June 2, 1902.] THE TROPICAL 
AaEiCULTURIST. 
839 
KELANI 
VALLEY TEA 
LIMITED. 
ASSOCIATION, 
REPORT OF THE DIRECTORS 
To be presented to the sharsholdera at their six- 
teenth ordina/fy general meeting to be held at the 
Office of the Company, oa Monday, 5th May, 1902, 
at 2 p.m. 
The Directors beg to snbmit to the shareholders 
the report and accounts of the Company, duly 
audited, for the year ending Slst December, 1901. 
The crops from the Company's four estates 
amounted to 549,906 lb. against 662,248 lb. in 100^) ; 
the average price realised was 6 206d against 5*791ci, 
and the average rate of exchange is 4id as compared 
with Is 4 27-64 in the previous year. 
The shortfall in the crop compared with ISOO is 
partly due to more careful plucking which was 
adopted at the beginning of the year, but it is 
also traceable, to a large extent, to the adveree 
climatic conditions th?it prevailed during the latter 
part of the year. 
Although the prices obtained in the later months 
were fairly satisfactory, the average price for 1901 
is very little above that for 1900, as the rates 
that ruled during the first six months were very low. 
The net profit for the year amounts to £612 123 
5d, which, with i'456 153 bronj^ht forward from 1900, 
makes £1,069 7.-5 5d now available. Out of this 
sum the Directors propose to write 5 per cent off 
on buildings and machinery, which will absorb £638 23 
lid, leaving £431 4s 6d to be carried forward to 
next season's account. 
Debentures to the extent of £7,400 matured during 
the year, and have been renewed for three or five 
years at 5 per cent per annum. 
Owing ts continued absence from Loudon, Mr L 
F Dftvies found it impossible to attend the Board 
Meetings, and he therefore tendered his resigna- 
tion, which was accepted with much regret. 
In accordance with the Articles of Association, 
the Board have elected Mr John Wallace Stocks, 
who is duly qualified, to fill the vacancy thus 
created. 
In accordance with the Articles of Association, 
Mr O W Paine retires from the Board, and, being 
eligible, offers himself for re-eleotion. 
Mr J B Laurie, G, A., also offers hiuiaelf for re- 
eleotion as Auditor. 
0. W. Paine, Chairman. 
16, Philpot Lane, London, E.C., 21st April, 1902. 
POONAGALLA VALLEY CEYLON CO., LTD. 
REPORT OF THE BOARD OF DIRECTORS 
To be pressnted to the shareholders at their sixth 
annual ordinary meeting, to be held at the Office of 
the Company, 16, Philpot Lane, London, E.G., on 
Tuesday, the 6th May, 1902, at 2 p.m. 
The Directors beg to submit the report and 
Acconnts of the Company, duly audited, for the year 
ending 31st December, 1901. 
The total crop of tea amounted to 396,593 lb. shew- 
ing a decrease compared with that of last season of 
84,298 lb. the result, to a certain extent, of finer pluck- 
ing, but chiefly caused by the severe drought 
experienced in June, July, and August, and to very 
high cold winds during the latter months of the year. 
This serious shortfall, coupled with the very poor 
prices realized during the first six months of the past 
year, is accountable for the uuforiuuate result of the 
year's working, the loss shewn having been incurred 
during the half-year ending 30th June. The estates 
are in good heart and condition, and, given seasonable 
weather and a fair market, it is hoped that the year 
now entered upon will end much mors satisfactorily. 
The Balance Sheet herewith shews that the loss on 
the year's working amounts to i'1,233 19s lid ; and, 
(Jeducting therefrom ^6216 23 8d brought forward 
from last year^ the debit of Profit and Loss Account 
stands at £1,017 17s 3d. 
The following figures are given for comparison •— 
1901. 1900. 
Total Tea Crop secured .396,593 lb 480,886 lb 
Total Coffee Crop secured 147i bushels 231 bushels 
Avfrage Price realised for Tea — 
Sold in London 7d per lb • 5 '}4d per lb 
Sold in Ceylon 36 cents — 
Total Kainfall 69-64 inches 1080'7 inches 
Average rate of Exchange l/4|ths 1/4 13.32nds 
On the 30th September, at 3 a.m.; during the pre- 
valence of a very heavy south-westeriy gate, the new 
Withering House at Poouagaila took fire, and, but 
for the presence of mind and hard work on the part 
of the Tea-maker, watchman, and coolies, before the 
Manager could arrive, the main Factory building 
would have been destroyed. 
The building and contents were fully insured, and 
the Company will suffor but little pecuniary loss. 
The re-erection of the Withering House was im- 
mediately taken in hand and is now almost complete. 
During the year 25 acres in the Jungle strip at Lunu- 
gallahave been planted with cardamoms, which pr.jmise 
well, and the Visiting Agent recommends a further 
20 acres being so treated during the present season. 
Your Directors have to announce that, in order to 
provide further necessary capital, the Chairman has 
had to advance i£7..000 on second debenture bonds for 
four years, beariug interest at 6 per cent per annum. 
In accordance with the articles of Association, Mr 
Robert Porter retires from the Board, and, being 
eligible, offers himself for re-election. 
Messrs. Cape and Dalgleish, C. A., also offer them- 
selves for re-eleotion as Auditors.— By Order of the 
Board, Lyall. Andeuson & Co., 
Agents and Secretaries. 
16, Philpot Laue, London, E.G. 21st April, 1902. 
THE SUNNYGAMA (CEYLON) TEA 
ESTATES COMPANY, LIMITED. 
THE REPORT OF THE DIRECTORS 
to be submitted to the shareholders at the general 
meeting to be held on Wednesday, SOtli April 1902. 
at 11 a.m. at No. 34, GroLit St. Helen's, London, E c7 
The Directors herewith snbmit their Ninth Annual' 
Report, together with statement of accounts and 
balance sheet for the year ending 3Ist Dec, 1901. 
The profit and loss account (including £107 9s 'ed 
carried forward from last year) shows a credit bal- 
ance of £1,928 Os 9d, after paying interest on the deben- 
tures to 1st January, 1902, which the Directors pro- 
pos e to apply as follows :— To pay a balance dividend 
of 3 per cent on the preference shares for the year 
ended 31st December, 1900, £450 ; to piy a dividend 
of 6 per cent on the preference shares for the whole 
year 1901, £900 ; total £1,350 ; carrying forward the 
bslance, viz, £578 Os 9d, total £1,928 Os 9d, 
The following figures show the result of the year's 
working : — 
SUNNYCKOFT EsTATE.— Crop— 641,673 lb tea at 
an average net price of about 5 9.16d realised 
£14,871 4s 8d, interest on account £76 16s 3d 
total £14,948 Os lid. Expenditure— Cost of cultiva- 
tion, shipping, etc., £11,801 15s 8d, profit .43,616 53 3d. 
Pambagama. Estate,— Orop— 276,861 lb tea at an 
R,verage net price about 4 15-16d realised £5,713 
9a 8fl, 9,615 lb tea sold in Ceylou, realizing Ill'642 
at Exchange of 1/4, ^109 93 4d, total £5,822 19e0d 
Expenditure— Cost of cultivation, shipping, etc' 
£6,! 95 16s 8d, interest on account, £8 93 8d tota'i 
£6,204 63 4d, loss £381 73 4d, net profit £3,264 
17s Ud. 
The total crops amounted to 928,149 lb, against an 
estimate of 1,080,000 lb given in the last Report, the 
reduction being caused by the finer plucking then 
referred to. This, together with the better market 
has led to i.raproved prices, the gross average price of 
