798 
THE TROPICAL AGRICULTURIST. 
[May 1, 1899. 
, PANAWAL TEA COMFANV. LTD. 
IJppoit f'f tlie DirecUds of the I'anaw.al Tea 
Coiiiiiany, Limited, to be preseiiteil to tlie sliare- 
hoklei's ' at llie seveiitli annual general lucetui^ 
to lie lielil on Tuesday, lltli A|)iil 1899, at ilie 
oilice of tlic Company, 39, \'ictoria Street, West- 
iiiiiistei , S. W., at 3 o'clock in llie afternoon. 
The Directors be;; to submit thu t^eneral balance 
sheet and profit and loss account f;jr the year 
ending Sl^st December 1898, duly audited — 
The net .Tmouiit at credit £ s d £ s d 
of profit, and loss ac- 
count, including bal- 
ance bron^'lit forward at 
3lst Dereinbei- 1897, 
after [iroviding to- gene- 
ral expenses, Directors' 
and auditors' fees 1,803 2 10 
It is pr(i| osed to pay a 
dividend of 4 per cent 
on the ordinary shares 
for the year ending 3lst 
December 1898, absorb- 
injy 680 0 0 
DiviTleiids on the 7 per 
cent cumulative prefer- 
ence shaies were paid 
for 1898 in full, amount- 
ing to 371 0 0 
It is proposed to add to a 
special leserve fund 
against loss on cooly 
advances a sum of 250 0 0 
To set aside in reduction 
of capital expenditure 
on estates 500 0 0 
Leaving a balance to be 
carried forward to next 
season ol 2 2 10 
£1,803 2 10 £1,803 ? 10 
The Directors are of opinion that the result 
of the year's workinsr may be considered satis- 
factory, " having in view the further rise in ex- 
change,' and the very low prices appertaining to 
the earlier months of the season. 
No alteration in the acreage of the Company's 
properties has taken place d'lring the last twelve 
months. It may be given as— 
On 
31st December 
last. 
Tea in full bearing . . 577 
Do- under two year.s old ... 13 
Total under cultivation ... 590 
Jungle • • 34li 
93H Acres 
The Visiting Agent inspected these proiierties 
on 25th and 26tli January last, and reports that 
he found them in capital order. 
Durin" the year the whole of the coolie lines 
have been re-roofed with iron, and additional 
withering accommodation, etc., has been provided 
at a cost of £548 2s 4d. It is proposed to write 
off £500 of this out of the year's profits, thus 
reducing the cost of the estates on the Com- 
pany's books to £20,2i\S 14s 6d. 
Havin" in view the unsati.sfactoiy state of 
labour in the past, the Directors recommend that 
the sum of £2£0 be placed to a special reserve 
fund ao-ainst lo.ss on coolie advances. The pre- 
sent state of labour is more satisfactory, there 
being a large enough force on the estate for 
present requirements. 
The average rate of exchange tor the j'ear 
was Is 4 l l«d against 1« 3 II -Sid in llie pre- 
vious year. 
The crop obtained for 1898 w&h 293,933 Ih.. a* 
against an CKiiniale of :<00,0W (and a yield of 
2.j8,309 lb. in 1897), and realized uii aveiage of 
6-31d per I'd. againi-t 5 76 1 |>er ll>. in 1(*97. 
The cost of tea f.o.W. in t^oloniUj wan uljout 
23.63 cents per lb. ami laiil down in London 
4 8-i<l, afterpayment of London chargef, cxiten^p^-, 
income ta.\, &c., as against 27 cents am! 5 I7d 
respectively in the prcvit)us year. 
Mr. John ILdgalc liitten. the Director letir- 
ing by rotation, being eligible, ofleri liiniKelf for 
reelection. 
Messrs. Fo.v, Sissons & Co., Auditors (o the 
Company, oiler themselves ftir re cleclioa. — By 
order of the JJoard, 
J. lluLOATK BArrKN, Seeretaiy. 
London, 28lh March, 1899. 
BATTALGALLA ESTATE COMPANY. LTD. 
NINTH AXSUAI- REPORT TO THE SllAbE110LL)KR&. 
The directors in prebeniing their report on the 
Company's busineFP for the past year, are glad 
to be Hijle to advise an improvement in (he 
average price obtained for tea during the year, 
but the higher working expenses, ilue to Ihe'higli 
rate of ex> hangc ruling, continue to be a serious 
tax U|ion the industry. 
The (jnantity nianufactured has not ditfeied 
much from tlie previous yeai', being 222,414 lb., 
against 226,191 lb. in 1897. The average selling 
price in Loiulon has been 913d, a''ainst 8'30d in 
the previous year, the average selling price in 
Colombo was 32 cent, against 31 cent in 1897. 
London sales amounted to 184,055 lb., realizing 
net £6,153 15s Id, and Colombo sales 37,430 1b., 
realizing K12,01G'10. The compares with 163,670 
lb., realizing £4,934 13s lod, and 60.120 lb., re- 
alizing 1118,729 85, sold in 1897 in London and 
Colombo respectively. 
Exchange has again ruled higher, the average 
drawing rate for the year having been 1/4 9'22nd8, 
against 1/3 15 32nds in 1897. 
A further amount of about £1,200 has been 
expended on the new Withering House, which is 
now completed, and is proving a most satisfac- 
tory addition for conducting the Company'st busi- 
ness. No further outlay on capital account is now 
expected. 
The securities of the Tea Corporation, Liniited, 
owned by the Company, have been sold, and a 
small excess on previous valuation lias been 
credited to profit and loss account. 
An iHterim dividend of 5 per cent on the ehare.s, 
free of income tax was paid in October last, and 
after writing off £2.33 lis 6d from machinery ac- 
count the Directors have £956 17s 4d at credit 
of profit and loss account left to deal with. 
They propose to pay a further dividend of 5 per 
cent, free of income lax, absorbing £750, and to 
carry forward £206 17s 4d. 
In accordance with the articles of Association, 
Mr. Adolf Zimmern retires from the Board by 
rotation, and, being eligible, offers himself for 
re-election. 
The Directors have again been most ably 
seconded by their Superintendent on the estate, 
Mr. G.C. R. Norman, and by their Colombo agents, 
Messrs. E. Benham & Co., to whom the best 
thanks of the shareholders ar e due. 
