Dec. 2, 1901.] 
THE TROPICAL AGRICULTURIST. 
401 
DUCKWARI (CEYLON) TEA PLANTA- 
TION COMPANY, LIMITED. 
REPORT BY THE DIRECTORS TO THE ELEVIiXTH 
ORDINARY GENERAL MEETIMG OF THE COMPANY. 
The Directors beg to submit to the Shareholders 
tha statement of the a£fa,irs of the Company, for the 
year ending June 30th, 1901. 
The aocouiit:;, including the balance brought for- 
ward from last year, and after writing off 10 per 
cent depreciation on value of Machinery and Build- 
iijg3, show a credit balance of £1SS 93 Qi. Out of 
this sum, the Directors recommend the payment of a 
dividend to the Preference Shareholders, at the rate 
of 5 per cant per annum, carrying forward £188 9j 9J 
to next year. 
The season has been a very unfavourable one for 
tea, owing to' depressed and over-supplied markets. 
If the present curtailment in production is maintained, 
the prospect of better times are confidently looked 
for in the future. 
The returns of crop have been 301,530 lb tea, and 
8,159 lb. Cardamoms, against 321,026 lb tea, and 
8,779 lb. Cardamoms last season. The estimates for 
the coming year are 310,000 lb tea, and 9,000 lb 
cardamoms. Mr Hull retires from the Direction by 
rotation and, being eligible, ofiars himself for re- 
election. The Auditors, Messrs Brown, Fleming and 
Murray, also retire, and offer themselves foe re- 
appointment. — P, G. SpENCE, Chairman ; R Cross 
AiTKEN, Secretary. 
estimates for the current sseason point to a tea crop 
of 528,000 lb, to cost 2U cents per lb. Mr, W. Nevett, 
a director, retires on this occasion, and b^in^ eligible, 
offirs himself for re-election.— /ioHic and Colonial Mail 
Oct. 18. 
THE KINTYRE TEA ESTATES, CO., LTD. 
The following is from the fifth report of the 
directors :— 
The directors have'the pleasure to present the ac- 
counts for the twelve months ending June .30, 1901. Tha 
estimated tea crop for the season was 521,000 lb, and 
this was considerably exceeded, the total secured 
being 565,861 1b, or 25 000 lb more than was harvested 
the previous year. The average cost of production 
was 23| cents per lb, which may be considered a very 
eatistactory rate. The profit is again less, however, 
owing to the extremely low price of tea during the 
greater poitiou of the twelve months under review 
The canses which brought about that low price' 
over-production and inferior quality, have now dis 
appeared, at all events for the present, and the 
smaller quantities of tea now coming forward have 
already resulted in a much-improved market for all 
Ceylon teas. The net profit amounts to £1 030 23 7d, 
and after paying directors' and auditors' fees, &o., 
income-tax, and commission to superintendents, there 
remains a balance at profit and loss account of 
£3,483 la 8d, to which has to be added £132 193 lid 
brought forward from last year. The board have 
paid, half-yearly as usual, the dividends on the 
Preference shares, amounting to £1,000, and an in- 
terim dividend of 2 per cent-, on the ordinary shares, 
which absorbed further £900. They have written off 
for depreciation of machinery £250, and they now 
recommend the payment of a final dividend of 3 
per cent, on the Ordinai-y shares (making 5 per 
cent, for the year), for which £1,350 will be 
required, leaving £119 Is 7d to be carried forward. 
The capital expenditure on Ayr estate during the 
year amounted to £527 Os lid, this amount including 
the cost of a block of land sixty-eight acres in extent 
adjoining the estate, which was offered for sale]dui-ing 
the year and acquired by this company at a cost 
of £187 23 2d. It is not contemplated to spend any 
more on capital account on this estate. The sum 
of £81 IGs 8d is the equivalent of the coast advance 
recoveries during the year. The average yield of tea 
in full bearing was 671 lb per acre, and the gross 
average price realised in London was 6 58 per lb, 
\vhil6 the average rate of exchange was Is 4gd. The 
KORALE TEA ESTATE, LIMITED, 
[REGISTERED 27TH MAY, 1896 ] 
R?.port of the Directors, to be siibmitted at the 
Fifth Annu°i Ordinary Gensral Meeting of Share- 
holders, to be hold at the Office of the Companv 
on Thursday, 10th October, 1901, at 3 p.m. 
The Directors now submit the Report and Accounts 
for tha year ending 30th June, 1901, which have been 
duly audited. 
The net amount at Credit 
or Profit and Loss Account 
after providing of General Bx- 
Psnses is .. ..504 19 10 
To which should be added 
the balance brought forward 
from 30th June, 1901 .. 46 18 1 
T A- c ^- ^ . . ~ 551 17 U 
io dispose of which, it la 
proposed to write oft the 
balance of expenses of forma- 
tion, which will absorb ., 238 19 2 
To Adjustment of Income Tax 20 2 1 
Directors' Foes ISQ q q 
And to catry forward a 
balance of 16 8 
£551 17 11 
The Directors regret that the continuous rant'e of 
low prices for all classes of tea, has left so sniall a 
margin of profit over working expenditure, that thev 
are tins year unable to declare a dividend and think 
It well to devote the small balance at their disposal 
to writing oli the balance at debit of "Expenses of 
l^ormation. 
The reports as to the condition of all the estates 
satisfaotoiT, and the new fields on Kara<^as- 
wawa and Wewesse give promise of cousiderablv" in- 
Fasing the yield from these estates, but Directors 
of adopting the policy of treating the youn-^ trees 
rlntly, and not plucking them until taey have attained 
suliieient maturity, >iui.£i.iueii 
A new cart road to Riverside factory which has 
long been promised by Government, has at len<^th 
seen sanctioned, which will materially lessen the cost 
of transpor of goods, both to and from the estate 
and make the labourers more settled and contented 
The average selling price of Ceylon tea is nov^ 
higher than it has been for two years, and the 
shortage from India and China as well as f-om 
Ceylon gives promise of a further improvement' in 
P L' 1 0 6 3 » 
In accordance with the Articles of Association 
Mr J L Shand retires from the Board, and be ng 
gible oflar,3 himself for re-election ^ 
1 'The Du'ector.s desire to express their satisfaction 
with the Agents and Managef-s in Ceylon who 
kep down expenditure on the estates, as far Is 
has been consistent with eff.-ctive workin-.-Bv Order 
of the Board, H. C. D.wLi.va, Sacceta.y 
ACREAGE OF ESTATES, 
Tea. 
Riverside 
Glenloch 
Karagastalawa 
Wewesse 
9C9-J 261 77 1 401 128^ 64 1902 
