^ME TTROt'ICAL A.GRiCtlL'TURIS'r. [June 2, 1902. 
Uicln- G'a.-i?a 07 of tha Arbiijle? of Aisioi itim Mr. 
0 B Stfi^liia i-esirai fcTin the B^ii-J, and be'a; eligi- 
bla a£f,ir3 Ir'nuelf for vo filo-itiDH. 
Th« appoitif.meut of Atiditoi-si rasta with the Sha,re. 
holders, and Messrs. Fuller, Wiso and F.aher offer 
themselves for re-elantion. 
0. E. STa'VOHA>j, M. P. Evans, Directors. 
M. P. Evans & Co., Secretaries. 
London, April 23ih 1902. 
SCOTTISH CEYLON TEA. CO, LTD, 
RKPORT OF THE BOARD OF DIRECTORS. 
To be presented to the Shareholders at their 
thirteenth annual ordinary meeting, to be held at 
the Office of the Company, 16 Philpot Lane, London, 
E.G., on Monday, 12th May, 1902, at 12 o'clock uoon. 
The Directors have pleasure in snbraitting; to the 
Shareholders the Accounts and Balance Sheet for 
the year ending 31st December, 19111, with Auditor's 
Certificate attached The net profits for the year amount 
to £4,164 53 lld,tov7hich has to be added £413 13s 
6d brought forward from last Accounts, giving a 
total to be dealt with of £4,567 193 4d, and this it is 
proposed to apportion as follows :— Amount as above 
£4,567 19s 4d ; To interim Dividend on the Ordinary 
Shares of Siper cent (free of Income Tax) paid in Sep- 
tember, "1901 £1,435; To Dividend'! on the 7 per cent. 
Preference Shores paid September, 1901, and March, 
1902 £630 ; To Final Dividend on the Ordinary Shares 
o£ ii per cent (free of Income Tax), making 8 per 
cent for the year £1,845 ; To write off the Capital 
Expenditure incurred daring 1901 £429 9s 3d ; To 
carry forward to next Accounts £228 lOs Id. — 
Total, £4,567 19s 4d. 
The results for the season are disappsinting, the 
Bhortage as compared with previous accounts being 
due principally to continued unsatisfactory markets. 
The adoption of a system of finer plucking on the 
Company's estates has also occasioned a considerable 
Bkrinkaste in the crop of tea, secured, which amounted 
to 795,098 lb, against 899,896 lb in 1900. 
In addition to the above, 63,583 lb of tea were manu- 
faotirred for others, thus giving a total output from 
the Company's factories of 8,58,681 lb for the season. 
The average yield per acre was 466 lb, against 
523 lb. The rate of exchange was Is 4|d, against 
Is 4 27-64d, and the prices realised in Loudon and 
Colombo respectively for the Company's tea averaged 
7-08d and 3UJ cents, against 6 94d and 30J cents for 
the previous year. 
The cinchona bark harvested during the year 
amounted to 45,108 J b. 
The Company's acreage remains unaltered at a 
total of 1,963 acres, of which 1,720 acres are uuder tea 
cnltiva'ioD. 
The periodical reports from Mr Kerr, the Ceylon 
Manager, continue to be of a satisfactory nature, 
and the Directors take this opportunity of acknow- 
ledging the services of the Company's staff, both in 
Ceylon and London. 
In accordance with the Articles of Aasooiation, Mr 
R W Forbes retires from the IJoard, and, being 
eligible, offers himself for re election, 
Mr James B Laurie, O.A., also offeris himself for 
re-election as Auditor. — H L Fobbes, Chairman. 
London, 3Uth April, 1902. 
THE IMPERIAL CEYLON TEA ESTATES, 
LIMITED. 
REPORT OF THE DIRECTORS 
to bfi submitted at the annual ordinary general 
mfieting of HharchoUlors to be held at the Company's 
Offtces, 9, Frjnclmrch Avenue, London, B, C., on 
Friday, the !)lh May, 1902, at 3 p.m. 
The Directors nuw bog to submit the balance 
sheet and profit and loaa acjount for the year end- 
ing 3l8t December, 1901, 
The Nett Profit, after payment of 
Debenture and other Interest for 
the year, amounts to . , £4,062 11 11 
To which has to be added the 
balance brought forward from 1900 284 17 4 
£4,297 9 3 
This the Directors propose to deal with as fol- 
lows : — (\) In writing off from cost of properties, 
as depreciation of Machinery, &c. £500 ; (2) In 
payment of a dividend of 3 per cent (free of In- 
come Tax) on the paid-up share capital of the 
Company £2,700; (3) In carrying forward to next 
year the balance of £1,097 9s 3d. Total £4,297 93 3d. 
The following table gives the acreage, and results 
for the year : — 
2 S 
Estate. 
P " „ a Oi 
is " 2 ^-2 -S 
< H >H o ;5 > 
Binoya 626 192,285 .366 28-22 5 75 1,059 11 9 
Edinburgh 362 211.257 584 27-85 7-60 3,4«?9 13 11 
Friedland 161 60,240 312 34-92 7-56 399 14 10 
Motting- 
ham 221 101,700 460 2S'97 5 52 352 0 7 
St.Vigeansl85 66,314 358 33-84 662 315 16 8 
1,455 621,796 427 29-36 6-58 5,616 17 9 
Non- I 175 19,985 > 
pareil ( Bt. leaf 5,961 j ~ ~ 
loss 332 6 3 
1,630 647,742 427 29-36 6 58 £5,284 11 6 
The result of the season's operations compares 
favourably with the previous year, and is largely 
due to the greatly increased profit from ESinburgh 
estate. Binoya has also done well, whilst the 
deficiency arising from the working of Nonpareil ia 
much less. 
The total acreage of the estates as on 1st January, 
1902, -was as follows : — 
Acreage under Tea. 
Estate. 
a 
H 
Binoya 441 
Edinburgh 362 
Friedland 161 
Motting- 
ham 212 
St.Vigean3l85 
Nonpareil 50 
a "u 
.-I cS 
bo 
o a 
cS 
85 — 
— 48 
9 — 
1T3 
325 
134 
o 
EH 
526 
410 
161 
221 
185 
309 
to 
a 
o 
s 
- 05 
44 
to g — a 
O © O O 
403 929 
40 450 
2 163 
37 258 
— 185 
196 649 
1,411 219 182 1,812 44 678 2,534 
In accordance with the Articles of Association 
Mr. W Megginson retires from the Board at this 
meeting, and, being eligible, offers himself for re- 
e'ection. 
Messr?. W B Peat & Co., also offer themselves 
for re-.-ippointment as Auditors to the Compnny. — 
By order of the Board, 
W. H. Baetlett, Secretary. 
London, 29th April, 1902. 
RANGALLA TEA 00. OF CEYLON. 
REPORT OF THE DIRECTORS 
for the year ending 31st December, 1901, to be sub- 
mitted at the annual general meeting of Share- 
