goi THfe TROtlCAl. 
THE SOUTH WANARAJAH TEA ESTATE. 
Ili;PO:iT OF TilE IJIKECrORS. 
The Diiectois liave pleasure in submittiug their 
repoiD, stattiuent of accounts tlaiy audited for 
the year 1902. . . £ -S p. 
The profit for the season, after writing 
off £150 for deprpciation, is 
Add balance of last account 
AmiicULTUlUST, 
[.Tune 1, l903. 
ISOftglo 7 
8 2 7 
Out of which a dividend at the rate of 
six per cent, on the prefereace shares 
has besu paid 
Leaving a sum of 
Prom this the Directors recommend the 
payment of a dividend at the rate of 
five per cent., free of income tax. on 
£20,000 ordinary shares 
1,508 19 2 
471 16 11 
1.037 2 3 
1,C00 0 0 
37 
Leaving a balance to carry forwavd 
The tea crop for the season, including th^t made 
from bought leaf, amounted to 561,440 lb., and the net 
average price realised was S'ld per lb. It will be 
notiaed that the cost of production of the entire crop 
is only 8fd per lb., a rate which shows that every 
economy is practised on the estates. 
The average rate of exchange was Is 418d per rupee. 
Owing to the low range of prices ruling during the 
gerater part of the year, the results are not so good 
as thev were for the previous season, but the Direc- 
tors recommend, after providing £150 for depreciation 
that a dividend of five per cent., free of income tax 
be paid on the ordinary shares. 
The Directors are pleased tc state that they have 
recently acquired, on behalf of the Company the 
PoViton estate, in the Bogavantalawa district at a 
cost of £13,000, of which there remains on mortgage 
to the vendors a sum of £7000 at six per cent, per 
annum interest, the balance £6000 having been paid 
in cash in Januarj. The estate is of high elevation 
and the recent rise in the price of tea adds consider- 
ably to the value of the purchase. The cash in h;: nd 
on 31st December, iuoluding a deposit of £6,000 part 
of the purchase money of the Poyston properties, since 
ra'd away. 
The buildings are in good order and the estates in 
a satisfactory state of cultivation and the Directors 
desire to give expression to their appreciation of the 
efficient and careful managemeut on the estates by 
Mr W B Tatham and his staff. 
The acreage of the Company's estates is as 
follows :— 
South Wanarajah 
Davtry Group 
Poyston 
It is with very great regret the Directors record 
tho death of their Chairman the late Mr M. 'P Evans, 
Ilia place on the Board h»8 been filled by the appoint- 
ment of Ml W Dunn. 
Under Article 97 Mr Oswald 0 Magniac retires 
from the Board, and, bein^; ehgible, offers himself for 
re-election. , ^. , , 
The Auditors, MtissrsJPnIler Wise and i^isher also 
offer thtmselves for re election. 
Tea. 
Grass, etc. 
Total. 
230 
25 
255 
636 
44 
680 
302 
18 
318 
1166 
87 
1253 
THE JNUWARA ELIYA TEA ESTATES 
COMPANY, LTD. 
Report of the DirLctors to be pieseiUed to the 
Sevfuth Annual Oeiicial Motitiuj; of Shareholders, 
to held on Moudfty, i ho '27ih day of Ai>ril, 
at Winchester House, Old B.oad Street, 
London. E.C., at twelve o'clock noon. 
She rectors beg lo submit he a'.'counts of the 
Company for the year ended l.st December, 190. . 
together with the Auditor^' Report thereon. 1 he 
crop account shows a profit from the working of 
tlie estates of £19,341 8i 9d. The profit and' loss 
account includinjr £1,791 lis 61 brought forward 
from 1901, and the payment of debenture interest, 
income tax, &c., shows a credit of £17,592 Is Id, 
from which £2,000 has been written off for depie: 
ciation, leaving available for distribution £15,592 
Is Id ; an interim dividend of 3 per cent free of 
income Tax, was paid on 23rd October, 1902, ab- 
sorbing £6,000 ; it is now proposed to pay a final 
dividend of 3 per cent, free of income tax, making 
6 per cent for the year, which will absorb a further 
£6,000— £12,000 ; and to carry forward the bal- 
ance of £3,592 Is Id. The weather during the past 
season was not generally favourable, and the crops 
from the Company's estates, although iu excess of 
tiiose of 1901, fell below expectations. The aver- 
age rate of exchange for the year was Is IJ l per 
rupee, and the cost of the crop, free on board 
steamer or delivered to buyers in Colombo w&a 
4 79d per lb. The average nett price realised 
was 8'28d per lb, equal to about 9-33d 
per lb gross on the London market. The 
followiug Table shows the results of the workit;g 
of the individual Estates for the past year : — 
Acreage in bear- Average 
Estate. ing in 1902. Tea yield per Profit 
Full. Partial. Orop. bearing per bear- 
acre, ing acre, 
lb. lb. £ s. a. 
Park .. 242 22 159,145 6q2 9 11 9 
Portswood ., 322 30 186,373 529 8 3 7 
Naseby .. 176 20 84,574 431 4 19 2 
Pedro 391 109 283,693 567 8 2 6 
Concordia .. 333 149 223,725 464 8 3 8 
Court Lodge. 366 — 165,914 453 6 18 6 
Hetbersett . . 400 20 196,902 468 5 15 0 
2,230 350 1.300,326 504 £7 9 11. 
The yield from Tea in full bearing was 522 lb per. 
acre, and that from Tea in partial bearing 386 lb- 
per acre, as compared with 532 lb and 262 lb. 
respectively in the previous year. As ou 1st 
January, 1903, the acreages of the Company's 
properties stand as under : — 
Tea in fall bearing 2,156 acres ; Tea in full bearing 
leased lands 98 acres ; Tea in partial bearing 321 acres; 
Tea not yet in bearing 22 acres— Total land under 
cultivation with Tea 2,597 acres. Timber trees in 
clearings and bells 51 acres ; Forest 124 acres ; Patna, 
scrub, building sites, and waste 265 acres — 3,037 acre?. 
The estates are reported on as being iu good 
heart and condition, and if the improvement which 
has taken place in the general tea position should 
bring about a higher range of vfilues for teas such 
a.'j those produced by the Company, its future 
returns will be on a more satisfactory scale. The 
retiring Directors are Mr Wharram Megginson and 
Mr Alexander Thomson, who, being eligible, offer 
themselves for re-election. Messrs. Cooper Bro- 
thers & Co., Chartered Accc>uiitants, offee them- 
selves for re election as Auditors of the Company. 
—By order of the Directors, FitlTH, Sands & CO. 
Secretaries. 
London, 17Lh April, 1903. 
PKODUCE AND PLANTING. 
Mr George Seton, in sending to us some interest- 
ing piirticulars respecting the value of Indian and 
Ceylon 
TEA SHAUE.S 
duriny the i^ast mouth, clirouiciee a furthet 
i 
