612 
THE TROPICAL AGRICULTURIST. [Maech 1, 1904. 
CEYLON PIIOVINCIAL ESTATES 00.^ LTD. 
RICPOKT OF TII!i DlRKCTOIiS. 
Directors :— Messrs. J PatersoD, Edward S Grigson, 
F L Clements. 
The Directors have pleasure in submitting their 
Eepovt tor the year ended 31st December, 1903, to- 
gether with a S'uteiiient of Accouuts coverius; Ihe 
same period duly audited Owing chiefly to unfavour- 
able weather the Tea Ciop for the season fell cuLsi- 
derably short of Estimate, the quantity secaied be- 
ing 412,207 lb, against an expected total o£ 489,000, 
equal to an average yield of 415 lb, per acre iu place 
ot 484 lb per aoie last year. Both estates were short 
of Estimate, and the falling-off in returns as com- 
pared with the previous season appears to have been 
general iu those diilricts. Prices fortunately shew a 
substantial improvement, the net average for the year 
being ots. 47-04 per lb against cts. 44 20 in 1902 and 
CIS, 44 10 in 1901. The cost of production works out 
at cts. 27'29 as compared with cts. 24-65 the pievious 
year; the difference is partly > ue to the smaller crop 
gathered, ana manuring operations represented a hea- 
vier outlay than in 1902, the figures bting cts. 2-24 
per lb. of tea and cts. 1-06 respectively. lacluaing 
a balance of E5,295-01 brought forward from last 
Season, the Pront and Loss Account shews a sum of 
Ii41,421"J6 at credit after paying an Interim Dividend 
of 3 per cent, Interest on Mortgages, Bonus Allow- 
ances to Superintendents, and setting aside a sum of 
KI5,500 for redeeming Loans and depreciation of 
Bull lings and Miichinery. The Directors now recom- 
mend that a Pinal Dividend of 6 per cent should be 
declared, making 9 per cent for the year ; and that the 
balance, after paying Directors' Fees, should be carried 
forward to Season 1901. The Estimates for the new 
Season are based on a Crop of 475,000 ib of made tea 
from the two estates, and the expenditure, including 
2 CIS. a lb for manuring, woiks out at cts, 26-12 
p lb. There has been no Capital Outlay the last 
two years, but it has been found necessary to provide 
' the lirownlow Factory with an oil engine, the cost 
of which will come into the new Season's Accounts, 
The following is a definition of the properties as at 
lit January, 1904:— 
Total cultivated area 
Forest and Grass L^nd 
Waste Land, Buildings &c , 
1,128 acres 
2ri3- do • 
30 do 
Tea in full bearing 
Tea in partial bearing 
Tea not in bearing 
Glassaugh 
, . 469 acres 
.. 21 do 
... 2 do 
Total in Tea 492 
Fuel trees • . . • 14 do 
Forest •• — 
Grass .. — do 
Scrub and Waste ... 13 do 
Brownlow. 
508 acres, 
— do 
— do 
503 
2 do 
33 do 
27 do 
20 do 
Total area of E=;tate ... 1,441 acres 
The Directors have pleasure in submitting their 
Eeport and Accounts for 1903. The Tea Crop secured 
amounted to 438 869 lb, being 8 470 lb more than in the 
previous year. The average price re^ilised was 38 46 
cents per lb, as ngainsfc 35 15 cents iu the previous year. 
The Tea cost 30"22 cents including manure aud burying 
prunings, or 22 90 cents exclusive of these it ms. The 
Net Profit for the year is 27,348-43. to which has to be 
added E629-45 brought forward from 1902. An Interim 
Dividend of 4 per cent was paid in June, and the 
Directors now recommend a firial dividend of 4 per 
cent making 8 p'-r cent for the year, and leaving 
a balance of E3, 177 88, of which E2,500 might be 
truusferred to the Keserve Account.and R677'88 carried 
forward to 1904. In terms of the Articles of Association 
thefooberl Morison retires from the B ard of Directors, 
but, being eligible, offers himself for re-election. The 
appointment of an Auditor rests with the Meeting. By 
order of the Directors — Colombo Commercial Co., Ltd, 
(John G VVahdeop MAnager), Agents and Secretaries. 
519 acres 585 acres, 
Mr E 8 Grigson rati', es from the Board in terms 
of the Articles of Association, but is eligible for re- 
election. The appointment of an Auditor for 1934 
rests with the Meeting. By Order of the Directors 
^-George Steuabt &Co,, Agents and Secretaries, 
PITAKANDE TEA COMPANY OE CEYLO.N, LTD. 
KKPOET OF THE DIRECTORS. 
DiEECTOliS :— Messrs Joseph Fraser and Eobert 
Morison. Solicitous Messrs F J & G de Saram. 
ACREAGIE : 
tfea In full bearing ... 054 acres 
do in partial bearing .a 46 do 
Cocoa and Tea 
Cardamoms in bearii g «» 
do not in btaring tu 
Cccoa iu bearing 
t'uel Trees ,«« 
1,000 acres 
81 do 
44 do 
4 do 
31 do 
18 do 
THE TONACOMBE ESTATES CO. 
CEYLON LTD. 
OF 
THIS REPORT, 
Directors ; — Messrs A J Denison, Hon Mr W H Gigg 
and Hon J N Campbell, Agents and Secretaries : 
Messrs Cnmberbatch & Co. Estate Superintendent : 
V Vicaresso, 
ACKEAGE : 
The Acreage of Tonacombe Group ia as follows ; — 
Tea in bearing . . 736 acres 
Tea not in bearing ... 12 do 
Tea seed bearers ... 3 do 
751 acres 
Cardamoms in bearing . . 77 do 
Eeserve Forest ... 31 do 
Fuel trees ,, 22 do 
Chena and Patna ... 1,372 do 
2,253 acres 
The total amount of Tea secured during the year wag 
307,7581b being 11,7531b iu excess of the Estimate. 
This was pold at an average of 38 95 cents per lb as 
against 35-!j3 cents per lb last year. The Cardamom 
Crop and the prices obtained were again disappointing. 
The quantity secured was 5,795 lb against 6,308 lb last 
. year. The average price was 70 20 c^nts per lb as 
against El 07 last year. The total Expenditure ou 
Working Account amounted to R86. 336-97. The 
Expenditure on Capital Account amounted to Ei,700 
being the cost of making nurseiie? and clearing and 
planting with Tea 12 acres of unproductive Cardamom 
Imd. Owing to age and poor "prices the Cardamom 
cultivation is rapidly becoming unprofitable, and for 
this reason during 1904 thf! Directors have decided to 
plant up 25 acres of Cardamom land with Tea and 
to abandon a small , anproducti-ve field. The balance 
available after witing off the Expenditure on 
Tea Extensions during the year (Rl,700 and including 
BB, 642-45 brought forward from last Season's 
Account, amounts to E45,078'<^3. The Directors 
recommend the payment of a dividend at the rate of 
5 per cent, on the paid up Oa])ital of the Company 
absorbing E14,000, the placing ot E20 000 to a Deben- 
ture Eedemption Account, and the carrying forward 
of Rll 078-03. The Directors have pleasure in statiug 
that the Debenture Debt has been reduced by £1,000. 
and that notice has been given for the repayment of 
£1,000 ou 30th June, 1904. It will be noticed that the 
whole of the Tea Extensions and Cart Eoad Accounta 
together with the whole cost of Extensions to Build' 
ings and Machinery since the formation of the 
Company hwe now been wdtien pff. The, y/hoU 
