52 THE TROPICAL AGIRCULTURIST. [July 1, 1901. 
The profits of the Company have been seriously 
diminished owing to the general fall in the market 
for teas grown at medium and low elevations. 
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Year. 
Acreage fof Tea 
in bearing. 
Yield per Acre, 
Rate of Ex- 
change. 
Sale price of 
Tea. 
Esate Tea 
Bought Leaf 
Tea. 
Tea Manufac- 
tured for others. 
Total. 
Profits. 
t3- 
this Company liaving suffered in common with 
others from the severe depression in the tea 
market, resulting from supplies both from*Ceylon 
and India during the greater part of the year 
being in excess of the requirements of the trade. 
The account being so unfavourable, the Directors 
have again waived their fees, and the London 
Agents have reduced their charge for office rent 
and secretarial work. Owing in a measure to 
the very wet weather from June to October the crop 
was a little short of estimate, and the amount 
obtained was 376,499 lb., which realised a net 
average price of 4 -Sid. per lb. The rupee ex- 
change for the Company's business averaged 
1/4*15 per rupee. The acreages under cultiva- 
tion are : — Over four years old 966, under two years 
old 75, total 1,041 ; and the crop for the season is 
estimated at 385,000 lb, of which there have been sold 
to date 32,675 lb, at a net average price of 5d per lb. 
Every eftort is being made by the staff in the East 
towards maintaining the efficient and economical 
working of the estates, and a somewhat finer sys- 
tem of plucking is now adopted, it being expected 
that this change will be beneficial to the Company. 
Under the Articles of Association, Mr W Dunn 
retires from the Board and, being eligible, of- 
fers himself for re-election. The auditors, Messrs 
Brown, Fleming and Murray, also retire and 
their re-appointment remains with the share 
holders. 
a 
A re-survey has been made of a portion of the 
Company's lauds, and according to this there are 
2,269 acres planted with tea, and the total area of 
the estates is 2,995 acres. 
TJnder Clause 69 of the Articles of Association 
Mr. H K Rutherford retires from the Board on 
this occasion, but, being eligible, offers himself for 
re-election. 
The Auditors, Messrs. Harper Brothers, Chartered 
Accountants, retire from office and offer them- 
selves for re-election. — By order of the Board, 
Wm. Johnston, Secretary. 
London, 11th May, 1901. 
THE MIDLAND (CEYLON) TEA PLAN- 
TATIONS CO. LTD. 
REPORT OF THE DIRECTORS 
to be submitted to the shareholders at the ordi- 
nary general meeting, to be held on Tuesday, 21st 
May, with the accounts, duly audited, for the 
year ending 31st December, 1900. ■ 
The receipts for the season are £7,198 13s 2d., 
less working expenses in Ceylon £6,858 18s 3d., 
leaving gross profit £339 14s lid. And the fol- 
lowing being also chargeable : — Debenture inter- 
est— 6 per cent, per annum on £15,000 £900, inter- 
est — of loans £175 6s Id. : fees to trustees and 
auditors, office expenses in London, &e., £107 
5s .3d, _ £1,182 lis 4d. ; the loss on the season's 
working is £842 16s 5d. Deducting the balance of 
profit for 1899, £.300 63 8d, the deficiency is, as 
shown in the balance-sheet, £542 9s 9d. 
It is with mucii regret that the Directors re- 
port such a serious loss on the season's working, 
THE GREAT WESTERN TEA CO. OP 
CEYLON, LTD. 
Report of the Directors for presentation to the 
general meeting of the shareholders, to be held on 
Saturday, the 8th June, I9U1, at noon. 
Directors:— J. C. Dunbar, Giles P. Walker, James 
Ryan, A. Cantlay. 
The Directors submit their Annual Report and 
Accounts for the Season ending March Slst, 1901. 
The yield of Tea has been 428,510 lb., being an 
increase of 12,535 lb. on last season's crop : the price 
realized on 365,850 lb. for which account sales have 
been received is 48'91 cents per lb. against 48'96 cents 
last season, aad 48*74 cents in 1898-99, a very satia- 
faotory price in view of the lower range of the market. 
The Cost F.O.B. Colombo is 31*71 cents par lb. 
(including 4'77 cemts for manuring) against 31*27 cts. 
(including 4*23 cents for manuring) last season. 
Estimating the unsold portion of the crop at a stfe 
figure, the amount available for distribution, after 
setting aside R6,079*19 for depreciation, is R64,728-85 
out of which the Directors recommend the payment 
of a dividend of 10 per cent absorbing ... R58,400 00 
To place to Reserve Account a sum of 5,000 00 
And to carry forward the balaace of ... 1,328 85 
R64,728 85 
The result of the year's working is fully equal to 
that of the previous season in spite of a lower 
market, as last year the balance carried forward from 
1898-99 was R7,416*88 or R5,640*78 more than the 
balance carried forward to this season, while the 
general condition of the estate is at the present time 
greatly improved, owing to the good and careful work 
done by the Superintendent. 
The estimated crop for the current season is 
420,000 lb., to cost B133,975 00, being at the rate of 
31*89 cents per lb. tea, inclusive of 4-49 cents for 
manuring, but from the present condition of the 
estate and the yield to date the Directors are now 
of opinion that the estimated crop will be exceeded 
