June 1, 1903.] THE TEOPICAL AGRlCULTURISt. 823 
dividend oa these Shares for 1902 was paid on Slst 
December last ; future dividends on the Preference 
Shares being payable half-yearly on 30th June and 
3lst December. The Directors also decided to 
offer to the Debenture-holders, whose Bonds were 
drawn for payment on Slst December, 1902, the 
opportunity of re investing the amounts in Preference 
Shares of the Company, which resulted in the placing 
of 359 fully-paid £5 Shares issued at par as from Ist 
January, 1903. The Preference Share Capital of the 
Company now issued is therefore represented by 1,112 
fully paid Shares, of which 753 only appear in the 
B ilauce Sheet, the remainder having been issued 
subsequently to 31sfc December, 1902. 
As shown in the schedule below, the Company, on Slst 
Dfccember last, had 11,007 acres under Tea cultiv.i- 
tion, of which 10,857 were Ov-er four years old. The 
yield of Tea in 1902 was 4,004,3131b, the average gross 
sale price being 6'39d as compared with 6"61d in 1901, 
the recent improvement in market value not having 
been sufficient to compensate for the very low prices 
which ruled previously. The average rate of exchange 
was Is 4 5-lGd as compared with Is 4 ll-32d in 1901. 
Looliing to the future, it is satisfactory to observe from 
the statistical position of British grown Tea, that 
there is substantial reason for anticipating a more 
remunerative condition of affairs than has prevailed 
during the last three years. In accordance with the 
Articles of Association, two of the Directors, Mr C B 
Smith and Mr Edward Wahab, retire from office, and, 
being eligible, offer themselves for re-election. The 
retiring Auditors, Messrs. Welton, Jones & Co., offer 
themselves for re-election RALPH A. CAMERON, 
Chairman and Managing Director. 
41, Bastcheap, B.C., 6th April, 1903. 
SCHEDULE OF THE COMPANY'S ESTATES AT 31ST 
DECEMBEK, 1902, 
Arapolakande, Asgeria & Bulatwatte, Oolonna, Con- 
degalla, Doombagastalawa, Dromoland, Hope, Inguru- 
galla & Berrewella, Kirrimittia, Kumaradola, Kum- 
bnkkan, Labookellie, Meddecoombera, Norwood 
Rothschild, Sogama, Vellai Oya & Dandukelawa, 
Wevekellie. 
Under Tea .. ... ... 11,007 acres. 
Do Cocoa .. ... ... 593 do. 
Do Cardamoms, Rubber & Sundries 363 do. 
Do Forest, Grass & uncultivated Land 4,628 do. 
Total 
16,591 acres. 
POONAGALLA VALLEY CEYLON COM- 
PANY, LIMITED. 
REPORT OF THE BOARD OF DIRECTORS 
to be presented to the Shareholders at their 
Seventh Annual Ordinary Meeting, to be held at the 
Office of the Company, 16, Philpot Lane, London, 
E.G., on Tuesday, the 28th April, 1903, at 2-30 p.m 
The Directors have pleasure in submitting to the 
Shareholders the Balance Sheet, Estates Working 
Account, and Profit and Loss Account, for the year 
to 31st December, 1902, duly certified by the Auditors. 
The Net Profit for the year, after payment of Deben- 
ture Interest and all other charges, amounts to 
£1,650 43 5d, and, after deducting therefrom the debit 
balance shewn in last Balance Sheet, there remains 
£632 7a 2d, which the Directors propose to cany 
forward to next accounts. The following figures 
furnish a comparison between the season now closed 
and the previous year : — 
1902. 1901. 
Total Tea Crop secured . . 417,376 lb 896,693 lb 
Total Coffee Crop secured.. 217 bushels 140.V bushels 
Average Price realised for Tea — 
Sold in London . . 74d per lb 7d per lb 
Sold in Ceylon .. 45J cents 36 cents 
Equivalent to Equivalent to 
about 8Jd in about 7d in 
London. Loudon. 
... 116 23 in. 69 61 in. 
Total Rainfall 
The estimate of Tea Crop for the year was 
450,000 lb, and there seemed every prospect of this 
being secured, until the last quarter of the year when 
persistently wet cold weather set in and upset all 
calculations ; of the 1.1 6 23 inches of rain for the year, 
the last three months were responsible for 52'77 inches, 
and flushing was consequently greatly retarded. As 
indicated in last Report a further area of 20 acres 
Jungle has been cleared, and planted up with Carda- 
moms, making a total of about 45 acres under that 
product. The Visiting Agent, Mr R Moiisou, reports 
that the appearance of the Tea throughout tiie group 
generally is very satisfactory, for which credit is due 
to the Manager, Mr R G Coombe, and to Mr W S 
Coombe, who has proved a very efficient Acting 
Manager during the absence of the former on furlough. 
In accordance with the Articles of Association, Sir 
George A. Pilkington retires from the Board at this 
time, and, being eligible, offers himself for re-election. 
Messrs Cape and Dalgleish, C.A., also offer themselves 
for re-eleccion as Audiiiors. — By Order of the IJoard, 
Lyall, Anderson & Co., Agents and Secretaries. 
16, Philpot Lane, London, E.C. 8th April, 1903. 
BDRNSIDE TEA COMPANY OF CEYLON, 
LIMITED. 
REPORT OF THE BOARD OF DIRECTORS, 
to be presented to the Shareholders at their Seventh ' 
annual ordinary meeting, to be held at the office 
of the Company, 16, Philpot Lane London, EC, 
on Wednesday, 29th April, 1903, at 12 o'clock noon. 
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 crop of tea fro.m the four estates was 
426,062 lb., the Bnrnside Group contributing 347,775 lb. 
and Midlothian 78,287 lb., the former shewing an 
increase compared with last year of 67,940 lb. and 
the latter 4,8381b. The average price obtained in 
London for the Bnrnside Group tea was 6-25d 
per lb., against 6 047d for the previous year, and 
in Ceylon 29 cents, against 32J cents, while the 
corresponding averages for Midlothian were 8"336d 
per lb. and 38 cents, against 7-108d and 37^ cents. 
The average rate of Exchange was 1/4 3/16th3 per 
rupee. Included in the crop figures are 4'215 lb. 
Green Tea made towards the close of December as 
an experiment by Mr Tait, the Manager of the 
Bnrnside Group, who deserves great credit for 
having at a very trifling cost constructed appliances 
on the estate capable of turning out a considerable 
quantity of Green Tea per day. The quantity in 
question and some 4,000 lb. more made subsequently 
were sold in Colombo at fair prices, but it has been 
deemed advisable, for the sake of still further effi- 
ciency, to purchase at a moderate cost a special 
steamer, and it is intended, as long as it proves 
remunerative, to make a portion of the leaf gathered 
into Green Tea. Mr Porter proceeded to Ceylon 
in September last and since November lias taken 
the personal management of Midlothian estate, and 
his Oo-Directors are deeply sensible of the benefits 
which have been derived from their colleague's 
temporary presence in the island. After payment 
of debenture interest and other charges the result 
of the year's working is a profit of £183 los od, 
by which amount the debit standing at profit and 
loss account is reducedi and now appears e-s £883 
10s 5d. The estates are all in good heart and pre- 
sent prospects, excepting the labour question, are 
more favourable than they have been for some time 
past. In accordance with the articles of Association, 
Sir George A Pilkington retired from the Board, 
and, being eligible, offers himself for re-election, 
Messrs. Cape and Dalgleish, C.A., also offer them- 
selves for re-election as Auditors. — By order of the 
Board, Lyall, .\nbj;rsos it Co., 
Agents and Secretaries, 
16, PhilpotLftue, London, B.C., 9tU April, 1903, 
