from the Board, and being eligible 
offers himself for re-election. 
The appointment of Auditors rests with the Share- 
holders, and Messrs. Fuller, Wise and -Fisher offer 
themselves for re-election. 
C B Strachan & C Hannen, Directors ; P E Har- 
vey, Secretary. 
London, 9th April, 1903, 
THE EASTERN PJIODUCE & ESTATES 
COMPANY, LIMITED. 
Report.— To be presented at the Sixteeth Ordinary 
general maeting, to be held at Winchester House, 
Old Broad Street, at 12 o'cUck noon, on the 22ad 
April 1903, 
The Directors submit Report and Balance Sheet for 
the year ending 31st December, 1902. 
The profit for the year is £19,540 15s 8d, which, 
aided to £7,221 129 lid, balance from last account, 
amounts to £26,762 8s 7d. 
From this has to be deducted : — Interest on Deben- 
tures £3,262 10a ; Debentures for £7,500 drawn and 
paid off, with bonus of 5 per cent, on 31st December 
1902, £7,875 ; Interim and Final Dividends of 2J per 
cent, on the Preference share capital £56 9s 6d. 
Interim Dividend of IJ per cent, on the Otdinary 
Share Capital paid 4th November, 1902 £3,728 2s 6d 
Total £14,922 2s Od leaving a balance of £11,840 6s 7d., 
which it is proposed to apportion as follows : — Final 
Dividend on the Ordinary Shares of l| per cent., 
making 3 per cent, fcr the year £5,219 7a 6d. Balanea to 
be carried forward aa provision for retirement of 
Debentures in the current year £6,620 19s Id. Total 
fl 1,840 63 7d. 
The Debenture debt has been reduced by the usual 
annual payment of £7,500 out of piofits, and now 
stands at £65,000. 
In furtherance of the policy recommended and ap- 
proved at the Extraordinary General Meeting of the 
Company held in April last with regard to the con- 
version of the b^ilance of the Debenture issue into 
Capital of a permanent form the Directors have, as a 
first step, called up the £4 per Share unpaid Capital on 
the 753 issued Preference Shares of the Company; 
and as a more convenient arrangement the final 
