1)K0. 1, 1903.] 
THE TROPICAL 
AQRICUJ.TUKIST. 
411 
THE ASSOCIATED TEA ESTATES OF 
CEYLON, LTD. 
REPORT OF DIRECTORS AND ACCOONTS TO 
30th JUNE, 1903. 
Submitted at the Eighth Annual General Meeting 
of Sbareholdera, held at^Cinnon Street Hotel on 
Weduesday, 28th October, at 12 o'clock noon. 
The Directors bee; to submit herewith the Accounts 
of the Couipany for the year ending 30!h June 1903 
showing a gross profit of £4,554 l7a 9d, compared 
with J;'3,629 11a Id )ast year, in which Manuring 
expenditure is not included. From this, a sum ot 
.i'380 13s 9d is written off against Buildings and 
iilachinery and Immature Cultivation, being one- 
qnarter of the amount outstanding. Against the 
Manuring Account the Directors have decided to set 
£2,265 7s lid, being the whole balance carried over 
from last year, leaving a sum ot £1,559 Os Id spent 
during the year under review to be carried forward. 
After allowing for sundry charges, interest on loans, 
etc., there remains a credit balance of £607 Ss 6d, 
which after deducting the debit balance of ±'176 lis 2d 
brought forward from last year's Account, leaves a 
credit balance of £430 18s 4d, which the Directors 
propose to carry forward. The yield of Tea for the 
year was as follows ; — 
1902-3, 1901-2. 
lb. lb. 
Silverkandy .. 120,258 121,217 
Chesterford .. 367.855 372,550 
Horagoda ... 10,885 33,504 
Doragalla .. 235,245 270,597 
Totol .. 740,243 797,868 
Excluding Horagoda, this shows a decrease of 35,006 lb 
on the total yield of the previous year, and falls below 
Superintendents' estimates by 65,642 lb. The cost ot 
production per lb, fob Colombo, was as follows ; — 
1902-3. 1901-2. 
u 
p a 
0 
•T3 (D 
" fe a 
S 0) .2 
c4 
U "3 
S <» 
u 
B a 
n 
.5 a • !^ ■ 
si! o -M'c.j: a -Tj-s 
as O ^ ^CC^ ^ w-il^ ?i as ^ o3 
fflfa o--ca gTS 0--C3 
X a Ha ^ ^ a u a 
a PM"" ots, H— fi^'" ots. 
Silverkandy ... 29'74 4-30 3404 32-13 3-10 35'23 
Chesterford .. 26'05 4-36 30 41 24'27 239 26*66 
Horagoda .. 26-81 5 11 31-92 27 67 0 83 !s8-50 
Doragalla ... 29-25 7-50 ,36-75 24 53 3 95 28-48 
The average prices reduced to the London equi- 
valents for pnrpoaes of comparison were ; — 
1902-3. 1901-2, 
Gross ctg. Gross cts. 
Silverkandy . . 8 82d or 47-64 8 18d or 43 94 
Chesterford ., 6 2ld or 84-26 5 73d or 29-19 
Horagoda ... 6'38d or 33-19 5-48d or 27 66 
Doragalla ... 6-653 or 34 90 6 24d or 32 21 
The total tea sold tor the year realised a gross 
average of 6-79d per lb, and cost, sold iu .London, 
5 31d, exclusive of manuring. The exchange for the 
year averaged Is 4 25 61d. The yield per acre was 
419 lb over the fields iu full bearing. The estimate 
for the season 1903-4 is 805000 lb against a crop of 
729.358 lb for 190-2-3. Sir Alexander Wilson, the 
Director retiming by rotation, is eligible for re- 
election. Mr J M Henderaon, the Auditor to the Com- 
pany, retires, and offers himself for re-eleotion. By 
Order of the Board, 
RowE White & Co., Secretaries. 
4, Lloyds' Avenue, Penchurch Street, London, T3.C 
19th October, 1903. 
5^ 
CENTRAL PROVINCE CEYLON TEA CO- 
The Directors beg to submit to the shareholders the 
audited accounts tor the year ending 30th June 1903. 
The total croo of tea from the estates for the past 
season was 757,196 lb, against 803,315 lb ot the pro- 
ceeding year, being a decrease ot 46,119 lb. About fifty 
acres of tea were piuned d'-wn and allowed to grow up 
without being cropped. It is being topped and will not 
be plucked till January, which will give it about u year's 
rest. The result is said to be satisfactory. The total 
sales, including bovight tea, were 961,152 lb, averaging 
5-76d per lb net, being 4-81d more than last year. Aa 
regards cocoa, the crop amounted to 874 cwt ; against 
584 cwt last year, the average price being 463 Id per 
cwt, as against 493 5d. There were during the season 
21 acres ot tea not yet in full bearing. The rate ot 
exchange averaged la 4-21d per rupee, being a little 
higher than last year. The net profit for the year 
amount to £4,246 13a 3d, after writing ofi £472 8s lOd 
from estates account for depreciation, wnich, with 
£1,720 43 2d brought forward from last year, shews 
a sum of £5,966 17s 5d to be dealt with. Ot thia 
amount £1,500 has been applied to the payment of an 
interim dividend at the rate of 6 per cent per annum 
on the preference shares to olat December, 1902. The 
Directors now recommend a dividend at the rate of 6 
per cent per annum on the preference shares to 30th 
June, 1903, and a dividend of 2 per cent on the 
ordinary shares, together absorbing £2,500, leaving 
i31,966 173 5d to be cai-ried forward to next account. 
Some ten acres of tea are being put out of cultivation 
aa being nnremunerative. Mr H P Powell is the 
Director retiring by rotation, and, being eligible, offers 
himself for re election. 
London, October 22nd, 1903, 
CAROLINA TEA COMPANY. 
The Directors beg to submit the balance-shee 
and profit and loss account for the |llth] year 
ending 30th June, 1903 :— 
The nett profit, less interest paid on debentures, 
j£2,450, is £3,624 17s Id ; The Directors have written 
off the expenditure on additions to buildings and 
machinery during the year £623 123 lOd ; and have 
placed to the credit of extensions and depreciation 
account i;i,200 Oa Od ^= £1,823 12s lOd ; Leaving 
£1,801 43 3d; Amount brought forward from last year 
at credit of the ordinary shares £813 153 2d ; Making 
a sum available for distribution ot £2,614 lOa 
5d. which it is proposed to appropriate as follows : — 
To a dividend or the ordinary shares of 4 ;per cent 
(of which 2 per cent was paid on the 24th April, 1903) 
fi.OOOOsOd; And to carryforward to the credit of 
the ordinary shares the balance of ^614 193 5d. 
The title of the account which in previous jeara has 
stood in the balance sheet as " Reserve Fund " haa 
been altered by the Directors to " Extensions and 
Depreciation account," the sums added to thia account 
year by year having been invested in extending and 
improving the properties. 
'The season, though suitable for cocoa, was unfavour- 
able for yield ot tea, and the crop secured is below 
previous years, as shown iu the following table : — 
Tea from Tea from Cocoa from 
Estates. Purchased Leaf. Estates, 
lb. lb. cwt. 
1902-1903 .. 916,720 38,175 560 
1901-1902 .. 957,954 47,827 574 
1900-1901 .. 953,399 29,575 466 
1899-1900 .. 1,131,333 43,195 414 
1898-1899 .. 961,757 32,862 555 
The cost of the tea crop was 4'73d. per lb free on 
board Colombo, aa against 4-39d. and 4-78d. for the 
two previous seasons; the increased cost per lb was 
due to the short crop, and the larger expenditure on 
manuring. The average gross sale price ot tea haa 
advanced to 7-24d per lb. from G 99i in the preceding 
season, and 6-34d in 1900 1901, the improved condition 
