83 
A.UG,  I,  1896.]  THE  TROPICAL 
CONSOLfUATLU  ESTATES  CO,  LTD., 
(OE  CEYLON). 
An  extraordinary  general  meeting  ot  this  Coin- 
|iany  was  held  at  the  London  Oltices  of  the  Gene- 
ral Alanagers,  Messrs.  ArbutJmot,  Latham  & Co. 
on  27th  May,  to  consider  and  approve  of  an 
agreement  issued  to  shareholders  hy  the  above 
firm  from  which  the  following  are  extracts  ; — 
An  agreement  dated  the  1-lth  day  of  May,  1S96, 
which  has  been  entered  into  with  ourselves  as  General 
Managers,  for  the  purchase  from  us  of  the  Knuts- 
ford  Estate  of  205  acres  in  the  Kalutara  district, 
the  Kutland  Estate  of  582  acres  in  the  Hewaheta 
district,  and  the  Wariagalla  Estate  of  1,201  acres  in  the 
Nilambe  district  of  Ceylon.  These  three  estates  are 
in  our  opinion  conveniently  situated  for  the  busi- 
ness of  the  Company,  aod  in  auticipation  of  the 
Company  consenting  to  the  purchase,  we  have  ac- 
tually purchased  and  paid  for  the  Knutsford  Estate, 
and  we  have  had  the  same  transferred  into  the 
name  of  the  Company,  and  we  have  entered  into 
arrangements  to  purchase  the  other  two  on  the  1st 
July  next. 
Full  particulars  regarding  the  prices  we  are  paying 
for  the  three  estates  are  given  in  the  agreement,  the 
amon  ts  being  .vpproximately  as  follows  ; — 
Knutsford  . . £ 5,000  ) 
Rutland  ..  £15,600  - Total  ..  £35,900 
Wariagalla  ..  £11,400 ) 
We  accordi.,gly  propose  to  resell  to  the  Company 
for  the  above  amoui  t (£35,000),  or  such  less  sum  as 
will  cover  our  actual  disbursements,  with  interest 
thereon,  and  we  propose  to  charge  a commission — 
as  our  remuneration  for  negotiating  the  purchase  and 
other  matter  connected  therewith — of  per  cent 
on  £20,600,  being  the  purchase  money  of  the  first 
two  estates.  We  do  not  propose  to  make  any  charge 
of  commission  in  respect  of  the  Wariagalla  Estate, 
inasmuch  as  we  are  to  receive  a commisaion  of  21- 
per  cent  from  the  Venlors. 
With  reference  to  tho  Wariagalla  Estate,  wo  beg 
to  call  our  attention  to  the  fact  that  a member  of 
our  firm,  Mr.  Herbert  R.  Arbuthnot,  is  interested  in 
the  sale  to  the  Company,  he  being  ous  of  the  ex- 
ecutor j and  one  of  the  Residuary  Legatees  of  the  late 
Mr.  George  Arbuthnot,  his  father,  who  owned  an  un- 
divided three-fourth  share  of  the  E, state. 
It  is  proposed  that  the  Company  should  issue,  for 
the  purpose  of  putting  itself  in  funds  to  pay  for  the 
propterty,  £10,000  in  6 pjer  cent.  Debentures  at  5 per 
cent  premium;  £13,000  in  8 per  cent  Preferred  Shares 
at  10  per  cent  premium  ; and  £13,000  in  Ordinra’y 
Shares  at  p>ar,  and  that  these  is.suss  should  be  offered 
to  the  Shareholders.  Should  the  Shareholders  not  take 
tho  whole,  we  will  ourselves  take  or  place  the  balance 
not  taken  by  the  Shareholders,  hut  in  such  case  the 
piremium  on  the  Debentures  payable  by  us  would  be 
3 per  cent,  and  tho  premium  on  tho  Preferred  Shares 
would  be  5 per  cent.  The  Ordinary  Shares  we  will 
in  such  ease  take  at  par. 
It  is  estimated  that  the  par  value  of  the  above  will 
cover  the  cost  of  tho  three  estates  and  expenses  of 
transfer,  as  well  as  our  commission,  and  that  there 
will  he  a small  surplus,  which  we  propose  to  place, 
together  with  the  piremiam,  to  the  credit  of  tlie  ■■  Fac- 
tory and  Extension  Account  ” to  provide  for  the  open- 
ing up  of  tho  Company’s  Estates  and  for  factories  and 
machinery  as  may  be  found  necessary  or  desirable 
from  time  to  time. 
The  Debentures  now  offered  will  bear  interest  from 
1st  Jul.y,  1866.  They  rank  in  all  respects  pari  passu 
with  the  Company’s  outstanding  Debentures,  except 
that  their  finirl  due  date  is  1st  July,  1001.  Tiiey  can 
lie  redeemed  earlier  hy  annual  drawings  on  and  after 
1;£  January,  1808,  and  whenever  redeemed  are  pay- 
able at  103. 
The  Shares  now  offered  will  not  participate  in  the 
: /-V  P PV*  /O  YV^  -5  V\  Tr  1 i-L  P />  1 1 /*l  I'.  4- 
AGRICULTURIST. 
partner,  but  no  Agreement  has  yet  been  formall.v  en- 
tered into  authorising  him,  as  a member  of  our  firm, 
to  act  as  one  of  the  General  Managers  of  tlie  Com- 
pany. A draft  Agreement  whereby  this  is  to  be  done 
has  been  prepared,  and  will  be  submitted  for  consider- 
ation at  the  General  Bleetiug,  with  the  view  of  its  being 
approved  and  sealed. 
Mr.  Arbuthnot,  liead  of  tlie  firm,  supported 
by  liis  partners  and  co-Directors,  jiresided  and 
made  an  admirable  Cliairman.  Several  city  men 
represented  the  sliareholiiers  witli  the  addition  of 
Mr.  Artluir  Davidson,  formerly  of  Wariagalla, 
now  of  Dorsetshire,  who  his  Ceylon  friends  will 
be  glad  to  knoiv  is  well  and  ■ vigorous,  albeit  the 
whitening  eilect  of  years  is  .apparent, 
Tho  Chairman  explained  the  circumstances 
under  which  the  three  estates  were  to  be  added 
to  the  Company  : how  Messrs,  E.  S.  Grigsoii 
and  Ballardie  had  given  careful  reports  and 
valuations  above  t'le  prices  to  bo  paid ; how 
Knutsford  with  its  200  acres  of  tea  could  he 
economically  worked  with  one  of  the  Company’s 
places  adjacent  in  the  Kalutara  district  and  was 
a bargain  at  To, 000  ; lioiv  Rutland  (582  acres — 
-1-46  ill  tea,  gicvilleas  51,  patana,  Ac,  99,  costing 
£15,600)  was  the  sjilcndid  estate  of  Mr.  C.  S. 
Armstrong  who  was  loath  to  sell  and  was  valued 
at  £16,100;  how  Wariagalla  (to  cost  £14,400)  had 
for  long  been  owned  hy  Mr.  Geo.  Arbuthnot  and 
Mr.  A.  Davidson  and  was  also  not  too  dear  with 
its  1,261  acres  in  all  ; 429  in  tea,  70  coconuts,  40 
cacao,  and  rest  patana,  scrub,  Ac. 
About  the  prospects  of  the  Company,  the  Chair- 
man hail  a good  account  to  give:  the  crops  of 
tea  being  in  every  case  likely  to  be  in  exce.ss  of 
e.stimates,  while  tlie  temporary  rise  in  exchange 
had  not  ali'ected  tliem  much. 
The  liesolution.s  were  duly  seconded  and  un- 
animously carried  and  also  thanks  to  the  chair, 
mention  being  made  of  the  good  bargains  made 
for  the  Company  in  the  three  cstatc.s  purchased. 
— The  Vi.siting  Agent’s  re))orts  on  the  three  estates 
referred  to  were  laid  on  the  talile  by  the  Secretary 
Mr.  Keith,  formerly  of  Coimbatore. — The  Chair- 
man referred  to  their  Colombo  agents  Messrs, 
(-leo.  Steuart  A Co.  fully  approving. 
4, 
PRE.8ERVATION  OE  COCONUT  TrEE.S  AT  THE 
Straits. — 'I'he  Brtfish  North  Borneo  Herald  of 
.June  1st  says  : — Regarding  the  preseiwation  of 
coconut  trees,  tlie  Assistant  Superintendents  of 
Forests,  Singapore,  in  his  report  for  1895  say  : — 
The  ins[iector,  with  the  assistance  of  one  notice- 
server  and  one  climber,  lias  been  employed 
alternate  months  in  Penang  and  Province  Well- 
e.sley.  One  thousand  four  hundred  and  twenty 
five  notices  have  been  served  on  personshaving 
On  their  premi.se.s  trees,  stumps,  or  rubbisli — 
suitable  hreeditic’  places  for  the  beetle  ; and  as  the 
result,  3,608  dead  trees,  3,S56  stumps,  and  209 
heaps  of  rn/ibish  liave  been  destroyed.  Seventy- 
nine  persons  were  prosecuted  for  non-com plianee 
with  the  iiotiee.s  served  on  them,  and  fines  inliicted 
amounting  to  170  dots.  Apropos  of  this  it  in, ay 
be  well  to  state  that  the  beetle  plague  appears 
to  he  praotic.ally  unknown  in  B.  Borneo.  Two 
species,  a very  large  weevil,  and  a sort  oi  elephaf;. 
have  been  brought  to  the  Ivlu.seum  as  found  in 
coconut  trees.  But  curiously  enough  no  work 
obtainable  appears  to  mention  the  actual  scien- 
tific name  or  names  of  tlie  jiest.  I’erhaiis  the 
C'.ir.al  or  of  I lie  Siu'.’aiiore  :i.nd  Per.i.'k-  Museums 
