April 1, 1904.] THE TROPICAL 
AGRICULTUIUST. 
707 
by survival of the fittest, the survivors may be 
very tew indtecl. 
(6) Disease, due to the invasion of parasites, 
eiiher (1) worm parasite.", whicli are moderately 
larj^e aud nsunliy not very numerous, and which 
unless abnormally abundant do little harm ; or 
(2) the more minute protozoon parai^ites which may 
be present in enormous quantities and probably 
cause epidemic diseases. 
(c) OVER-FISHI.NG.— That is, the exhaustion of 
the breeding- stonlv ot the distiict, at a time when 
no further supply of young in the larval stages 
were bein? brought by currents from neighbouring 
grounds. This will comparatively rarely happen, 
and is only likely to be serious during the last 
year of a series of tisherie?. So long as there are 
three-and four year-old oysters on adjoining paars 
whi:h will be fi-hed in the two succeeding years, 
it is safe to take every older oyster that can be 
got from the ground, as those comiiig on, although 
not yet ready to fish, are sexually mature and may 
be relied upon to supply spat ; but in the final 
year of a series, when no further mature oysters 
remain for future years, it is important to leave 
sufficient stock for breeding purposes.— In the 
future, however, if transplanting is adopted, it 
may be expected thac such a state of affairs as 
the last fishery of a series, with no younger 
oysters growing up in the neighbourhood, will be 
very unlikely to recur. 
NEBODA ESTATE COMPANY. 
REPORT OF THE DIRECTORS. 
Directors :--JoBeph Fraser, Esq., Chairman; Eobert 
Morison, Esq. ; Solicitors co the Company : Messrs F 
J & G de Saram ; Agents and Secretaries ; Messrs. 
Somerville & Co. 
ACREAGE : 
Tea in full bearing . . 495 acres. 
Kubber one year old .. 35 ,, 
Rubber new clearing 1904 , , 77 „ 
Forest, &c. .. 148 „ 
765 acres. 
The Directors beg to submit their Report and Ao- 
connts for the year 1903. The crop secured for the 
year was 227,802 lb made Tea, which was sold in 
Colombo at an a¥ern£;e rate of ots 36 8 per lb. Includ- 
ing manuring the cost of production was ets, 24 69 per 
lb, or without manuring cents 21'36. Expenditure on 
Babber of which there are now 35 acres, beside a 
large number of trees of various ages in ravines and 
open spaces throas;hout the estate brings the total 
outlay per pound of Tea up to cts 2019 After pay- 
ment of R660"40 on account of land purchase, profit 
and loss account shews a balance on the year's working 
of R12,959 07, a 3 per cent interim dividend was paid in 
July last, and a farther payment of 3 per cent is now 
proposed to be made, absorbing . . R7,950 00 
And it is proposed to place in reserve and 
for the completion of land purchases a 
sum of ... 3,250 00 
Leaving, to be carried forward to next year 1,759 07 
Total R12,959 07 
In terms of the articles of Association Mr Robert 
Morison retires from the Board, but id eligible for re- 
election. The Meeting will appoint an Auditor for 
1904 — Byorderof the Directors. Somerville & Co.. 
Agents and Secretaries. 
The Directors have now the pleasure to submit 
their Report and Accounts for the year ending Hat 
December, 1903. The Crop realised came to 191,955 lb 
against an estimate of 173,000 lb and 174,201 lb for 
the previous season a result which is satisfactory. 
The cost of the tea was 23'25 cents per lb (exclusive 
of Capital expenditure) against 24144 cents in 1902 
and netted 38-33 cents per lb aganst 36 .'iS cents for 
that year, which r£ fleets well on the management. 
Inoluding R521-20 brought forward from last season 
the amount of profit on the year's working after 
writing off 5 per cent for depreciation on buildings, 
and 10 per cent on the machinery is R25,455'61. Out 
of this an interim dividend of 3 per cent was paid 
absorbing R7,200-00 leaving R18,255-61 to be dealt with. 
This sum the Directors recommend being disposed of 
f 8 follows : — ■ 
By the payment of a Final Dividend of 7 per 
cent (making 10 per cent for the year) 
absorbitig R16,800-00 
By payment of a bonus to the Supdt. of . . 5CO'00 
By carrying forward . . 955-61 
E18,255 6i 
The Estate consists of : — 
4G0 Acres Tea 5 years old and upward 
5 do 4 do do 
16 do 3 do do 
2 do 2 do do 
9 do uuder 2 years. 
69 do Chena, Patna, &o. 
561 Acres. 
The estimate for 1904 provides for a crop of 
180,000 lb to cost R48,843-10 including E2,622-80 for 
manure. During the year Mr H G Boia left the Island 
and Mr F W Bois was appointed in his place. Mr.F W. 
Bois having also left and Mr H G Bois having returned 
the latter was appointed to the vacant seat. In accord 
ancs with the articles of Association Mr W Anderson 
now retires, but being eligible offers himself for 
re-election. It will be necessary to appoint an Auditor 
or 1904.— By order of the Board of Directors, J. M, 
RoBEKTsoN & Co., Agents and Secretaries. 
THE UVAKELLIE TEA COMPANY OF 
CEYLON LTD. 
REPORT OF THE DIRECTORS. 
DiKECTOBs.— Hon. Mr. W. D. Gibbon, Messrs. H. G. 
Bois and W. Anderson, 
89' 
KELANI VALLEY TEA ASSOCIATION, LTD. 
REPORT OF THE DIRECTORS, 
presented to the Shareholders at their Eigh- 
teenth Ordinary General Meeting, held at the 
Office of the Company, on Tuesday, 22nd March, 
1904, at 2 30 p.m. The Directors have the pleasure 
to submit to the Shareholders the Report and 
Accounts of the Company, duly audited, for the 
year ending 31st December, 1903, and trust that the 
improved results shown will he considered satisfac- 
tory. Owing to unfavourable weather, the crop 
secured was considerably less than in 1902, the 
comparative figures being 517,683 lb., ngainst 
570,163 lb. The average price realised for the tea 
sold in London was 6 696d, against 5-812d in 1902, 
and in Ceylon, 34J cents, against 28 cents. The 
average rate of exchange was 1/4 27-64th8, while 
that for the previous year was 1/4 ll-32nds. Dar- 
ing the year a sum of £305 lOs Id has been 
received as compensation for land at Degalessa 
estate, acquired by the R-iilway, and this amount, 
as will be seen from the accounts, has been written, 
off the estate's account. Debentures for £5,850 have 
matured and been renewed — £3,950 for three years, 
and £1,900 for five years— all at 5 per cent per 
annum. In the last report it -was mentioned that 
the Board had sanctioned the making of Gi-een Teas 
at^Wereagalla Factory, but in consequence of the 
rise in the value of Black Teas, the anticipated 
advantage to be obtained disapijeared. and nothing 
has been done in the matter so far. The net 
profit for the year, after paying Debenture Interest 
and other charges, amounts to £1,773 7s 8d, which, 
with £432 Os 9d brought forward from last account, 
gives the sum of £2,205 Ss 5d to be now dealt with. 
