782 
THE TROPICAL 
AGRICULTURIST. [May 2, 1904. 
HIGHLAND TEA COMPANY OF CEYLON, 
LIMITED. 
EEPOET OF THK BOARD OF DIEECTORS. 
The Directors have pleasure in submitting to the 
Sha>:eholder<i the Report and Accounts of the Company 
for the year ending 31st December, 1903, duly certified 
by the Auditors. The net profit shewn by these 
Accounts amount to £2,299 93 6d, to which has to be 
added £122 15s Id brought forward from previous year 
giving a total to be dealt with of £2.422 4s 7d. 
An Interim Dividend of 2 per cent (free of Income 
Tax) paid in September, 1903, absorbed £640. It is 
now proposed to pay a Final Dividend of 4 per cent 
(free of Income Tax), making 6 per cent for the year 
and amounting to £l,'i80. To write off Estate Account 
£■250. And to carry forward to next Accounts £252 43 7d, 
Total £2,422 4s 7d. 
The above profits shew an increase of ^401 Ss 2d 
over 1902 and of £800 63 over 1901 figures, and given 
favourable weather in Ceylon it is hoped that the cur- 
rent year will shew a still further improvement. 
The estimated crops from the Company's Estates 
for the year were put down at 260,000 lb but owing to 
unfavourable conditions of weather throughout the 
season, this was not realised, the total secured being 
245,353 lb of made Tea, equal to about 418 lb per 
bearing aore; as against 413 lb per acre for 1902. The 
prices realised shew an advance of about ^d per lb over 
the previous season, being an average of 8d per lb in 
London and 44j cents in Ceylon, as compared with 7J-d 
and 42 cents respectively for the 1902 crop. It will be 
noted that the sum of £472 Os lOdhaa been written off 
Estates Account in accompanying Balance Sheet, this 
being assessed amount recovered from the Ceylon 
Government for land taken over by them under the 
' Land Acqaisition Ordinance of 1876,' and for spoil 
sustained on Glenorchy and Mount Olive Estates in 
connection with the new road to Ambawela Station, 
The periodical reports from the Company's Properties 
continue to be of a satisfactory character. In accord- 
ance with the Articles of Association, Sir George A 
Piikington retires from the Board at this time and 
being eligible, offers himself for re-election. Messrs 
Cape & Dalgleish, C A, also offer themselvej for re- 
election as Auditors. By order of the Board, 
Lyall, Andersoh & Co., 
Agents and Secretaries. 
16, Philpot Lane, London, E C, 31st March, 1904. 
POONAGALLA VALLEY CEYLON CO., LTD. 
Directors : — Sir George A Pilkingtou, Bellevne, 
Sonthport (Chairman) ; Messrs. George G Ander- 
son, 16, Philpot Lane, London, B.C. ; and Robert 
Porter, 37, Chalmers Street, Edinburgh (Managing 
Director). 
KEPOET OF THE BOARD OF DIRECTORS 
The Directors have pleasure in submitting to the 
Shareholders the Report and Accounts of the Com- 
pany, duly certified by the Auditors, for the year 
ending 31st December, 1903. 
The net profit tor the year, after allowing for 
Debenture Interest and all other charges, amounts 
to £2,099 9s, to which has to be added £632 7s 2d, 
brought forward from last account, giving a total 
to be dealt with of . . £2,731 I63 2d 
An Interim Dividend of 2J per o^nt, free of In- 
come Tax, paid in September, 1903, absorbed £562 
lOs, it is now proposed to pay a Final Dividend 
at the same rate, making 5 per cent for the year 
£562 IDs, to write off Estates Account £1,000, and 
to carry forward to next accounts £606, I63 2d, 
Total £2,731 I63 2d. 
The above profits show an increase of £449 43 7d 
over those for the previous year, and the Directors 
are glad the results have enabled them to make a 
total distribu ion of 5 per cent to the Shareholders, 
ind, in addition, to write £1,000 off estates Account. 
The estimate of tea for the year was 485,000 lb." 
but the actual crop secured fell short of this by' 
18,568 lb., the total being 466,432 lb., or 363 lb. per 
bearing acre, as against 417,376 lb., or 344 lb. per 
acre in 1902. As will be seen from the accounts, 
the bulk of the crop has been sold in the Colornbo 
market, the average price realised there being 
about 44| cents per lb., while the small proportion 
sold in London realised an average of 7|d per Ibi 
These prices compare with45J cents and 7id per lb. 
for the prf^vious season's produce. The acreages of 
the different divisions have all been carefully re- 
vised recently, and the following are full details of 
the Company's holdings according to latest advices: — 
Acres, Roods. Poles. 
Tea in bearing 
1,263 
2 
34 
Tea and Coffee 
9 
0 
0 
Cardamoms 
46 
0 
33 
Rubber . . 
15 
0 
0 
Timber 
288 
0 
6 
Patna, Forest, &c. . . 
1,203 
0 
31 
Ravines and Grass . . 
48 
2 
2 
Buildings 
13 
1 
86 
Total Acreage ... 
2,827 
0 
22 
The periodical Reports from the Company's Visit- 
ing Agent, Mr R Morison, continue to be of a 
satisfactory character, and the Board take this 
opportunity of expressing their appreciation of the 
efficient manner in which the management of the 
estates is being carried on by Mr R G Coombe 
and his assistants. Debentures amounting to £9.200 
matured for payment on Ist January, 1904, of 
which £7,000 were renewed for three years, and 
£2,200 for five years at the previous rate of in- 
terest — six per cent per annum. In accordance 
with the Articles of Association, Mr George Gray 
Anderson retires from the Board at this time, and, 
being eligible, offers himself for re-election. Messrs. 
Cape and Dalgleish, C.A., also offer themselves for 
re-election as Auditors. — By Order of the Board, 
Lyall, Anderson & Co., Agents and Secretaries, 
16, Philpot Lane, London, B.C., 3l8t March, 1904. 
BANDARAPOLLA CEYLON COMPANY, 
LIMITED, 
REPORT OF THE BOARD OF DIRECTOES. 
The Directors have pleasure in submitting to the 
Shareholders the Report and Accounts of the Com- 
pany, duly certified by the Auditor, for the year 
ending Slst December, 1903. The Board have recently 
contracted with the Executors of the late Mr Hugh 
Fraser for the purchase from them of Gansarapola 
Estate for £4.500, The Estate consists of about 676 
acres, of which about 301 acres are under Tea. It ia 
situated within easy reach of Bandarapola, and can be 
worked under the same management, and, at the 
above figure, it is expected the property will prove a 
valuable addition to the Company's holdings. It has 
not been thought advisable to issue any new capital, 
as easy terms of payment have been arranged with 
the Vendors, and the Directors are glad the very 
satisfactory returns from Bandarapola for the past 
year will enable them to set aside the substantial sum 
of jB2,000 towards the cost of the new property. The 
profits for 1903, as shown by the accompanying 
accounts, amount to ^4,524 lis Id., after providing 
for Debenture Interest and all other charges. To this 
has to be added ^158 Is lOd. brought forward from 
last accounts, giving a total to be dealt with of 
£4,682 123 lid. 
An Interim Dividend of 2J per cent, (free of Income 
Tax), paid in September, 1903, absorbed £525. 
It is now proposed to pay a final Dividend of 7J per 
cent, (free of Income Tax), making 10 per cent, for 
tbe year i 1,575. To write 10 percent, off Buildings 
and Machinery Aocoimt £426 lOs. To set aside £2,000 
towards purchase of Gansarapola Estate as explained 
above £2,000. And to carry forward to next aoconutg 
£166 2s lid. Total £4,682 -128 Ud, 
