Similar items

• Scottish Carolina Timber & Land Co. Ltd. See miscellaneous file on company letters
• A. Govan to William Mackinnon. - decision to halt funds while discrepancies in returns probed; Page now sailed; power of attorney given to local solicitor; financial re-organization - William Mackinnon 's proposal almost identical with Foster & Braithwaite's; apologies regarding hurried meeting for Deb. holders.
• Scottish Carolina Timber & Land Co. Memo. of Association 1884
• A. Govan to William Mackinnon. - regarding question of cumulative provision regarding Scottish Carolina Timber & Land Co. shares; suggests already sufficient protection for Preference Shares; recounts history as to how created after not taking up P. Mackinnon's offer for Ordinary Shares; politely puts aside question of Board seat for William Mackinnon ; advantage conferred by railroad, transporting hardwoods, increasing land values; scales down amount of Dev. & Preferred Stock that will be needed to £7,500; delay in becoming profitable attributable in large part to mill enlargement & consequent stoppage.
• 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).