April 1, 1.904.] THE TROPICAL 
AGRICULTURIST. 
695 
Shade Trees. — Albizzias have been planted 
30' into 30' throngh all the tea. 
Clearings.— It is not intended to have a tea clearing 
in 1904. 
FiNAMCE. — To provide working capital, E28,500 was 
reserved ont of 1901-2 profits. The recent heavy 
outlay on Buildings and Machinery haa been met 
out of this fund. This, however, has absorbed a large 
part of the amount so reserved, and it will be advisable 
to set aside further sums in order to increaao the 
funds available for working expenses and developing 
the Estate and the Directors recommend that R25,O0O 
be set aside cut of the profit for the past year 
for this purpose. The necessary funds for working 
expenses should thus be shortly provided now that there 
is no heavy outlay on Buildings and Machinery to be 
incurred in the immediate future. The Directors 
consider that during the next three or four years it 
would be advisable, after providing for a dividend of 
25 per cent, to set aside a considerable portion of the 
balance profit, partly to augment working capital, 
but principally to extend Rubber cultivation and to pur- 
chase and open up, in Rubber, land in the neighbourhood 
of the Company's property if procurable at a reason- 
able prioe, also to open some 30 acres in tea in 1905. 
Such a course is consistent with the policy adopted 
by the shareholders at the first Annual General 
Meeting of the Company in 1889, since which date the 
Company's properties have been developed and 
Factory and Machinery for the large crop provided 
entirely out of profit, and during which period an 
average annual distribution of dividends equal to 24'34 
per cent on the Capital has been steadily maintained. 
The Company's Property consisted on the 31st Dec, 
1903 of :— 
Tea planted 
yielded 
in 
compared 
Aorea 
years 
1903 per acre 
in 1902 
172 
1885 
537 
610 
208 
1887 
465 
552 
100 
1888 
495 
587 
42 
1889 
617 
642 
6 
1890 
853 
832 
52 
1891 
853 
1,107 
120 
1892 
706 
831 
68 
1894 
458 
936 
37 
1895 
677 
625 
75 
1896 
585 
851 
33 
1897 
327 
617 
29 
1898 
524 
610 
24 
1899 
383 
277 
1 
1900 
383 
14 
1901 
196 
680 aver- 
age on 966 acres. 
981 
547 lbs average yield 
on 981 acres. 
22 Acres, 1,311 Coconuts planted in 1896, and 
Para Rubber planted in 1898, and 
Factory site. 
10 „ Cardamoms. 
255 „ Forest, etc. 
Total 1268 Acren 
PORTMOKE TEA COMPANY OF CEYLON, 
LIMITED. 
REPORT OF THE DIRECTORS 
Submitted at the Seventh Annual Ordinary General 
Meeting of Shareholder?, held at 24, Kood 
Lane, London, E.C., on Tuesday, 15lh March 1S04. 
The Directors have the pleasure to submit the 
General Balance Sheet and Profio and Loss Account 
for the year ending 31st December, 190.3, duly audited. 
The net amount at credit of Profit and Loss after 
providing for General Expeusea, Income Tax, &a. 
£4,214' 11a Id. To which should be added Balance 
brought forward from last year i;l90 12a 8d. Total— 
f4,405 3&9d, . • " 
An Interim Dividend of 5 per cent was paid October 
14th, 1903, amounting to £2,000 Oj Od. It is pro- 
poted to pay a final dividend of 5 per cent (making 
10 per cent in all, fieo of Income Tax) which 
will absorb £2,000 Oa Od. And to carry forward 
to next year £405 Ss 9(1. Total £4,405 38 9d. 
In presenting their Seventh Annual Report, the 
Directors have pleasure in recommending a dividend 
of 10 per cent for the year ending December 31at 
1903. The tea crop from the Estates has been 222,917 
lb, being at the rate of 475 lb per acre, which might 
have been increased considerably had it not been 
that the policy of resting, by leaving some fields nn- 
plucked, has been continued. The cost of production 
has been £4.115 9i Od, being at the rate of4-43d per 
pounS, and the crop has netted £8,675 12^ 7d, being 
9'34 per pound. The average rate of exchange has 
been is 4gd, against Is 416d last year. Mr R C 
Bowie retires ftom the Board by rotation, and being 
eligible, offers himself for re-election. The latest 
reports from the Manager in Ceylon show that 
Estates, Buildings and Machinery are in good order, 
and the estimates of crop and expenditure give promise 
of continued good results. The Directors feel that 
great credit is due to Mr R C Grant, the Manager 
and Mr H A Giigg, the Superintendent in Ceylon, for 
the way in which they have cultivated the Estates 
and maintained the high quality of the Tea during 
the past year. By Order of the Board. 
Shand, Haldane & Co., Secretaries. 
CLYDE 
TEA ESTATES COMPANY, LTD. 
REPORT OF THE DIRECTOR.?. 
Directors :— Messrs. P M Laurie, R W Harrison 
R Davidson and P S Palmer. 
Agents and Seoretaries : — Messrs. Lewis Brown 
& Co. 
Acreage : 
A. E. 
525 0 
192 3 
Tea above 4 years old 
Jungle, &c.. . 
p. 
0 
16 
Total ... 717 3 16 
Your Directors beg to submit their report and ac- 
counts for the year 1903. The quantity of tea made 
from estate leaf was 187,556 lb, and from bought leaf 
5550 lb against original estimates of 190,000 lb and 
10,000 lb respectively. The weather during the closing 
months of the year was unfavourable for flush, other- 
wise crop would have been larger. The expenditure 
on manuring during the year was R4,702-89, exclusive 
of which the estate tea cost delivered and sold in 
Colombo R5S),331'40, equal to 26 84 cents per lb. In- 
cluding the bonus from the Thirty Committee, the 
total crop of 192,106 lb. Green tea realised 
an average of S7'24 cents per lb. It will 
be noted with interest, that 424 lb of robber 
netting Rl,220 79 were harvested during the year. 
The Capital Expenditure for the same period was 
as follows : — 
On additions to Buildings ,, R 743 70 
do Machinery . , 401*74 
On purchase of 2i. 3r. 16p. Rubber land 
and on Rubber extensions . . . . 3 096'23 
Total R4,241-67 
After allowing a safe margin for possible failures 
the Superintendent estimates that over 63,000 rubber 
trees of the following ages were established thronghont 
the Company's properties on 31st December last : 
Tapped trees . , 500 
To be tapped in 1904 ... 300 
Planted prior to 1902 .. 471 
do during 1902 ., 12,0C0 
do do 1903 say , . 50^000 
Total ., R63,271 
Two blocks of swampy land, in extent about 22 acres 
adjoining Clyde Estate, have recently been paroha«ep 
