The Badulipar Tea Company Limited (Assam) Report by the Directors 31st December 1949

It is time the truth was recognised that the enormously higher costs of production are mainly due to the increased pay and amenities for labour that most Companies find it impossible to put aside anything like adequate reserves for re-equipment and improvement of machinery and buildings owing to the heavy costs and excessive taxation and that shareholders receive a very small fraction of the tot [...] In the case of your Company in spite of the greatly expanded revenue we are unable to add anything to reserves and if the Board's recommendation is accepted the Ordinary Shareholders will receive a net payment of slightly less than 1 per cent. [...] of the Company's 1949 income The profit on Revenue Account rose from £5 661 in 1948 to £19 601 in 1949 but the claims of the Inland Revenue--including an unexpected demand in respect of E.P. [...] In view of the sums put to reserve in the past and the rather brighter prospects for 1950 we have decided to recommend that £2 000 should be utilised from the Reserve for Equalisation of Dividends to permit the payment of an Ordinary dividend of 5 per cent. [...] We have examined the above Balance Sheet and annexed Profit and Loss and Appropriation In our opinion and to the best of our information and according to the explanations manner so required and the Balance Sheet gives a true and fair view of the state of the Company's true and fair view of the profit for the year ended on that date.