June I, 1900. THE TEOPICAL AGRICULTURIST. 
813 
rupee. The outlay includes Rlo,859, being tlie 
cost of cultivating 614 acres not in bearing ; but 
on the other liand, tlie year's expenditure has 
benefited by a profit on rice issues, amounting to 
R8,o:j7. 
The following comparive statement will be of 
interest :— 
Crop secured Yield per Cost of Net av'ge 
Year. from Acre. Crop. Sale price 
Company's Estates. lb. per lb. per lb. 
lb. 
1897 .. 1,014,291 499 .3-91d 4-98d 
1898 .. 1,135,794 507 3-62d 5'35d 
1899 .. 1,343,387 565 3-48d 5-68d 
The net profit for the year amounts to £12,117 
lOs fld ; to which has to be added, balance from 
1898 account, £779 Os 7d ; together 12,896 lis Id. 
Dividends have been paid, as follows : — On the 
preterence shares at 0 per cent per annum— on 
1st July, 1899, and.first January, 1900, viz :— £2,700; 
on the ordinary shares — on 3rd October, 1899, an 
interim dividend ot 3 per cent was paid which 
absorbed £2,700= £5,400 leaving now to be dealt 
with £7,496 lis Id. 
This the Directors propose to appropriate a 
follows: — (1) In payment of a final dividend on 
the ordinary capital, of 4 per cent (free of in- 
come tax), making in all 7 per cent for the year 
£.S,600 ; (2) in writing off cost of properties, in- 
cluding depreciation of machinery and luiildings 
£1,000 ; (3) in carrj'ing forward to 1900 the 
balance of £2,896 lis ld=£7,496 lis Id. 
During the year there was expended on addi- 
tions to buildings and machinery the sum of 
£1,244 3s 4d ; while, on the other hand, under 
the Branch Koads Ordinance, a sum of £361 os 
7d was received, which has been deducted from 
capital expenditure. The net addition to capital 
outlay is therefore £882 17s 9d. 
"The following are details of the f.oreage of 
the different properties as on January 1st, 1900: — 
Acreage under Tea. 
Estate. 
M --3 be 
a .So 
Polatagama . . 665 
Weoya & New 
Polatagama.. 632 
Walpola .. 671 
Bondnra . . 386 
S ^-9 if 
« 0) o o 
0) o 
n > 
H 
72 
95 
200 
133 
54 
82 
791 251 1,042 
345 1,072 
145 1,016 
629 1,280 
727 
871 
601 
2,354 500 136 2,990 1,.370 4,360 
The Directors are pleased to be able to state thnt 
the reports received from Ceylon, regarding the 
condition of the Company's properties, are of a 
very satisfactory character. With the maturing of 
the younger fields, steadily increasing crops may 
be expected, but, as regards the cost of produciion, 
the Directors wish to record their opinion that, 
compatible with efficient working, no further re- 
duction can be reasonably looked for. 
On leaving for a short visit to Ceylon, Mr. 
Alexander Thomson (in view of Mr. Harries' 
approaching return to the Island) resigned his seat 
on the Board, and Mr. W H Figg was appointed to 
the vacancy. Mr. Harries has abv^e r-?sigi;ed his 
Directorship, and has again taken n\> the nian.igH- 
ment of tb.e Walpola group, and the Visiiiog 
Agency of the other properties of the Company, 
Mr. Thomson has been apixiinted to snocepd to Mr. 
Harries on the Board, and the appointment will he 
submitted for confirmation by the Shareholders. 
Tlte retiring Director is Mr. W H Figg, who does 
lOQ 
not seek re-election. The Directors recommend 
that Mr. W J Smith, who is now on his way home 
from Ceylon, be elected to fill the vacancy! 
Messrs. Cape aud Dalgleisli, C, A., offer them- 
selves for re-election as Auditors of the Company. 
SOUTH WANARAJAH TEA ESTATES, LTD. 
ANNUAL EEPOltT. 
Report of the Directors subinitted to the 
shareholders at the Ordinary Cerieral Meeting, held 
at 30, Mincing Lane, E,C., on Monday, 9th April, 
at 12 o'clock. 
The Directors have p'easure in submitting their 
report, also Statement of Accounts duly aitflited for 
the yea-; 1899. 
The profit for the season, after writing off thes 
balance of £200 of Preliminary Expenscs'and £.300 
for Depreciation, is £2,978 17s. Out of which a 
dividend at the rate of 6 per cent, on £7,000 pre- 
ference shares has been paid £420, leaving a balance 
of £2,5.'j8 17s. From this the Directors recommend 
the payment of a dividend at the rale of 7 per cent, 
on £20,000 Ordinary Shares, £1,400 ; and propose to 
carry the balance to the Reserve Fund £1,158 17s 
During the sea'^on the tea crop, including bought 
leaf, v.'as 551,981 lb., and the gross average price 
7d per lb. The increased out turn is owing to the 
very satisfactory yield from the Cimioany's estates, 
and to the amount of bought leaf beiiig larger than 
last year. The average rate of exchange was Is 
4-27d per rupee. 
The outlay on capital account, as stated in the 
balance sheet, was £1,079 18s lid, the greater pait 
of this being tor a new machinery house below the 
present Dartry Factory. The building is nOw com- 
plete, and will allow of a much larger crop being 
dealt with in future. A new bungalow was also 
built on the Blackburn estate for the use of the 
Assistant. 
The Managing Director reports that all the 
estates are in good order, with welf-equipped 
factories sufficient for all requirements. 
The acreages of the Company's estates are as 
follows : — 
Tea 3 years Young Grass, 
and over. Tea. etc. Total. 
South Wanarajah . . 230 — 25 255 
Dartry 584 28 68 680 
814 28 93 935 
Under Clause 97 of the Articles of Association, 
Mr. O C Magniac retires from the Board, but, 
being eligible, offers himself for re-electioti. 
Messrs. Fuller, Wise and Fisher, the Auditors, 
also retire, but offer themselves for re-election. 
THE GALAHA CEYLON TEA E.STATES 
AND AGENCY COMPANY, LTD. 
ANNUAL REPORT. 
The following is from the report of the direc- 
tors, submitted to the shareholders ar, the third 
annual ordinary general meeting, held at 30, 
Mincing Lane, E.G., on April 10:— 
The gross profit for the season, after providing 
for depreciation on machinery, &c., is £12,555 12s 
4d ; add balance of last .-iceiiunt, .£173 6s .Sd- 
from this has to be ded.net«d— Inta; est on £55, 000 
debentures at "> j)»r c-inf. per r.nuuui, £2.750 ; 
dividends on £60,000 prcfi^! ene-B ' 
cent per annum, £.3.600. 
to trustees, directors, and aniliiors. ivc, £795 
7s lOd; interc-si on i.M.n, (.740 17s:.;,l, Ifavino- a 
balance of £4,842 13s 9^! : which the directors 
propose to appropriate as follows : Transfer to 
slia'es at 6 per 
Lomior, (.liaroe..^ ; Kef's 
iors. 
(.'740 1 
