610 
THE TROPICAL AGRICULTURIST, [March 1, 1902. 
The average net price realized was 30'62 cents per 
lb against 31'32 cents last year. 
The coat of the Tea laid down in Colombo was 23'48 
cents per lb of which R8,017'84 was spent on ma- 
nuring. 
On Capital account a sum of R3,143'58 was spent on 
extending Rubber cultivation, building permanent 
lines and the upkeep of small acreage of young tea 
not yet in bearing, 
A Census of the Rubber trees on the Company's pro- 
perties has been taken, and exclusive of last year's 
plants, tha total is 11,883, During the current year 
provision has been made in the Estimates for planting 
30 acres of this product. 
After making ample provision for Depreciation of 
Buildings and Machinery, and paying the 7 per cent 
dividend on the Preference Shares, the balance at 
credit of Profit and boss Account for the year's work- 
ing amounts to R7,924'62. The sum available for 
distribution is R14j885"38, out of which the Directors 
recommend the payment of a dividend for the year 
of 24 per cent on the ordinary bhares, leaving 
R4,885"38 to be carried forward to the current season's 
working. 
For 1902 the tea crop is estimated at 815,862 lb. 
on an expenditure of R75,942"34, which includes an 
amount of R8,605"20 to be spent on manuring. 
On Capital Account an expenditure of R4,783'56 is 
estimated, principally for opening the Rubber clearing 
referred to above and the erection of new permanent 
lines. 
Mr. H Cumberbatch on leaving the I<!]and resigned 
his seat on the Board and Mr, R S Templer was 
appointed to the vacancy. 
In terms of the Articles of Association, Mr. J G 
Wardrop now retires from the office of Diiseetor, but 
is eligible for re-election. 
The appointment of an Auditor for the turrentyear 
will rest with the meeting. 
GANGAWATTA ESTATES COMPANY OF 
CEYLON, LIMITED. 
EEPORT OF THE DIRECTORS. 
Messrs. T G Hayes, S H Hayes, W Anderson 
J Shelton Agar and T S Grigsou — Directors, 
ACRKAGE : 
Tea in full bearing . . 335 acres 
partial bearing ... 2 „ 
not in bearing . 8 ,, 
Grass and Ravines 
Total 
10 
355 acres 
The Directors beg to submit their Fifth Annual Re. 
pott and Statement of Accounts for the year ended 
31st December, 1901. 
The total crop of tea secured for the year amounted 
to 166,182 lb. against an estimate of 170,000 lb. The 
short fall may largely be attributed to the unfavour- 
able weather which prevailed daring the latter months 
of the season, but a part of the shrinkage may also 
be put down as the result of the finer system of 
plucking that has been adhered to throughout the 
year. 
The whole of the crop, with the exception of 12 lb. 
carried forward to next season, was sold in Colombo, 
and realised R64,183'19, or an average of 38 62 cents 
per lb. as compared with 3fi'07 cents the previous year, 
while the cost of production, including 1'77 spent on 
manure, works out at 26'60 cents per lb. 
Sixty-four acres, chiefly on the Bitterne division, 
were manured during the year with good effect on the 
bushes, and the estates are reported to be looking well, 
The working account shows a net revenue of 
K20,21.5'.'j4, to which has to be added Rl,140 06 brought 
forward from Imt, season, An interim dividend of 3 
per cent has already been paid, and after allowing 
for interest on Mortgage, Superintendent's commis- 
RiQDi a^wimwii mi ^th^r i^ems. tlf ere ia av^ilablQ 
surplus of Rll,848"00, which the Directors propose 
should be dealt with as follows : — 
In payment of a Final dividend 
of 4 per cent .. R7,140 00 
To credit of a Reserve Account 2,500 00 
Balance ta be carried forward to 
next year, subject to Direc- 
tors' Fees, and provision for 
depreciation of Machinery 2,208 00 
Rll,848 00 
The estimate for the current season points to a crop 
of 170,000 lb. expected to cost R45,224-75, including 
R4,04O OO for manure. 
The accounts have been charged with the balance 
cost of reconstracting the wire bridge destroyed last 
season. 
In terms of the Articles of Association Mr T G 
Hayes retires by rotation from the Board of Directors 
and is eligible for re-election. 
The appointment of an Auditor for the current year 
rests with the meeting. 
RUANWELLA TEA COMPANY. 
ANNUAL REPORT. 
After the usual preliminaries, tlie annual report 
was submitted as follows: — 
Directors :— Mr H J Scott, Hon Mr V/ H Figg, Mr 
J P Anderson; Estate Inspector.— Mr .J P Anderson, 
Estate Superintendent. — .Vir D I Mackenzie. 
ACREAGE, 
Tea in full bearing 374 acres. 
Jungle and Wasteland 199 ,, 
Total 573 „ 
The Directors have now to submit to the share- 
holders the report and accounts of the Company for 
the past year. 
Most estates in the Kelani Valley are short of 
their estimates for last year, and the Company's 
property is no exception to the rule, the crop secured 
amounting to only 166,300 lb of 33,700 lb short of 
the estimate. The Directors feel convinced that this 
unsatisfactory result is attributable primarily to an 
unfavourable flashing season, and, to a smaller extent, 
more careful plucking. 
The average nett price realized was 27*83 cents 
per lb., whilst the cost of production was 23-89 cents 
per lb., of which R3,466 05 was spent on manure, 
and a sum of Rl,055 on purchasing a wire shoot and 
a new tea sifter, 
As Buildings and Machinery only stand in the Com- 
pany's books at R25, 851-57, a sum far below their 
actual value, the Directors do not consider it necessary 
to write off any depreciation this year. 
After writing off R725-58 for bad coast advances, 
the sum at credit of Profit and Loss account is 
R3,573-68, to which falls to be added R6,783 02 brought 
forward from last year, and R196'81, being under- 
estimated value of Tea appearing as unsold in last 
year's account. The amount available for distribution 
is therefore R10,553"51, and the Directors recommend 
the payment of a dividend for the year of 3 per cent, 
and that the balance R2,603-51 be carried to the current 
season's account. 
The crop estimated for this year is 200,000 lb. Tea 
on an expenditure of R46,232-66, which also provides 
for the planting up of Para Rubber on certain portions 
of the estate where it is considered that the cultiva- 
tion of this product is likely to be profitable. 
The building of a permanent set of lines is alsp 
provided for. 
In accordance with the Articles of Association, Mr 
Hercules J Scott now retires fromjthe Board, but ia 
eligible for re-election. 
The appointment of an Auditor for the current year 
rests Yiiih the meeting. 
