HiE TROPICAL AtHilCULttjritSt. 
[July i, 1903. 
jaice. The preparation or tlu3 stuff is very primi- 
live, and consists ov.ly of drying in the sun or over 
a smoky (ire, and of tliickening by the addition of 
at-arcliy matter, as rice congee, bread, flnir, arrow* 
root, biscuits, not to mention unclean recep- 
tacles. 8till more recently tlie nnscrupulous native 
has resorted to a dangerous adnlterative material 
viz., the milk from the wild guttapercha and tlie 
wild cactus. It is with reference to the lat er thao 
I wish especially to warn jmrchasers, as it lias very 
irritant properties, acting like a caustic, and its 
use can only be productive of dangerous or fatal 
results. Such a case has already occurred. Buyers 
may therefore note that the granular form should 
always be obtained, as this allows of any adulter- 
ation being immediately detected, whereas the 
powdered form disguises all adulteration. 
The comparative failure of papain as a thera- 
peutic agent is undoubtedly explained in part 
by the sophistication to which it has always 
been subjected. — Chemist and Druggist, April 25. 
THE NAHALMA TE.\ ESTATE COMPANY. 
Board of Directok?.— Messrs. Eichard Arthur 
Bosanquet, Chairman, and John Abernethy. 
REPORT OF THE DIEECTOE.S. 
The Directors beg to submit their report, together 
with the general balance-sheet and profit and loss 
account, for the twelve months ending Slst December, 
190-i, duly audited. 
The profit on the year's working of the estate in 
Ceylon is £541 193,— Out ot which has been paid- 
interest on prior lien debentures £120.— Six monthi' 
intereat on account of arrears of debenture intaicit 
£270, — London of&oe expenses, &c, £126 19j Si- 
Directors' fees £31 10s.— There was a balance at debit 
from 1901 £1,076 Us 83.— iflS9 by an arrangement 
made during the year with the creditors for Directors' 
fees, the amount due to tliem was reduced by ^177 Ss. 
—Six months' debenture interest paid as above £270 
(for all) £447 Sa— Debit Balance £629 8s 8d.— Interest 
to 31st December, 1902, on i;9,000 six per cent 
debentures (not paid) £540.— Intfrest on interest 
deposits (not paid) £24 2s lOs.— There will then be 
a balance at debit of profit and loss account to be 
carried forward to next year, made up as follows : — 
Two years' interest to 31st Dacember, 1902, on £9,000 
six per cent debentures, unpaid £1,080 — Interest on 
interest deposits, unpaid £51 2s IO3.— Debit balance 
in general ecconnt i;65 19s Id. 
The crop obtained was 215,890 lb, as against an 
estimate of 210,000. Q'he average cost was 4d per lb. 
the selling price 4'41d — as against a crop of 185,268 lb, 
in 1901. costing 4-75d per lb. and realising 4"66d. 
The acreage of the Company's properties on Slat 
December last remained unaltered, but some portions 
of the estate have been utilised for the cultivation of 
rubber, 25,000 para rubber seeds having been sown. 
Tea in fall btaring .. 446 j ^ggg 
Jungle .. 246 
A change in the superintendence of the estate had 
to be again made during the month of September 
last, Mr Wynesa having been appointed to succeed 
ilr Brereton. 
Mr W J Smith, the Visiting Agent, in a report 
dated 2l8l January, 1903, spenks very favourably of 
the present condition of the property and the pros- 
pects of the current year. 
The crop for the season 1903 is estimated at 223,000 
lb to coat 22'27 cents per lb. fob Colombo. 
Mr Bichard Arthur Bosanquet, the Director retiring 
by lotaUou..^ beiag eligible) oSers himself for re« 
electioU: 
SCOTrfSH CEYLON TRA COMPANY, f.TD, 
REPORT OF THE liOARD OF DIRECTORS 
to be presented to the shareholders at their 
Fourteenth Aurnal O.dinary Meeting, to be held 
at the Office of the Company, 16. Philpot Lane, 
London, EC, on Thursday, 14ch Hay, 1903, ac 12 
o'clock noon. 
The Directors beg to submit to the shareholders 
the Balance Sheet, Crop Account and Profit and 
Loss Account for the year ending 31st December) 
1902, duly certified by the Auditor, 
The net profits for the year amount to £2,704 
193 43, to which has to be added £233 10-: Id 
brought forward from previous accounts, giving a 
total to be dealt with of £2,938 9^ 5d, which the 
Directors propose to apportion as follows: — 
To Interim Dividend on the Ordinary Shares of 
3 per cent (free of Income Tax) paid in September, 
1902 £1,230, to Dividends on the 7 per cent Pre- 
ference Shares paid Ssptemb3r, 1902 and March, 
1903 £630, to Final Dividend on the Ordinary 
Shares ot 2 per cent (free of Income Tax), making 
5 per cent for the yeir £820, to carry forward to 
next accounts £258 9j 5d.— Total £2,938 Os 5d, 
The Directors much regret ihat the profits earned 
during the past year show such a serious shrinkage, 
as compared with those of previous seasous. This 
is largely accounted for by shortness of crop, conse- 
quent on the prevalence of very unfavorable weather 
during the latter part of the season, in addition to 
which the prices realised also show a falling off 
as compared with 1901, 
The relative figures for the two seasons are as 
follows :— 
Tea made 
/Xield per acre 
I' ices realised :— 
Lindoo 
Colombo 
Exchange 
1901. 
795,098 lb. 
466 lb. 
1902. 
719,687 lb. 
418 lb. 
r-OSa 6'60d 
30^ cents 34J cents 
l/4fperE, 1/111-32 per R. 
The higher average obtxined in Colombo is due 
to the fact that a large proportion of the better- 
class tea was sold in the local market than in the 
former season. 
In addition to the Company's crop as noted above, 
50,550 lb. tea were manufactured for others, giving a 
total output from our factories of 770,537 lb. tea 
for the year. 
The Company's estates are all reported on by Mc 
Keir, the Ceylon Manager, as in good heart, and, 
with an improved tea market, the prospect for 
current season are, bo far, encouraging. 
The Board again take this opportunity of ac- 
knowledging the services of the Company's Stafl, 
both in Ceylon and London. 
In accordance with the Articles of Association, 
Mr G G Anderson retires from the Bo^rd, and, 
being eligible, offers himself for re-election. 
Mr James B Laurie, C.A., also offers himself for 
re-sleotion as Auditor. 
H. L. Forbes, Chairman. 
London, 2nd May, 1903. 
THE KANDAPOLA TEA COMPANY, LTD, 
DiKECTOBs,— Messr!;. 11 A Boaauquet, 2, Feuchurcn 
Avenue, London (Chairman) ; E F Bosanquet, Stee- 
ple Ashlon, Trowbridge, Wilts ; F 0 Gubbins, 
NoDuingtoq» near Dover, and GF Traill, Colombo, 
Ceylon (MaSaging Director). 
REPORT OF THE DIRECTORS. 
The Directors submit the statement of accounts 
t® 31st December, 1902. 
