Business View Caribbean | September 2019

61 BUSINESS VIEW CARIBBEAN SEPTEMBER 2019 those establishments, as well as some farming land. He was the first exporter from Dominica of bay oil (an extract of the bay tree used in perfume to hold the scent), and also exported lime juice all the way to South Africa, Australia, and England. In 1969, Mr. Shillingford incorporated the business, so he could bring in other investors to expand the company. At the time, 51 percent of the shares were sold to a group of Englishmen, who sent their own manager to the island. According to A. C. Shillingford’s Managing Director, Julius Timothy, “They made a total mess of the operation, and the company went into receivership in 1976. Coopers & Lybrand were appointed the receivers and I was asked to come and take over the receivership. I was then working in the St. Lucia branch of Coopers & Lybrand. I said I would do it on one condition: that I could have a profit commission. I wanted it to be my business to turn around.” Timothy did indeed set the business back on a solid footing. By 1982, all the debenture holders – the original shareholders at Bank of Canada and Barclay’s Bank – were paid off. “Then, I decided I was going to turn the company back to the owners because it was solvent once more,” says Timothy. “The Englishmen offered their 51 percent of shares to me and we made an arrangement to pay them over 15 years at 10 percent interest. I never had to dip my hand in my pocket because the dividends every year were enough to pay them.” Timothy is somewhat of a legend, himself, in the political history of Dominica, as the former Minister for Finance, Minister for Economic Development, and Minister for Health. He is now the Ambassador to Mexico, and recipient of the Sisserou Award of Honour for meritorious service - the second highest national award in the country. On the evening of Sept. 18, 2017, Hurricane Maria walloped Dominica with 160-mph winds, damaging or destroying the roofs of an estimated 90 percent of buildings, and toppling power lines and some of the strongest, oldest trees in the forests. Having been at home on the island when the hurricane came through, Timothy shares a poignant, firsthand tale of riding out the storm, and the challenges of getting A. C. Shillingford & A . C . SHI LL INGFORD CO. LTD . (DOMINI CA) pictured above Managing Director, Julius Timothy