632 
THE TROPICAL AGRICULTURIST [March 1, 1904. 
THE VOGAN TEA CO. OF CEYLON LTD. 
THE REPORT OF THE DIRECTORS. 
DiRECTOBs : — R W Harrison, Esq, V A Julias, Esq 
and E M Shattock Esq. 
The Directors now beg to submit to the shareholder 
their report and accounts for the year endei December 
Slat, 1903. On Vogan and Iddagodde the crop of tea 
secnred amoanted to 407,121 lb against an estimate 
of 400,000 lbs, while from bought leaf 8,8.39 lb were 
manufactured, ranking a toM of 415,963 lb, which 
cost to lay down in Colombo 25'22 cents per lb, and 
realised a nett average price of 86 05 cents. The above 
expenditure includea a sura of R15,999 49 spent in 
manure, and also Rl,348'17 spent in upkeep of Rubber 
clearings. The results obtained from the more liberal 
cultivation programme, which was started in 19U3, 
have proved entirely satisfactory, both as regards 
increased yield and also the improved appearance of 
the bushes and character of the wood over the manured 
area, and a similar policy will be adopted during 1904. 
On Stamford Hill and Barkindale the crop for the 
year was 100,834 lb against an estimate of 100,('00 lb, 
the tea costing, after deduction of profit on 
manufacture of outside leaf, 24'56 cents in Colombo, 
and realising a nett average price of 43 96 
cents. The following table, showing the crop, cost 
and average price realised for the past six years, is 
appended, and will no doubt be found of interest. 
Crop. Cost. £'3 
U 
I Vogan and Iddagodde 353,837 . nn-oo nn 
1898] Bought leaf 30,929 i ^" '''' ^ 
^Stamford Dill & Barkindale 100.712 ' 25-58 43 90 
f Vogan and Iddagodde 386,609 nn-iK ae-ai 
1899 { Bought leaf 2,528 I °^ 
^Stamford Hill & Barkindale 95,286 I 22-17 45-30 
f Vogan and Iddagodde 462,399 ni. An Qn-nA 
\m\ Bought leaf 20,268 L ^I'^O 30 34 
(Stamford fiill & Barkindale 107,4741 23-42 39 94 
f Vogan and Iddagodda 334,448 oo o5 
1901-^ Bought leaf 15,383 1 
[Stamford Hill & Barkindale 82,640/ 29-90 42 20 
(Vogan and Iddagodde 362,353^ go.jo qo-oo 
1902 \ Bought leaf 15,23l\ 
I Stamford Hill & Barkindale 10ii,752/ 22-88 S^-IS 
f Vogan and Iddagodde 407,124 okooqc-ik 
1903 J Bought leaf 8,939 1 '^^'''^ 
(Stamford Hill & Barkindale 100,884) 24 56 43'69 
After payment of interest on Debentures and all 
other charges, the amount of profit earned is R56,556'65 
to which must be added the balance of R164-65 brought 
forward from the previous year, making a total of 
R56,711-30, available for distribution. This amount 
the Directors reoommend should be apportioned as 
follows :— 
By the payment of a Dividend of 
5 per cent for the year, absorbing ... 
R36,000 
00 
By the payment of a bonus to the 
Vogan Superintendent of 
500 
00 
By the payment of a bonus te the 
Stamford Hill Snperinlecdent of ... 
500 
00 
By placing to Debenture Redemp- 
tion aoconnt 
10,000 
00 
By placing to Depreciation account 
4,0C0 
00 
By carrying forward to next account 
5,711 
30 
R56,711 
30 
of 1903, and proved to be as follows :— 4,932 trees from 
3 to 6 years old ; 10,964 trees from 1 to 3 years old -, 
12 500 trees planted in 1903— total, 28.396. 
Tapping was commenced towards the latter part of 
the year on 500 trees, with most satisfactory results, 
and it is cstiraated that during 1904, about 1,000 addi* 
tional trees will corae into the tapping round. The 
acreage of the Corapany's properties is as follows :— 
Vogan and Iddagodde. 
Tea in full bearing over 4 years . . 779 0 3 
Tea under 2 years . . 25 0 0 
Rubber . . . . 28 3 04 
Reserve ... ... 497 3 15 
Stamford Hill and Barkindale. 
Tea in full bearing 
1,330 2 22 
220 0 0 
Total Acreage ... 1,530 2 22 
In terms of the Articles of Association, Mr E M 
Shattock retires from the Board of Directors, bu^, 
being eligible, offers himself for re-election. It will 
also be necessary to elect an Auditor for 1904 — By 
orders of the Directors, Lee, Hedges, & Co., Agents 
and Secretaries, 
Colombo, February 13th, 1904. 
KANAPEDI WATTE TEA COMPANY LTD. 
REPORT OF THE DIRECTORS. 
Directors: — Messrs. W P Metcalfe and B M 
Shattock. 
ACREAGE ; 
Tea in bearing over 4 years ... 278 Acres. 
,, under 4 years ... ... 46^ 
Seed bearers ... ... 15^ „ 
Forest, &o. ... ... 69^ „ 
399i Acres. 
The Directors have pleasure in laying before the 
Shareholders their Report and Accounts of the working 
for the year ended December, 31st, 1903. The crop 
secured from Estate leaf amounted to 165,495 lb, while 
from bought leaf 17,700 lb were secured, making the 
total crop 183,195 lb, which cost to lay down ia Colombo 
20-51 cents and realised a nett average price 34 06 cents, 
The usual, table is appended below, shewing the crop, 
cost and average price of Tea for the past six years, 
viz. : — 
1898 1899 1900 1901 1902 1903 
FromEs- lb lb lb ib lb lb 
tate leaf 142,267 151,030 151,121 169,614 185,108 165,495 
„ bought 80.330 38,565 52,195 22,355 16,570 17,700 
Rubber is coming on well, and during the year some 
I7J acres were cleared and planted, the cost of same 
having been placed to capital account. It is intended 
to open at least a further 100 acres during 1904. A 
senBua of trees on the two estates was taken at the end 
172,597 189,595 20.3,316 191,969 201,678 183,195 
Cost ... 23-11 21-92 24-07 22-18 19-29 20-51 
Average.. 32-71 36-16 27-72 29 17 28-96 3406 
The nett profits for the year araouut to R28,l72-72, 
or about 8} per cent on the paid up Capital of the 
Company. To this falls to be added the balance 
brought forward from the previous year, namely 
Rl,243-22, making the total available for distribution 
R29,415-94. Of this amount R8,350 was absorbed by 
the payment of an Interim Dividend of 2^ per cent, 
and the Directors now recommend that a binal Divi- 
dend of 5| per cent be paid, absorbing R18,370, that the 
sum of Rl,600 be placed to extensions account to pro- 
vide for the amount paid during the year towards the 
cost of the new Government cart road, and that the 
balance Rl, 195-94 be carried to next account. Mr W P 
Metcalfe retires from the Board in rotation, but, being 
eligible, ofiers himself for re-election. An Auditor 
will also have to be appointed for 1904. By order 
of the Directors, Lee Hedges & Co., Agents an(l 
Secretaries. 
