6i8 
THE TROPICAL 
AGRICULTURIST. [Maeoh i, 1904, 
ncrense of 4'23 cents over the price realised in 1902. 
103,333 lb of Tea for other Estates were manufactnred 
on Gampah?. After writing off Rll, 115-46 for Depre- 
ciation on Machinery and Buildiuga and providing the 
Interest on the Mortgage, the nett piolit for the year 
amounted to R49,202 20, equal to 6-92 per cent, on the 
Capital of the Company, to which falls to be added the 
balance of E3,025 65 brought forward from 1902, leas 
R168'92 over estimsted for Cardamoms unsold at the 
end of that year. The Directors have transferred to 
the Extension Fund a sum of RlO.OOO, and now recom- 
mend the payment of a Dividend of 5 per cent for the 
year, leaving a balance of R6,333 93 co be carried for- 
ward to the current sea-'on's accounts. During the 
past year the sum of B7,589*58 has been expended on 
Capital Account, in the upkeep of Cleaiii gs and the 
purchase of a new Sifter on Gampaha Estate, and an 
extension of the factory and purchase of a new Roller 
on Dammeria Estate. The Estimated Crops for the 
current year aie 741,000 lb of Tea, 1,500 lb of Cirda- 
moms and 60 cwts of Cocoa on an expenditure of 
E212,146 05, which includes the cost of manufacturing 
90,000 lb of Tea for other B-taies. Mr E S T^mpler 
having resigned his seat on the Board, Mr A J Denison 
was appointed to the vacancy. In term of the Articles 
of Association he now retires from the Boaid of Direc- 
tors, but is eligible for re election. The appointment 
of an Auditor for the current year will res^t with the 
Meeting.— By order of the Directors, WHITTALL 
& Co., Agents and Secretaries. 
•2.2 t 
a " 
THE UNION ESTATES CO OP CEYLOI^ 
REPORT OF THE DIRHCTOES, 
Directors.— F L Clements E q., Hm. Mr W H 
Pigg, W D Gibbon E q., Estate In pkctoe.— W D 
Gibbon Esq., Estate Supeeintenjjrnt.s— Hiyea 
Group : R J Trimen Esq., Dea Ella,— W L 
Vanderslott Esq. 
ACBEAQE. 
a - s s 
.HS ° <a <* „ S ^ a ^ 
ca_5 o a u ^gtfi (B J -S 
o o c3 o *^ o 
Hayes Group.. 512 20 632 1679 2211 
Dea Ella .. 5J33 25 81 .. 339 147 486 
745 25 81 20 871 1826 2697 
The Directors now submit to the Shareholders the 
Report and Accounts for the past year. On Dea 
Ella the crops secured were 79,8231b of Tea (includ- 
ing aboul 7,500 lb manufactured from purchased leaf) 
owta 147"2'21 Cocoa, 30,207 Coconuts, beside a small 
qnantity of Pepper, Rubber, Vanilla and Areoauuts. 
The price realised for the Tea was 33'90 cents per lb 
as against 30"81 cents in 1902, while there was a slight 
increase in the sale price of the Cocoa. On the 
Hayes Group 242,054 lb of Tea were secured, 
which realised a nett average price of 34 88 cents 
per lb as against 27-45 cents in 190^ 1,0391b 
of Cardamoms were also secured but the prices 
unfortunately during the past year have been very 
low and the Cardamoms only realised a nett price of 
58 cents per lb. The profits on Working Account for 
the year amounted to R22,712 75 (equal to 7-U per 
cent on the Capital of the Compauy) from wliioh 
falls to be deducted the debit balance from 1902 
R2, 069-21 and the amount over-estimaied for stogk at 
the end of the year, R112-93. In view of the indebied- 
ness of the Company and of the fact that owing to 
adverse seasons no provision conld be made for 
Depreciation of Buildings and Machinery in 1901 and 
1902, the Directors have decided to write off to that 
account the sum of R16, 196*48 being 15 per cent, for 
the above two Seasons and 1903, and now recommend 
the balance of R4,334- 13 being carried to the current 
season's account. No Capital Expenditure has been 
incurred except the final payment of R3,291'24, the 
^Alance dqe 911 a«QOaut of (he construction of tbe 
Hayes Road, referred to in the Ust report A lease 
of Longford Estate for 3 years from the 1st of 
September last has been concluded for a pepper- 
corn rent. The estimate for the current year 
provides for an expenditure of RlOO, 109-44, which 
includes the purchase and manufacture of 19,30001b of 
Tea on Dda Ella, while the crops anticipvted (in- 
cluding the above Tet) amoant to 84,3001b of Tea, 160 
cwfcs, of Cocoa, 40.0ii(J Coconuts on Dea Ella,, and 
247,6751b of Tei, 3,0 Olb of Cardamoms on Hayes. 
There will be a smail expenditure on Capital Account 
in extending the Rubber Cultivation on Dea Ella, la 
terms of the Articles of Association Mr P L Ofements 
retires from the office of Director, but is eligibe for 
re-election. The uppointinent of an Auditor fot the 
current year will rest vjth ih-i Meeting. — By order 
of the Directors, WHITTALL & Co., Agents 
and Secretaries. 
THE XNAVESMIKE ESTATES CO. 
REPORT OF THE DIRECTORS. 
Directors :— S I'ayne Gallway, E q, John Paterson, 
Esq, A G L Dupuis, E q, W Anderson, Esq. 
The Directors have the pleasure to submit the 
balance sheet and profit and loss accounts duly 
audited for the year ended 31at December, 1903. The 
surplus on revenue and expenditure account is 
R37,686 17, to which has to be added a balance of 
Ri,67-2 9/ carried forward from season 1902. The 
pi-otit and loss Account, after placing to extension 
account R3,0 0 and providing for depreciation, 
Irrecoverable coast advances, Superintendent's Com- 
mission and other charges, shows an available 
balalnce of R26,186-90. out of which the Directors pur- 
pose to pay a dividend of 6 per cent. Tnat will absorb 
R24.900, and leive, subject to payment of Directors' 
fees, a sum of Rl,286-90, which it is proposed to carry 
to the current seaeou's Hccounts. Profit earned 
represents a return of R77-54 per acre on the area of 
tea in bearing as against R48-45 in 1902. Crop secured 
from Estate leaf was 278,071 or 21,929 lb under 
estimate. Plucking area was 486 acres, and yield 572 
lb of made tea per acre. The total quantity of tea 
dealt with amounted to 297,374 lbs, which included 
19,303 lb made from bouglit leaf. The tea, sold to end 
of December was 256 915 lbs the nett proceeds of 
which equalled cts. 32-24 per lb leaving unsold 
40.430 lb which have been estimated to realise 
R13,'i45'33. Including the cost of tea made from 
bought leaf, the twelve months' crop was put on 
the market for cts 2312 per lb. this is dearer than 
usual, but includes cost of new Machinery Rl,590 39, 
Manuring Rl,668, and planting Rubber Rl,3.4-61. 
The Company's property on Slst December, 1903, 
consisted of : — 
Tea in bearing . , 486 acres; 
Tea in partial bearing ... 15 „ 
Tea not in bearing .. 15 n 
Jungle .. 73 „ 
Buildings and Waste Land . . 5 „ 
Total... 594 acres. 
Green Tea manufacture was commenced in April 
and continued to end of year. It his been thought 
advisable to revert to making black Tea for 1904, and 
a contract to sell at the rate of 37 cts per lb for the 
year's crop has been made. Crop estimated for in 
1904 is 800,000 lb of made Tea to cost cts 22 84 per lb. 
which allows for manuring 100 acres, and of opening 
a clearing of 25 acres in Rubber, The Labour question 
has caused the Directors great anxiety during the year, 
and is to some extent responsible for the short crop. 
There was a change of management during the year, 
Mr J A Hunter replacing Mr C H Williams. In terms 
of the Articles of Association Mr A G L Dupuis 
retires from the office of Director. The appointment 
of an Auditor for 1904 rests with the Ileeting. 
By Order of the Directors. 
George Steuart & Co , Agents & Secretaries, 
Colgmbo, S^h February, 1904. 
