632 
THP TROPICAL AGRICULTURSST. 
[March i, 1892. 
Doraknmbm-a (Matale estate) 144 3 31 
which with the 28a. 3r. 09 purchased by 
Mr. Holloway comprised the Matale 
estate Kurunegala lands. 
Arampolla Estate... ... .505 0 0 
Forest Black ... ... 168 0 0 
Dngama Forest ... ... 71 0 0 
747 0 0 
It ■will be seen from the above the acreage now 
owned by the company is Al,917-0-24 costing R78,5.'51-93 
besides which E3,819-35 stands at the debit of Mr. 
Holloway for lands advanced against for purchase. 
Your lands under cultivation are as follows : — 
Matale Estate.— Tea ... ,. 40 
Cocoa ... . ... 167 
Liberian among cocoa... ... 20 
Tobacco „ „ ... ... 37 
Eatwatte Estate. — Tea ... ... loO 
Ready for planting ... ... 20 
Arampolla Estate.— Coconuts ... 263 
Coconuts to be planted by November 20 
Liberian coffee among coconuts... 175 
Cleared ... ... .„ 65 
And I lay before you the Manager's report up to the 
26th inst. Your Directors consider you at this date 
hold most valuable property and lands. The estate 
expenditure on the three properties Matale, Ratwatte 
andArampoUa amounts to R98,lll-88 up to theSlst Octo- 
ber current, of this R51,086-98 were expended this year. 
Your Chairman and the Directors who were elected 
by you at the general meeting of the 17th April 
1891 visited the estates and all other lands in May 
and June, they found the new cleared lands and the 
cultivated portions in a much neglected condition 
they at once communicated with the absent Directors 
in England and the then Blanager Mr. J. K. Ingleton. 
Meanwhile it is manifestly advisable that the estates 
on which so much money had already been expended 
should be properly planted up large nurseries for the 
various products being then existent. Your Directors 
having every reason to hope for a large access^ on of funds 
by the sale of the tobacco crops a portion of which 
was to have been sent to Messrs. Gibbs, Bright & 
Co. at Melbourne who wrote on the 27th January 
1891 as follows : — 
"The 16 bales intended for the Melbourne market 
wag sent to Colombo in July but no freight could 
be found for them, the shipping agents declining to 
take tobacco considering that it would taint the 
Ceylon tea shipped by them." 
Every effort has been made to dispose of the 
tobacco croj^ with but little success, only 2,0361b 
having been ciold at this da+e. The crop for 1890 is 
43,932 lb., that harvested for 1891 is estimated at 
10,000 lb. with the sucker crop to follow or say about 
6 OF 7 tons in all. 
On the 2nd of September your Chairman addressed 
the absent Directors through Mr. Christie putting 
before them what they considered the exact position 
of things with a view of endeavouring to finance the 
company at Home. At the Board meeting held on 
the 28th October it was found that the amount of 
unpaid calls overdue were but little altered for the 
better, this coupled with the uncertainty as to when 
the tobacco crop might be realized, and a definite 
reply showing the improbability of being able to 
finance this company at Home having been received 
determined the Directors in your interest in at once 
arranging for the extraordinary General meeting of 
today to (jonsider the formal resolutions fwhich are to 
be put before you and we still consider the course we 
advise to be the best in the interest of the company. 
The expenditure as from the 1st December need 
be but small as the only v/ork necessary will be the 
weeding of the clearings and the salary ol the manager 
Mr. Kingsford who we considered advisable to retain 
till the end of December, having dispensed with 
the services of the two assistants on the 
lat December. 'J'he amount available in the Bank 
at November is llli.'ll:', and the funds necessary to 
carry on to the end of Decoinber would be about R6,000, 
should the estate be carried on for 1892 under Mr. 
Kingsford's carefn) supervision with /w;o conductors 
Id ftiiBiat bim. The cstimatecl cgst of upkeep is 
E25,000 and for 1893 of R20,000, and say con- 
tingencies R10,000, when 160 ares of tea would be 
in partial bearing. But though this amount would be 
suiiicient for the carrying on of the existing cultivation, 
to make Ratwatte Estate a self supporting estate a 
further sum should be allowed for opening and bringing 
another 100 acres of tea into bearing. At first sight 
it would seem there should be no difficulty in raising 
the loan necessary for this purpose, but bearing in 
mind the long period before crops can be secured 
that will pay a dividend it will be understood that 
it is next to impossible to effect this Your directors 
having carefully considered the questions from all 
points think that voluntary winding up by a Liquidator 
assisted by a consulting Board to help him in dis- 
posing of the company's lands would be the best 
course in the interest of the shareholders who will 
in that case probably get a considerable return of 
their money. 
The Chairman then moved: — "That the Ceylon 
Tobacco Company, Limited, bev/ouud up voluntarily." 
Mr. G. A. Talbot seconded the resolution proposed 
by the Chairman remarking that the owners of 
Sumatra estates are ruined and that Ceylon was not 
peculiar in failure to grow tobacco remuneratively. 
The shareholders must therefore suffer; other pro- 
ducts had unfortunately failed too and he was dis- 
posed to blame the directors and managers as in 
his opinion the property had not been properly 
managed. He supported the resolution to " wind 
up." It was possible that there was sufficient money 
to carry on for another year. There was a better 
chance by adopting the resolution and have the 
properties put on the market ; further the resolution 
is the decision of the Board. 
Mr. A. G. K. BoKRON criticised the management 
of the Company and as a shareholder he was indignant. 
The Directors individually were entitled to respect 
but he considered the directors in thi ; matter ignor- 
ant, imprudent and that he would rather pay 60 per 
cent into the sea. Sharebrokers in Colombo stated 
that the shares were not worth a cent. Mr. Borron 
proposed the following amendment : — " That a Com- 
mittee of investigation be appointed to examine 
the books, papers, &c., of the Company, to visit and 
report on the properties of the Company, and gene- 
rally consider the position and prospects of the Com- 
pany and to advice the Company as to the best course 
at an early general meeting of the Company." 
Mr. A. Tait seconded the amendment. 
Mr. Hugh Fhaseh spoke in explanation of his re- 
lations to the Company alluded to by the Chairman. 
Mr. T. C. HuxLKY supported the resolution. 
Mr. H. D. Deane defended the absent directors. 
The directors had taken a great deal of trouble and 
had conscientiously carried out their duties. 
Mr. W. Megginson asked for some figm-es as to 
the defaulting shareholders. The Chairman accord- 
ingly gave particulars of the defaulting shareholders. 
Mr. J. R. Fairweather as one of the defaulting 
shareholders stated that the sole reason for non- 
■ payment of calls was simply on account of the gross 
mismanagement of the Company ; he spoke on behalf 
of his brother and himself. On the amendment and 
resolution being put to the meeting the resolution 
was declared carried. A poll having been demanded, 
Messrs. G. A. Talbot and A. G. K. Borron were 
then appointed tellers for the amendment and reso- 
lution respectively with the following result : — 
For the amendment . . 7 votes. 
For the resolution . . 1.34 ,, 
Resolutions I and II were proposed by Mr. G. A. 
Talbot, seconded by Mr. A. P. Crawley-Boevey 
and unanimously carried as follows: — "That Mr. A. 
Philip be appointed Liquidator," and "That the 
Liquidator be paid a commission of 5 per cent on 
all monies recovered by him as Liquidator for the 
credit of the Company and be entitled to charge 
against the assets of the Company all expenses, costs 
and charges of the winding up." 
Resolution III was proposed by Mr. T. C. Huxley 
seconded by Mr. T. N. Orchard and unanimously 
caiTied as follows : — "That Messrs. Armstrong, Deane, 
Huxley, J. R. Fairweather and A. 0. Kingsford be re- 
<jiuested to assist the Li<iuidtvtior in disposing of the 
