May 2, 1904.] THE TROPICAL AGRICULTURIST. 
753 
abroad he has taken the opportunity of visiting Ceylon 
and India in the interests of the Company, and haa 
opened officea in Colombo and Calcutta, and his 
Bnggestions based on those visits are now being worked 
out by the Board. At the unanimous request of the 
Directors, Mr Benjamin Densham has rejoined the 
Board and will be proposed for re election at this 
meeting. Mr John Huddleaton MoClean haa been 
appointed managing Director jointly with Mr Robert 
Atkinson McQuitty. 
Notwithstanding the diminution in the amount of 
the profit the Directors propose to raise the reserve 
fnnd to £50,000 -nstead of recommending the payment 
of any further dividend for the year on the ordinary 
shares. 
£. B. d. £• 8, d. 
The balance brought forward 
from the profit and loss 
account of 1902 was .. 29,676 16 8 
Oat of which there hp.ve been 
paid, pursuant to the resolu- 
tions passed at the last 
annual meeting, the follow- 
ing sums ; — 
Dividend on preference shares 9,374 19 5 
Dividend and Bonus on ordi- 
naiy shares ..16,406 3 11 
Commiasion to Directors (1902) 686 12 0 
26,467 15 4 
Leaving a balance of 
which, with profit on trad- 
ing 
3,209 1 4 
58,971 18 7 
amounts to the sum o£ ... 62,180 19 11 
Out of this an interim divi- 
dend for the half-year end- 
ing 21st June, 1903, has 
already been paid on the 
preference shares at £5 per 
cent, per annum, and on 
the ordinary shares at £4 
per cent. per annum, 
amounting to ...22,666 8 11 
The balance the Directors 
propose to deal with as 
follows : — 
Pay managing Directors' re- 
muneration, Directors' fees, 
and remuneration of Trus- 
tees for debenture stock 
holders .. 4,393 6 8 
Pay for debenture interest, 
office expenses, depreciation 
and other charges ..19,623 8 10 
Plaoe to reserve, pursuant to 
article 126 of Articles of 
the Association . . 4,552 9 3 
Pay ft dividend at £5 per 
cent, per annum on the 
preference shares for the 
half-year ending 3 1st Dec. 
1903 ... 9,541 13 4 
60,777 7 0 
The sum of . . £1,403 12 11 
Will then remain, and this sum the Directors propose 
to carry forward to the next account. 
The Directors retiring on this occasion are Mr 
Benjamin Densham and Mr Algernon Charles Oswald, 
andthey offer thera^e Ives for re-election. 
The Auditors, Messrs Whinney Smith & Whinney, 
retirci and offer themselves for re-election. 
NAHALMA TEA ESTATE CO., LTD. 
KEl'OKT OF THE DIRECTORS. 
The following report was presented to the 
shareholders at the tenth annual ordinary 
general meeting on the 28th April, at the office 
of the Company, 39, Victoria Street, West- 
minster : — 
The directors beg to submit their report, together 
with the general balance sheet and profit and loss 
account, for the twelve months ending 31st December, 
1003, duly audited. 
£. s, d. £. s. d. 
The profit on the year's work- 
ing of the estate in Ceylon is 1,691 9 5 
Out of which haa been paid — 
Interest on Prior Lien deben- 
tures ... 107 1 7 
Two year's interest on ac- 
count of arrears of deben- 
ture interest to 31st Dec. 
1902 .. 1,080 0 0 
London office expenses, (fee... 123 13 7 
Directors' fees ... 50 0 0 
Balance at debit from 1902 
(£1,197 1.1. lid. less two 
years' debenture interest 
paid as above, £1,080) 117 ill 
Interest to 3'st Dec, 1903, 
on £9,000 six per cent, de- 
bentures (not paid) . . 540 0 0 
Interest on interest deposits 
(not paid) ... 24 2 10 
Balance at debit of profit and 
loss account to be carried 
forward to next year, made 
up as follows :— One year's 
interest to 31st Dec, 1908, 
on £9,000 six per cent, de- 
bentures; unpaid, £540 ; 
interest on inierest deposits, 
unpaid, £75 53. 8d.=£615 5s. 
8d. ; less credit balance in 
general account ... 264 4 2 351 1 6 
£2,042 10 11 
The crop obtained was 201,417 lb as against an estit 
mate of 223,000. Tne average coat waa 3"90d per lb. 
the selling price 5'56d. — as against a crop of 215,000 
lb in 1902, costing 4d per lb and realising 4-41d. 
The acreage of the Company's properties on 31s • 
December last remained unaltered. 
Tea in full iDearing ... 446 acres 
Jungle .. 246 „ 
Total 
692 
Mr W J Smith, the visiting agent, in his last report, 
dated 20th October, 1903, speaks very favourably of the 
present conditions and prospects of the property. The 
directors regret he was unable to make hia quarterly 
visit to the estate in January last owing to a very 
serious illness. The latest advices state that he is on 
the road to recovery, and an early report may be 
expected. 
Labour daring the year has been a matter of con- 
siderable anxiety; had more labour been available, the 
manuring programme would have been extended. 
In July and August last year the Prior Lien deben- 
ture debt was reduced from £2,000 to £1,500, by the 
redemption of debentures to the amount of £500 the 
direoiors finding they had more funds in hand than 
they required. 
As a result of the year's working the Company haa 
been able to discharge two year's arrears of interest on 
the 1891 issue of first mortgage debentures. 
The crop for the season 1904, is eatimated at 223i000 
lb to cost 23*33 cents pec lb f.o.b. Colombo. 
Mr John Abernelhy, the director retiring by rotation, 
being eligible, offers himself for re-election. 
Messrs Fox, Sissiona &Co.i auditors to the Company 
ofiei themselves for re-election, 
