623 
Thp tropical agriculturist. 
[March i, 1892. 
Dorftkumbura (Matale estate) 14 J 3 31 
which with the 2tia. 3r. 09 purchased by 
Mr. Holloway conipriHod the Matale 
estate Kurunegala lands. 
Arampolla Estate... ... () 0 
Forest Black ... ... itjs 0 0 
Dagama Forest ... ... 71 0 0 
T 11 I. ™ ^ ^ 
It will be seen from the above the acreage now 
owned by the company is Al,917-0*24 costing K7H,551’93 
besides which Ii3,819’35 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 ... . . ... 137 
Siberian among cocoa... ... 20 
Tobacco ,, „ ... ... .37 
Batwatto Estate.— Tea ... ... 100 
Beady for planting ... ... 20 
Arampolla Estate.— Coconuts ... 263 
Coconuts to bo planted by November 20 
Liberian coffee among coconuts... 175 
Cleared ... ... ... 35 
And I lay ^fore vou the Manager's report up to the 
26^ inst. Your Directors consiucr you at tliis date 
hold most valuable property and lands. The estate 
expouditore on the three properties Matale, Batwatto 
and Arampolla amounts to 1^8, 1 U ‘88 up to the Hist Octo- 
ber Curr^t, of this U51,086 l)8 were expended this year. 
Your Chainnaii and the Directors who were elected 
you at the general meeting of the 17tli April 
1891 visited the estates and all other lands in May 
and Juno, they found the new cleared lands and the 
cultivated portions in a much neglected condition 
they at once coniniunicated with the absent Diroctors 
in England and the then Manager Mr. d. K. Ingloton. 
Meanwhile it is manifestly advisaldo that the estates 
on which so much money had already Ijocii expended 
should bo properly phuited up large nurseries for the 
various products being then existent. Your Directors 
having every reason to hope for a large accession of funds 
by the sale of the tobacco crops a portion of which 
waa to have been sent to Mesara. Gibbs, Bright & 
Co. at Melbourne who wrote on the ‘27th .January 
1891 aa follows: — 
“The 10 balea intended for the Melbouriio market 
waa sent to Colombo in July but no freight could 
be found for them, tho shipping agents declining to 
take tobacco considering that it would taint the 
Ceylon tea shipped bv them.” 
Every effort has oeen made to dispose of tho 
tobacco crojT with but little succcas, only 2.0301b 
having been^old at this da^'e. The crop fur 1890 is 
43,932 lb., that harvested for 1891 is estimated at 
10,0001b. with the sucker crop tofolloworaay about 
6 OF 7 tons in all. 
On the ‘2nd of Beptombor your Chairman addressed 
tho absent Directors through Mr. Christie putting 
before them what they coriHiderod the exact position 
of things with a view of endeavouring to finance the 
company at Homo. At the Board meeting held on 
the 28th October it waa found that the amount of 
unpaid colls overdue were but littlo altered for tho 
better, this coupled \vith the uncertainty as to when 
the tobacco crop might be realised, and a definite 
reply showing tho improbability of being able to 
finance this company at Home having liooii received 
determined the Directors in your interest in at once 
arraoging for the extraordinary Geiioral meeting of 
itoday to oonsidor the formal resolutions jwhich aro to 
be put before you and wo still consider th© course we 
advise to be the best in tho interest of the company. 
Tho expenditure aa from the 1st December need 
be but imall aa the only work necessary will be tho 
weeding of tho cloarings and tlie salary of the manager 
Mr. Kingaford wiio we considered adviaabio to retain 
till the end of December, having dispensed with 
tho services of the two assistants on the 
Ist December. Tho amount available in tho Bank 
at Novembor is K5,413, and the funds necessary to 
carry on to the endof December would be about B6,(KK), 
should the estate be carried on for 1 k 9‘2 under Mr. 
-KingHfotd'a careful supervision with two conductor^ 
to assist hiui. The eslimuted cost of upkeep U 
B25,000 and for 1893 of 1120,000, and say con- 
tingencies RlO.fXJO, when IfiO area of tea would be 
in partial beai'iug. But though this amount would be 
sulticient for the carrying on of the existing cultivation, 
to make Katwatte Bstate 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 dilficulty in raising 
the loan uecossary for this purpose, but bearing in 
mind the long period before crops can bo secured 
that will pay a dividend it will bo understood that 
it is next to impossible to effect this Your directors 
baying 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 bo the best 
course in tho interest of the sharoholdors who will 
in that case probably get a considerable return of 
their money. 
^^T’ho Chaiuman then moved:— “That tho (Jcylon 
Tobacco Company, Ijimited, be wound np voluntarily.” 
Mr. G. A. TAiiBOT seconded the resolution proposed 
hy the Chairman remarking that tho owners of 
Sumatra estates aro ruined and that Ceylon was not 
peculiar in. failure to grow tobacco roimuicratively. 
The shareholdors must therefore suffer; other pro- 
ducts had unfortunately failed too and ho waa dis- 
posed to blame tlio 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 tho resolution and have the 
properties put on the market ; furtlior tho resolution 
is the decision of the Board. 
Mr. A. G. K. Bohron criticised the management 
of tlie Company and as a flliareholder ho was indignant. 
Tho Directors individually wore entitled to respect 
lint ho considered tho directors in tlii i matter ignor- 
ant, imprudent and that he would rather payGU per 
cent into the sea. Bharohrokors in Colombo stated 
that tho shares were not worth a cent. Mr. Borrou 
proposed the following aincndnicnt:—“ That a Com- 
mittee of investigation be appointed to examine 
tho books, papers, drc., of tho Company, to visit and 
report on the propertios of tho f Company, and gene- 
rally consider tlm position and prospects of the Com- 
])aiiy ami to advice the Company as to tho best courRo 
at an early general mooting of tho Company.” 
Mr. A. Tait seconded tho amendment. 
Mr. Hugh Krasf.u spoke in explanation of his re- 
lations to the Oompany alluded to by tho Chairman. 
Mr. T. C. UuxLEV supported the resolution. 
Mr. II. D. Dkane defended the absent directors. 
The directors had taken a great deal of trouble and 
had conscientiously carried out tlioir duties. 
Mr. W. Mkoginhon asked for some figures as to 
the defaulting sharohoiders. The Chairman accord- 
gave particulars of tho defaulting shareholders. 
Mr. J. U. l^^AiRWEATiiKU as one of the defaulting 
shareholders stated tliat the solo reason for non- 
payment of calls was simply on account of the gross 
mismanagemont of tho Company; ho spoke on behalf 
of his brother and himself. On the amendment and 
resolution being put to the meeting tlie resolution 
was declared carried. A poll having oeon demanded, 
Messrs. G. A. Talbot and A. G. K. Borron wore 
tlien appointed toilers for the amendment and reso- 
lution respectively with the following result: — 
For the amendment .. 7 votes. 
For the roaoliitioii .. 134 ,, 
Resolutions I and IJ were proposed by Mr. G. A. 
Tai.uot, seconded by Mr. A. L*. Cuawi.hy-Bokvey 
and unanimously carried as follows: — “Tliat Mr. A. 
Chili]) ho appointed Liquidator,” and “That the 
Liquidator bo 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 ol the Company all oxpensos, costs 
and charges of the winding up.” 
Resolutioii HI was proposed by Mr. T. C. Htixfky 
seconded iiy Mr. T. N. ORf HARn and unanimously 
carried as follows That Messrs. Armstrong, Deane, 
Huxley, J. K. Fairweather and A. C. Kingsford be ro- 
^uoatod to asttist tbo Liquidator in dispoaing of tho 
