&38 
THE Tropical AaRicuLTtJRisT. 
[June 1, 1903. 
ACBEAUES OF COCONUT ESTATES, 
(Joconuts, 
a o 
0) o 
Andigama 
Mawatte 
Jakwila 
O J3 
!5 O 
Sirangapihe Western 
Total Acreages 
North Weetera 3(» 901 — 169 43 1143 
do 133 340 — 29 2 504 
do 17 327 - — 4 343 
338 153 28—2 521 
518 1721 28 198 51 2616 
The Board considered it advisable to make a chan 
in the Superintendence of Wereagalla and Paruse 
Estates, and they therefore dispensed with the servic 
of the Manager of of those Estates, and appointed 
his place Mr M J Paine, who took over charge in Ju 
last. On the strong recommendation of the Manag i 
Director, who is at present in Ceylon, and Mr Mitchel 
the Board have sanctioned the making of Green Tea 
at Wereagalla Factory. 
In accordance with the Articles of Association, 
Mr J W Stocks retires from the Board, and being 
eligible, offers himself for re-election. 
Mr J B Laurie, c,A, also offers himself for re- 
election as Auditor. 
G W Paine,- -Chairman. 
16, Philpot Lane, London, E C, 17th April 1903. 
STATEMENT SHEWING EESULTS OF WORKING 
.SINCE THE FOEMATION OF THE COMPANY. 
Dividends. 
<I> „ bo 
t^ a a 
Acres. 
1,251 
1,405 
2,773 
3,947 
6,168 
6,584 
7,167 
7,879 
8,073 
7.998 
8,067 
8,067 
8,199 
8,412 
8,461 
188« 
188** 
1889 
18£0 
1891 
1892 
1894 
1894 
1895 
1896 
1897 
1898 
1899 
1900 
1901 
1902 . 
* From this dat 
price of the teas 
t And a Bonus 
2 S 
lb. 
403 
394 
338 
367 
414 
376 
419 
372 
437 
470 
495 
460 
485 
526 
467 
463 
o ■» a 
a. 
13-00 
10- 50 
11- 00 
11-00 
9-27 
9:38 
8 85 
8-84 
8-09 
8-14 
7 '85 
7-97* 
7;86 
7-15 
7-41 
7-24 
lb. 
598,779 
850,352 
2,014,334 
2,939;766 
4,291,591 
4,666,699 
4,966,928 
4'825,498 
5,306,904 
5,483,598 
5,524,145 
5,075,181 
5,058,147 
5,362,892 
4,680,740 
4,559,981 
£ 
13,257 
l0,258 
23,370 
31,002 
31,233 
37,146 
48,986 
48,605 
51,926 
48,986 
42,199 
41,381 
43.062 
41,011 
37,199 
37,937 
o § 
15 S 
15 
15 
15 
15 
15 
15 
15 
15 
15t 
15 
15 
15 
the figaiea represent the avei'age 
sold in Loudon and elsewhere, 
of 3 per cent. 
KELANI VALLEY TEA ASSOCIATION, LD. 
REPORT OF THE DIRECTORS. 
To be presented to the shareho'de -s at their 
peventeeath ordinary general meeting, to be 
held at the Office of the Company, on Wednes- 
day 29th April 1903, at 2 30 p.m. 
The Directors beg to submit to the Shareholders 
the Report and Accounts of the Company, duly 
audited, for the year ending Slst December 1902, 
and they regret that the results is so unsatisiactory. 
The crop obtained from the four Estates amounted 
to .570, 163 lb against 549,906 lb in the previous years 
the average price realised for the Tea sold in London 
was 5-812d against 6-206d in 1901, and the average 
price for the Tea sold in Colombo was 28 cents. 
The average rate of Exchange was 1/4 ll-32nd3 
compared with 1/4 3 8th in the previous year. As 
will be seen, the average price obtained for the year 
under review is considerably less than that for 1901 : 
this iadue to the very low prices ruling for the greater 
part of the year, and mainly accounts for the reduced 
profits shewn. After paying Debenture Interest and 
other charges the balauce at ciedit of Profit and Loss 
Acconnt, including the amount brought forward from 
the previous years is i432 Os. Od., which your Directors 
propose shall be carried forward to the current aeaaou's 
THE 
PANAWAL TEA COMPAJSY. 
REPORT OF THE DIRECTORS. 
The Directors beg to submit the general balance 
sheet and profit and loss account for the year ending 
3lst December. 1902, duly audited ; — 
The net amount at credit of profit and loss acconnt, 
including balance brought forward at 31st December 
1901, after providing for general expenses, Directors, 
Auditors' fees and income tax. — £1,576 93. 2d. 
Dividends on the 7 per cent cumulative preference 
shares were paid for 1902. in full, amounting to — 
£371 Os.Od. 
It is proposed to pay a dividend of 7 per cent on 
the ordinary shares for the year ending 31st December 
1902, which will absorb £1,190 Os. Od. 
Less income tax at Is. 3d. in £74 7s. 6d. — 
£1,115 12s. 6d. 
To add to reserve, fund bringing it up to £1,800,— 
£80 Os. Od. 
Leaviog a balance to be carried forward to next 
season of £9163. "8d — £1,576 93. 2d. 
The Directors recommend the distribution of a 
dividend at the rate of 7 per cent, (less income tax at 
Is. 3d. in the £) on the ordinary shares of the Com- 
pany for the year ending 31st December, 1902. 
The Directors have to report that the condition of 
tea growing industry appears to be gradually im- 
proving. 
During the past year further progress has been 
made with the planting of para rubber in the ravines 
and in suitable laud in the jungle. The acreage of the 
Company's properties stood on 3l8t December last at — 
Tea in full bearing 590 ; Jangle partially planted with 
para rubber 341§. Total 931^ acres. 
The crop realised for 1902 was 275,5631b. 
The visiting agent (Mr F J Clements) in his last 
report on the properties mentions that there was a 
lack of sunshine during the past season, but that the 
cultivation of the estate and the condition of the 
machinery, &c., are generally satisfactory. 
Mr John HolgateBatten, the Director, retiring by 
rotation being eligible, offers himself for re-election. 
THE MADULSIMA COFFEE AND 
CINCHONA COMPANY, LTD. 
REPORT 
to be presented to the tweuty-third ordinary general 
meeting of the Company, to be held within the 
Office of the Company, U St. Andrew Square, Edin- 
burgh, on i.he twenty-lirst day of April 1903. at 
12-30 o'clock afternoon. 
There is submitted herewith the Crop Account for 
season 1901-1902, together witli a Statement of Profit 
and Loss Account, and the lialanoe Sheet showing the 
financial position of the Company at Slst December 
1902. It will be seen that the Crop Account shows 
a surplus of £4998 13s 8d. After crediting Profit and 
Loss Account with this sum, providing for Interest 
and Home Charges for 1902. and applying the sum 
i'lOOO in i-eduction of the value at which the Com- 
pany's Estates appear in the Balance Sheet, there 
remains at the credit of Profit and Loss Aceount the 
