May 1, 1899.] THE TROPICAL AGRICULTURIST. 
ton on all plumbago we raise when cleaned, oy (hj 
we pay a royalty of B20 per ton on the plumbago 
we raise when cleaned. \Ye to have the right ta 
determine this agreement and any leases under it, 
and to remove all plant and machinery whether 
fixed or not on giving three months' notice in 
writing. In the event of iheir electing (a) we also 
to have the right to remove any shaft timbering. 
(■1). The usual arbitration clause. 
Tliis letter was left in abeyance till the 22nd 
March when Mr. Peto wrote a letter to liim 
saying that they woalcl make their conditional 
oiler absolute. On receipt of that letter he went 
and interviewed Mr. Peto and toUl him tliat they 
did not think tlie amount of tlie royalty offered 
wa.s hi<>li enough and afterwards the firm wrote 
making another ofler which was embodied in 
clau.se 3 of the draft; agreement (which had been 
sent to the siiarelioldeii) which was more favour- 
able to the Company. The other terms would be 
on the basis of the original draft proposal of 12th 
February. Now altbougli the directors did not 
approve of all the comUtions of this draft agree- 
ment tliey agreed to bring thein before tlie sliare- 
liolders who could decide for tliemselves whether to 
accept them or not. Tlie clauses that he more 
pari;icularly objected to included clause 5. 
The original proposal was that the lease 
should be one of 21 years but there was 
no mention then that the Crucible Coni[iany 
should have the option of renewal. He certainly 
thought that a lease of practically 42 years was 
much too long. Then as regarded No. 7 he was 
of o|)inioii that it the lessees did not mine, say for 
sis or twelve months they should be bound to 
cancel the lease becaixse the Company would not 
be tretting any royalty and the fact of their 
having leased their mining rights might prejudice 
any chance they might have of selling this estates 
if they wi..<lied to do so. He also suggested that 
the proposed concession should be limited to the 
Kalutara property. If they were to mine on the 
Dikoya estates tlie CoiiH)any would have a good 
deal of dilHeulty in working economically because 
tiie properties were so small, being only about 80 
and 140 acres respectively. This they would not 
agreed at ail ; they said they preferred to have the 
wiiole thing. Well the matter really resolved 
itself into this— were they willing to write off the 
amount .spent which came to K4, 748-27 and reject; 
the oiler made on the chance of getting better 
terms elsewhere, or would they lease their min- 
ing rights, uetting the money they were out of 
pocket and any royalty that might accrue, Per- 
.sonally he as a shareholder was against leasing 
their rights on these terms. As a director he 
should like to see every shareholder satisfied. 
There was a great many shareholders who at 
the beginning were against spending this money 
and if there was any way they could get back 
the money it would be satisfactory. 
Mr. Ar-Di.:i!SON asked what was the value per 
ton up lo dale. 
The CiiAUtMAN said it had gone up as they 
sank the pit. The first two tons realised K209..'?l , 
whicii was about K104 a ton, the second two tons 
realised K322, which was about ItlGO a ton, and 
then tiiey sold just over five tons for ii 1,282, vhich 
was about Pi2(!0 a ton. 
Mr. Amji:i!SOX asked what was the average. 
'Ihe Ciiah;man replied that it was about 
I{21;{ and e.\|ilained that the value had gone up 
the further <l()wn they got the pit, which was 
now about 91tt., The last must have been very 
good stull'. 
Mr. Ai.DKnsoN thought the oiler that had been 
made extremely low. 
The CiiAiiiMAN said that was what they wanted 
to gee the opinion of the shareholders about. He 
got the best terms he could and he felt bound 
to bring the matter before the shareholders, for 
those who made the offer said— Are you going 
to work this mine or are you going to entertam on 
proposal ? If you are not going to entertain our 
proposal tell us at once. 
Mr. Walthew :— You have proved you have 
got a plumbago-bearing property and improved 
the value of it. 
Mr. Alderson:-: think an offer has been 
made by some native or other. 
The Chairman- :— That was a long time ago. 
BIr. ALDEK.SON : — Any native would give one- 
eighth and KIO royalty. 
The Chairman :-Per.sonaIly I am against leas- 
ing to natives, because I do not believe that we 
■would get what they would promise. 
Mr. Alderson :— A check could be put upon 
them. 
TheCHAlRMAN said they went burrowing all over 
the place and of course they would not pay the 
money back. 
Mr. Alderson said that if they granted a lease 
for 21 years at the rates offered they would be sim- 
ply throwing away tlu; property. The terms sue- 
gested tied them down feaifully. 
Mr. F. W. Bois thought it would be a vast mis- 
take if they leased the property on the terms of 
fered. If they analysed them the terms were not 
very much after all. i'lumbago was either there 
or it was not there. If it was tliere he thought 
they should feel very foolish if on such low 
terms, they gave up all the rights of mining plum- 
b.igo that they now held. If it was not there 
they only recovered the R5,000, which he thought 
had been well spent, but in return for that 
Pi5,000 they gave a lease for 42 years and the 
right of going all over their property sinking 
shafts and doing other damage for what he did 
not consider adequate payment. The condition 
about supplying timber might also hamper 
them very much and altogether he thought 
this was a purely one-sided bargain. He was 
not here when the resolution was passed to 
allow the Directors to spend this Ra.OOO, hut 
had he been he should have entirely approved 
of it. He thought the money had been very 
well spent. They now knew that plumbago 
was there and probably to a large extent. 
He would not advocate that the Company 
should spend more money but there was no 
reason to believe that they would lose any- 
thing by holding off. In all probability ex- 
periments with a proper system of mining 
would be made in Ceylon, and they could 
very reasonably write off this K5,000 which 
was very little seeing that they had 
ascertained that they had plumbago on 
on their property, and wait to see what was ac- 
complished, and they could take advauta"e of 
anything that might accrue. " 
Mr. Alder-on approved of all that Mr. Bois 
had said and he should like to see the meeting 
follow his advice and allow the matter to stand 
over. He knew the district well and they had 
a valuable properly there and it would be a 
great mistake to give the concession on the terms 
proposed. 
Mr. IJois said he would propose that the pro- 
posed agreement he not accepted. 
Mr. JuLiu.s said, before they got to the 
actual vote, lie tliought there was a misanp,.e. 
hension witli regard to that matter. A great 
uiany proxies had come down with uo instruo- 
