March 1, 1904.] THE TROPICAL AGRICULTURIST. 
613 
Coast Advances have been slightly decreased 
daring the year nnJer review aud now staud at 
R4,525 49. The Crops for 1904 are eRtimatea at 
310,000 lb of Tea. 4,000 lb of Cardamomg. 
aeainst an Expenditure of R97,60i'fiO. The Direotora 
with a view to' maintaining the Capital Vulue of the 
property have decided that a progrn,ram6 of aystematio 
manuring is advisable, mid the Expenditmo includes 
a Pum of RIO, 447 00 to be spent on the application 
of artificial manure. It also includes the cost of 
opening 25 acres of land referred to above. Mr G 
H Alston and Mr R S Templer having rnsigned their 
seats on the Board, the Hon Mr W H Figg and Mr 
A .J Denison were appointed in their places Of the 
Directors Mr A J Denison retires by rotation, but 
is eligible for re-election. The appointment of an 
Auditor for the Current Year will rest with the Meet- 
lug. By order of the Directors, 
CuMBF.nBATcn & Co., Agents and Secretaries, 
THE IIOREKELLY ESTATE CO , LIMITED 
REPORT OF THE DIEECTORg. 
Managing Director: OEH Symoug, Esq.; Direc 
tors: Hon P C Loos, Fred. Dornhorst, Esq., k c, P 
.J de Sarara, Esq., F W Bois, Esq , Percy Bois, Esq. 
Secretaries : Lewis Brown & Co. 
The Directors have pleasure in submit'ing the 
accounts of the Company f jr the year ending Slst 
December, J903, which they trust may be considered 
satisf lotory. The sum of R5,997 23 has been written 
off as depreciation on buildings, plant and machinery, 
and the 1904 Manure Account has been reduced to 
R5,00:l by the transfer of Rl,827 03 to "1903 " Estate 
Expenditure. The sum of R10,000 hfl,s been placed 
to Reserve Fund Account," and the Shareholders 
will be asked to approve of same being invested upon 
the security of immovable property. An interim 
dividend of 4 per cent, absorbing R16,000 was paid 
on the 12(h August last, and the balance now available 
for distribution (including R4,002*45 brought forward 
from 1902) is R25,830-14, from which the Direotora 
recommend payment of a final dividend of 6 per cent, 
miking a total distribution of 10 per cent for the year. 
This will leave a balance of Rl,830"14 to be carried 
forward. The working of the Estate for the years 
1901, 1902 and 1903 compares aa follows : — 
1901. 1902. 1903. 
Expenditure, Estate and Rs. Rs, Rs. 
Colombo office ... 39,756-93 43,098-52 43,838 64 
Number Coconuts 
plucked .. 1,139,218 2,146,825 2,224,671 
Qu lutity Coir Fibre 
made Brllots 24,876 21,209 21,952 
Two Directors— 0 E H Symona, E-q.andHon F 
0 Loos retire by rotation, and are eligible for re-elec- 
tion. The Shareholders have to -ippoint an Auditor 
for 1904. The current yoiii'a prospects are favourable. 
— By order of the Directors, Lewis Brown & Co., 
Secretaries. 
THE RAYIGAM CO., LTD. 
REl'ORT CP THE DIRECTORS. 
Directors:— The Hon. Mr Edward Roslin^, 
Mr Albert Rosling. 
ACREAGE : 
RAYIGAM. ANNANDALE. 
Tea in bearing 606 acres. 
Rubber „ ... 20 „ 
Forest ,, ... 484 „ 
aud 
Tea in bearing 250 acres. 
Forest ... 8 ,, 
Grass . . 38 
Total ... 1,200 acres. Total ... 296 acres. 
The Director? herewith submit their R'-port and 
Balance Sheet (or 1903. Aficr w. itins>- i £1 lUO.OllQ for 
depreciation on Buildings and Machinery, there le- 
paains at credit of Profit and Lo?s Account R31,526'18, 
Out of this the Directors propose to pay a dividend of 
5 per cent absorbing R30,0tl0, carrying forward a 
b.-iLinc of Rl,526'18. The crop of Tea from Rayigam 
WHS 310,2261b us sgainht 296 725 lb in the previous year, 
end fiom Annandale 98,89Ulb as agninat 90,6n6lb. The 
whole of the Rayigam Crop was mrde into Green Tea, 
which inclusive of the bonua netted 37'34 cents per 
lb The Annandnle tea netted 44-98 cents as against 
41 85 cents for 1902. A Contract has been made dis- 
posing of the R'.iyigam green tea crop for the current 
year at 39 cents, any bonua to go the buyer. The 
eitimate of crop for the current year is 320,00011.) for 
R i>igam and 100,000ib for Annandale. 
Para Rubber 45'.l|lbhave been bvought to market 
realieins; R3'7 cents per lb. for biscuit and Rl 65 cents 
for scrap , the current year's estimate is l,C001b. 
There are now nearly 20,000 trees and plants of all 
Ages on the estate, of which 1,000 are old enoiigh to 
tap. Mr F M Mackwood retires from the Board of 
Directors by rotation, but being eligible offers himself 
for re-election. The election of an Auditor for 1904 
rests with the meeting. By order of the Directors. 
MACKWOOD & Co., Agents and Secretaries. 
THE PALMERSTON TEA COMl'ANY OP 
CEYLON LLMITED. 
THE REPORT. 
Directors ;— Mes-srs G 0 Alston, G H Alston and 
Percy Bois. 
land 
ston 
Total 
acres 
acres 
acres 
254 
205 
459 
4 
0 
4 
258 
205 
463 
19 
0 
19 
0 
7 
7 
4 
0 
4 
281 
212 
493 
Acreage of the Estates. 
Queens- Palmer- 
Tea in beiring 
Young Tea . , 
Total Tea . 
Jungle 
Timber 
Grass, &a 
Total Acreage . . 
The Directors have pleasure in presenting to the 
Shareholders the accounts of the Company for the past 
year. The yield of tea during the period has been 
204,031 lb costing cents 28-64 as against 199,505 lb 
costing cents 27 78 last year, the average ne- prices 
realise'l bsing cents 46 03 as against cents 45-37 for 
the like period. It will be noticed that the expendi- 
ture is somewhat higher than Inst year ; but it 
includes the sum of R5,952 expended on mauurinf, 
which is equal to cents 2-£l per lb of tea ;"a 
couf-riderable portion being done during the 
hater months of the year, the benefits "arising 
therefoim, will not be apparent uutial this Season! 
After m.ikiug the usuil provision for depreciation of 
buildings and Machinery, the nett profit for the year, 
inclusive of the sum of RI,768 05 brought forward' 
from last account, amounted to R25,369-o3 or about 
6j per cent on the capital of the Company. An 
interim dividend of 2i- per cnit was paid on' Uth 
August, absorbing R10,250-00, and the Directors now 
recommend the payment of a final dividend of 3 per 
cent making 5* per cent, for the year, leaving a sum 
of R2, 819-53 to be carried forward to the current 
season's account. BIr L Cross Buchanan and Mr 
Stanley Bois having left the Island and resigned their 
86 Its on the Boiird of Directors, Mr G C Alston and 
Mr Percy Bois were appointed to fill the vacancies. 
In terms of Articles of AssocirUion, Mr Percy Bois now 
retires from the Board, but is eligible for re-election. 
Tlie appoiutmeni of an Auditor for the current je\r 
rests with the Meeting-.- By Order of the Directors, 
Bois Brothers & Co., Agents and Secretaries. 
Colombo, 3i-d Feb. 1904, 
