June 1, 1904] THE TROPICAL AaRICULTURIST. 
833 
The total from the font estates was 40G,338 lb., 
of which >ja2,796 lb. were prodntfed by the Barn- 
side Group, and 73,542 lb. by Midlothian, the for- 
mer ahewiug a decrease of 11.1)79 lb., and the 
latter of '1,7'15 lb. in all, reduced output of l'.),72'l lb. 
compared with last year's crop. 
Of Burnside crop, 103516 lb. Gieeu Tea were 
made, and the average prices realised for the total 
crops were as follows : — 
Sold in London. Sold in Loudon. 
Burnside Group— „ . , ^ 
Green Tea ... — Cts. 07 03 (with Cess) 
Black Tea ... G-686il per lb. „ 34-U9 
Midlothian — 
Black Tea .. 7-961d „ „ — 
The severe drought experienced during the first 
half of the year, and too mnoh rain with a lack 
of sunshine in the second, half accounts for the 
shortage of crop, a position of aifairs wliich was 
pretty general all over the Tea Districts. After 
ayment Debenture Interest and all other charge?, 
the result of the year's working is a net profit 
of £186 183 lOd, wliich reduces the debit standing 
at Profit and Loss Account to £693 lis 7d. This 
debit would have been further reduced had the 
Board not deemed it advisable to charge to Revenue 
Account the cost of a Liquid Fuel lustalbition and 
of planting a clearing of fuel trees amounting in 
all to R'1,118.24, which mii^ht properly be charged 
to Capital Account, and had a breakdown not 
occurred in the Factory daring the basiasfc time, 
the out-turn of Green Tea, in fulfilment of a con- 
tract made at 36 cents plus the GesA, would have 
been about 180,000 lb. instead of 103,546 lb. and the 
profit earned should have been larger than it was. 
The results of the year's working must be as dis- 
appointinfj to the Shareholders as they are to the 
Board, but your Directors are hopeful that the 
money which has been, and is being spent in 
manaring will enable them to show more satisfac- 
tory results during the current year than have been 
experienced during the past few years, and their 
hopes are justified by the Reports of their Visiting 
Agent on the Oompany's properties. In accordance 
with the Articles of Assocciation, Mr Robert Porter 
retires from the Board at this time, and, being 
eligible, offers himself for re-election. Messrs. Gape 
and Dalgleish, C.A., also offer themselves for re- 
election as Auditors —By order of the Board, 
Lyall Anderson & Co., Agents and Secretaries, 
19, Philpot Line, Loudon, E.G. 6th April, 1904. 
THE STANDARD TEA COMPANY OF 
CEYLON, LIMITED. 
Directors.— Alex, lirooke, 25, Fenchurch Street, 
London (Chairman), Robt. Kay-Shuttleworth, Slough 
Place, Gackfield, Sussex. Norman W Grieve, Ivy 
Chimneys, Tunbcidge Wells, Kent. Thos. S Grigson, 
Cozleigh, Groombridge, Sussex. 
THIRTEENTH REPOilT OF THE DIRECTORS, 
The Directors submit Statement of Accounts to 31st 
December, 1903. The Profit and Loss Account shows 
a profit on the working of the Estates in Oeylou of 
£12,393 7s 8d, which with the amount brought forward 
from last year, less interest and home ch irges, shows 
a sum of £11,765 173 6d available for divisien. In 
August, 191)3, the Directors, uudar the powers en- 
trusted to them, distributed an interim dividend for 
thesis months eudiug 30th June, 1903. of 5 per cent. 
(10 per cent per annum), absorbing £2,975. They now 
recommend a dividend at the rate of 10 per cent, 
(making 15 per cent for the year) absorbing £5,950; 
the placing ^500 agiiast reserve aud £1,100 against 
depreciation ; and the carrying forward to the next 
year £1,240 17s 6d. The coffee crop was 21 owt ; it 
realised about £54, The tea crop was 1,115,3261b, 
against 1,183,972 lb in 1902. 
The Ceylon Export Tax, the " Tea Cess," cost the 
Company R3,359, or £230, calculated at 30 cents per 
100 lb, to which it was raised in June, 1902, against 
R3,0()0, or £200 for crop 1902, half at 20 ceut^, half at 
30 cents. The average Exchange for the Company as 
drawers in Colombo was l/4i, against 1/4 3-16 in 1902 
and 1/4 5-32 in 1901. Prices for the Company's .Teas 
produced during 1903 : at the St. Leonard's factory 
realised about same as crop 1902 ; those produced at 
Gordon, Id per lb higher ; those at Gouravilla, at about 
3-8d per lb higher. The (Jda Pussellawa Railway 
passing through Liddesdale, the Company received 
daring the year £52 17a 8d for land taken. The small 
amount has been credited in reduction of the cost of 
the estitte. 
The Company's Properties at the close of 1903 were 
3,466 acres, with 2,38L acres of Tea considered in full 
bearing, viz : — 
la Uda Pussellawa — St. Leonards and Coneygar 902 
acres, 530 acres tea bearing. Liddesdale 814 acres, 
390 acres tea bearing. Eskdale 240 acres, 227 acres 
tea bearing. Gordon 886 acres, 307 acres tea bearing. 
TuUoes 419 acres, 275 acres tea bearing. 
In Up. Maskeliya — Gouravilla and Up. Cruden 705 
acres, 652 acres tea bearing. 
There are also 103 acres tea in partial bearing, and 
some 25 acres in addition planted with tea. The 
Directors have to report, with deep regret, the death 
in June last of their esteemed colleague, Mr William 
RoUo. To succeed him, Mr Thos. S Grigson was 
appointed in accordance with the Articles of Associa- 
tion. Mr Alexander Brooke, the Director who retires 
by rotiition, being eligible, offers himself tor re- 
election. — By Order, A rRAFPOHD Brooke, Secretary 
25, Fenohuroh Sireet, London, 14th April, 1904. 
IS U WAR A ELIYA TEA ESTATES CO., LTD. 
Directors.— Messrs CAW Cameron, H St. 
J Oscar Thompson, Alexan^ler Thomson and 
Wharram Mefjginsou. 
REPORT OF the DIRECTORS. 
The Directors beg to submit the Accounts of 
the Company for the year ended 3lst December, 1903, 
together with the Auditors' Report thereon. The 
Crop Account shows a profit from the working of the 
Estates of £18,937 18s 7d. The Profit and Loss 
Account, including £3,592 Is Id brought forv?ard from 
1902, and the payment of Debenture Interest, Income 
Tax, &o., shows a credit of £19,398 123 3d, from which 
£2,000 has been written off for Depreciation, leaving 
available for distribution £17,393 12s 3d. 
An Interim Dividend of 3 per cent, free of Income 
Tax, was paid on 21st October, 1903, absorbing £6,000 
Os Od. It is now proposed to pay a Pinal Dividend of» 
4 per cent, free of Income Tax. making 7 per cent 
for the year, which will absorb a further' £8,000 0 0 
Total— £i4,000 0s Od. And to carry forward the Balance 
of £3,398 123 3d, 
For the greater part of the year, in the Nuwara 
Eliya District, the weather favoured quantity rather 
than quality, vyith the result thit the Tea Crop shows 
an increase of 109,817 lb over that of 1902 ; while ou 
the other hand, owing to the quality being rather 
helow the standard of the previous year and to the 
fact that the improvement in market values has been 
confined to the lower price Teas, the Directors regret 
that the crop realised a gener al average price of only 
7*37d per lb nett, against S-28d in 1902. The average 
rate of Exchange for the year was Is 4 9-32d per 
Rupee, and the cost of the Crop, free ou board steamer 
or delivered to ba/ers in Colombo, was 471d per Ibi 
