Nov. 1, 1901.] 
THE TROPICAL 
AGRICULTURIST, 
317 
PENRHOS ESTATES COMPANY. 
THE directors' REPORT 
was as follows :— 
The Directors have pleasure in laying before the 
Shareholders their Report and Accounts for the year 
ending 30th Jane, 1901. 
The amount of Tea secured was 234,171 lb.— 199,143 
lb. on Estate account as against an Estitoate of 
200,000 lb., showing an increase over last season of 
2,5891b., and 35,0281b. manufactured from bought leaf, 
a decrease, as compared with last season, of 11,2591b. 
The Comparative Table for the past five seasons is 
appended, and will doubtless be found of interest ; — 
2 2 a 
•<-< a n 
It will be necessary to appoint an Auditor for 
season 1901-1902. 
' O O 
BO 
(P CO 
O O O IZi 
1896— 1897 155,625 27-52 26-31 36-42 
1897— I89S 145,250 26-23 25 65 3912 
1898— 189'.) 158,106 25-41 24-05 41-03 
1899— 1900 196,554 23-74 22-32 37-46 
1900— 1901 199,143 26-29 2388 34-89 
These figures apply to the Estate Tea only and 
although the average price realised has fallen below 
that obtained last season, yet in view of the extremely 
depressed state of the market during a great portion 
of the year the result cannot be regarded as other- 
wise than satisfactory. 
J The total Crop secured cost, including Manure, 25-67 
cents per lb. laid down in Colombo, and realised a nett 
average price of 33-25 cents. 
The comparatively heavier expenditure during 
the present season is accounted for by the fact that 
it has been found necessary to lay out some R1,2U0 
on the erection of new lines, and repairs to existing 
ones. A portion of the Estate has also been re-drained, 
and on Dahanaike a field of twenty acres, which waa 
making no progress, has been experimentally manured, 
and it is anticipated that this will show considerable 
improvement in the near future. 
During the year 8. sum of R3,101 has been spent 
on the Planting and upkeep of new clearings and 
Rl,082 on extensions to Factory, this latter being 
found necessary in order to make thorough provision 
for the rush of crop in the busy months of the season. 
After payment of the Interest on Debentures viz. 
R3,O.S0, the amount available for distribution inclusive 
of R285 brought forward from last account, and a 
surplus of R155-58 on the estimated proceeds of last 
season's Tea, comes to R12,142-38, which is equal to 
slightly over 8 per cent on the Capital of the Company. 
The Directors recommend that this should be 
apportioned as follows : — 
By payment of a Dividend of 4 R. c. 
per cent . . . . 6,000 00 
By payment of Bonus to Super- 
intendent .. .. 500 00 
By placing to Reserve Fund . . 4,500 00 
By carrying forward to the next 
Account 1,142 38 
12,142 38 
The acreagfi of the Company's Estate is as follows ;— 
Old Tea 548J acres 
■"i'ea under 4 years 7f do 
Tea under 2 years 44 do 
Forest 
Chena, <S;c. 
600 do 
42 do 
296 do 
Total acreage . . 938 
During the year Mr. W Kingsbury retired from the 
Board owing to bis departure from ths Island, and bia 
place has been filled by Mr. G W Suhren, 
40 
THE AMALGAMATED TEA ESTATES 
COMPANY, LIMITED, 
KBPORT OF THB DIBHCTOBS, 
for the year ending 30th November, 1900, to be sub- 
mitted to the fifth annual ordinary general meeting 
of shareholders of the Amalgamated Tea Estates 
Company, Limited, to be held in the registered office 
of the Company, 22 West, Nile Street, Glasgow, on 
Tuesday, the 27th day of August, 1901, at 2 o'clock 
p.m. 
The Directors beg to submit the accounts for the 
year ending 30th November, 1900. The crop gathered 
amounted to 2,582,657 lb. against 2,143,710 lb. in 1899. 
The effect of the increase in yield from the Company's 
estates waa, unfortunately, neutralized by a drop in 
the price. The average price was 9-90d per lb.* 
against 10-29d daring the previous year. The accounts 
now submitted show a balance at credit of profit and 
loss account of £52,869 3s 8d. Against this sum are 
chargeable :— Commission on profits to managers of 
estates. Agents in Calcutta, and Secretaries ; interest 
discount on bills, &c. and dividends paid to the 
preference shareholders, which total £29,125 178 6d 
leaving a balance to be dealt with of £23,743 6s 2d' 
Out of this balance the Directors propose to pay a 
dividend at the rate of 5 per cent per annum, payable 
on the 3lst August to the ordinary shareholders, on the 
amount called up, which will absorb a further sum of 
£14,350 10s Od, and leave a balance of £9,392 16s 2d 
to be carried forward to next year. Considering the 
crisis in the tea market, this result is encouraging 
and satisfactory. 
As explained in the circular letter of 7th Angnst 
addressed to the shareholders, Mr P R Buchanan, the 
Special Adviser to and Visitor for the Board, 'pro- 
ceeded to India by mail of 4th January last, and he 
along with the managing Agents in Calcutta and Col- 
ombo, and the Company's Visiting Superintendents 
has been able to effect considerable economies in work- 
ing without impairing the efficient up-keep of the 
estates, which should help the results of 1901 and 
subsequent years. In the circular letter of 7th August 
above referred to, and in the circular of 9th ultimo 
the Directors gave information regarding the position 
of the tea industry and the prospects of the Com- 
pany. 
Advices from the estates show that they are main- 
tamed in good cultivation. The estimated vield for 
1901 is 2,915,760 lb. The total area now under cul- 
tivation IS 13,355 acres. The Company's investment 
in the Kanan Devan Hills Produce Company, Ltd 
remains as before, and the Directors are pleased to b's 
able to report that the prospects of that Company 
continue to be favourable. This is especially the 
case in regard to its cinchona properties, the visible 
supply of that product being at the moment moderate 
and the prices remunerative. In terms of the Articles 
of Association, one of the Directors, viz,, Mr A B 
Murray, retires at this time, and is eligible for re- 
election. 
The Auditors, Messrs. Alexander Sloan & Co. C. A 
retire, and offer themselves for re-eleocion. ' ' * 
RATWATTA COCOA COMPANY, LTD. 
The annual meeting was held today at the 
offices of Messrs. Geo. Steuart & Co. The busi- 
ness was entirely formal as indicated in the 
notice calling the meeting. Mr. Jeffries was re- 
elected a director and Mr, MacDermott was re- 
appoiuted auditor for the current season. 
The directors were also authorised to borrow 
further money as mentioned in the notice. 
