April 1, 1902.] THE TROPICAL AGRICULTURIST. 
68i 
the Battawatte Road, it is anticipated that an 
expenditure on capital account of B8,981 will be 
required for additions to machinery and upkeep of a 
small acreage of tea on Garapaha not yet in bearing, 
Messrs. H Cumberbatch and W H Figg having 
resigned their seats on the Board, the vacancies 
were filled by the appointment of Messrs. R S 
Templer and G H Alston. In terms of the Articles 
of Association Mr W D Gibbon now retires, but is 
eligible for re-election. 
The appointment of an Auditor will rest with the 
meeting. — By order of the Directors, Whittall & Co., 
Colombo, February 19th, 1902. Agents and Secretaries. 
THE DRAYTON (CEYLON) ESTATES 
COMPANY, LIMITED, 
BEPORT OF DIRECTORS. 
The Directors beg to submit a duly audited state- 
ment of the Company's accounts for the year ending 
31st December, 1901. 
After making provision for Depreciation of buildings 
and machinery, and setting aside R2,000'00 as a 
leserve against bad debts:, the profit earned for the 
year amounts to R69,964-57, equal to rather over 9J per 
cent the paid up capital of the Company. An in- 
terim dividend at the rate of 3 per cent was paid in 
October last, absorbing j.<21,450'00, thus leaving a 
balance of R48,5ll-57 more to be dealt with, to which 
must be added the sum ofR3,055-85 brought forward 
from 1900. The Directors propose the payment of a 
final dividend of five per cent, making 8 per cent for 
the year, and that the balance Rl.3,320'42 be carried 
forward to the current year's account. 
The crop secured from the Company's Estates 
amounted to 567,8631b., being ll,0i7 lb. more than the 
crop of 1900, which is equivalent to a yield of 422 lb., 
per acre, and is a satisfactory increase, considering 
The cost of production of the 567,863 lb. of Tea 
delivered in Colombo was 27-60 cts. per lb. 
The nett price realised was 40'74 cts. per lb. 
Upwards of Bl,360"47 was spent on new Pine Board- 
ing Tata, Tea, Bins, and the erection of new lines all 
of which expenditure has been charged to working 
account. 
The Buildings on the Company's Estates are now all 
in good order, and should require very little expendi ture 
on upkeep for some time to come. 
In view of the probable sale of Yuillefield, the Com- 
pany are acquiring the necessary powers to enable the 
sale to bo completed and are also applying to the 
Court for leave to reduce the Capital of the Company. 
The lease of Cwm Estate has expired, and, the 
Directors do not propose renewing it. 
Since the last general meeting Mr V A Julius has 
been elected director in the place of Mr P Lieisching. 
In terms of the Articles of Association Mr Figg 
retires from the Board by rotation. 
The appointment of an auditor for the current year 
rests with the meeting. 
VOGAN TEA COMPANY OP CEYLON. 
Directors. — Messrs. R 'W Harrison, V A Julius, B 
M Shattock. 
The Directors now beg to submit to the shareholders 
their report and accounts for the year ended Decem- 
ber 31st, lyOl. 
The total crops secured for the year have been as 
follows :— 
Vogan 223,667 lb as against 319,477 lb in 1900. 
Iddagodde 110,781 „ 142,922 „ 
Bought leaf 15,383 „ 20,268 „ 
Stamford Hill 
&Barkindale 82,640 ., 107,474 ,, 
be seen above 7.5,552 lb short oE the estimate, this 
being due to the extremely unfavourable weather for 
flushing which prevailed during the greater part of the 
year, more especially daring November and Decem- 
ber, in which months only 46,959 lb of Tea were se- 
cured as against 97,035 lb during the same two months 
of 1900. This large shortage of crop has brought 
up the cost of the Tea to 26-62 cents per lb. while 
the net average price realised has been 32'23 cents. 
On Stamford Hill and Barkindale the crop has 
also fallen short of the estinate to the extent of 
17,360 lb., the total amount secured being 82,640 lb 
which has cost, after the deduction of the profit on 
manufacture of outside leaf, 29-90 cents per ib to lay 
down in Colombo, and has realised a net average 
price of 42'20 cents per lb, 
After payment of the interes on Debentrres, viz: 
R5,,565, the amount of profit earned is R19,783"17, to 
which mast be added the balance of R336'93 brought 
forward from the previous year, making a total of 
B20, 120-10 available for distribution. Of this amount, 
the Directors recommended that the sum of R3,000 
be put to Depreciation Account, and, that a dividend 
of 2^ per cent absorbing R18,000 be paid leaving a 
balance of R120"10 to be carried to next account. In 
view of the fact that the Factories on Vogan and 
Stamford Hill are built of brick and iron respectively 
and that all repairs and renewals are charged to 
working account, it is not considered necessary to 
put a larger sum aside for depreciation. 
Considerable attention is bemg paid to the cultiva- 
tion of Rubber on Vogan and Iddagodde, and dur- 
ing the year some 5,000 stumps will be put out on suit- 
able land. It is hoped that, in time, this together 
with what has been planted in previous years will form 
a most valuable reserve for the Company, and every 
effort will be made in this direction. 
The acreage of the Company's properties is as fol- 
lows :— 
Vogan and Iddagodde. a. r. p. 
Tea in full bearing ... 666 3 33 
Tea in partial bearing ... 119 0 10 
do under two years . . 25 0 0 
Jungle do .. 515 1 38 
Stamford Hill and Barkindale 
Tea in full bearing- . . 220 0 0 
Total Acreage ... 1,548 2 1 
In terms of the Articles of Association Mr V A 
Julius retires from the Board of Directors, but being 
eligible offers himself for re-election. 
It will also be necessary to appoint an Auditor 
for 1902. — By order of the Directors, 
Lee Hedges &, Co., Agents and Secretaries. 
Colombo, March 2nd, 1902. 
432,471 590,141 
Estimate of crop on Vogan and Iddagodde was 
410,000 lb based on a finer system of plucking than was 
in vogue during 1900, The crop secured, waa, aa will 
THE INDIAN FIBRE CO, 
The prospectus of this Company has now been 
issued. The capital of the Company is R4 lakhs, 
in 4,000 shares of RlOO eacli, of which the vending 
Syndicate receives half in fully paid up sliares, so 
confident is it of the soundness of the concern and 
of the prosperous future before it. Mr. F W Tytler 
is the head of the Syndicate, and the Company is 
to have the benefit of his services, so that, as the 
prospectus states, it " would thus start work with 
assured supplies of raw material, the most approved 
machinery, cheap labour, and experienced manage- 
ment, and can confidently rely upon a constant 
demand for its produce at prices which must under 
ordinary circumstances leave a handsome profit." 
There is one fact -which Avill strongly appeal to 
prospective shareholders, and that is that the Com 
pany will be in the fortunate position of being able 
to declare a dividend in the first year, and one which 
may range from 30 to 16 per cent, on a called-up 
