THE TROPICAL 
AGRICULtUEIST. [May 2, 1904. 
THE CKAIGHEAD TS.\ COMPANY, LTD. 
KEFOET. 
The Directors have the pleasure to submit the 
Balance Sheet and Accounts of the Oompanv for the 
year ending 31st December, 1903, duly audited. The 
mortgage was reduced to i2,250 by the payment of 
the fifth instalment of £450 on the 3st December last. 
This sum is debited to Profit ancf Loss Account, and 
is an ample charge for depreciation. The total 
yield, excluding 14,i44 lb made from purchased leaf, 
was 411,271 lb. Tea, which cost 27^ cents FOB 
Colombo, and the gross average price obtained in 
Loudon was 7-32 per lb. The crop of the previous 
year was 426,091 lb Tea, and the gross average was 
6'66 per lb. 
The Net Profit for the year amounted to £3,004 383 
7d, And the Balance from the previous year to £683 
Is lid. Total— £3,688 Os Cd. 
Interest on the Mortgage has been paid £135, The 
Fifth Instalment of the Mortgage £4,500 has been paid 
£450, Dividend on the Six per Cent. Preference Shares 
for the year has been paid £481 16s Od, An Interim 
Dividend of 4 per cent on th Ordinary Shares, Free 
-of Income Tax, has been paid £916 Ss Od, Income 
Tax £147 ISs 9d, It is proposed — To pay a final Divi- 
dend of 4 per cent, free of Income Tax, no the 
Ordinary Shares, which will require £916 Ss Od, And 
to carry forward the Balance of £640 123 9d. Total— 
£3 683 Os 6d. 
The Directors desire to place on record their ap- 
preciation of the efficient management of the 
Estates by Mr Ernest Hamilton and his staff. Colonel 
Eobert Hugh Wallace, the Director who retires on 
this occasion, being eligible, ofiers himself for re- 
election. Mr J Hamilton Alston, the Auditor, also 
retires, and offers himself for re-election. By Order 
of the Board, Robertson Bois & Co., 
Agents and Secretaries, 
London 2lBt March, 1904. 
The approximate acreages are as follows per recent 
survey : — Tea. — In bearing 83^ acres. Tea. — In partial 
bearing 53 acres. Tea. — Not in bearing 9 acres, Eavines 
and Waste 62 acres. Timber Clearings 53 acres , Jungle 
andPatana 31 acres. Total — 1,042 acres. 
THE BATTALGALLA ESTATE CO. LTD. 
FOURTEENTH ANNUAL BEPORT, 1903. 
The Directors beg to submit their Report and 
Audited Accounts for the year closing the 31st Decem- 
ber, 1903. Owing to unfavourable weather conditions 
the yield has been smaller than the previous year, and 
the profit has been consequently less by £488 133 lid. 
The quantity of tea manufactured has been 221,017 lb, 
against last year 254,692 lb. The average selling price in 
London has been 9'46d gross, against 8"07d in 1902 ; 
and in Colombo 38"27 cents gross, against 34-82 cents. 
The average sale price for the whole crop is equivalent 
to 7 43d per lb London gross, against 7-16d in 1902. 
London sales amount to 34,640 lb, realising net £1,188 
13b, 3d, and Colombo sales 184,115 lb, nsalising net 
R68,586'10, and 2,262 lb were sold on the Estate. This 
compares with 119,853 lb, realising net £3,471 Os 4d, 
and Colombo sales 134,755 lb, realising net E45,544-77. 
An interim dividend of 3 per cent was paid in October 
last, and the Directors now propose to pay a further 
3 per cent, free of Income Tax, making 6 per cent for 
the year, to also write off £158 16s Id from Machinery 
and Factory Account, and to carry forward £68 7s Id 
to next Account. The best thanks of the Shareholders 
are due to the Superintendent, MrG C R Norman, as 
well as to the Colombo Agents, Messrs E Beaham and 
Company, for valuable services rendered to the Com- 
pany during the year. In accordance with tha Articles 
of Association, Mr Charles A Reiss retires from the 
Board, and, being eligible, offers himself for re-election. 
[A. B. ToMKiNs, Secretary,] 
61 L<'me Street. London, E 0,— March 9th, 1904, 
PUNDALUOYA TEA CO. OE* CEYLON, LTD. 
REPORT. 
The Directors now submit their report for the year 
ending the 81st December, 1903, together with .the 
Balance Sheet and Accounts of the Company made up 
to that date, and duly audited, Tne crop amounted to 
377,027 lb of which the old tea contributed 701,190 lb 
and the young clearings 35.837 lb. The net average 
price obtained was about jd per lb less than in the 
previous year, which is attributed partly to some 
falling off in quality, probably only temporary, and 
partly to market conditions, the comparatively high 
price of common tea consequent upon a diminished 
supply having caused a fall in the value of the better 
kinds. On the other hand the cost of production per 
lb. Tea has again been reduced which, in view of the 
smaller crop reflects credit on the Ceylon management.. 
The following statement gives details which may be 
of interest : — 
.£5 
<D — ' 
ClC U 
« g 
<r1 <B 
m ^ B P o CI ° 
acres lb lb d d 
1903 1;814 737 027 406 471 8-16 
1902 1,800 749-445 416 4'87 8 45 
1901 1,777 692'579 390 5-29 8-37 
1900 1,640 697-359 423 4-86 8-68 
1899 1,640 644-565 393 4 81 9 28 
1898 1,640 627 886 383 5-29 9 27 
1897 1,640 623-699 380 5 22 9 52 
The profit for the year amounted to 
to which has to be added interest £134 
the balance from last year of ^225 15s 
Total of £7,684 8s 5d. 
a a 
n a 
d 
4 
4i 
4 
4 
4 
4 
3 
^ 
tj 9 
a m o 
(D Qj O 
•IS =3 ■ 
5-16 5 
3-16 
17-64 
9-32 
316 
3-8 
£7,323 17s 5d, 
153 lid, and 
Id, making a 
6 do 
The Directors have already paid out of this, interest 
for the year upon the mortgage, less Income Tax £228, 
Dividend for the year upon the 6 per cent Preference 
Shares, less Income Tax £1,881, Income Tax £432 16s 
3d, and they propose to deal with the balance as 
follows :— To pay a dividend of 5 per cent free of 
Income Tax, on the ordinary shares requiring £3,300, 
To transfer to reserve for depreciation and general 
purposes (increasing this account to £10,500) £1,500, 
And to carry forward the balance of £342 123 2d.— 
Total £7,684 83 5d, 
The Director retiring on'.this occasion is Mr Edward 
Christian, who being eligible offers himself for re- 
election. The Auditors, Messrs Whinney, Smith and 
Whinaey, retire and offer themselves for re-election. 
— ^^By order ef the Board, Eobeetson, Bois <fe Co., 
Agents and Secretaries, 
12, Fenchuroh Street, London, E.G.. 22ad March, 
1904, 
Schedule of the Company's Estates on the SIst 
December, 1903. 
Estate 
Sheen 
Pundaloja 
Wootton 
Deeside 
3 "* 
609 
495 
310 
400 
CD O 
77 111 
— 15 
4 — 
— 10 
ID 13 
as « 
as 
a 
46 
29 
39 
ce a 
62 
95 
25 
26 
895 a-ires 
634 do 
378 do 
436 do 
Total 1,814 81 136 114 198 2,34.'1a 
