May 1, 1902.] 
THE TROPICAL AGRICULTURIST. 
755 
London sales amounted to 63,282 lb, netting £2,156 
163 4d. and Colombo sales 151,518 lb, realizing uet 
E55,G38-87. This compares with 169,283 lb, netting 
£5,128 12s Id, and 104,925 lb, realizing net Rb7,737-95, 
sold in 1900 in London and Colombo respectively. 
Exchange for drafts has averaged 1/4 19-64, against 
1/4 7-16 in 1900. 
An interim dividend of 5 per cent on the Shares, 
free of Income Tax, was paid in Oatober last, and 
the Directors are unable to recommend any further 
distribution. A balance of £34 16s 3d at credit of 
Profit and Loss Account is carried forward. 
The best thanks of the shareholders are again due 
to the Estate Superintendent, Mr G C R Norman, 
as well as to the Colombo Agents, Messrs E Benham 
& Go, for their valuable services to the Company 
foi the past year. 
In accordance with the articles of Association, Mr 
Adolf Zimmern retires by rotation, and, being eligible, 
offers himself for re election. 
THE UNION ESTATE COMPANY OF 
CEYLON, LIMITED. 
EEPOET OF THE DIRECTORS. 
ACEEAGE. 
be 
H BOO 
Hayes Group 509 3 — 20 
Dea Ella 
243 
81 
532 
324 
bc. a 
1,679 2,211 
162 486 
752 
3 81 20 856 1,841 2,697 
The .Directors now present to the shareholders the 
accounts of the Company for the past vear. 
The crops secured on Dea Ella were 77,336 lb. Tea 
(including 18,207 lb purchased leaf) 164 cwts Cocoa aud 
small quantities of Coconuts, Arecanuts and Vanilla. 
The Tea realized 30'69 cents per lb and the Cocoa 
R33'15 per cwt, as against 31'44 cents and R44-30 in 
I911O. The crops from Hayes Groun amounted to 
273,281 1b. Tea and 1,101 lb. Cardamoms, which re- 
alised respectively 30"71 cents and R1'14 per lb. as 
against 30 75 cents and Rl-21 in 1900. 
The fall in prices of all the above products is ex- 
tremely regrettable, and has been unfortunately the 
experience of many Companies during the past year, 
A loss of R6,286-26 was brought forward from 1900 
profit and loss account, and this is now reduced to 
R830'55 by the profits earned in the past year, 
R5,455'71 ; it must however be noted that no pro- 
vision has been made for depresiation. The 
mortgage of £3,500 bearing interest at 8 per cent, over 
Hayes listate, has been paid off and the necessary 
money borrowed in London at 7 per cent per annum. 
The Company's Bankers alto called for payment of the 
overdraft, the money for which was provided by 
Messrs. Whittall & Co., on the security of a mortgage 
over Dea Ella Estate. 
The only Capital expenditure of importance has 
been the instalments due for the construction of the 
Hayes Road, which amounted to E'',0o5"21 : there 
Btill remains a liability to Government on this account 
of R9,26l'20, which has to be liquidated by half-yearly 
instalments, the last being due on 30th June, 1903. 
Contributions to the extent of Rl,991'54 paid by this 
Company in 1896 and 1898 on account of Hean's Land, 
to ensure the construction of the road, have been re- 
funded by Government in 1902. 
The estimate for 1902 is 345,000 lb. Tea, 150 cwts. 
Oocoa, 20,000 Coconuts and 2,000 lb. Cardamoms, on 
expendittif§ on Working Account of ]:ly9,970-22. 
In terms of the Articles of Association Mr. G H 
Alston now retires from the office of Director, but 
is eligible for re election. 
The appointment of an Auditor for the current 
year will rest with the meeting. 
THE CEYLON TEA AND COCONUT 
ESTATES COMPANY, LIMITED, 
REPORT OF THE DIRECTORS, 
ACREAGE. 
Acres. 
TiA.— In fu'l bearing .. 410 2 22 
Coconuts .. 559 3 3 
Cinnamon . . 21 2 30 
Rubber ... 40 C 0 
Jungle, Patua aud Scrub 375 2 38 
Total .. 1,407 1 13 acres. 
The Directors have now to submit to the share- 
holders the accounts for the past year. 
The Division. — The crop secured amounted to 
158,963 lb., being 21,037 lb. under the estimate. This 
is due to the extremely bad season for flushing, 
and to the continuance of the careful system of 
plucking, 
The cost of laying down the tea in Colombo was 
23"31 cents per lb. as compared with 30-47 cents 
per lb. in 1900, and the uett average price realised 
was 28-86 cents per lb. against 30 68 cents in 1900. 
There was no capital expenditure. 
Coconut Division.— The crop gathered was 516,008 
nuts, of which 2,430 were sold on the estate at 
R40 per 1,000 nuts aud 4,351 were rejected. 
The remainder were made into copra candies 
409-2-0.16, and sold at a uett average of R45 58 per 
candy, as compared with candies 444, 4. 0. 18 in 
1900, which realised an average of R44"93 per 
candy. 
The Estimates for the current year are Tea, 
200,000 lb. against au expenditure on working 
account of 42,173. Coconuts, OOO.OOO nuts on an 
expenditure of R15,569. This crop has already been 
sold at an advance of RS SO per candv over last 
year. Rubber. An expenditure of R750"' which pos- 
sibly will be covered by the jield from trees which 
are now ready for tapping. 
After making the usual provision for deprecia- 
tion of buildings and machinery, the result of the 
year's working shews a loss of R3,843-3 as compared 
with R9,715-92 in 1900. 
In terms of the articles of Association, Mr F 
Crosbie Roles . retires from the Board of Directors 
and is eligible for re-election. 
The appointment of an Auditor for the current 
year will rest with the meeting. 
THE PUNDALUOYA TEA COMPANY OF 
CEYLON, LIMITED, 
Directors.— Messrs. Edward Christian, Charles 
Murray Robertson and Frederick H Christian. 
Agents in Colombo.— Messrs. J M Robertson & Co. 
Agents and Sechetaeies.— Messrs. Robertson Boia 
& Co. 
Keport to be presented at the fifth ordinary 
annual general meeting of the Company to be held 
at the office of the Company on Thursday, the 3rd 
April, 1902, at twelve o'clock noon. 
1. The directors now submit their report for the 
year ending 31st December, 1901, together with the 
balance sheet and accounts of the Company made 
up to that date, and duly audited. 
The mortgage on Deeside Estate has been re- 
duced to £4 000, by the redemption of £3,618 7s 7d, 
aid on the 7th May last. 
3. The crop gathered off the 1,640 acres of old tea 
was 679,079 lb., against 697,359 lb. last year, when 
the weather was unusually favourable, Part of th? 
