Copy Letter from John Shand Esq. to Mr Smith
Chambers 24 Queen Strat
Edinburgh 31st August 1844
Dear Sir
Grenada Estates
I have your favor of yesterday. I have not hither to looked at the Dft of the
Grenada conveyance. Waiting till you have perused it that I might have the
benefit of your views. I shall now take the earliest opportunity in my power of
considering it.
With regard to a purchase of the interests of the Kintore family. I am willing
to abide by my letters of the 6th & 11th January last, altho' matters have since
materially altered for the worse, and I am satisfied that no stranger would give
nearly so much. Since our correspondence on this subject the admission of East
India sugar on equal terms has taken place-a measure which has already much
reduced the price of sugar, and is supposed to be almost fatal to the West
Indies; and the heavy rains with which Grenada has been visited have taken away
I fear, any prospect of returns this year. Indeed I very much suspect we shall
be out of pocket. It is my decided opinion that these Estates will never do any
good till they are put under the control and management of one party, and this is
what induces me to propose embarking more money in them, as I have already so
considerable a stake in them. I have enclosed you a circular from Mr Thomas
Duncan who has just returned from the Colony, which will show his views of the
state of matters. If you will make me an offer, I shall lose no time in giving
you a reply.
You might stipulate that the price should be payable on 20th Decr next, and that
the Expense of the necessary Deeds should be mutual; Should the other parties
wish to dispose of their interests, I think Mr Gordon would incur a serious
responsibility in refusing his concurrence for Mr Walkers son - at the same time
I think with you that they are not necessarily connected. I remain yours
(signed) John Shand
Alexander Smith Esq.
Aberdeen
Copy Letter from P.M. Stewart Esq. M.P. to Mr Smith
London 31st August 1844
Dear Sir
I have had the pleasure of receiving your letter of the
24th Augt, which, I assure you needed no apology, for I feel it to be a part of
my duty to give you every information in my power to enable you to do justice to
the interests of your clients who are virtually the Co-proprietors of the moiety
of the Grenada Estates Chambord, Plain, and Moruefendue. ------ I regret however
that the particular point on which you desired information is so doubtful, it is
not easy for me to give upon it any other than a general opinion. To assist you
in forming an opinion for yourself, I may state, that in 1833 immediately before
the Emancipation I bought for Mr Farpuhar the Moiety of the Estate held by Mefsrs
Ruckers for L 13,000, and in 1838 towards the end of the "apprenticeship" the
same moiety was appraised at L 11,000, while in both instances the price I
believe was assumed to be equal to 7 or 8 years purchase, which must be
I should think something near the present value. At this particular time
however it would be extremely difficult to say what such a valuation would
amount to in money; so much will depend on the measures to be brought forward
next year by government for the settlement of the sugar duties, and other
matters affecting the W. Indies - There is reason to believe that a very
material reduction is Contemplated in the sugar Duties which will
certainly be beneficial, and under the Circumstances I will recommend you rather
wait for a few months, than to proceed upon such uncertain grounds as we have at
present before us - I beg you will freely command my help in this matter if such
can be madeavailable to you, and believe me to be Dear Sir yrs etc
Alexr Smith Esq. (signed) P.M. Stewart
N.R. Altho' this letter is written in the Highlands, I date it "London" where
you may continue to address me.
Copy Letter from me Mr Smith to P.M. Stewart Esq. M.P. & c
Aberdeen 4 September 1844
I had the pleasure to receive your very obliging letter
of the 31. ult. on the subject of the value of the Mornefendue, Plain, &
Chamboid Estates - I observe the value at which the moiety of these Estates was
sold in 1833 & valued in 1838 - I also observe that the amount in both instances
was assumed to be equal to 7 or 8 years purchase. Now to tell you the truth I
feel considerable anxiety on behalf of my Constituents Mr & Mrs Rofs at Kintore
respecting their interest in these Grenada Estates; as it would bear hard upon
them if the small pittance to which their receipts from Grenada have now been
reduced were altogether withdrawn, and most serious indeed if in place of
receiving anything they should have payments to make. In these circumstances, I
hope you will excuse me in again drawing your attention to the subject of a sale
of their interest on the Estates.
In the first place I presume you will agree with me in opinion,
that there would be little or no probability in effecting a sail to anyone except
those already connected with the Estates, Keeping in view that it is but a part
of the moiety. Mr Shand is the person we have at present in view.
2. You think there will be a change in the value of the Estates on the
contemplated reduction in the sugar duties. Now I should like to know your
opinion as to the time when this will take place. Suppose the reduction in the
duties were brought about next session, would you expect an immediate benefit in
favor of the W. Indies, to the Effect of increasing the free proceeds, and also
the marketable value of these Estates? Or would it require some time, say a
year or two, to have the change tested before any great improvement appeared?
3. In the event of no alteration taking place in the duties for some time, do you
think that the proceeds from the Estates will fall yet lower than they have been
for the last few years, & have you any fear of their being even less than amount
of Expenses?
4. Would you consider it a fair criterion in making a present valuation of the
Estates to take 7 or 8 years purchase as formerly? And in so doing would we
take the gross free proceeds of last year, or of any average of so many previous
years.?
5. Would you consider the moiety held by the whole LeGatees, as a saleable
subject at present in the London market, and if so about what might it bring?
Anyone of the Legatees may under present existing circumstances, insist on a
sale of the moiety, but measures are in process which might very soon prevent
this.
I am quite aware that it may be difficult perhaps
impossible for any individual to give explicit answers to all these queries,
but I shall feel particularly obliged by hearing you opinion respecting them and
while that opinion will be a source of great satisfaction to my Constituents
and myself, I need hardly say that we shall hold it as strictly confidential I
remain My Dear Sir
Yours very faithfully