August i, 1890.] 
THE TROPICAL AGRICULTURIST. 
I2S 
ihen it might or might not be a reasonable 
demand. The Chairman had used the expression 
“ promotion money ” as applied to those shares, 
but be could hardly imagine that Messrs. 
Watson & Farr regarded it as such, and be would 
take it that when they used the expression 
" floating the enterprize ” they must mean to 
devote a great deal of time and a great deal 
of money to the pushing of the business of 
the Company, and not the mere promotion 
of the Company. He would point out to Mr. 
Bois that the one saving clause in the whole 
of the proposed arrangement which would justify 
them in provisionally accepting the oSer that 
day, giving Mr. Grinlinton all powers to con- 
clude, was the offer to return their money to those 
who, when they really learnt what the details 
were, were discontented, and preferred to have 
their money rather than to have deteriorated and 
depreciated shares in a concern which was bur- 
dened with having to pay a dividend upon a 
quarter-of-a-mil)ion sterling which had not been 
devoted to pushing the business of the Company. 
The Chairman pointed out that what was 
stated in this letter was “that 28,000 shares were 
to be paid to ourselves (Messrs. Wattson & Farr), 
and the parties who would work with us in raising 
the capital, and floating the enterprize, and we 
would all have to give much time and labour to 
the matter, and advance a great deal of money for 
advertizing &c., Ac., before wo could look for any 
return.” One thing he wonld point out to Mr. Bois 
was that thev were not really presenting Messrs. 
Waitson & Farr with the vaiue of 28,000 shares, 
hut thev had got to raise those shares, and the 
value of those shares, themselves, and although 
he used the words “promotion money’’ he used 
the word “ promotion” as meaning the pushing of 
the interests of the Company. He did not mean 
that it was to be handed over to them as a lump 
sum for simply getting up the Company. The letter, 
ho thought, was fairly clear, — it was for floating 
the enterprize, which included the advancing of a 
great deal of money for advertising, travelling &c. 
It was clearly intended that this money, which they 
should obtain by 28,000 shares, was to be used for the 
pushing of the Company, advertising and travelling on 
its behalf Ac. They had to find the money, and prob- 
ably would have to advance it for some time, 
Mr. Serine asked if they were to understand that 
Mr. Grinlinton would be in a position when he 
arrived in New York not to close with them at all 
if he thought it undesirable, and whether that 
meeting would only result in handing over the power 
to Mr. Grinlinton, in whose hands they would put 
their interests ? 
Mr. Talbot : — With an expression of opinion. 
Mr. Pkbine ; — I understood that Mr. Grinlinton 
would have the power of attorney either to close 
with the Company, or, if he saw fit, to reject the 
proposal. 
The .Seoretaev I think you are referring to the 
terms of the letter which was written on the 1st 
of the month. A telegram was sent in reply to 
that, and the reply to that telegram makes it im- 
poseible to leave the question open. The telegram 
snva they hove conviVered all points, and if we 
delay in sendbig a reply we shall lose the opportunity. 
T assume that if we decline Messrs. Wattson & Parr 
will go on with the matter themselves. If we want to 
make better terms, and wait for a time, the opnor- 
tnnity very likely will have passed from us. As it is 
we have not got money to go on with very much 
longer, and then we lose everything. Here we 
have the opportunity of achieving the object (or 
which the Company was started. 
Mr. F. M. Mackwood said that there seemed to him 
to be two views of this question, — first of all the 
purely financial view, as it concerned themselves, 
and the broader view in which they would prob- 
ably have to be content to sink their personal 
convenience in the matter as to whether this was 
the best company and means for introducing and 
pushing Ceylon tea in America. From the latter 
point of view it appeared to him to be a great 
improvement on the powers and scope of the present 
Company. On the other hand the majority of 
them had siibseribed for a number of shares, and 
a very great number of them had practically 
looked upon it as a sort of contribution on 
which they expected to get no return, merely 
as their share towards promoting the nrosperity 
of the Company. They did that on the assur- 
ance of the working Board of Directors — 
men whom they all knew, and who were work- 
ing in their midst. To transfer that work to 
America, amongst a body of men whom they did 
not know, and whose figures, as Mr. Bois had 
stated, were, to say the least, rather staggering, 
was a diSerent matter, and he was rather inclined 
to sav that if it were not for their offer to give 
anybody’s money back if they did not care to go in 
for the new Company, that it was a proposal not 
altogether satisfactory. 
Mr. Hbnbv Bois asked if it was intended that 
that meeting should accept the offer of Messrs, 
Wattson & Farr, simply giving the power-of- 
attorney to Mr. Grinlinton to carry out the details 
of it, or was it intended that he should have 
authority either to accept or reject the proposal 
when he arrived at New York. 
The Chairman said that the position in which they 
were at present was that they had to reply to 
Messrs. Wattson & Farr’s telegram. The Secretary 
of the Company has just stated that the Company 
wonld not be in a position to carry on very much 
longer. It became a question with the shareholders 
as to whether it was advisable to let slip this op- 
portunity of amalgamation with a large Company 
to be formed in America, and if they approved 
of the amalgamation then they would distinctly 
have to telegraph to Messrs. Wattson & Farr 
that they were prepared to accept their terms, 
but qualify it by stating that Mr. (jrinlinton would 
be sent over with power of attorney, deputed as 
their Managing Director, to go into minor details 
with them. But he thought that if they attempted 
to gain longer time, and to put them off in this 
scheme, that they might just as well give up the 
whole idea, and he was afraid unless fresh sup- 
port came in that it would simply mean the closing 
of the Company. When the Company was originally 
started with 6,000 shares they expected a very 
much larger number of shares to be taken up. 
Stress had been laid both by Mr. Bois and Mr. 
Maokwood on the large number of shares the 
promoters in America required. The directors saw 
that at once; it was the first thing they causht 
hold of, but it was such a very difficult thing 
to tackle in a country like America. If Meseyfi. 
Wattson & Farr meant that the value of the 
shares was to he devoted to advertising thrroughly, 
travelling throughout the country, and ap- 
pointing agencies in all the small towns, it 
really and tru’y was not so very big a sum as it 
at first appeared, but if it were simply to go into 
the pockets of the promoters of the Company in 
America it would he simply monstrous. But in 
the face of their letter they could not take that 
view 'f it. That meeting must come to some con- 
etnaion. The letter which had been read was only 
received on the 18th of June; a directors’ meet- 
ing was called at once; notice had to bo given of 
