800 
THE TROPICAL AGRICULTUiilST. 
[May ], 1899, 
In accordance with the articles of Asssociation , 
Mr. j- '-<!• MacMarliii retires Jioiii the Hoiinl, 
and beinf,' eligible, oilers himse'f for i e-elecli' i-. 
Messrs. Cajje and Dalgleish, C.A., also ollVr 
themselves for re-election as Auditors. 
G. W. Paink, Chivirjnaii. 
KELANI VALLEY TEA AliSOCIATION, 
LIMITED. 
REPORT OF THE BOAliU OF DIfiECTOIiS. 
To be presented to the .siiareholders at tlieir 
thirteenth ordinary general meeting, lo be heid 
at the Office of the Comiiany, on Morday, 10th 
April, 1899, at I'i neon. 
The Directors beg to submit to tiie f-li!\reholdfrs 
the report and ac;;ounts of the (;onip;\ny for lli" 
year ending Slst December, 1898. 
Daring the year the £2 500 debentures referred 
to in the last repoit were i-^f-ned for live yeari-; 
£.5,400, which matured on the Ist July, were 
renewed for a further period of three years, and 
of £5,350, which matured on the Ist Janunry 
last, £2,000 were renewed for three years and 
£3,350 for five years, all at live per cent interest 
per annum. 
The total crop secured from the four cslales 
amounted to 578,169 1b. against an estimate of 
651,000 lb., and 53,854 lb less than the IbO? 
crop, a result due almost entirely to climatic 
causes. The Company's Visitini' At;ent re- 
ports as follows, under date 28th December 
last :— . 
" Shortage of croj) on each of the places is 
very disappointing, but it will be satisfactory 
to you to know that it is not from the want of care 
on the part of the Superintendents, or from any 
shortage of labour, ov in fact fron: any causi that 
was preventable." 
The average price realized for the whole crop 
\vas 6^ per lb , being tiie same as last yenr, 
and the average rate of exchange was Is 4-19 Old 
against Is 3M6d for the previous year. 
Making the Water course for the N'mv Joint 
Factory for Wereagalla and Tarusella estates has 
proved more expensive than anticipa!eJ, but when 
completed and Water Power applied, Ihe saving 
effected from its use should comjiens-.te for the 
cost ; and with accommodation fn'ly sufticient 
for e'very pnipose in the New Factory, and ample 
Water Power, a great improvement is conlidenlly 
looked for in the riuality of the teas from these 
two estates. 
On this occasion the Directors have written 5 
per cent off the cost of buildings and machinery 
as on 1st January, 1898, and the amount, £384 4s, 
appears in the accounts. 
' The Company's acreage now stands as fol- 
' lows :— ^ 
-5 &c 
H Ph O M 
Degalessa 555 54 72 319 1,000 
Dover TOf - - - 70£ 
Wereagalla 232 — 10 127 369 
Parusella 210 ,32 — 33 27o 
a ^ 
1,067; 
80 
8 2 
479 
1,7141 
The net profit for the vear, after deducting the 
above sum of £384 4s written off for deprecia- 
tion, amounts to £1.094 14s lOd, which with 
i-184 12s 9d brought forward from last account 
Kaves £1,27^ 7e 7U lo be now deaJt with, 
and thh it is proposed to appropriate as fol- 
£ h. d. 
An.ount as abo . ■ . . 1,279 7 7 
DiMi!eiid of 5 pei ce;it lor ihe 
\ear( it'eof locome Tax) 
on £IS,7tw ... H3« 5 0 
J.^vint; « balance to carry 
forward of . . £341 2 7 
In ftccordnnce with the aniclesof Association, 
Mr. L V Diuies leiire.s from the Board, and, 
being eligible, otlerH lumsclJ lor re-election. 
Mr. J Ji Liiurii', C.A., offers LiiiiMlf for re- 
'■'' ■•(ion .'^udilor. 
G. W. Paink, Chairman. 
YATfVANTOTA CF-YI ON TEA COMPANY, 
L'MIIED. 
lUie reiort of the directors for the year endtd 
Dfucmber olst last Htatci^ that the weal lier during 
1898 was not {.'eneially tinourable, and, iu com- 
mon wiih most estates in ("eyion, the crops 
secured from the company's pioperties fell short 
01 expectation formed at the commeneenient of liie 
yi'ar. 'Ihe plucking area, in full and partial 
b-'ariug, on all the estates was 2,240 acre«, and 
!ii*m I his area the crops amounted to 1,135,794 lb. 
Ill addition, 8,£25i lb. tea were made from pur- 
e!iai-ed leaf, giving a total crop, ax shown in the 
p.olit and losf account, of 1,144,422 1b. Uf this 
•luimtily 065,413 lb. were sold iu Colombo, 
and Ihe b;i!a!)((' of 479,0(;9 lb. wa" shipped 
t'p J,,i'ndo;i ; ihe net avciage realised for 
the wh' le being 5 35<' i^er pounJ. In^'luding pur- 
chased leaf, the average cost f.o.b. (or delivered 
to buyers in CclnmUo) 3"62i,l per pound, on an 
fiverfijie rale of <;'xcliar;gc of Is 4 5-€4d per rupee. 
Tiie fv-li'n which came into benriny; in 1898 — viz., 
208 acres— <'".id not j ield more than snffieient erop 
to iwvt the omlny incurred iii working Oi'^m, 
Olid the profit of the j'ear was practically 
obtained from the 3,032 acres in full bearing, 
being little more th;tn t«(>-thirds of (he cul- 
tivated area repiesented by tlie subseribed capital. 
With the younger fields stea-Sily approaching 
maturity larger crops may conlidently be expected. 
The coast advaiices outstanding on December 31st 
last amounted to 1U9,090, as against R78,024 on 
'sanre date in the previons year. Of the differ- 
ence, R24,431 w.ts recovered in cash, and the 
balance of 113,903, which proved irrecoverable, 
has been written off to debit of the current year's 
working expenditure. The directors consider that 
the Ceylon management are to be commended for 
the appreciable reduction in the amountof these ad- 
vances, notwithstanding the loss referred to, which 
latter, however, has been fully covered by profit on 
rice issues, amounting during the year to K5,418, 
which profit has been deducted from working ex- 
]]eMditure. The net profit for the year amounts 
to €7,006 to which has to be added balance 
f om 1897 account, £140, together £7,806. Divi- 
dends at 6 per cent, per annum on the preference 
shares have been paid, leaving now to be dealt 
with £5,379. The directors propose a dividend ot 
4 percent., free of income tax, on the ordinary 
capital, writing off cost of properties, including 
depreciation for two years (1897 and 1898) of machi- 
nery and Ijiiiidings £1,000, and carrying forward 
£779. During the year a sum of £5,047 was ex- 
pended on 'he development of the properties. Since 
the commencement of the current year an appre- 
