50 
THE TROPICAL AaRICULTURIST. [July 1, im. 
The Managing Director recently visited Ceylon, 
and reports favourably on the condition and general 
appearance of the Company's Estates. 
It is with extreme regret the Directors have to 
record the loss the Company sustaiued during the 
year by the death of their colleague, Mr. .33. E. 
Macdonell. 
Mr. D ErroU Sinclair has been appointed to the 
Board of Directors. 
Mr. Theodore C Owen retires by rotation, bat, 
being eligible, offers himeelf for re-election. 
Messrs. Singleton, Fabian & Co., the Auditors to 
the Company, retire, and, being eligible, ofier them- 
selves for re-election. 
James Sinclair, Managing Director ; Rowe, White 
& Co., Secretaries. 
29th April, 1901. 
THE SOUTH WANAKAJAH TEA 
ESTATES, LIMITED. 
REPORT OF THE DIRECTORS. 
The profit for the season, after writing oS s£250 
for depreciation, is £1,490 19s 2d ; out of vphich a 
dividend at the rate of six per cent on £7,000 pre- 
ference shares has been paid, £420, leaving a balance 
of ^1,070 19s 2d ; from this the Directors recommend 
the payment ot a dividend at the rate of five per 
cent on £20,000 ordinary shares, free of income tax, 
£1,000 ; and propose to carry to the next account 
the balance, £70 19s 2d. 
The tea crop for the season, including that made 
from bought leaf, amounted to 592,641 lb. and the 
net average price was 4'93d per lb. The past 
year was generally unfavourable for tea producers, 
but the Directors are glad to be able to recommend 
a dividend of five per cent on the ordinary shares, 
after making a provision for depreciation to the extent 
at £250. The rate of exchange was Is 4Jd per rupee. 
To meet the unsatisfactory state of the tea. market, 
owing chiefly to excessive supplies of inferior kinds, 
which forced prices down, the Directors have decided 
to adiopt a finer style of plucking, and it is hoped 
that this system, coupled with close attention to 
manufacture, will enable the Company to secure 
better prices for the coming season's crop. The 
estates and bnildinga are reported by the Managing 
Director to be in good order. The acreages of the 
Company's estates are as follows : — South Wanarajah, 
230 tea, three year's old and over ; 25 grass, &c. ; 
total 255— Dartry, 612 tea, three years old and over, 
24 young tea, 44 grass, &c., total 680. 
Under article 95 Mr. T. J. Lawrance resigned his 
office of Director, and the Board appointed Mr. William 
Figg to the vacancy. Under article 97 Mr. Figg retires^ 
and, being eligible, offers himself fer re-election. The 
appointment of auditors rest with the shareholders 
and Messrs, Fuller, Wise and Fisher offer themselves 
for re-election. 
HUNASGERIA TEA COMPANY, LIMITED. 
REPORT OF THE DIRECTORS 
to be presented to the sixteenth ordinary general 
meeting of the Company on 14th May 1901, at 1 o'clock 
p m, for the year ended 31st December 1900 :— The 
tea crop amounted to 479,170 ib, which sold in London 
for £10,432 13s 8d, giving an average selling price of 
6"22d per lb. The ordinary expenditure in Ceylon and 
London amounted to £ll,il2 15s lid, showing a loss 
of £680 2s 3d on the year's working. A credit balance 
of £152 16ii0d was brought forward from last year and, 
after deducting this, there is a sum of £527 63 3d at 
tte debit of profit and loss account. The area under 
tea'remaina at 763 acres of which 31 acres are only in 
partial bearing. A severe drought, extend ing over Si 
months, was experienced daring^the early part of the 
year, but it is satisfactory that in spite of this a good 
yield has been obtained, the return from the 763 acres 
in bearing being 628 lb of made tea per acre against 
613 lb and 414 lb secured during the two previous 
years. Cultivation has been well maintained and ex- 
tended to the whole tea area and from an agricuUaral 
point of view expectations have been fully realised. 
The loss on this year's working is entirely due to the 
adverse market position. Last year's shipments of 
medium quality tea from Ceylon and India proved to 
be largely in excess of requirements and a heavy fall 
in value resulted. Our average selling price fell from 
6-67d to 5-22d per lb. To meet the situation finer 
plucking has been almost universally resorted to in 
Ceylon, which while improving the quality will re- 
duce the quantity coming forward, and it is to be 
hoped that this will tide over the present gintted con- 
dition of the market. Mr P C Oswald, a member of 
the Board, retires from office on this occasion and, 
being eligible, ofiera himself for re-election ; and 
Messrs J & J Sawyer <& Co, the Company's Auditors, 
also offer themselves for re-election. 
THE ANKANDE ESTATE COMPANY OP 
CEYLON LIMITED. 
Report of the Directors to Slst March, 190L 
Acreage 
Tea 
Cocoa and Liberian Coffee 
Cardamoms . , 
Jangle 
Total 
563 kcres 
The Directors have now to present to the Share- 
holders the Report, Balance Sheet, and Profit and|Loss 
Account for the 15 months ending Slst March, 1901. 
Owingto the decline in value of tea daring the period 
covered by this Report, and also to the short crop 
of cocoa, the result is far from being satisfactory. 
Interest to the vendors was paid up to SO Jooe, 
but it has since been in arrears. 
The total crops harvested daring the period hare 
been from 
Ankandb— Tea . . 71,024 lb 
Cocoa . . 52-3-13 cwt 
Glbnubt Tea, Green Leaf 12.679 lb 
Cocoa . . 45-0-9 cwk 
Altwood Cardamoms . . 5,335 lb 
Depreciation amounting to R278 -81 has been written 
off from Profit and Loss Account. 
The Directors regret that, under the oircnmstances 
disclosed by the Profit and Loss Account, they are 
unable to recommend any dividend distribution on 
this occasion. 
Mr. John Aymer retires by rotation and is eligi- 
ble for re-election. 
The appointment of an Auditor for 1901 will rest 
with the Meeting. — By order of the Directors, 
Bakeb & Hall, Agents and Secys. 
Colombo, May 22nd, 1901. 
PUNDALOYA TEA COMPANY OF 
CEYLON, LIMITED. 
REPORT » 
To be presented at the Fourth Ordinary Annual 
General Meeting of the Oompany to be held at the 
Office of the Company, on Tuesday, the 7th May, 
1901, at Twelve o'clock noon. 
1. The Directors now submit their Report for the 
year ending the 31st December, 1900, together with 
the Balance Sheet and Accounts of the Company, made 
nf to that date, and duly audited, and they regret th 
