T44 
THE TROPICAL 
AGRICULTURIST, [May 1, 1900. 
THE GANGAWATTA ESTATES COMPANY 
OF CEYLON, LIMITED. 
THE ANNUAL REPORT. 
Tea in full bearing . . 335 acres. 
,, partial bearing ., 2 „ 
,, not in bearing ... 8 ,, 
Grass and Eavines .. 10 ,, 
Total . . 355 acres. 
The Directors beg to submit their third annual 
report and statement of accounts for the year ended 
Slst December, 1899. 
A visitation of blight on some of the best yielding 
fields has cau ed a shortfall to the extent of 10,000 
lb. on the crop, and the result h is been a yield of 
only 140,025 lb. against 150,000 lb. estimated. 
Prices have been slightly better Ihau last year, and 
the average is 40" 16 cent*) per lb. while the c )st of p -o- 
dnction work-s out at *27"C'6 cents per lb. includ'ug '2-70 
under the head of manure. 
• The vi'orking account shows a surplus over expen- 
diture of R 1 8,343 92 which, after allowing for interest 
on mortage, amounts to a little over 9 per cent on 
the capitnl. Out of this, however, we have iiad to 
spend K3 316'95 for permanent improvements for which 
there was no capital provided, and that, with an un- 
covered balance under the head of coast advances, has 
somewhat crippled our funds. The expenditure on 
manuring was absolutely necessary, and it is proposed 
to treat a third of the acreage annually with artificial 
manure. 
An interim dividend of 3 per cent has already been 
paid, and the Directors now propose a final dividend 
of the same amount, making 6 per cent for the year. 
After payment of this, the balance remaining at 
credit of profit and loss account will be R3,996"33 sub- 
ject to deduction for directors' fees, and it is proposed 
that this should be carried to an extension account 
against the capital expenditure this season above 
alluded to. 
Mr Hayes reports that the properties are in good 
order- 
The estimate of crop for 1900 is 160,000 lb. and of 
expenditure R43,060 which includes an outlay of R5,175 
for manuring. 
In terms of the articles of Association Mr, Anderson 
retires from the office of director, and ofiers himself 
for re-election. 
The appointment of an auditor for the current year 
rests with the meeting. 
NAHAVILLA ESTATES COMPANY, LD. 
ANNUAL MEETING. 
The Directors beg to present their Report for 
the year ended 3ist of December, 1899, together 
with a Statement of Accounts for the same period, 
which have been duly audited. 
The Tea Crop amounted to 377,376 lb, against an 
estimate of 345,0001b, and the Coffee Crop also ex- 
ceeded expectations, 1,786 bushels having been 
secured in place of 1,360 bushels estimated. 
Prices obtained for the Nahavilla Teas have been 
very satisfactory, but the Ury Factory shews a fal- 
ling off from last year, whicn may have been partly 
caaaed by insui£cient withering space. Further ac- 
commodation has now been providedi bat mora is 
still needed to meet the requirements of an improT- 
ing yield. The general average price for all the 
Estates combined amounts to over 40 cents per pound. 
The cost of producing the teas and placing them 
on the market is 30*32 cents per lb. and is less tha> 
in previous years. The rates, moreover, should con- 
tinne to decrease aa the yoang fields of tea come into 
bearing. A distinct improvement has taken place in 
connection with the working of Galella, but th« estate 
has still to meet the cost of manafactarin;; its teaa 
at a neighbouring E'actory, and the ordinary expendi- 
ture this season also includes a payment of Rl,tt98'3ti 
on account of the new Cart Road. 
The total working profit from the four Estates for 
the ysar under review, amounts to R50,076 72. which 
is equil to about 10 per cent on the capital of the 
Company after allowing for interest on the mortgages. 
The Profit and Loss Account, after paying interest 
on Mortgages and other charges, shows a balance of 
R50,828-62 at credit. Out of this a sum of R15,239 47 
was brought forward from last year to meet previous 
extensions, and we have spent R24,645 02 uuder that 
head thi.i season. 
Your Directors recommend that a Dividend of 6 
per cent be declared, abiorbing R23,790 00 ; and that 
the balance, after providing for Directors' fees, and 
a Bonus to the SupeiinteudeuU of Nahavilla and 
Gilella, which his been omitted should be carried to 
Extension Account. 
The bitter account will then be well in funds aa regard* 
past outlay, but fnriher extensions are still imperative 
to the Fj,ctorie8 and Machinery on Ury and Nahavilla, 
even if it be decided not to have a Factory on 
GaJella. The upkeep of a considerable extent of tea 
not in bearing must be provided for, and there is 
also much available land which ought to be planted 
in order more fully to develop the estates. There 
is, moreover, a large lock up in Coast advances which 
has to be met, and your Directors will have to 
consider how capital can best be raised for these 
purposes. The requirements are judged to be too 
large to admit of their being wholly met ont of 
revenue without unduly depressing dividends. 
The new Season's estimates point to a yield of 
420,000 lb, of tea and 750 bushels of coffee against 
an outlay of R129,564-C0, and under normal con- 
ditions of weather it may be hoped that these crops 
will be fully secured. 
ACBEAGE. 
•9 ^ 
"A P 
Tea in full bearing ...251 209 
Tea in partial bearing 72 155 
Tea not in bearing ... 50 163 
Coffee ...112 41 — 
Forest ... 45 66 
Grass, Fuel trees 
and Patna ... 71 132 
Pi ^ ^ 
g 5 I 
195 294 949 
22 — 249 
35 3 251 
72 
153 
188 
84 
244 531 
Total .„601 766 341 613 2,321 
Mr. Anderson retires from the Board of Directors 
by rotation, and is eligible for re-election. 
The appointment of an Auditor rests with the 
Meeting. 
The Camphor Tree.— In reply to the ques- 
tiouj " Is the camphor tree grown in Cali- 
fornia ?" the editor of the Rural Press repUe* thus : 
— The camphor tree has been grown for many years 
as a shade and ornamental tree, bub no effort 
has thus far been made to produce camphor upon 
a commercial scale. At the State University, 
some years ago, a small sample of camphor 
was made from the twigs and foliage, and 
was exhibited at the fairs as a matter of 
common interest. The trees are very widely 
distributed over the State of California, both 
along the coast and in the interior, and every- 
where are much admired for their thrifty 
growth and natural beauty. There are treee, 
probably nearly forty years of age, sixty feet 
in height, and three feet in diameter at tho 
base. No large plantations have been made, 
but only scattering treea here and there. 
