Mav 2, 1898.J THE TROPICAL AGllICULTURISt. 779 
THE YATiYANTOTA CEYLON TEA COM- 
PANY, LIMITED. 
Directors: — A. Thomson, Esq., Chairman ; Charles 
Young, Esq. ; W. J. Smith, Esq. Managing Agents: 
— Messrs. Whit'all & Co., Colombo. Secretary and 
Offices : — T. A. Williams, 27, Mincing Lane, 
London, E.C. 
r.EPOlIT OF THE DlRECTOfiS 
to be submitted at the First Annual Ordinary General 
Meeting of Shareholders, to be held at the London 
Commercial Sale Rooms, .SO to 34, Mincing Lane, 
London, E.<\, on Thursday, the 14th April, 1898, at 
11 o’clock a.m. 
The diretors beg to submit the balance sheet and 
profit and loss account for the year ending 31st 
December 1897. 
The net amount at credit 
of profit and loss account is.. T3,999 5 10 
of which the following sums 
have been observed in pay- 
ing absorbed at 6 per cent, 
annum on the preference 
Shares — 
On 1st July 1897 .. £900 0 0 
On 1st January 1898 . 1,087 14 10 
1,087 14 10 
Leaving now to be dealt with a balance of £2,011 11 0 
This the directors propose to appropriate as 
follows :— 
1. In payment of a divi- 
dend of 2 per cent (free of 
Income Tax) on the £90,000 
Ordinary Capital .. £1,800 0 0 
2. In writing off the 
small balance of Prelimin- 
ary Expenses . . . . 71 7 3 
3. In carrying forward 
to 1898 the balance of . . 140 3 9 
£2,011 11 0 
The crops secured amounted to 1,014,291 lb., being 
the yield for the full year from Polatagama, New 
Polatagama, We-Oya, and Walpola ; and for nine 
months only, from the Rondura Group. The plucking 
area on all the estates was 2,032 acres, but the yield 
from 478 acres was very small, as the fields to 
this extent were quite young, and only just coming 
into bearing. 
The quantity of tea sold in,the Colombo market was 
666,571 lb., and the balance of 347,720 lb. was sold 
in London, 
The cost f.o.b. (or delivered to buyers in Colombo) 
was 3'91 pence per lb., and the average not realised 
price of the whole was 4'98 pence per lb. 
The result for the year is disappointing, and 
much below the expectations formed at the time 
the arrangements were made for placing the Com- 
pany on a sterling footing. To the lower range of 
prices which has of late ruled in the 
Tea market, and to the higher level of exchange 
between London and Ceylon, this result is 
m inly due, while last year the cost of production 
was enhanced in some measure, by the exceptional 
item of Loss on the Kice supplied to the Coolies, and 
by abnormal weather which lessened the yield. The 
average price obtained for the Crop the Directors do 
not consider satisfactory, but with the ample facilities 
for manufacture now at the disposal of the respective 
Managers of the Estates, they look for an improve- 
ment in quality which, apart from market consider- 
ations, should result in a highrr average being secured 
in future. 
A sum of £700 obtained as premium on the 
second issue of preference shares ,has been placed 
against the preliminary expenses of the Company, 
the balance of which (£71 7s 3d), as will be seen 
above, it is proposed to charge against the profits 
Cf last year, thus closing this account. 
Up to 31st December last a sum of £10,317 12s 7d 
was expended on the development of the propertier 
which amount is made up as follows: — 
On planting and upkeep of area not in 
healing .. .. £6,693 4 2 
On purchase of 34 acres land 
added to the estates . . 152 12 11 
On additions to Buildings and 
Machinery . . . . 3,-171 15 6 
£10,317 12 7 
In accordance with the terms upon which the pro- 
perties were, respectively, taken over, the above figures 
include all expenditure, less crop receipts, from 1st 
January to 31st March, 1897, in connection with the 
working of the Rondura group ; as also the outlay 
subsequent to 14th August 1896 (.-as per Prospectus), 
on deveh'pment of the other Estates. 
The following are details of the acreage of the 
Estates as at 31st December, 1897 : — 
Acreage under Tea. 
Estate. 
c3 
O 
w 
Partial 
Bearii 
Not 
Bearii 
Being 
Cleat 
Tota’ 
Cultiva 
Forest 
serves, 
Total 
Acrea< 
Polatagama 
665 
— 
72 
50 
787 
255 
1,042 
We-Oya 
New Polata 
381 
16 
90 
— 
487 
136 
623 
gam a 
235 
— 
5 
— 
210 
209 
449 
Walpola 
401 
192 
228 
50 
871 
133 
1,004 
Rondura 
350 
— 
169 
80 
599 
631 
1,238 
Totals 
2,032 
208 
561 
180 
2,984 
1,361 
4,-348 
As mentioned in their circular of I'jth February 
1898, the Directors anticipate that the further issue 
of 800 Preference Shares, therein referred to, will 
provide all ihe funds necessary to bring the above 
cultivated area into full bearing. 
The Directors are pleased to be able to report that 
the latest advices from the Managing Agents are 
of a satisfactory oharactor, and justify the expecta- 
tion of steadily increasing crops at lower cost of pro- 
duction as compared with that of last year. The 
yield for the current year is likely to show an in- 
crease of 20 to 25 per cent on that of last year, 
while tln’ee to four years hence, when all the young 
fields will be of a full }ielding age, a very satis- 
factory return on the o-ipital cf the Company may 
reasonably be looked for, even under the present 
existing conditions of market and exchange. 
Messrs. Cape & Dalgleisb, C.A., offered themselves 
for re-election as Auditors of the Coiiipauy. — iJy order 
of the Board, 
T. A. Williams, Secretary. 
27, Mincing Lane, Loudon, E.C., Gth April, 1898. 
NUWAKA ELIYA TEA ESTATES 
COMPANY, LIMITED. 
SECOND ANNUAL REPORT. 
(Annual meeting fixed for April 20 in London ) 
The directors beg to_ submit to the shareholders the 
balance sheet and profit and loss account for the year 
ending 31st December, 1897. 
The surplus shown is £13,584 18a lOd from which 
falls to be deducted D.e.beuture Interest, aniountiuff 
to £1,800, leaving a balance of £11.784 18s lOd. An 
Interim Dividend free of Income tax, was paid in 
October, 1897, of £1,761, being at the rate of 6 per 
cent per^ annum, and it is now proposed to pay a 
final Dividend, free of Income tax, at the same rate, 
making 6 per cent for the year, which will absorb a 
