May 2, 1904.] THE TROPICAL AGRICULTURIST. 781 
SUNNYGAMA (CEYLON) TEA. ESTATES 
COMPANY. LIMITED. 
The Directors beg to submit the Annnal Statement 
of Acoonnts for the year ended 3l8t December last. 
Crop. — The outturn on both Divisions showed a 
satisfactory increase on the previous year's figores. 
The total yield, including leaf purchased, amounted 
1,037,996 lb., against 977,227 lb. produced in 1902. The 
following particulars show the proportions of Black 
and Green Tea manufactured, and the average prices 
realised, exclusive of bonus, which averaged 3-24c. per 
lb. :- 
Black Tea. Green Tea Total. 
Sunnycroft 
Division — lb. 
Sold in 
London..ll8,022 at 6-71d 
Sold in 
Ceylon ..38,371 at 33 36 c. 544,089 at 32-96o. 582,460 
Pambagama 
Division— Sol din Ceylon ..337,514 at 33 '320. 337-514 
lb. 
lb. 
Total 156,893 lb. 881,6031b. 1,037,9961b. 
A liberal programme of cultivation and manuring 
was maintained throughout the year, and the gardens 
are reported by Mr Forsythe to be in good heart and 
likely to give satisfactory results, provided climatic 
conditions are at all favourable during the current 
year. The local cost per lb. works out at 27-11 cents, 
or including London expenditure, 4 58d per lb. The 
following is a summary of the Crop Account : — 
KEVENUE. 
Proceeds of Tea and bonus ... £25,641 0 5 
Expenditure, including all outlay, 
as detailed in Accounts ... 19,773 17 11 
Surplus ... £5,867 2 6 
which has been transferred to Revenue Account. 
After providing for interest on Debentures and the pay- 
ment of an ad-interim dividend of 3 per cent on the 
Preference Shares and 4 per cent on the Ordinary 
Shares in October last, and transferring to Reserve 
£1,000, the balance at credit of Revenue Account 
amounts to j£2,539 63 Bd.. which it is proposed to deal 
with as follows : — 
Final Dividend of 3 per cent on Pre- 
ference Capital making 6 per cent 
for the year . . . . £450 0 0 
Final Dividend of 4 per cent on Ordi- 
nary Capital, making 8 per cent 
for the year ... . . 2,000 0 0 
To carry forward ... ... 89 6 8 
£2,539 6 8 
Rubber. — The rubber trees at Sunnycroft have made 
satiafactory growth during the year, but the reports 
from Pambagama are not quite so favourable. Mr. 
Forsythe hopes to be able to commence tapping 
some of the older trees at Sunnycroft this year. 
Estimates for the current year are as follows ; — 
Crop. Expenditure. Per lb. 
Sunnycroft 700.000 lb. R 180,806 94 25-82c. 
Pambagama 335,000 lb. R 85,520-36 25-52c. 
Total 1,035,000 lb. R 266,327-30 25 730. 
Taking the average exchange for the year at Is 4id 
per Rupee, the total cost, including London expen- 
diture, honld not exceed 4-26d per lb. J 
Sale of Crop.— Your Directors have the pleaeuit 
to inform you that they have concluded a contract for 
the sale of the entire crop of each Division for the 
current season at the satisfactory rate of 38 cents per 
lb. the purchaser receiving the bounty, which will 
ensure a fair margin of profit on the estimated cost. 
London Agency. — As you were 'duly advised, the 
London Agency has again been entrusted to Messrs 
Geo. Williamson & Co., the alteration taking place as. 
from the close of season 1902. ' 
Directorate. — Mr W H Savill, one of your 
Directors, retires by rotation, and, being eligible, offers 
himself for re-election. 
Audit. — Messrs Drury. Thurgood & Co., the 
Aaditors of the Company, also retire, and again offer 
their services. — By order of the Board, 
GEO. WILLIAMSON & Co., 
Secretaries, 
London 30th March, 1904. 
SYNOPSIS OF CROP, 1903. 
Sunnycroft Pamba" 
Division. gama- 
Sold in Ceylon 
Sold in London 116,8081b 
Loss by Taring, Drafti &o. 1,214 „ 
118,022 Used at Factory 
Division. 
582,4601h 337,5141b 
118,022,, 
154 ., 
Total Manufactured 700,6361b 337,5141b 
AKEA OF CULTIVATION. 
Divisions. 
Sunnycroft 
Pambagama 
Total 
03 
022 a2 a2 o» °S 
~ 0 S-H S.9 f^- 
<J <3 <j <j ^ <J 
548 156 150 12 154 125 1,145 
467 80 60 607 
1,015 156 150 12 234 185 1,752 
THE BALMORAL (CEYLON) ESTATES 
COMPANy, LIMITED, 
Directors :— Messrs E C Lawrance, N M Lawrance, 
J R Bowden-Smith and E Bowden-Smith. 
REPORT. 
The Directors have the pleasure to submit the balance 
sheet and accounts of the Company for the year ending 
31st December, 1903, duly audited. The total yield of tea 
was 566,764 lb, against 540,057 lb last year, being at the 
rate of 586 lb per acre all round ; the cost of production 
was 27 cents per lb, free on board at Colombo, against 26 
cents last year, and the gross average price obtained was 
9-52d per lb against 9-22d per lb in the previous year — 
Sandringham Teas averaging 9-46d and Clydesdale 
9-59d per lb. Exchange has averaged throughout the 
year Is 4 9-32d against Is 4 7-32d last year. The net 
profit for the year amounts to £7,471 I63 5d, and the 
balance from last year to £766 8s 3d, making a total of 
£8,238 3s 8d. 
The Directors have already paid out of this, dividends 
on the 6 per cent preference shares for the year ending 
31st December, 1903 £1,800, Interim Dividend on the 
Ordinary Shares of 5 per cent of Income Tax £2,601 
15s, Income Tax ^429 I83 lid. 
And it is Proposed:— To pay a dividend of 5 per 
cent free of Income Tax on the Ordinary shares, making 
10 per cent for the year £2,601 153, and to carry forward 
the balance of £804 14s 9d— Total £8,238 Sa 8d. The 
Auditor, Mr J Hamilton Alston, offers himself for re- 
election, — By order of the Board, C Q Bois, Joint Secy. 
London, March 28th, 1904. 
SCHEDULE OF THE COMPANY'S ESTATES. 
Tea. 
Grass, 
Fall 
Partial 
Not in 
Patna, 
bearing. 
bearing, bearing. 
(Sc. 
Totalt 
Sandringham & 
Yarravale . . 527 
4 
12 
543 
Balmoral and 
Clydesdale . . 402 
33 
26 
160 
6-26 
Acres . . 929 
37 
31 
172 
1,169 
