am TROPICAL AGRICULTURIST. 
[Dec. 1, 1903. 
The Direct0r8 regret that Mr Hei-bert Anderson, who 
latterly acted in an advisory capacity at the London 
Office, has resigned. Hia services have been of much 
benefit to the l ompany. 
Directorate.— The Director retiring by rotation is Mr 
James Haldane, and he is eligible for re-election, 
Auditors.— Messrs Moncreifi and Horsburgh, C. A., 
are eligible, and ofEer themselves for re-election. — By 
order of the Board, 
J. MAXTONE GRAHAM, Secretary. 
Eainburgh, 20th Oct. 1903. 
THE UKUWELA ESTATES CO., LTD, 
REPORT OF THE DIRECTORS, 
Submitted to the Shareholders at the Fifth Annua' 
General Meeting, held at the Company's Office' 
at Ingram House, 165, Fenchurch Street, London' 
B.C., on Tuesday, the 3rd day of November, 1903> 
at 2 p.m. 
The Directors beg to submit herewith the accounts 
of the Company, and their Report for the year 
ending BOth June, 19C3, showing a balance at credit 
of Trading account of £3,635 10s Id. The balance 
at credit of profit and loss, as per account over- 
leaf, after pavment of London charges, incloding 
Income Tax, Depreciation of Machinery, Buildings, &Ci, 
the crt- ation of a fund for the redemption of the De- 
bentures, Debenture Interest for the year, and 
Preference Dividend for six months to 31st December, 
1902, and Interim Dividend on the ordinary shares 
at the rate of 10 per cent per annum free of Income 
Tax for a like period is £1,168 17s 9d which the 
Directors propose to dealwiih as follows : — 
Six months' Dividend on the Six per cent Pre- 
ference Shares to .30th June, 1903, £283 lOs ; Balance 
Dividend of Ten per cent free of Income I'ax on 
the ordinary shares, making for year ended 30Dh 
June, 1903, 15 per cent £755 ; Bonuses to Superin- 
tendent and Secretary £40 ; Balance forwarded to 
credit of new account £9U 7s 9d. Total 1,168, 17s 9d. 
Cocoa and other credits amount £653 I'is 3d. as 
compared with ag441. Us lOd for year ended SOth 
June, 1902. The Trading account shows a working 
expenditure £3,921 12s 5d, which includes the follow- 
ing sums, viz. £279 183 3d manuring 137 acres of 
tea and £24 9a 6d on capital account. The estimated 
crop for year to 30th June, 19J4 is 305,000 lb. of 
tea and IQO cwt of cocoa. 
The nndernoted table of figures will at a glance, 
show the cost of production, prices realised, etc., 
eince the inception of the Company, and which your 
Directors think will prove of interest and value to 
the Shareholders. 
' SP • ^ 
X EH 
1899 313 
1900 346 
1901 365 
1902 379 
1903 398 
em 
a < 
290,239 
273,510 
305,336 
308,683 
308-901 
927 
790 
836 
814 
776 
Bp a 
t; ° 
-*3 ^ 
°l u <A 
O ft 
2- 87d 
3- 13d 
3-13d 
2-79d 
2'88d 
o 
CO"' 
IS ft 
!zi 
512d 
502d 
4 29d 
500d 
5-43d 
.5 S 
o <1 
o ' 
O 
74 
75 
74 
74 
O 
53 
■ 85 
118 
162 
<0 
u 
"o 
<u a 
» • o 
^ 
p. 0 
Id per ac 
o . a 
t Sale P: 
locoa per c 
g 6jO cS 
S cfl 
CD'S M> 
fits as 
dingAoco 
go ca 
o a 
u w 
„ >^ 
C. q. lb. 
O 
< 
71i 194 
Divi- 
dends 
Paid, 
1899 0 2 25 — ^2 7 0 — *£4Q6 6% 5% 
1900 1 0 17 £1 19 3 3 6 0 1/4 23-64 2,373 6% S§% 
1901 I 2 11 1 8 2 3 0 4 1/4 16 64 1,519 — — 
1902 2 0 21 1 0 6 2 9 7 1/4 13-64 3,009 6% tlO% 
1903 2 2 25 1 0 9 a 12 4 1/4 16-64 3,635 6% tl5% 
* For period from 4th May, 1899, to 30th June, 
1899, only, 
t Free of Income Tax. 
The present acreage of the estate is as follows ;— 
Tea in full bearing 398 acres, Young Tea 6 aorea, 
Cocoa in bearing 71J acres, Young Cocoa 2i aores, 
Grass Land 7 acres, and Reserve Land available 
for cultivation 76i acres. Total 561i acres. 
Mr H L Anley, Director, retires in accordance 
with the Articles of Association, but being eligible, 
ofiers himself for re-election. Messrs. Woodman, 
Tulloch and Edds, the Auditors, retire but offer 
themselves for re-election. — F. G. Ambrose and J. P. 
Bektley Anley, Directors ; T, W- Palmer, Secy. 
London. 
THE KINIYRE TEA ESTATES COMPANY. 
REPORT OF THE DIRECTORS. 
The Birectors have the pleasure to present the 
accounts for the twelve months ending June 30th, 1903. 
The estimated tea crop for the season was 518,000 
lb, bat the quantity harvested was only 423,540 lb 
as compared with 521,317 lb secured last year. This 
heavy shortage was shared by ait the Company's 
estates, as was the case in different degrees by other 
properties whose season covered the same period, 
and may be attributed to unfavourable weather. The 
short crop has caused an increase in the cost of 
production, which works out at approximately 28J 
cents. The price realised for the tea shows an im- 
provement, being about Id a lb better than last year, 
but this improved rate has not been sufficient to 
counter-balance the shortage of crop. 
The net profit amounts to £2,792 63 9d, and, after 
paying directors' fees, etc., income tax, and commission 
to superintendents, there remains a balance at profit 
and loss account of £2,133 Is 5d, to which has to be 
added £106 7s Id brought forward from last year. 
The board have paid, half-yearly as usual, the divi- 
dends on the preference shares, amounting to i£ 1,000. 
They have written off for depreciation £250. and 
they now recommend the payment of a dividend 
of 2 per cent on the ordinary shares, absorbing £900, 
and that £89 8s 6d be carried forward to next year. 
The coast advances ha.ve been added to during tlfe 
year to the extent of £84 18s 3d, and the outstandings 
are certified by the respective superintendents as good 
and recoverable. 
The average yield of tea in full bearing was 489 lb 
per acre ; the gross average price realised in London 
was 7'41d per lb, and the average exchc^nge Is 4 29-64d 
per rupee. The estimates for the current season point 
to a crop of 495,000 lb, to cost 27-44 cents per lb, 
Mr G A Talbot, a Director, retires on this oocasiop, 
and, being eligible, offers himself for re-eleotioQ. 
Messrs Leake & Co., the Auditors, offer themselves 
for re-election. 
ACREAGE STATEMENT. 
Tea in full bearing , 
Forest 
Rubber Clearings 
Patana Scrub, Waste 
and Baviuea . 
Total Estate 
Kintyre. Eltofts. Ayr. 
Acres. Acres. Acres. 
258 
30 
250 
30 
83i 
35 
10 — 
.fcvjjibiJ/i lUih 
lV>tal. 
Aores. 
876 
6Si 
95 
40 
iim 
