402 
THE TROPlOilL AGRICTJLTtlRIST. 
[Dec. 2, 1901. 
Crop. Expenditure 
on Pio3uction. 
1899/1900 1900/1901 1900/1901 
Exchange, 1/4 
11-32. 
lb. lb. £. s. d. 
Riverside 154,620 1.37,423 2,229 3 5 
Glenloch ... 60,427 54,839 l,i!4J 12 11 
Karagastalawa 82,408 63,995 1,416 13 9 
including bought lea£ 
"Wewesse ... 95,0C0 98,C00 2,319 17 2 
Cost of Pro- Average Net 
duction. Price in Loudon. 
tors have to express their satisfaction iviththe work 
of the staff in the Company's employ. The Direc- 
tors retuiuK by rotation are Mr. Evelyn Heseltine 
and Mr. Wharram Mepgim6«n, who, being eligible, 
sffer themselves for re-election. — Local "Times." 
05 o 
o 
CO <^ 
a. 
Riverside 3 6l 
Glenloch .. 5-02 
Itaragas lalawa »523 
including bought leaf 
Wswesse .• 5'38 
o o 
d. 
3-89 
5-4 
5 
'46 1 
31} 
C5 o 
00 O 
d. 
5-28 
5-98 
O r-t 
o o 
d. 
4-51 
5 84 
5-68 5-79 
.•67 
lb. 
475 
1312 
I 3bJ 
275 
THE CAROLINA. TEA COMPANY OP 
CEYLON, LIMITED. 
REPORT OF THE DIRECTORS. 
Report of the Directors to be submitted at th» 
ninth annual general meeting of shareholders, to be 
held' at the Offices of the Agents, Messrs Frith, 
Sands & Co., Winchester House, Old Bond Street, 
e'.C, oq the 30th October, 1901. 
Your Directors beg to submit the balance sheet 
and Profit and Loss Account for the year ending 
30th June, 1901. 
The uett profit is £2,280 8s 8d, amount brought 
forward from last year at credit of the ordinary 
shares £475 IBs Id = £2,756 6s 9d ; from which has 
to be deducted debenture interest £2,450, leaving a 
balance of .t'306 6s 9d, which it is proposed to carry 
forward to the credit of the ordinary shares. 
The crops secured during the season compare as 
follows with those of previous seasons:— 
Tea from Tea from Cocoa 
estates, purchased from 
leaf, estates, 
lb. lb. cv,'t. 
1900-1901 .. 953,399 29,575 466 
1899-1900 .. 1,1-'51,.333 43,195 414 
1898-1899 ... 961,757 32,SG2 555 
The smaller outturn this year is due to a system 
of finer plucking having been adopted on some of 
your estates, in order to raise the standard of quality 
of the tea. , , , 
The tea crop cost 4'78d per lb. free on board 
Colombo, being the same as in the preceding season. 
The average gross sale price was 6'34d, per lb., as 
against 7'06d for the previous season. This fall again 
preseotres about the decline established in Ceylon teas 
generally, and is the chief factor in tiie reduction of 
profit for the season. The yield of cocoa has been 
normal both in quantity and quality but market con- 
ditions have been less favourable. The total area of 
land now under cultivation is 2,G08 acres, com- 
pi-ising :— Tea in full bearing 1,801 acres, tea in partial 
bearing 630 acres=2, 431 acres ; cocoa, coffee, &c. 177 
acre3=2,(308 acres. 
The Directors much regret having to present to the 
shareholdera a report showing such disappointing re- 
sults, attributable to the crisis in the tea industry, 
arising Irom the prtduction of supplies of common 
teas largely in excess of requirements, and the period 
of greatest "depression being embraced in the financial 
year under review. IMotwithstanding the sm.Hller 
output the cost per lb. of the tea has beon kept down 
to the level of last year, whil^ it includes the usual 
expenditure on manuring, &c., for the maintenance of 
the properties in gooil cultivation, thu< leaving the 
Company in a position to reap the full benefit of a, 
return to prosperity in the tea indisKtry. Yoar Dires- 
THE SCOTTISH TRUST AND LOAN 
COMPANY OF CEYLON, LTD. 
Report by the Directors of the ' Scottish Trust 
and Loan Company of Ceylon Limited, to the 
twenty -fourth ordinary general meeting of share- 
holders, to be held within the Company's Regis- 
tered Office, No. 123, George Street, Edinburgh, on 
Wednesday, the 30th day of October 1901, at 3 
o'clock afternoon. 
The Directors present their twenty-fourth report, 
being for the year to 31st August, 1901. 
Estates in the Cojipaky's Possession. — The past 
season has been an anxious one, as over-production 
in India and Ceylon disorg .niscd the market to a 
greater extent than at any previous time. The yield 
of tea on the Company's estates has been an 
average of 376 lb. per acre, as compared with 393 lb. 
last season. The prices realised by the Company 
have been well maintained, considering the low 
range of price which has generally obtained during 
the period of depression. Coffee cultivation has now 
practically ceased on the Company's estates. 
Factories, Buildings ak» MACHiNEiir. — The ex- 
tension of the Factory at Alnwick has been com- 
pleted, and new machineryL for Brookside and Sar- 
nia erected. 
Accounts. — The balance at the credit of Profit and 
Loss Account 1 Oi'54 ..f 
And the Directors propose — 
To pay a Dividend of 5 per 
cent per annum, free of 
Income Tax ... £2250 0 0 
Note. Two and a half per 
cent of this was paid as 
an Interim Dividend at 
Whitsunday 1901. 
To pay Bonus of 5 per cent 
free of Income Tax .. 2250 0 0 74500 0 0 
£941 0 4 
Leaving 
to be carried forward to next Account. 
The Board regret to record the death o' Mr. Wm. 
Beattie, the esteemed Superintendent of Sarnia estate, 
while on his return voyage to Ceylon. Mr Beattie, 
during the period of his residence at Sarnia, had 
charge of the practical transformation of the estate 
from Coffee to Tea production, and the erection ofl the 
new Factory. 
Mr W G Smith, who on the death of Mr Bowden 
Smith was appointed Joint Loudon Agent, resigned 
office during the j aar to commence business on his 
own account, and Mr A Gordon Dickson has been 
appointed sole London Agent. 
During the past year there has been a prolonged 
agitation in favour of a general reduction in the output 
of tea, and the Directors have fortunately been able 
to discuss this important question personally with the 
Colombo Agents, as well as the methods of plucking, 
prnnii!g and manuring most suilable to the Company's 
Estates. 
The Directors retiring by rotation is Mr Henry 
Johnston, K C, and he is eligible for re election. 
Auditors for the current year fall to be appointed. 
Me.=srs Monereiff & Horsbrugh, C A, are eligible, and 
offer themselves for re-election. — By order of the board. 
Francis A. Bringlce, Secretary. 
Edinburgh, October 22ud. 
THE ASSOCIATED TEA ESTATES OF 
CEYLON, LTD. 
REPORT OF THE DIRECrOKS. 
for the twelve months ended 30tli June, 1901. 
During the year under review no alteration was 
