Deo. 2, l&Ol.l 
THE THOPICAL AGRICULTTMST. 
403 
made in the area or the estates belonging to the 
Company, or in the planting of ^sanie with tea, 
so that the total stand as in last year's rep'jrr, 
with the exception that at Silver Kandy estate 
20 acres were planted out with fuel trea*, with 
a view to future economy in thesup|)ly of firewood. 
The yield of manufactured tea for the twelve 
months was as follows : — 
Silver Kandy ... 112,045 
Chesterford .. 345,292 
Horagoda .. 42,833 
Doragalla ... 229,035 
Total ... 729,205 lbs. 
This shows and aggre^jate increase of 36,847 lbs. 
on the total yield of the previous 12 months, 
but it falls short of the totel of the Superin- 
tendent's estimates by 5,795 lbs. With tlie ex- 
ception of Horagoda, each estate showed an in- 
crease in yield over the figures for the corres- 
ponding previous 12 ni'jnths and had finer pluck- 
ing not been introduced about the middle of the 
season the total crop would have been much 
heavier. 
The cost of production per lb. f.o.b. Colombo on 
each of the estates was as follows : — 
Exclusive of Manure, Proportioa of 
Buildings, and New Cost of Manur- 
and Immiture ings, Buildings, -~ 
Silver Kandy 
Chesterford 
Horagoda 
Doragalla 
Cultivation. 
Cts. 
35'15 
25-34 
31-77 
30-14 
and New and Im- 
mature Cultivation. 
Cts. 
2-01 
2-.50 
95 
5-57 
H 
Cts. 
3716 
2784 
3-2-72 
35-71 
As in the previous season, the Directors considered 
it judicious to sell in the Colombo m irket all tUe 
produce ot the Company's estates, except tlie teas 
from Silver Kandy and the finest f,'rafle made on 
Doragalla, and are satisfied that by so doing they 
have obtained the highest value possible. 
The average prices Against comparative 
realised were as prices for previou* 
follows. year. 
IN LONDON. IN LONDON. 
per lb. per lb. 
Silver Kandy 7-81d. 9 '22d. 
IN COLOMBO. IN COLOMBO. 
per lb. per lb. 
Ohesterford 28-74 cts. 34-22 cts. 
Horagoda 26 39 „ 3-2-73 „ 
Doragalla 34-47 „ 35-81 „ 
The fall in prices his again been a very 
serious one and especially the values obtained for 
the tea produced on Silver Kandy have caused 
grave concern to the Directors. The bu->hes on 
this estate have taken a lona; time to recover 
from the effects of the severe cutting down which 
was found necessary two years ago and the tea 
has been very thin in the cup and deficient in 
the fine qualities which formerly caused it to 
realise high prices. In consequence instead of the 
■price improving durint; the last working year, it 
lias again fallen considerably, but there are at 
last indications of some improvement. The prices 
of tlie Teas from the other Instates have merely 
shared in the savere f ill which, mainly because 
of the excessive overproduction in India and 
Ceylon, has effected all Tea. A turn in the 
course of markets has, however, come, and should 
there be a continuation of the nioilerate crops 
produced during the last six months, a highey 
level of prices will probably be definitely es- 
tablished. 
The whole of the Company's Estates remain 
under the same superintendence as at the date 
of the issue of last report, and the work upon 
same has been done generally to the satisfaction 
ot the Directors and of the Company's Visiting 
Agent. 
In the course of the working year a snm of 
£150 was accepted by the Directors in fu'l settle- 
ment of claims in connection with tlie misappro- 
priations of the late Mr. Pomeroy, formerly 
Superintendent of Silver Kandy. 
The estimates for the 12 months endincr .SOlh 
June, 1902, are based on a crop of 780,000 lbs., 
and there seems little reason to doubt that this 
should be harvested, having in view the liberal 
manuring policy of recent years. Having regard 
to the financial position of the Company the Di- 
rectors with regret, decitled that it was impracti- 
cable for them to continue the] system of heavy 
manuring they had adopted. In this direction 
during the new season nothing will be done 
beyond burying with basic slag the prunings 
taken off the Silver Kaiuly, Doragalla and 
Chesterford Estates, a method of treatment which 
has been found of value in restoring important 
constituents to the soil. 
The ordinary local expenditure for the year 
has shown a serious increase, but a large 
proportion of the increase is attributable to 
the larger croj), which of course entails a direct 
increase in n;any ways, also the cost of burying 
prunings is chaiged in the ordinary local ex- 
penditure, and this in itself amounts to a con- 
siderable sum. The cost of visiting agency has, 
for the first time, been transferred from the 
Colombo to the Estate Expenditure. Unfortu- 
nately, while the expenditure shows the increase 
referred to, the receipts have fallen otf materially 
because of the lower prices, and the result is a 
loss on Revenue Account. It will be seen that 
including the balance brought forward and the 
amount or bad debt recovered, there remains at 
the debit of profit and loss account a sum of 
£963 Its. 3d. It is with extreme regret that the 
D rectors find themselves ajrain unable to pay 
any dividend. The efforts they made during the 
last year to obtain an increase in proilnction, 
although successful to some extent in the di- 
rection intended, have been mullified by the 
extreme sevei-ity of the fall in the prices of all 
tea. The Directors have nnAm drawn only half 
fees, and the Secretaries have lebated a con- 
siderable portion of the sum paid to them for 
managing the Company's affairs. 
As is welhknown, the general position of the tea 
industry has recently been a very bad one, and the 
Directors joined with others in an eff(n-t to come to 
a common agreement as to the restriction of pro- 
duction. Tlie scheme was not, however, carried 
ont, owing to the opposition of many producers, but 
the general lesult desired has, in some way, been 
attained, and the yields from bntli India and 
Ceylon having seriously fallen off, there is at the 
present mon;ent a much more healthy position and 
a fairer prospect for thos(^ interested in tea than 
for a long time back. There seenis little doubt 
that, sh(mld producers continue to work on the 
moderate scale they have recontly operatttl on, and 
consumption at home and abroad continue to in- 
crease as it has been doing, a more liealtliy basis 
of trade for tea producers will be firmly established, 
