480 
THE TROPICAL AGRICULTURIST. [Jan. 1, 1900. 
estates. Tliere was, however, considerable ditti- 
culty in arranging terms with the latter. The 
company who wished to lease the rights were, 
•we are given to understand, prepared to lay out 
considerable sums in systematically developing 
plumbago on the various properties; but they 
naturally required a long lease of the mineral 
rights, so that they might have some chance of 
recouping themselves tor their initial outlay. A 
lease of twenty-one years, with the option of 
renewal for another twenty-one years, was the 
period they required. I did not think your 
directors would be justified in leasing the mining 
rights of the company for so long a period with- 
out putting the matter before the shareholders. 
We, however, arranged a provisional agreement, 
by which this company would receive certain 
royalities on the gross output of the mines, 
which we were prepared to submit for the share- 
holder's approval. We have, however, lalely 
received from Mr. Tatham advices that the main 
vein, consisting of very good plumbago, which 
was always believed to exist on Springwond 
Estate, had been found, and we theicfore, 
told the company we had been in negotiation 
with, that in view of these later advices, we 
could -not conscientiously recommend the 
shareholders to confirm the agreement we 
thad provisionally made with them, and we 
asked them if they would give more liberal 
erins which we could put before yoir. They de- 
clined, iiowever, to amend their offer, and the 
negotiations have therefore recantly come to an 
end. We have every reason to believe that valua- 
ble veins of plumbago do exist on the Company's 
estate, which will prove a valuable asse* . The 
question is, What is qhe best way of dealing with 
them? Having stated so much, we shouli like 
to take the sense of the meeting as to whether 
it would be advisable to lease the mining rights, 
or whether we shoitld endeavour to work the 
veins ourselves. In conclusion, I should like to 
say that I think the thanks of the shareholders 
are due to Mr. Tatham for having so energeti- 
cally carrried out the wishes of the board, and he 
has constantly succeeded during the last year in 
tnuch improving the position of the Company, and 
also Mr. Low, the manager of Springwood and 
Barra, to whom the discovery of the plumbago is 
mainly due. I beg to move the adoption of the 
report; and accounts. 
Mr. E. H. Hancock seconded the motion. He 
said he was on the Springwood proi)erty in July 
last, where the plumbago was found. It was of 
oood quality and indicated some larger veins in 
the neighbourhood. It would put this company, 
he thought, in a very difl'erent position iu the 
future. Judging from the telegram just received, 
it should encourage them to work the plumbago 
themselves. Tliere was always a certain amount 
ot risk in mining, but at present this mine did 
not run very deep. It was only 60 ft. from the 
Burtace when he was there. The only thing that 
prevented their working it very much quicker was 
that they had no pumps, and were baling out in 
huckest.' It had never been worked scientifically 
at all, but he thought that after a little outlay 
by making a moderately deep shaft and electing 
pumiis they could keep it free from water and that 
such a valuable vein tfjey had better work them- 
selves. He did not think that plumbago had ever 
'l)een scientifically mined in Ceylon. There was 
only one pl ice he knew of where they were at- 
tempting to do it and that was upon one of 
iciplvn's estsitesj Vat what they were doiiifa' he 
did not know, because Liptons kept the matter 
very quiet. He believed they had spent a lot of 
money, but he did not know the return. With 
regard to the other estate in the neighbourhood, 
Lauderdale, the indications there of plumbago 
were the best he had ever seen anywhere, and he 
had no doubt they would find a good and valuable 
vein. Seeing that they had this good vein, he had 
come to the coiiclusiou that they ought to work it 
themselves, aijd not to part with it unless they 
could get a v ei y tempting offer. The chairman had 
said that Doteloya they had about 800 acres. He 
did not Miy that all that would be valuable for 
planting out, but he had no doubt they could pick 
out some 600 acres. H they were to plant that 
they could do it luucli cheaper than other people, 
because they had the labour on the spot, and 
codld practically make a new estate of 600 acres 
at small expense, vvhicli would add considerably 
to the capital value of the company. It was virgin 
land, and they would have an estate of 600 acres 
aclj'jining their other estate, which would give 
them good value without using manure. Tliere 
was no doubt that their proper course would be 
to open up that land, altliough he did say that 
they could do it all at once. They could do it, 
[lerliaps, at the rale of 2U0 acres per annum, ac- 
cording to the amount of labour they could spare 
from the other estate, and in a few years that 
land wouhl place the Company in a very sound 
position. 
Mr. Lewenz asked how many acres of the whole 
property were under cultivation. 
The Chairman : About 3,000. 
Mr. Hancock added that he was quite satisfied 
that on those estates where manure was required 
it paid. He had tested that. 
The motion for the adoption of the report and 
accounts was then carried. 
The Chairman invited an expression of opinion 
as to the development of the plumbago— whether 
the shareholders were in favour of developing the 
property themselves or leasing it. 
After a long discussion, in which Mr. Mozley, 
Mr. Lewenz, Mr. Shand, Mr. Preston, Mr. A Bull, 
and others joined, 
The Chairman said that for the last few days 
they had been getting it about half a ton a day. 
The average had been about £25 a ton. Of course, 
they had to take from that the cost of getting 
it out. For this year they had had to write off" the 
loss of last year, and it was that that had handi- 
capped them, otherwise they had earned sufficient 
to cover the whole of the preference interest. A 
certain amount of preference interest had been 
paid this year. As to the prospectus, they had 
made the tea very much at the same price as 
mentioned in the prospectus, and sold it at the 
same price, and the difference between the year's 
working and what the prospectus put forward was 
a fall of about 2d, in exchange. The difference in 
exchange had made a loss to this Companyof £2,500. 
On the motion of Mr, Foss, seconded by Mr. 
Preston, the following resolution was carried : 
" That the boa'-d be authorised to spend a sum 
not exceeding £500 upon working the plumbago, 
provided that they be advised by a mining expert 
that it is advisable to do so." 
The Chairman then moved : " That the board 
be authorised to issue, subject to the debenture 
trustees' consent, an additional amount of deben- 
ture stock, not exceeding £20,000." 
Mr. Hancock seconded the motion, 
Sir C Lawson submitted a direct negative s 
" That the board be not authorised to issue any 
ijiore debenture stock." 
