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• William Bennett to William Mackinnon. application to join IBEA Co. E.L. Bentley - Secretary IBEA Co: Formal notices, Dates of meetings, not postings (1) 21 Apr 1892 Finance: Committee (2) 5 May 1892 Meeting of the Court (3) 5 May 1892 Finance Committee (4) 18 May 1892 Annual General Meeting E.L. Bentley - Secretary IBEA Co: In separate piles, (5) 7 April 1892 Finance Committee (6) 7 Apr 1892 Meeting of the Court E.L. Bentley - Secretary IBEA Co. From a separate pile of letters (7) 24 Mar 1891 unsigned call to special meeting of the court
• Ernest L. Bentley to William Mackinnon. covering letter comments briefly on topics dealt with by enclosures (6); minerals & gold-strike possibility; Count Tornielli & Italian Govt. account; "Kenia" instructions Uganda special fund application; agenda of court meeting with decisions noted; financial summary of company's position. enclosure. (a) extract from letter (31 Dec 1891) from Administrator Berkeley regarding investigating reported gold hearing quartz; MacAlister's report of rumour & doubt (b) draft of letter to Italian Govt regarding settlement of account & assuring It. Govt. transfer of concession regarding Northern Ports is accepted. Draft has corrections decided at meeting (c) letter of Administrator, Mombasa, of 9 Jan regarding "Kenia's" use - emphasis on economy (avoid exploration, cover test-marketing costs by initial trading & passenger carrying), risk-sharing (with Zanzibari Trading Syndicates) detailed instruction (book-keeping, methods of payment, etc.) & facility for long range control (paragraph numbering, etc.) (d) Appeal to Uganda Special Fund; costs of extra year, - relieving caravan's extra men, now needed in Uganda, continuing stations for communication, caravan counter-manding orders, a year's salaries - exceed guarantees (Friends of C.M.S. - £15,000; William Mackinnon & associates - £10,000) by at least £15,000. Trustees had guaranteed at least this. (e) Minutes of Court meeting record amongst much, "Kenia" not to be chartered to Zanzibari merchants & govt. support for policy of a guarantee for the Railway (f) Balance sheet summary form - company capitalised around ½ million, £12 a share called so far. Bentley's letter ends with William Mackinnon 's offer to buy all small lots of IBEA Co. shares at half-price - £6 for those having paid up £12
• Eric Bentley to William Mackinnon. date on the envelope & earliest dated item, but contains second Bentley letter with attachments, letter of G.S. Mackenzie of 19 July, undated unattached note by William Mackinnon (1) 7 July - details of last court meeting; Ryrie's dissent re-payment late Sir Lewis Pelly's fees to his Executors; total liability reached £78,000; regarding book value of "Kenia" (cost of transport & re-assembly equal to building cost); William Mackinnon note requesting details enclosed - (a) IBEA Co. Court resolution approving formation of syndicates, including William Mackinnon 's own, accepting formation of others, whether English, Colonial, or Native capital involved. Court additions in red emphasize approval, & legally permissible co-operation, William Mackinnon 's in pencil eliminates personal reference & against rival syndicates for the present. (b) Detailed proposal for East African Development Association - £50,000 capital - John Fleming, manager/director - assets to be taken over (for shares) Malindi plantation rights, Denhardt's plantation "Kenia", road already built, plus rights to land, timber, mineral rights & to 10 miles around roads & tramway to be developed, to build trading stations (India rubber most favoured), sell water supplies, grant plantation concessions (8 an to 1 rup. an acre). The court additions eliminate IBEA Co.'s responsibilitees (protection of traffic) & defend native land rights. William Mackinnon against the latter. (c) Typed copy of William Mackinnon 's earlier proposals regarding financing. (2) 2 August - Extended details regarding the cost of the "Kenia"; regarding death of Sir Francis de Winton's son; F.O.'s arrangement for independent Uganda report from Capt. McDonald; instructions regarding reduction expenditure below £40,000 annum; Sultan's steamers no longer calling at Northern Ports. William Mackinnon 's pencilled comments query many details regarding "Kenia". Enclosed typed letter to F.O. regarding Co's position etc. Reminds earlier letter (20-8-91) estimated administrative costs at £40,000. To cover next 5 years, development etc. £200,000 loan required (call of £40,000 per ann.) Growing revenue would cover the interest, but would need First Mortgage Bonds at 4-5%, so question of collateral. Two possibilities - Sultan should pledge whole of custom dues plus company rent (he should do this as Co. rent exceeds pre-Co. customs revenue & he has no administrative costs to meet) or he should pledge the German commutation payment for their concessions custom revenue. Otherwise IBEA Co. either surrender the Charter & revert to profitable coastal trading or surrender the whole Concession, after compensation, for its inclusion in a Br. Protectorate. The loan would cover both interest & development costs for IBEA Co. is viable in time. Co. will accept F.O. guidance, in the wider national interest, if the shareholders are protected. (3) 19 July 1892 - G.S. Mackenzie - covering letter for press copies of letters to Berkeley & Nicol to get them to persuade Portal that he should urge the Govt. to early action (copies are missing.) No action yet on director's deputation to Govt. (4) Undated note in William Mackinnon 's hand on Balinakill notepaper regarding different financial set-up for East Africa Syndicate - capitalisation increased to £100,000. IBEA's share written in at £20,000. ("Kenia" now at £6,000 etc. with £6,000 on call).
• E.L. Bentley to William Mackinnon. Clause 6 of the concession
• E.L. Bentley to William Mackinnon. Denhardt concession - summary of the position