834 
THE TROPICAL AGRICULTURIST. [June 1, 1904. 
The following Table showB the resnlts of the workiug 
o£ the individual Estates for the past year :— 
Average Profit 
Acreage in yield per per 
Estate. bearing in 1903. Tea bearing bearing 
Full. Partial. Crop. acre. acre. 
lb. 
lb. 
£ 
B. 
d. 
Park 
241 
22 
166,589 
633 
9 
4 
3 
Foxtswood .. 
. 333 
19 
225,015 
639 
9 
18 
3 
Naseby 
196 
95,897 
489 
6 
16 
4 
Pedro 
. 447 
51 
315,394 
633 
7 
15 
10 
Concordia . 
. -334 
146 
231,385 
482 
6 
16 
8 
Court Lodge 
366 
179,107 
489 
7 
16 
4 
Hethersett 
400 
20 
196,756 
468 
3 
16 
11 
2,317 
258 
1,410,143' 
547 
£7 
7 
1 
The yield from Tea in full bearing was 559 lb per 
acre, and that from Tea in partial bearing 439 lb 
per acre, as compared with 522 lb and 386 lb res- 
pectively in the previous year. 
As on 1st January, 1904, the acreages o£ the Com- 
pany's properties stand as under : — Tea in full 
bearing 2,335 acres. Tea in full bearing leased lands 
98 acres. Tea in partial bearing 146 acres, Tea not 
yet in bearing 18 acres. Total land under cultivation 
with Tea 2,597 acres, Timber Trees in Clearings and 
Celts 51 acres, Forest 124 acres, Patna, Scrub, Building 
Sites, and Waste 265 acres. Grand Total — 3,037 acres. 
All the Estates are reported upon as being in good 
condition and the Tea in excellent health. With a 
view to maintaining the vigour of the bushes and im- 
proving the quality of the Tea, the requirements of 
each field, in the matter of cultivation, are receiving 
close attention under experienced advice. The 
Directors acknowledge with satisfaciion the good 
services rendered by the staff in Oeylon. The retiring 
Directors are Mr 0 A W Cameron and Mr H St, J 
Oscar Thompson, who, being eligible, offer themselves 
for le-election. Messrs Cooper Brothers & Co., 
Chartered Accountants, offer themselves for re-election 
as Auditors of the Company. — By order of the Directors 
Feith, Sands & Co., Secretaries, liondon, 8th 
April, 1904. 
THE HAPUTALE COMPANY, LIMITED. 
Directors : — Messrs Hugh B Orum, J n Davidson, 
W G Lang, J S Pitman, Alexander Wallace. 
REPORT. 
There is submitted herewith the Crop Account for 
season ending 30th June 1903, together with a Statement 
of Profit and Loss Account, and the Balance Sheet 
showing the financial position of the Company at 31st 
December 1903. It will be seen that the Crop Account 
shows a surplus of £3,418 63 7d. After crediting Profit 
and Loss Account with this sum, and with rents, &o„ 
received, and after applying the sum of £700 in reduction 
of the value at which the Estates appear in the Balance 
sheet, there remains at the credit of Profit and Loss 
Account the sum of £3,531 8s 3d. Out of this sum the 
Directors recommend the payment of a Dividend on 
the Preference Shares at the rate of four per cent, 
Buftject to deduction of income-tax. This Dividend will 
absorb £2,308 10s lOd, leaving £1,222 17a 6d to be carried 
forward. After payment of this Dividend, the arrears 
of Dividend on the Preference Shares will amount to 
fifteen per cent as at 3 Ist December 1903. The Tea 
Crop amounted to 383,000 lb, averaging 7|il per lb 
gross as compared with 8 9-32d for 1902 and 8 9-16d 
for 1901. For the current season the estimate is about 
390,0001b. The average rate of Exchange was 
Is 4 7-64 per rupee, as compared with Is 4 5-643 for 
1902 and Is 4 3-32d for 1901. The Company has now 
about 1,400 acres under Tea, of which 1,027 acres are 
in bearing, Mr^Crum, in order of rotation, retires from 
theBoard at this Meeting and is eligible for re-election , 
An Auditor for the current year falls to be appointed. 
Mr Findlay B Anderson, the present Auditor, offers 
himeelf for re-election,— By Order, E A D.widson, 
Secretary. • 
THE MADULSEEMA COFFEE AMD 
CINCHOlN^A COMPANY, LIMITED. 
DiBECTOKs, — Me-'srs. Hugh B Crum, J H Davidson, 
W G Lang, J S Pitman, Alexander Wallace. 
KKPOBT. 
There is submitted herewith the Crop Account for 
season 1902-1903, together with a Statement of Profit 
and Loss Account, and the Balance Sheet showing the 
fiaancial position of the Company at 31st December 
1903. It will be seen that the Crop Account shows a 
surplus of £6.094, 12s 2d. After crediticg Profit and 
Loss Account with this sum, providing for laterest 
and Home Charges for 1903, and applyiug the sum of 
il,000 in reduction of the value at which the Com- 
pany's instates appear in the Balance sheet, there 
remains at the credit of Profit and Loss Account the 
sum of £5,602, 33 lid. Out of this sum the Directors 
recommend the payment of a Dividend on the Pre- 
ference Shares at the rate of ten per cent, subject to 
deduction of income-tax. This Dividend will absorb 
i£2,870, leaving £2,732, 3i lid to be carried forward. 
After payment of this Dividend the arrears of Pre- 
ference Dividend will be reduced to fifteen per cent, 
as at 31st December 1903. The Tea Crop amounted 
to about 638,000 lb , averaging 7 7-16d per lb. gross, as 
compared with 632,0001b., averaging 6 15-16d for the 
preceding year. For the current season it is estimated 
that the crop will amount to 623,000 lb. The average 
rate of exchange was Is 4 3-32d per rupee, as compared 
with same rate for 1902 and Is 4^d for 1901. The 
Qompauy has now 1,485 acres of Tea in bearing, and 
43 acres of young Tea, making a total of 1,528 acres 
^ii^er Tea. Mr I'rum, in order of rotation, retires 
f^. c m the Board at this Meeting, atd is eligible for re- 
election. An Auditor for the cum nt year falls to be 
Appointed. Mr Findlay B Anderson, the present 
Auditor, offers himself for re-election.— By Order, 
E, A. Davidson, Secretary. 
CEYLON TEA PLANTATIONS CO , LTD. 
REPORT OF THE DIRECTORS 
DiEECTOEs :— Mr H K Rutherford, Chairman and 
Managing Director, Messrs David Eeid. G A Tal- 
bot and W Herbert Anderson, 
The Directors have the pleasure to submit the 
General Balance Sheet and Profit and Loss Account 
for the year ending 31st December, 1903. duly audited. 
The net amount at credit ofProfit and Loss Account, 
including Balance brought forward at 31st Decem- 
ber, 1902, and after providing for General Expenses, 
Directors' Fees, Income Tax, &c., is £43,009 14s 4d. 
Dividends on the 7 per cent Preference Shares 
were paid for 1903 (less Income Tax^ amounting to 
£5,415 9s Cd, an Interim Dividend of 7d per cent 
on the Ordinary Shares was paid 29th October, 
1903. amounting to £11,716 12s, it is proposed to 
pay a final Dividend of 8 per cent on the Ordi- 
uary Shares (making 15 per cent in all, free of 
Income Tax) which will absorb £13,390 83, to write off 
for Depreciation £5,000, and to carry forward to next 
year a balance of £7,487 4s lOd. Total £43,009 14s 4d. 
Owing to adverse climatic conditions the yield of 
tea from the Company's estates fell considerably short 
of the estimated quantity, and was 6 per cent under 
that of the previous jear. The average price 
realised for the crop was, however, 'iOi above that 
of 1902, but this advance was not sufficieot to 
compensate for the diminished yield and the conse- 
quently increased cost of production per lb. 'I'be 
Directors are plea-ed, notwithstanding this deficiency, 
to be in a position to recommend the usual dividend 
of 15 per cent, free of income tax, on the Ordinary 
Shares, this being the seventeenth consecutive year 
of a like distribution. It is proposed to write off 
the sum of £5,000 for depreciation, and to carry 
forward a balance of £7,487 4s lOd. The following 
shows the quantity of tea aocountel for in the 
profit and loss statement : — Estate tea 3,656,599 lb. 
Bought leaf tea 253,066 lb. Tea manufactured for 
othA-s 2!59,326 lb. Total 4,299,591 lb. 
