Deo. 2, 1901.] TttK TROPICAL AaRtCULf UPJST. 
425 
7. The Net Profits of the past year amounted at 
£5,115 3a Id, to which mast be added the sum of 
^614 18^ 9J. the balance brought forward from the 
year 1899-1900 making together £5 730 Is 103. 
8. Having aheady paid a half years' interim divi- 
dend on the 6 per cent Preference Shares to the 31sb 
December, 19i'0, amounting {less property tax) to £413 
19s Od, the Directors recommeud the payment of the 
dividend on these shares to 30th June last, requiring 
(less property tax) £117 2s 3d, and they further 
recommend a dividend of os per share < [roe of income 
tax), being 2.3 per cent on the ordinary shares, 
amounting to £3,750 carrying forward the balance 
of £1,141 Os 7d to next account. The Directors du 
not consider it necessary to make any deduction from 
the Suspense Account this year, as they deducted 
last year in anticipation £999 la 5d, being one-tenth 
of the sums charged to this account during the ten 
years ending 30th June, 1900. 
9. iyir. Henry Bois, the Director retiring on this 
occasion, being eligible, offers himself for re-election, 
Mr. John Smith, the Auditor also retires, and being 
a shar'iholder offers himself for re-election. —By order 
of the Board, 
C. IM. Robertson, Secretary. 
12, Feuchurch St., London, E.G., 1st Nov., 1901. 
casual vacancy thus created.— I am, dear sir (or 
midam), yours faithfully, T. A. "Wiluams, 
Secretary, 
THE YATIYANTOTA, CEYLON TEA 
COMPANY, LIMITED. 
97, Mincing Lane, London, E. C, '2'Jth October, 
1901. 
To the Shareholders. 
Dear Sih (or Madam),— An Interim Dividend of 
8 per cent, for 1901 on the Preference Shares was 
declared and paid, as usual, on 1st July last, but 
the Directors regret to announce that the working 
of the Company for the first halt of this year does 
not admit of the payment of an Interim Dividend 
on the Ordinary Shares, as is usual ,it this time. 
At the annual general meeting of the Company, 
held on 25th April last, the Chairman referred to 
the movement then under the consideration of pro- 
ducers, having for its object a curtailment in the 
output of tea, in order to meet the adverse position 
caused by the then existing accumulation of stocks 
and serious depression in prices. Although concerted 
action was found impossible, growers generally have 
taken steps to lessen their production, with the 
result that the excessive stocks have been absorbed, 
and market prices have lately shown appreciable 
improvement. 
The latest advices from Ceylon indicate that, con- 
sequent upon the alteration in the method of working 
adopted this year, the crops from the Company's estates 
will show a falling off of 10 to 12 per cent on the 
quantity produced last year, and that the cost of 
production, per pound of tea, is likely to be about 
three-eighths of a penny higher than it was in 1900. 
The net average price obtained for the first half- 
year's production, however, shows but a very 
trifling advance on the average secured for the whole 
of last year's crops, notwithstanding a marked im- 
provement in quality, resulting from the higher 
character of the leaf plucked, The margin of profit 
for the half-year has thus been reduced to about 
three farthings per pound of tea, which does little 
more than meet the Preference Dividend, after 
making the usual provision for depreciation, &c. 
Present market price?, however, show fully a penny 
per pound advance on last season's average, and if 
this improvement shouUl continue until the balance 
of the current crops has been sold, the net profit on 
the years' working will, in all proDability, equal that 
of last veSir. 
The Directors desire to take this opportunity of 
informing the Shareholder's that Mr. Walter J Smith, 
having assumed charge of the working of part of the 
Company's property, has resigned his seat on the 
Board as at 30th September. The Directors have 
appointed Mr, John fMcInnes Skinner to fill the 
CENTKAL TEA, CO. OF CEYLON, LD. 
Report of the directors submitted at the sixth 
Annual Ordinary General Meeting of shareholders 
h?ld at 20, Eastcheap, E.G., on Monday, the 18th 
November, 1901. 
The directors bog to submit the general balance 
sheet and profit and loss account for the year ending 
30th June 1900, duly audited. 
The net amount at credit of profit £ a^d M sd 
and loss account including the 
balance brought forward at 
30th June 1900, and after provi- 
ding for general expenses, direc- 
tors' fees, income tax, etc., is 1,885 1 9 
Dividends on the ft per cent 
preference shares were paid for 
1900/1901 to 30th June (less in- 
come tax) amounting to . . 9C0 9 4 
The li per cent unpaid on 
the preference shares at 80th June 
(less income tax) has since been 
paid amounting to 317 16 3 
It is proposed to write off for 
depreciation . . . . 30O 0 0 
And to carry forward to next 
year a balance of . , . . 306 IG 2 
1,885 1 9 
Owing to the heavy fall in the market price of tea 
and a diminished yield the director.^ regret the re- 
sults for the past year have been disappointing. 
The gross average price realised fur the lea was 
6.55dperlb, as against 7.03d per lb last season, and the 
rate of exchange was Is 4 13-32d as against Is 4-31-64d 
The yield of tea was 374,38-3 lb, being 418 lb per 
acre over a plucking area of 895 acres. 
The increase of expenditure under the head of Cost 
of Estates during the past year is due principally to 
necessary additions to machinery for Somerset ; and 
for an installation of an aerial tramway ; factory 
extension ; and cart road for Kabragalla. These 
works have all been made with a view to reducing 
the cost of production. 
The vendor having surrendered the 400 ordinary 
shares allotted but not issued, the agreement and the 
allotment for the same have been cancelled. 
The current year has opened with better prospects 
for tea, and encouraging reports have been received 
as to the future of the acreage under cardamoms. 
Uuder clause 24 of the Articles of Association, Mr. 
Wh Anderson retires on H^s occasion from the 
Board, and being eligible, c ifers himselffor re-election. 
The auditors, Messrs. liivipcr Brothers, Chartered 
Accountants, also retire from office, and offer them- 
selves for re-election. 
By order of the Board, Wm. Johnston, Secretary. 
London, Nov. 8th. 
THE CEYLON LAND AND PRODUCE 
COMPANY, LTD. 
Report of the Directors, submitted to the 
seventeenth annual general meeting of shareholders 
h=;ld at the Rtgistered Office of the Company, 
Nos. 353 and 354, Leadenhall House, lOi, Leadenhall 
Street, in the City of London, on Friday, the 15th 
day of November, 19ui. at 2 o'clock p.m. 
Yuur diructors have the pleasure to submit the 
annexed Profit and Loss Account and Balance Sheet 
for the Crop year ending 30th June 1901, duly 
audited. 
The amount at credit of Profit and Loss Account 
is i;'6,533 183 Ud which with the sum of £745 Us 7d 
brought ; forward from last year, leaves £7,279 lOs Cd 
to be distributed. 
