Deo. 1, 1903.] 
THE TROPICAL 
AGRIOnLTU'RIST. 
'1 00 
KORALE TEA. ESTATE LIMITED, 
EKPORT OF THIC DIRECTORS. 
Snbmifcteri at the Seventh Annual Ordinary General 
meeting of Sbareholdera, held at the Offices of the 
Company, on 'i'harslay, 22nd Ootoljer, 1903, at 3 p.m. 
The Directors nov? sni'mit the Report aud Accouata 
for the year endinj^ 30th June, hW3, which h . ve brfen 
daly audited. The net amount at Cre lit of I'roflt and 
L '8s Account, after providiap; for General E.xpensea is 
£1,463 la lOd ; to which should be added the b ilanca 
broQght forward from 30th Jane, 1902 £113 12j 6d— 
Total £1,673 143 4i. To dispose of which it is pro- 
posed to write off cost of ioipr >veiiient3 to Estates 
£498 53 7d ; Directors' Fees £150 ; and to cany for- 
ward a balance of £928 Si 9 I— Total £1,576 lis 4d, 
Owing to excessive rainfall the crops on Kiveraide, 
Glenloch, and K iragaatalawa fell short of estimates, 
and the cost of working in conseqaeuce bscame 
heavier, hut the improvement iu the price of tea which 
has been maintained throughout tho year has been to 
some extent a compensation. Wewes^e yield has 
increase 1, and as nearly all the tea planted since the 
formation cf the Company ia now \ ielding a return, 
the Directors look forward to an increasing revenue 
from this estate. Since the last Anna ii Meeting the 
Factory on Karagastalawa, containing at the time 
several thousand pounds of tea, was destroyed by fire. 
The Insurance affected fully covered all loaa sustained, 
and the Compmy is now in poaseaaion of a new 
Factory equipped with np co-date machinery and more 
favourably situated than the old one. The Directors 
do not recommend the payment of a dividend this year, 
but think it advisable to strengthen the fiaanciil 
position of the Company by oarrving forward the 
balance of £928 8a 9d after writing off £493 5^ 71, the 
amonat expended o i improvements to the e-.tate during 
the current year. The Directors desire to record their 
appreciation of the services of the Agents and M-ina- 
gers in Ceylon during the past year. — By Order of the 
Board, H. C. Dowling, Secretaiy. 
ACREAGK OF KSTaTES. 
Tea. Chena 
Over4Under4 and 
years, years. Patna. Fuel. Forest. Total 
Eiverside 290 — 88 12 — 390 
Glenloch 178J — 82 55i — 816 
Karagastalawa 239 11 70 58 14 392 
Weweaae 449 151 151 3 50 804 
l,15(;i 163 
391 
Crop. 
1901/1902 19U2/1903 
Riverside 
Glenloch 
lb. 
143,416 
72,519 
Karagastalawa 61,021 
lb. 
115,870 
56,501 
56,728 
144,973 
1281 64 1,902 
Expenditure on 
Production, 
1902/1903 
Exchange, 1/4 23-64. 
£ s. d. 
2 006 2 5 
1,059 6 7 
1.261 4 8 
3,110 12 11 
Wewesae 112,330 
Cost of Average Net Return 
Production. Price in London. per 
1901/1902 1902/1903 1901/1902 1902/1903 Acre 
Riverside 
Glenloch 
Karagastalawa 6'23 
Wewesse 5*o4 
d. 
3- 69 
4- 53 
d. 
4- 15 
4'49 
5 - as 
514 
d. 
4 86 
I 5'.35 
5-71 
d, 
5-28 
6-00 
d 
39q 
322 
CENTRAL TEA COMPANY OF CEYLON, 
LIMITED. 
REPORT OF THE DIRECTORS 
Snbmitted at the Eighth Annual Ordinary General 
Meeting of Shareholders held at 20, Eaatcheap, B.C., 
on Monday, the 26th October, 19iJ3. 
The Directors beg to submit the General Balance 
Sheet and Profit and Loss Acoonnt for the year ending 
30th June, 1903, daly audited. 
The net amount at OreHit of Profit and Loss 
Account, inclaHing the balance brought forward at 
30'h June, 1902. and after providing for Gene- 
ral Expenses, Directors' Fees, Income Tax, &o,, ia 
£2,725 19a 7d. 
Deduct Preference Dividends since paid (less 
Income Tax) aa follows : — 
For the six months ending 3lst December, 1901 (raid 
6fh July, 1903) £6l4 1a3fl, fo-- the six months ending 
30th Juno, 1902 (pud 15th Sent., 1903) £644 la 3d, 
for the six ninn'ha endins 31st December, 1902 (paid 
8th Oct., 1903) £644 la 3d. for the six months ending 
30th June, 1903 (paid 8th Oct., 1903) £614 Is 3d, 
Leaving to carrv forward to n^xt year a balance of 
£149 144 7d.— Total £3,725 19s 7d. 
Daring the past year the Tea Market shewed con. 
siderable improvement, and the Company's Tea sold 
at nearly Id per lb rise on the prices of the previous 
season. The Directors are pleased to be able to 
state that all arrears of dividend on the Preference 
Shares have been paid. The gross avernge price 
realised for the Tr-a was 7.27d per lb as ogainst 6.36d 
per lb last season, the rRte of exchange being Is 425. 
64d na acainat Is 4 23 64d. The yield of Tea was 
354 745 lb, being an average of 39111) per acre, over a 
plni-king area of 908 ac-ps. The Cardamom crop waa 
6 630 lb, so-'hered from 34 icres, and realiaed a gross 
average of 12.76d per lb. Under Clauae No. 24 of the 
Artii;les of Aasociation, Mr H K Rutherford retires 
on this occasion from the Board, and being eligible, 
offers hiraeelf for re-election. The Auditors, Messrs 
Harper Brothers, Chartered Accountants, also retire 
from offlce, and offer themselves for re-election. — By 
order of the Board, Wsi. Johnston, Secretary. 
THE SCOTTISH TRUST AND LOAN COM- 
PANY OF CEYLON, LIMITED. 
REPORT BY THE DIRECTORS, 
of the Scottish Trust and Loan Company of Ceylon, 
Limited, to the twenty-aixth Ordinary General Meeting 
of Shareholders, held within the Company's Re- 
gistered Office, No. 123, Geoige Street, Edinburgh, on 
Wednesday, the 28ih day of October 1903, at 3 15 p m. 
The Directors present their twenty-sixth Report 
being for the year to Slst August 1903. 
Crops and Prices. — The results of the paat season 
show an imurovement on those of last year. The total 
crop from the Company's properties amounted t3 
738.144 lb. which is 8(36 lb. less than last season ; but 
while the average cost of production per lb. of made 
tea has remained the same aa last year, the average 
price realised has improved from 6"39d. to6 89d. per lb. 
Factory Buildings and Machinery. — All these are in 
a thorough state >f repair. An extension has been 
made to the Sarnia Factory to provide additional 
withering space, and the machinery in Alnwick and 
Brookaide Factories is b ing improved. The Cart Road 
to the Annlield Factory has been completed, and the 
last inairtlment on that account has been paid. 
Accotmts.— The balance at the credit of Profit and 
Loss Account is, =£5,047-13-4. And the Directors 
propose to pay a Dividend at the rate of 7J per cent, 
for the year, free of Income Tax, of which 2.^ per cent, 
was paid as an Interim Dividend at 1st iVIay 1903, 
£3,375 0 0, leaving £1,672 13-4 to be carried forward to 
next Account. 
Mortgage held in Ceylon by the Company ,— The only 
remaiuing loan of the Company is now rednoed to 
£2,000. 
Managtmeni. — The Directors have to record with 
great regret the loss which the Company has sustained 
by the death of Mr Biint:loe, who had acted as Secre- 
tary of the Conipmy since 1839, la his place they 
have appointed Mr J Maxtone Graham, C. A., who waa 
the late Mr Bringloe's Partner, and who is conversant 
with the affairs of the Company. 
