594 
THE TROPICi\L 
AGRICULTURIST. [March 1, 1904. 
THE RbEBEKRY TEA COMPANY OF 
CEYLON. LIMITED. 
KEPORT OF THK DIRECTORS. 
ACREAGE. 
Tea in bearing . . 642 acres. 
Cardamoms ... 4 do. 
646 acres in cultivation. 
The Direetorg have now the pleasure to submit 
their Eighth Annual Report and Accounts being 
those for the year ending 31st December, 1903. 
The yield of tea during the period has been 313,276 lb 
costing 22'45, against 301,545 lb. costing 24"10 per lb. 
last year, and cealising 39-62 sents per lb. against 
36-39 for the same period. After writing off the 
sum of E4,928-36 for depreciation of buildings and 
machinery, the amount at credit of Profit and Loss 
Account for the year's working was R41,164 35 equal 
to 13J per cent on the paid up capital of the Com 
pany, to which falh to be added the balance of 
E514*ll brought forward from 1902, On the 1st 
August an interim dividend of 4 per cent was paid, 
and the Directors now recommend that a final 
dividend of 6 per cent be paid, making 10 per 
cent for the year, that a sum of RIO.COO be trans- 
^ ferred to a Reserve Fund for the equalisation of 
dividends, and that the balance of Rl,678 46 be 
cairied to the current season's account. The crop 
estimated for the current year is 320,000 lb on ao 
fxpenditnre of E81,520, which includes the sum ct 
R2,500 on capital account, and R56O0 on manuring. 
During the past year the Hon. Mr S Bois rssigned 
his seat on the Board of Directors, and Mr Percy 
Bois was appointed to fill the vacancy. In accord- 
ance with the Articles of Association Mr U O 
Boseason retires from the Board of Directorp, but 
is eligible for re-elction. The appointment of an 
Auditor for the present year will rest with the 
meeting. — By order of the Directors, 
Bois Broihees & Co., Agents and Secretaries, 
THE UDABAGE COMPANY LIMITED. 
REPORT OF THE DIRECTORS. 
ACREAOE. 
Tea in full bearing ROO acres. 
Rubber planted 1903 30 ,, 
Rubber Felled 1903 
Reserve . . . . . . 
Total.. 1,140 acres. 
The Directors beg to submit to the Shareholders a 
statement of the accounts duly audited for the year 
ending 31 s;, December, 1903. The crop secured, all of 
which was manufactured into Green Tta, amounted to 
214,395 lb. of made tea, as against an estimate of 
250,0001b., and realised an average of cents 34 55 per 
pound nett including the Green Tea Grant, as against 
an expenditure of R60,495*13 or cents 23*44 per pound. 
The heavy short fall of crop, as against the'estimate, 
may be attributed to the unseasonable weather ex- 
perienced during the last three months of the year. At 
the end of September the crop harvested was in 
excess of the previous season, and there was every 
prospect that under favourable climate conditions the 
estimate would have been realised. The gross profit 
on woiking amounted to R22,746'99, and, after pro- 
viding for Itterest on Debentures and Loans and usual 
expenses, leaves a margin of R6,04l-33. This h^is been 
applied in reduction of the Company's indebtedness, 
but under other circumstances it would have been 
sufficient to pay 3 per cent on the ordinary share 
Capital of the Company. The cipital expenditure for 
the year included the cost of opening 30 acres in rubber, 
which has been successfully accomplished. It is 
proposed to open up a further 57 acres during the 
current Beason, the clearing for which has already been 
felled and plants provided for. Directors. — Mr. E J 
Weatherall having left the Island, Mr E R Waldock 
was elected a Director in his place. In terms of the 
Memorandnm and Articles of the Association of the 
Company Mr. E R Waldock now retires from the 
Diiectorate, but is eligible for re-election. To till the 
vacancy caused by the retirement of Mr Thomss 
Hudson from the Board, it is suggested that Mr. W 
Shikspeare should be invited to act as a Director. The 
appointment of an Auditor for the current year rests 
with the meeting. — By order of the Directors. Carson 
& Co., Agents and Secretaries. 
THE KANDYAN HILLS COMPANY LTD, 
RliPORT OF THK DIRECTORS. 
ACREAGE STATHMENT 
Tea in full bearing ... 410 acres 
In partial bearing ... 23 ,, 
Reserve and Forest ... 767 ,, 
Cocoa ... 90 ,, 
Rubber (and Cocoa) ... 20 „ 
Total ...1,310 acres 
The Directors beg to present their report for the 
season ending 31st December, 1903, together with a 
s'atement of accounts duly audited for the same 
period. The tea crop harvested amounted to 157,568 
lb made tea as against an estimate of 500,000 lb, and 
the cocoa crop reached 179 cwt 3 qr 21 lb as against an 
estimate of 130 cwt. Tea made foe others amounted 
to 30,850 lb. The total cost of pioduction, including 
112 cents spent on manuring amounted to 27-82 cts, 
whilst R\,960'90 was spent on the cultivation of 
rubber. After providing for interest on loans and 
debentures, depreciation, and other charges, and 
writing off the sum of Rt06-64 for coa.it advances 
irrecoverable, there remains at credit of profit and loss 
account a sam of R4,633. Of this amount the directors 
recommend that R3,750 should be appropriated in 
payment of a dividend of 3 per cent, leaving a balance 
of R883 to be carried forwaid. For the new season 
the directors are led to anticipate a crop amounting to 
200,000 lb of made tea, which it is hoped will be pro- 
duceJ at a cost of cts 23-94 per pound. The Cocoa 
crop is estimated at 150 cwt to be delivered in Colombo 
at a cost of R3 1-41 per cwt. Tea, — The weather coc- 
ditions during the past season were generally unfavour- 
able, and this, combined with labor difficulties, which 
at times retarded pruniog, has resulted in a shorter 
crop than auticipsted. The prices obtnined have, 
however, been favourable, and the season's working 
shows an improved profit. Of late the laboar force 
has been considerably augmented, and — given a normal 
season — the estinn,le of crop (both tea and cocoa) for 
the present year should be realised. During thQ past 
season 20 acres were opened and planted with rubber, 
and the whole area enclosed with barbed wire. 
Castilloa and para varieties were planted alternately 
and the lines qnincunxed with cocoa. Farther land 
adjoining is available, but until a thoroughly efficient 
labor force has been established, it is not thought 
abvisablfi to undertake extensions. In terms of the 
memorandum and Articles of Association Mr A 
Colliugwood Small retires from the Board of Directors, 
but is eligible for re election. The appointment of an 
Auditor for the current year rests with the meeting. — 
By order of the Directors, Carson & Co., Agents and 
Secretaries. 
The Indian Tea Average for the Season 
— as will be seen by the llgures elsewhere is 
hlKber than the past two years and consider- 
ably higher than last j'far. We regret to 
note, however, that the out-put has increased 
by nearly 19J million lb. 
