THE TROPICAL 
AGRICULTURIST. [Jan. 1, 1902. 
THE WYNAAD TEA COMPANY. 
The following is from the report of the directors 
to be presented at the seventh annual meeting 
of shareholders, to be held at No. 7, Mincing 
Lane, at the office of the company, on Monday 
next:— 
The directors regret to have to report the loss 
of their esteemed colleague, Mr. Donald Andrew, 
who died in February, 1901. They thoroughly 
appreciated his valuable services during 
the short time he was in office The vacancy 
created on the board by his death has not yet been 
filled. The past season has only partially fulfilled 
the expectations of a year ago. The crops have very 
nearly reached the earlier estimates of both tea 
and colfee, but prices have proved extremely dis- 
appointing, and account for a deficiency in the 
year's results of about £1,900. The coffee crop, 
estimated roughly at 40 tons, has yielded about 
36 tons, which sold for only £40 per ton against 
an average of £70 per ton in the four previous 
seasons. The tea crop, estimated at about 150,0001b, 
has reached 146,7501b, and was sold for an 
average of 5|d per lb against 7 id per lb the 
year before. The pepper crop estimated at 
is tons, has actually turned out 20 tons, and 
has realised £187 over the estimate. The net 
proceeds of the three crops amount to £5,134 12s 
5d, against and expenditure in India of £3,716 
10s 2d. The directors have again transtened a 
large proportion of the revenue from tea to capital 
account, reprlsenting the 410 acres not yet in full 
bearing. The result is consequently a loss of 
£1,290 14s, carried to the debit of profit and loss, 
whilst £1,640 Os 9d have been debited to capital 
account. The tea and coffee trades have passed 
through a severe crisis during the past eighteen 
months, but both are now in a healthier con- 
dition, and are gradually returning to a more 
normal state. The over-supply of tea;,from Ceylon 
and Assam is finding fresh outlets, whiist crops 
are reported to be somewhat smaller, more at- 
tention is being paid to the production of a better 
article, and prices have recovered fully Id per lb. 
from the recent lowest level. Prices of coffee have 
recovered considerably during the past three months 
and although the present Kio and Santos crops 
are the largest on record, the reports about the 
Brazil crops of 1902- 1903 are ex^reInely unfavour- 
able, and point to a much higher level of prices 
for next year. The estimates for the current 
season are based upon a tea crop ot 190,0001b, a 
coffee crop of 20 tons, and a pepper crop of 20 
tons, and with the strictest economy in working 
the estates, without sacrificing efficient cultivation, 
the directors hope for better results. In making 
provision for the current year's up-Keep, the direc- 
tors have found it necessary to issue the balance 
of the debentures— viz., £2,000, and they have 
shown their confidence in the undertaking by 
subscribing for them in conjunction with Messrs. 
11 and J Henderson.— if. and C, Blail, Nov. 29. 
HORNSEY TEA ESTATES COMPANY, 
LIMITED. 
The Directors beg to submit to the Shareholfiers 
the repurt and audited accounts for the year closing 
the 30th June last. 
The crop of tea has weighed out 176,885 lb, a&ainat 
ladt year B crop of 191,844 lb, or a decrease of 
14^59 lb. of made tea. 
The period under review has been the most die- 
RBtrouB in the l?iatory of the tea trade. Largely 
increased crops, both from India and Ceylon, brough 
prices down to a level never before known, and in 
the case of many gardens below the cost of pro- 
dnctioD. Unfortuuately, the Hornsey Estate has had 
to Bufier with all estates in accepting lower prices 
for its produce ; but owing to the excellent tea pro- 
duced, the result is not bo unfavourable as migbt 
have been expected. 
Turning to the future, the directors are able 
to ".tate that prospects are more hopeful ; the eevere 
lesson in over-production has had a marked efiact in 
reducing crops, and prices are considerably higher 
sine* July last. 
The cost of production with manufacture ha» been 
30'84 cents, against last year 29-30 cents, or, in 
sterling, 5d per lb. Colombo against 4Jd per lb. 
The London sales have totalled 27,91.5.1b. of tea, 
Belling at an average of 8i per lb. gross, and the 
balance of the crop has been sold in Colombo, and 
realized an average 38*68 cents per lb. The average 
iale price for the whole crop has been equivalent 
to a London price of 7'47 per lb. gross against Ijisl 
year 7 94 per lb. 
A factory has now been finished and fully equipped 
with the necessary machinery, a»d the Company sine* 
July has manufactured its own leaf. The first in- 
voice made at the factory ii advised as selling at >n 
average of 49 cents. 
Against the expenditure on the factory £2,000 in 
Preference Shares have been issued. 
The audited aoconnts show that after paying all 
fixed charges and the Preference Dividend for the 
twelve months, there is a balance of £43 15s to carry 
to the debit of piofit and loss account. 
The Directors desire to express their thanks to 
Mr W S T Saunders and to Messrs. E Beuham & 
Co, the Colombo agents, for the attention giyen to 
the Company's interest during the year. 
In accordance with the Articles of Association Mr 
Charles A Beiss retires from the board, and, being 
eligible, offers himself for re-election. 
The Auditors, Messrs. Singleton, Fabian & Co., 
also offer themselves for re-election. 
Chables a. Bxiia and Waltik S. Sickbl, 
Directors, 
AurN B. ToMKiNS, Secretary. 
51, Lime Street, E.C. 
London, 6th Nov., 1901. 
THE CALEDONIAN (CEYLON) TEA 
ESTATES, LIMITED. 
The following it from the report of the directors 
io be snbmittsd at the foarth annual ordinary general 
meeting :— 
The working account, after providing for London 
•barges, shows a profit of £4,191 ISs Hd, and the 
profit and loss account, including the balance brought 
forward from the previous year, and after paym. nt 
of interest on debentures. Ac, leaves an available 
balance of £2,019 lis 6d. From this sum the directors 
now recommend the payment of a dividend of 6 per 
cent on the preference shares for the year to June 
30 last, amounting to £1,920 ; leaving to be carried 
forward to next year the balance of £99 lis 6d. The 
directors regret that they are again unable to declare 
any dividend on the ordinary shares. The total 
quantity of tea produced was 106,731 lb more than 
the previous season's crop, and 41,444 lb over the 
estimates. Owing, howeyer, to the low prices pre- 
vailing during the greater portion of the year, in 
consequenca of the continued excessive supply, the 
profit shows but a small increase, although the cost 
of production was considerably reduced. The statistical 
position of tea generally has lately much improved, 
and it is estimated that the supplies from all sources 
for the current season will be much below last year's 
yield. Prices have consequently shown a marked 
improvement during the last few weeks, and the out- 
look for Ceylon Tea is at the present time more pro- 
mising than it has been for some years past. The 
