June 1, 1904.] |THE TROPICAL AGRICULTURIST. 831 
TEA COMPANY DIVIDENDS. 
The results of the year's workinp; of a 
number of sterling tea companies have 
reached us from London. The ^^alaba 
Company paid no dividend last year but this 
year it distributes 6 per cent. The liagalla 
Company gave 4J per cent last year and 
carried forward £79. This year it goes one- 
and a half better and pays 6 per cent— a 
figure it has not reached since 1900. Last 
year the Kangalla Company paid 3 per cent 
and carried forward £119. This year it im- 
proves this by 1 per cent., paying 2 final 
after 2 interim. South VVanarajah shows a 
distinct advance of 2 per cent. Last 
year 5 per cent was declared and £37 carried 
forward. This year 7 per cent is distributed. 
The Scottish Ceylon last year paid 5 per 
cent— three per cent interim and a final of 
2 per cent and carried forward £258. This year 
a final of 3 per cent is paid, which as an interim 
dividend of 3 percent was already declared, 
makes 6 for the year. The Dimbula Valley 
Tea Company pays 8 per cent for the year, 
in addition places £1,000 to Reserve account 
and carries forward £1.000. Last year 8 per 
cent was paid and £1,680 carried forward. 
Between them these 6 companies paid 37 per 
cent dividend as against 2.5^ in the preceding 
year. We give a table of dividends of these 
six companies with that of last year for com- 
parison, and on the whole a decided improve- 
ment is to be noticed, 
1902 3 1903 4. 
Galaha Tea Estate & Agency Co., Ltd. 0 6 
Kagalla Tea Estates Co., Ltd. 4J 6 
Kangalla Tea Estates Co. , Ltd. 3 4 
South Wanarajah Tea Estates Co. 5 7 
Scottish Ceylon Tea Co,, Ltd. 5 6 
Dirabulla Valley Tea Estates Co., Ltd. 8 8 
25-J 
37 
The Nuwara Eliya result shows a decided 
advance on 1902— the three estates (Ports- 
wood, Park and Pedro) keeping up tlieir 
big yield with 639, 633 and 633 lb. per 
acre respectively ; while Pedro (315,984 lb) 
and Concordia (231,385) top the yield. The 
seven per cent of 1903 might even be passed 
in 1904.— The Standard Tea Company is 
one of Ceylon's half-a dozen best, and 
pays its 15 per cent as usual, with strong 
balances besides, though the crop was almost 
70,000 1b. short. The Tea Cess cost the Com- 
pany £230 and its Secretary would no doubt 
like to see it abolished. Nearly £53 was 
received for railway land compensation. 
— The Haputale and Madulsima Companies 
do not speak of " Ordinary " Dividend, but 
of arrears of preference dividend, in each case, 
are reduced to fifteen per cent ! The former get 
four, and the latter get ten per cent this time. 
RELUGAS TEA ESTATES, LIMITED. 
SIXTH ANNUAL REPORT, 
DuiECToHs.— EdwardjH Hanoock (Chairman). Those 
T Coles, John F Kempson, HMris Scott Hancock. 
The Directors present herewith the Sixth Annual 
Report and Audited Accounts of the Company for 
the year ending Slst December, 1903. The improve- 
ment in the Tea Market and in future prospects, 
noticed in the last Report, was justified aa shown by 
the results of the produce of the Company's Estates 
during the past year. The produce of the year haa 
amounted to 160,069 lb. of made tea, costing 25'86 
cents per lb., being, in consequence of unfavourable 
weather, a somewhat smaller yield, but only exceed, 
inp; very slightly the cost per lb. of the previous year- 
The quantity sold in London amounted to 148,970 lb, 
at an average of 6'95d per lb, against 6'12d per lb 
for the previous year ; and 10,851 lb in Colombo, at 
an average of 28 cents per lb, The profit on the 
working of the Estates, as shown by the Accounts here- 
with, after writing down Capital Account to the extent 
of £120 and including the balance brought forward 
from last year, is £1,157 4a lOd. The Preference 
Dividend to 30th June, 1903, has been paid, and after 
paying all London Charges, Interest, &c., and paying 
and reserving Debenture Interest to 3Ist December 
last, there is left to deal with a balance of £555 9a 103. 
Since the Accounts were made up and audited, the 
Preference Dividend to 31st December, 1903, 
due 1st April 1904, has -been duly paid, which 
reduces the balance to £457 193 lOd. The Direc- 
tors propose to pay a Dividend of 10 per 
cent on the Ordinary Shares, and carry for- 
ward a balance of £132 19s lOd. Some of the produce 
of the new year has already been sold at favourable 
prices, and there is every prospect of the Tea Market 
remaining at about its present level. The Director 
retiring by rotation is Mr. Harris Scott Hancock, 
who, being eligible, offers himself for re-election. 
The Auditors, Messrs. Arthur Goddard & Co., also 
retire, and offer themselves for re-election. — E. H. 
Hancock, Chairman.— D. B. Crane, Secretary, 28, 
Mincing Lane, London, E C, 5th April, 1904. 
EDERAPOLLA TEA CO. OF CEYLON, LTD, 
REPORT OF THE BOARD OF DIRECTORS. 
Directors :— Messrs George W Paine, Cotswold, 
Upper Norwood(Chairman); J M MacMartin, Willealey 
Pound, Cranbrook, Kent ; R Porter, 37, Chalmera 
Street, Edinburgh, 
The Directors have pleasure in submitting to the 
Shareholders the Report and Accounts of the Company 
duly audited, for the year ending 3l3t December, 1903 
Inclusive 9,133 lb made from bought leaf, the total' 
outturn of Tea from the three Factories was 521 710 
lb., showing a shortfall, compared with last season', of 
11,339 lb, a result due to the unfortunate weather 
experienced from July to the end of the year. The 
average price reahsed for the Tea sold in London was 
6-604dper lb against 5873d for the previous year, and 
that obtained for the- portion of the crop sold in the 
Island was 34'86 cents per lb. The average rate of 
Exchange was 1/lt 15/32nds, against 1/4 23/64ths for 
1902, The net profit, on the year's working amounts to 
£2,799 33 lid, which with £264 IBs 183 brought forward 
from last accounts, gives £3,044 2a 7d to be now dealt 
with, aud this it ia proposed to apportion aa follows ; 
Amount as above £3,044 2s 7d, Interim Dividend of 
3 per cent (free of Income Tax) paid in September 
absorbed £765, It is now proposed to pay a Pinal 
Dividend of 5 per cent (free of Income Tax), making 8 
per cent for the year, absorbing £1,275, To write off 
Estates Account £000 6s.— Total £2,640 6s, Leaving a 
balance to carry forward of £403 16s 7d. 
In last year's Report it was mentioned that yonr 
Directors had decided to make Green Tea at St 
Helens, continuing Black Tea at Ederapolla and 
Ardross, but, owing to various reasons, it was deemed 
advisable to postpone the step decided upon, and beyond 
making some Tippings into Green Ten, the manufacture 
of Black Tea has been continued at St Helens All 
three Estates are reported by the Visiting Agent'to be 
in excellent order and condition, and, given better and 
more reasonable weather than was experienced last 
year, there ia every hope of the current season shoirintr 
