36
(a), by the Government holding a majority of shares and thereby securing (under revised Article of Association (a preponderant voting power, and having one or more rep, isenta- tives on each of the two Boards to advise as to the necessity of exercising such power, or (5), by the Government advancing the inoney on the best security the Company can give, and having a director on the local Board with the power of veto.
The objections to the first proposal are that it would entail a large issue of new shares beyond what is authorised by the present con- stitution of the Company, and also that ques tions of policy night arise in the administra tion of the Company which it would be diffi- cult to bring under the cognizance of a general meeting, where alone the voting power of the Government cuald be used. And another objection, fatal to both proposals, is that the London Committee (who doubtless express the opinion of the majority of the shareholders in the matter) would not consent to either, and we have no power to compel them to do so.
15. In view of these difficulties I have been obliged to consider the feasibility of the only other course which appear to be open to us-- namely, the expropriation of the Company and the administratine of its undertaking under
Government control.
16. In your despatcli you state that you regard such a proposal as wholly impracticable, and undesirable in the interests of the Port, even if it were practicable, and Si F. Swet tenham (whom, in accordance with the sug gestion in paragraph 15th of your despatch, 1 have freely consulted throughout the negotia tions) at first expressed himself to the same effect. But on learning the conditions on which should be prepared to sanction ex- propriation, be, as I am informed, has consi- derably modified his earlier opinion; and though I am not aware of the grounds on which you arrived at the conclusion that it would be undesirable and impracticable to take such a step, I think it probable that you were influenced by the same considerations as those present to the mind of the late Govern. or, and that after being placed in possession of my views you will see cause to reconsider your objections.
person
17. Sir F. Swettenhain urged that the business of the Company was one which it would be impossible to conduct as a branch of the Civil Service of the Colony, and in this I entirely concur. The proposal which, as at present advised, I incline to favour, is that the Company should he expropriated at a price to be determined by mutual agreement, or, fail- ing agreement, by arbitration, as its assets vested in the Colonial Government. The management of the Company's business would then be conducted by a Board on strictly commercial principles, and every employed by the Board, from the General Manager downwards, would stand to the Board in the, ordiniry business relation of employed to employer. The Board would be appointed by the Governor for a fixed period, its members retiring in rotation, but bis interference in the ordinary administration of the port management would be neither necessary nor desirable. There would be on the Board one or possibly two official members whose duty it would be to bring to the notice of the Governor any important questions of policy, and through whom any necessary in- structions would be communicated to the Board.
THE HONGKONG TELEGRAPH,
21. I shall be glad if you will give this des, patch your immediate and earnest consideration. If you see cause to differ from the views which I have stated, I shall, of course, await a rea- soned statement of your opinions. But if you concur in them, I request that you will inform me by telegmph by order that I may give the necessary notice to the Company, for it is very desimble that they should be made aware of the intentions of the Government before taking steps to invite further capital or incur further expenditure on their proposed improvements.
ALFRED LYTTELTON.
Secretary of State for the Colonies to the Chairman of the London Committee of the asks :-
1. Whether it has been finally decided to carry out the contemplated extensions and improvements and if so within what period and beginning at what date.
2. What is the sum which the Directors of the Company have come to the conclusion must be borrowed for this purpose.
3. Whether the Directors would welcome Government assistance in the matter of raising
the money.
4. It is perhaps hardly necessary to ex- plain that-the harbour accommodation of the very important port of Singapore being mainly in the hands of a private company the Gov erament cannot be indifferent to the proceed. ings and interests of that Company inasmuch as the interests of that Company are in a large measure identical with the interests of the part,, This is the reason for which the pre- scat letter has been written and I am to sup plement it by stating that if your Com- mittee would prefer a preliminary conference before answering the letter I an instructed by Mr. Lyttelton to see you. In that case you may probably agree that it would be af advantage that Sir F. Swettenham should also if possible bu present,
C. P. Lucas.
Mr. W. G. Galland in the Secretary of State for the pionies
*
120, Fenchurch Street 14th October, 1904. 5. The Committee do not demur to the re- minder conveyed in your letter of the respon sibilities to the port devolving upon a Com. pany in the position occupied in Singapore by the Tanjong Pagar Dock Company, On the contrary they, welcome the opportunity it gives them to assure the Government that they re cognize in the widest possible sense that the Company must utilize its unique position with the fullest regard to the public interest and with an eye as much to the prosperity of the pari as to that of the Company itself. They would venture to submit however that so far the Company has not inadequately fulfilled thal duty and they hope it may not be con- sered inconsistent even in claim that the Company's enterprise has contributed in no small degree to the expansion of the Colony's trade.
6. Some years after its forination we find the Company recording with apparent pride that it had heitled in six months'
110 vessels totalling .... $7,569 tons that it had received in that
per od Coal to the extent of 16,071 H and had in stores for the use
15.738 of the part
Bat the figures for the six months lately closed-
1,258 vessels totalling 2,132,623 tons Cal receiver in six months 347.944 Coal in store at end of six months
11
in the face of which comparison it surely can no longer be suggested that a Company con tinuously providing for an increase of such importance has been neglectful of the interests of the part.
18. In considering this proposal, it is my desire that you should put before the fully and frankly any objections to it that may prevent themselves to you. I have not been able to discover any insuperable difficulties in the way of its adoption. On the contrary the experi- ence of some of our most important home and continental poris proves that mercantile and commercial interests of the most varied nature 7. Realizing the advisability in the interests of increased traffic of a reasonable tariff the and of the greatest magnitude can be entrusted to similar organisations with complete safety. Company has studiously maintained its rates at the lowest possible level and it was only I can see no reason why equally good results. should not follow from its intelligent adapta. when the serious depreciation of the currency tion to the requirements and circumstances and the greatly advanced cost of labnur.com of Singapore. It is true that the scheme pelled the change that rates were ever raised would entail a considerable addition to the But even now although the Committee are not nominal debt of the Colony, especially after able to assert positively that Singapore is the making provision for the contemplated im- cheapest port in the world, they believe it to be pretty nearly the case and anyhow their provements, but I apprehend that the revenues of the undertaking would from the first benvestigations have not disclosed to them any sufficient, and possibly more than sufficient, to provide the necessary interest, while Jay the operation of the sinking fund the Colony would possess an asset increasing yearly in value
port where th: consolidated charges upon ship and cargo a e lower. Moreover, in this Com. pany's case the public has a peculiar protection in the circumstance that the two controlling bodies being all but wholly composed of the Company's principal customers have strong individual interests opposed to high wharf
bargrs
19. A more serious question presents itself in considering whether such a Board, under Government control, could and would success fully manage such a varied business in the B. Another impression prevailing is that best interesis of the Colony. I understand the shareholders derive exceptional returns that no dissatisfaction is expressed with the from their investiment in the Company, but present Board, due allowance being made for that is equally erroneous and can only have the control exercised by the London Com-been formed upon an exceedingly superficial mittee, and it appears to me that it would be necessary to make little, if any, change in its composition.
Equally I am of opinion that it should act be difficult to induce the present members, or the majority of them, to continue to serve under the new conditions. The position would be a dignised one: adequate fees could be attached to it; and it appears to me that the present members, who are all prominent local mer chants and whose fortunes are bound up with those of the Port, would have every inducement 10 retain the direction of affairs.
survey of the Company's affairs. To the few remaining, if any, original shareholders the fruition of an enterprise embarked upon some forty years ago is possibly satisfactory enough but even as regards these, the returns for many years were meagre in the extreme and the currency ineanwhite has depreciated some 60 per cent.
10.
ment.
16. The main reasoa for this preference is simply that the Government's strong in terest in the undertaking would doabless
THURSDAY FEBRUARY 2, 1905.
M Dock and
temporary stoppage of coal supplies. "Before Russia and Japan got at loggerheads a single month's supply of coal was considered ample, but now the Company have so increased their stock that they are ready to meet the public demands in the consumption of gas for six months at a stretch. As a matter of fact the Company have a nine months' supply in stock, by which time it is to be hoped that the war in the Far East will have been settled one way or the other.
to judge. Therefore this College purposes to. teach all forms of knowledge in order to give to its young men such a brond, bass of know ledge as will enable them to deal with truth in whatever sphere of life it get. fhe College
ches all Westem subjec's through the medium of English because for some years yet the number and character of scientific books translated into Chinese will be so inade quate as to seriously limit the student's possibi lities for study of an advanced sart; whild 1 ofe At present the business of the Gas offices already translated are necessarily inexact, since is carried on in a large matshed within the Chinese language does not possess the veca the main grounds of the works, but that con.bulary required for the precise rendering of dition of things will soon be altered and the Western sciences. Althesametime, though with a slight loss to the student's acquisition of Eng Secretary, engineer, and clerks will be accom- modated in large, airy rooms having a fine fish, large emphasis is laid on the study of view of the harbour and shipping. The archi Chiaese language, literature, and history, for tects were Messrs. Palmer & Turner and the the purpose of the College is to produce not sepcifications of the works show that the build- individuals, but citizens. ing will be 62 feet inside measurement by 8; feet long.
be raised is to be expended under the best,ad fully and logically he will probably somewhat cool his spirit towards T. P. D. Co. Is it on vice solely upon reproductive works and will he wanted very gradually, the Committee have account of the huge number of reporters and every te son to hope (more especially as they news-gatherers employed? I think not. Is it feel they may assure those concerned of the on account of the mass of brains employed? Government's hearty encouragement in the ob-Kach man now do a solid think of 5 seconds! jest to be attained) that amongst its Bankers The Gavemor himself says that he is quite and its larger British and Foreign shipping satisfied with the pist conduct, and holds out customers the Company may be able to find no hope of a reduction in charges. How does on reasonable enough terms the money to the this reconcile with your contemporary's
attitude. extent it will be necessary to borrow it...
15. But as the Government aware from It stands to reason and common sense that overtures made to the Federated Malay States unless the equivalent charges and profits be through the Governor of the Colony, the Com-made in the future as have been marle in the pany would prefer that the financial assistance past, it will be impossible to pay the 42% on the it will require should come from the Govern Harbour Bonds out of the earnings of the new Board. For we as shareholders claim and shall insist on capitalising-out our income on a 4% basis. Example: say 1 own Wharf, which cost me $100. My earnings from same are $15 per annum. My position is secure, both because of my good work and because by business acumen I have acquired all the docking facilities. Out of my $25 per annum I put by 512) in extending my business,
The Kowloon works have also been increased and I spend the $12 on my living &c.,
A man lately. The retort house was capable of pro- and all the world is awe of the same. comes along and says, "I want your Dock." ducing 100,00 cubic feet of gas a day when I say a righi, but pay me for same. He says I the gasholder was erected in 1897, but now the will give you $3.28 for it How do you make old plant from the Hongkong works has been that price, i say, Oh 12) per annum capitalised removed to Kowlnun, so that a supply of out at 4%. But my earnings are $25 per annum 300,000 cubic feet of gas per diem can be pro- I say: Oh no, he says, you show $1 per vided. Kowloon has increased so greatly in annum only, you spend the other 512 in ex-point of gas consumers that this extension which tensions and improvements. Quite so, l'say, was hardly contemplated in 1897 has forced but that is my business not yours; it I like to itself on the attention of the Company with the save half my income and re-invest the same result that there is likely to be an adequate that's nobody's lookout but my own. My supply at the disposal of consumers for some lacome from my dock is $25 per annum and years to come. my price for same is such sum (x) us will give me an equally sure income of $15 per annum; therefore either please give me cash for $515, or Harbour Scrip. for $115, or an annuity of $15, on else leave me alone. I am quite con- tent, and am building op a splendid business. That's the position.
induce it to lenti the money in terms less oner..us to the Company than might be ex- pected from lenders acuated only by profit considerations; while the speediest possible completion of the work could more readily be entertained were the financial assistance on
lavourable terms.
17. The Committee's propósition (subject, of course, to the confirmation of the share. holders necessary under the Company's Article of Association) would therefore, he that the Government should grant the financial assist ance required for the work and should do so first by taking up the 8,000 shares reninining unissued of the Comp iny's authorised capital and subsequently by lending to the Company against Debenture Bonds up to the extent it might find it necessary to h: assisted."
18. The Committee's suggestion of price for the shares wonki be $300, de a premium of 205 per cent. Their bases for this price are:-
First That it was the price at which were seled the 7,000 shares taken up by the New farbou Dock Company,
|
|
There is a new apparatus for coping with any outbreak of fire on the works so there should be no danger from that sauce..
The works at Kowloon cover a space of 140,000 square feet, while those.at West Point and-at Wanchai occupy between eight and ten acres. The general business of carrying out the recent extensions was performed by the Company's clerk of works, Mr. Winter.
"
THAN Mr. Ngo's essay was on The Kind of Education Needed in China,' and was an ex collent specimen of a student's own thought expressed in his own English without any. assistance or correction, after four years of English taught according to the method by Mr. Chung.
Pesides Mr. Chung and Mr. Ygo, Mr. Lau Sheung Tak also received a certificate for com pleting the preparatory course.
The following prizes were distribnited- The Honor Prize for the highest rank in scholarship, attendance, and deportment. $5. Tooh Kit of the second year.
The Beginners' English Prize for the highest scholarship in the beginning En lish class. A handsonte Oxford Bible. To Wong Kai Ming.
The English Credit Prize for the greatest ex-. celicuce in conversational English. A Student's Standard. Dictionary. To Ng flei Lui, of the third year.
The Chinese Credit Prize for the best record in Chinese. $5. To Hui Fung Hoi.
The Physical Training Prize for the best record in physical drill and the most marked physical improvement during the year; Spaid. ing football To James Swen of the third year.
The Waterman Pen Prize for the greatest improvement in penmanship during the year. A Wa erman gold mounted fountain pen, pre- sented by the L E. Waterinan Co., of America. To Wong Kai Ming,
In Kowloon the number of consumers in 1901, when Mr. McCubbin took charge, was- Europeans, 121; Chinese, 30-a total of 151. In 1904 the numbers were-Europeans, 170; Chinese 58-a total of 228, showing an increase of 77, and as Kowloon is developing in every direction the increase may be expected to go on at a still greater pace in the future. To The Sylvanus Stall Prizes for the excellence Kowloon the make of gas in toco was 6,071,8of moral character and good conduct. Four cubic feet; in 1904 it was 10,201,300 cubic feet, books from the Seif and Sex' series presented It is noteworthy that during the three days of by the author. First year, Wang Kai Ming: the Chinese year the increase in consumption second year, Ho Kit: third year, Ng Hei Lui;
fourth year, Ngo Yue Yun.
Second-That a year ago a demand by the Federated Malay States for about a quarter of
The "Straits Times? is also spluttering about the number took the price up ( $350 and it is "leakages" at the Dock. Why to goodness fairly certain that no similar demand could be don't they "cough it up" and not be so beast. satisfied in the open market without a similarly mysterious. If they know of any leakages result.
either in cash, graving docks, na ships-bottoms, Third. That with the maintenance of the say so, but don't try to damn the whole stafi for the sake of being mysterious, If remem- present dividend (which there seems no reason to doubt) the Government, while forwarding ber correctly, the paper had a di honest tamby seine time ago, but it would hardly be fair for the Colony's interests, would still be deriving the satisfactory return on the whole 12,400 poo me to say they ought to stop the thieving
which goes on in their concern." of 4 per cent per annum.
That paper also discourses anent the Ad-rises 50 per cent. mira ty back. If they think the T.P.D. Com- pany is going to build a 75oft, dock cosling say 300,000 in order to dock say perhaps to ships ayer at say 250 a day, they mistake business for philanthropy. Why don't they issue their periodical free, it would not overtax their print-
19 It seems scarcely necessary, except in. the interests of perfect clearness, to say that the 51,60,000 accruing to the Company from the pretium on the 8,000 shares, together with the $800,000 capital sum, would of course be wholly expended on the work of develop ment and for no other purpose whatsoever.
zo. The Committee would prefer, unless a quicker rate of progress in the work is decided upon than is at present conceivable, that the Government should take up the shares in two divisions of 4,000 each, with at least a year intervening.
21. The Debenture 'nterest the Committee suggest, should not in the circumstances exceed three per cent per annum.
23. It would be included in the understand in that a commencement to the work should be made at the earliest possible date, that acceleration of progress should be datermined by and all work done should be to the satisfac-
ing press.
Please note! ca-l-k-e-d, does not spell c-a- u-l-k-e-d. This is excusable, not being con- versant with shipping,
As regards the Governor's speech, according to the same orgas it is not to be criticised. It was a very good speech, cleanly put, and it is gratifying to see his appreciation of the hard work done during the 40 years the Company has 22. The 800 shares, together with the been building up its present gigantic business. Federated Malay States holding, would seem But it can be said that his remark of the capit. to arm the Government with all the voting al of the company being only nominal may be "He stated that he power it would require to give effect to its misleading to some,
believed that owing to, the share capital wishes in the Company's affairs. But that its control might be more constant and complete having been divided, a considerable portion of the Committee would suggest that the Govern same must be nominat" ("in name only") ment be allowed to nominate two of its officials This venture to contendis nobyo, the as members of the Hingapore Board and one capital was not divided **** was muizi. as a member of the London Consulting Complied" or "added to, and the circumstances mittee.
which made such addition" possible were that the shareholders had annually sunk a great part of their earnings in fresh capital expenditure in such measure that their Re. serve Fund represented per contra by solid cool sheds, godowns, new railways, &c, had in 1898 grown to $1,400,000 and the best method of disposing of this was to issue new shares, not, to divide the then existing ones. I agree with H. E. that the capital stated in the balance sheet is "nominal but not in the spirit that he looks at it. It is "nominal " insomuch that the "capital" of any corpora. tion is that sum by which its assets exceed its liabilities at any given date. Aply this to the T, P. B. Co Its liabilities are easily ascer tained, they are all shewn in the balance sheet, bat with its assets it is different; its assets consist of property, rights, earning power, and future potentiality, and all of such, if paid for on a just and fair basis, will possibly entail the issue of Harbour Boads to the extent of same- thing like $20,0:0,035 to $35,000,000 as an out- side estimate.
tion of the Government.
But an essential of the Agreement would be that the current business of the Company should be hindered by the operations as little as possible.
24. I have now done my best, I trust not al too great length, to comply with your desire that the Committee should fully communicate its views on this important subject, and would only add a concise response serialin to the three questions you put to me, viz. --
() As stated in the foregoing paragraphs 11 and 12 it is practically decided to carry out the contemplated extensions and improvements and to do so within 10 years if at all, possible from say about six months hence.
(2). The Directors would endeavour to limit their borrowing for the purpose to £730,000.
(3) As specified in the foregoing paragraphs 15 to 22 the Directors would welcome Govern- ment assistance.to raise the money.
W. G. GULLAND.
THE POSITION OF TANJONG PAGAR.
ITS CRITICS, AND THE TRANSFER OPERATION.
To The
Editor, "Singapore Free Press," Si-Various articles having been written, and remarks made of late anent the Tanjong Pagar Dock Co., Ltd, its doings and value, and other items more or less irrelevant, I trysi you will grant me space as a shareholder to lay before you a few points, as remarks such as those made in your contemporary in the last few days are capable of considerably misleading some people who do not understand local conditions.
Ì
I have been told that H. E, has made an offer of $240 per share. Such an offer can have but little bass, and 1 guarantee that any individual shareholder would jump at the opportunity of bringing up the whole concern at such a rock bottom figure. H. E. stated that Goverument hae acquired some 18,000 shares; he did not state the price at which these were acquired, but as the acquisition has probably been spread over the past 2 years, I should surmise that the average price would stand in somewhere more in the neighbourhood of $320 than any such figure as $240.
There are just a couple of points I would mention re the ordinance :~`
(1) It would seem more fit to call the new Board "The Singapore Harbour Board" for after all Tanjong Pagar is only a locality, and if the new Board is to embrace the Boat Har bour, P. & V., St James, Telo Blangah and Pasir Panjang, why not give it its proper des cription.
In another colution will be found an advertise- After the formal exercises, the two football ment announcing the reduction of the Comteams of the school met for the final contest of pany's charge from $50 to $3.00 per 1,000 the year. The game was close, but the Reds made a goal just before time was called. Grays cubic feet.
took their defent in good spirit and joined with their opponents in giving the yell of the col- lege:
THE CANTON CHRIȘTIAN COLLEGE.
THE CLOSING EXERCISES,
The Canton Christian College has just com. pleted the most eventful year in its history and one of the most successful. The first semester rented buildings, where was closed at Macao
Hip Hip Hurrah! Hip Hip! Hurrah! Al-yal! Ai-yah! Canton!'-Contributed. THE LI SHINg scientifİC AND INDUSTRIAL COLLEGE.
CLOSING EXERCISES.
30th ult The first annual 'prize distribution in con- the College has been quartered since 1900. The second semester has been spent in temnection with the above College took place on porary buildings on the thirty-five acre grounds Saturday evening, roms on the top floor of the of the College at Honglok, Canion, where dur Chinese Club having been set apart for the ing these few months, many iniprovements purpose. The proceedings opened with a brief r
address by Mr Tam Tez Kong, after which a have been made, such as, a fly-foot pier, a stone road from the river to the present build numberof recitations were given by the students, ing including a bridge over a canal, an excel some of the pieces in English being very wall lani athletic field suitable for football games, given. The programme also included two and in the College yard the elements of an out- debates, one in English, and the other in Chi- door gymnasium. On December 21 ground nese. The former showed very careful study was broken for the first permanent building and no little knowledge of the art of debate.
The Head Master (Mr. Walter N. Fong, M.A.) which will, in the scheme for final development,
then presented the following report:- be one of four similar buildings forming a group on the summit of the campus, forty feet above tide. It will be 166 feet long by 52 feel wide, three stories, and will be constructed of concrete, brick and steel, with a minimum of wood. It will cost $30,000 gold. Mr. C. W. Stoughton, of Stoughton and Stoughton, New York, who designed the building and are charged with developing the method of landscape treat ment of the College tract, sailed for America on Dec. 17, after having spent about three months in Canton working on plans. Messrs. Purgalt Pagel, of Canton, are acting as supervising architects. The contract time calls for the completion of the building within twelve months.
As a fiuing close to a year of such hard work and as a relief to the students during the try ing period of final examinations, the tension of studious activity was somewhat relaxed by a few simple recreations. On Saturday after nown some of the students and teachers at tended the closing exercises of the Medical School of the Woman's Hospital in the charge of Dr. Mary Fulton, making a pleasant round trip in the gasoline launch Vinette. Al the close of the night study period at nine o'clock, the two football teams indulged in a lively game by moonlight, in which Caplain Tong's team won after thirty minutes of vigorous play by a score of one goal to nothing. So hearty ws the students' participation in this unpre- cedented nocturnal contest, that it has been determined to perpetuate it as a unique New Year custom in the Canton Christian College.
The examinations closed at noon Tuesday, and that evening the school was entertained with stercopticon views, niter which the con. test in conversational English for the annual prize was held.
One of the reasons why "China is so far be hind Western nations in progress, is because she still clings to the antiquated methods of her forefathers in all lines of industry. The founders of the Li Shing College realize that the only way to raise China from her present low industrial condition is to educate her sons in modern science and industry, training them to use their hands as well as their brains. Our aim is to fit our students to be captains of industry, to make them capable of directing manufacture, and through them to train and uplift the masses. One of the most pitiful sights in the Orient is the vast expenditure of energy with so meager a result. The Chinese have strength, endurance and willingness to work. What they lack is method, That is what this College aims to supply. We are desirous that our graduates should not only be able to use foreign machinery mechanically, but that they should understand the physical principles that underlie the construction of machinery, so that they may be able to set up machinery and repair it, as well as to operate. We hope to train independent workers and not mere "hands" to be always under the direc tion of foreigners.
Our aim is not to turn out classical scholars, but to fit men for actual work in life. What ever doubts may exist in the minds of others as to what line of work should be taught in their respective schools in Longkong, we are happy to say that our path lies clear-cut before us, and that we believe, with President Jordan of Stanford University, that the world stands aside and makes way for the man who knows whither he is going. Of course, we realize the necessity of a broad foundation. We appreciate the value of history and geography as well as of English and mathematics to the industrial as well as to the literary student, and bitter, indeed, was our disappointment, when we came to this colony, to find that not oe of the many students who applied for admission to our College, was able to pass a satisfactory examin- ation in the subjects which have so long been taught here. During the past year, our work Acting President Woods presided. The prin in the English department has been largely cipal address of the afternoon was that made preparatory. This is not, however, the work we came to do and we intend to quit it as soon as to the students by the Rev. S. G. Tope, of Canton, who spoke on The Supreme Import our own and other schools shall have studente ance of the Acquisition of Knowledge, under | prepared for College work proper.
The closing exercises occurred on Wednes- day, the twenty-fifth, from three to six o'clock, These were very simple in character as befit-
(2) As is usual with such Boards or Truststing the temporary nature of the accommoda- I would suggest the scrip and interest payable thereon all be in the hands of the Board, there is nu occasion to hand such interest over to a Government Department in order that they may disburse same.
"LOGIC"
Singapore, Jan 23, 1905.
NEW GAS WORKS OFFICES.
How THE WAR AFFECTS THE "COAL TRADE, In the course of a recent article on the sub-
Ta investors in recent years who could only become so at a high premium, the 12 per cent dividend on the nominal capital is certainly no mere than a normal return-as some proof of which it may be mentioned that a similar 19. I am fully sensible of the arduous business in a neighbouring colony has just duties which at present devolve in the Governor divided 16 per cent.
9 Few Companies have withheld a larger and High Cominissioner, and while I have no doubt that you would cheerfully undertake proportion of their earnings and as a conse whatever further duties were imposed on you,quence distributed more sparingly in dividesid, I should feel that it was a serious objection to and every penny of such retention, together in the first place, that periodical and adver- the scheme if it involved any heavy addition with all premium ever received from the issue tising medium is harping on about the charge for work done" at Tanjong Pagar Docks. ] to your present labours. But do not think of new capital has been or shortly will be ex-
have little doubt but that a little more thought that this would be the case. I should strongly pended in rendering the Company more effici
ent for the service of the part.
and a little more inquiry, and a good dent desire, and indeed I should regard it as essen-
The new interesi taken by Europe in more logic would cause the writer to consider. tial to the permanent success of the scheme, that there should be no interference with the the Farthest Fast is, however, producing so ably modify his tone. I have mixed n good Board in the ordinary business. The Gover marked a charge in the carrying trade in that deal with shipping man and also dock men from other ports and they see nothing exorbi nor's power of control should only be exercised, direction chiefly as regards the greater tonnage if exercised at all, when some question of public of the vessels engaged in it, that it is evident tant in the charges made at T. I. D., consider- policy was involved, and such questions should greater provision for its inevitable expansion ing condition under which they work. The be of rare occurrence. The case would be bas become imperative at Singapore. The writer by informing us that some owners" pre similar with regard to the official members of Company has consequently for a long time fer to send their repairs to Europe" seems to insinuate that the charges at T. P. D. should the Board. I doubt if it would even be neces back been devoting is utinost attention to a
more comprehensive development of its wharf be the same as those made by yards on the ject of the Gasworks in tongkong mention sary for them to attend Board meetings when the agenda paper shewed that only questions age than the demands upon that till compara. Thames, Tyne and Clyde, utterly ignoring the was made of the new buildings which it is pro- of business routine would come up for discus- tively recently have required it to contemplate.logical point of view that where material and posed to erect as offices and for the accomm sion. And I need bardly emphasise the fact 1. After most exhaustive consideration by labour have to be conveyed a distance to dujou of the principal officials at the works.
The new building, which has practically been that in my opinion the work of the Board the ablest engineers a scheme has at last been another "centre of industry," there the cost of
work done with such material must rise pro- completed, stands a land immediately oppo- should be conducted on the ordinary principles evolved which it is confidently believed will
It is a handsome of sound mercantile administration.
most effectively meel all demands likely to be portionately. If the writer on giving the mat- site the present offices.
ter any thought at all thinks that having structure of three storeys, the ground floor 20. The advantage of the scheme from other made upon the port for many years to come. points of view hardly needs demonstrating. This scheme the Committee have practically freighted iron and steel sheets, tools, and plant being set apa t as the affices, while on the There will no longer be the possibility that the decided to recommend the Board to adopt and a distance of 8000 miles and with a wicked; second floor there will be an extensive show- private interests of the shareholders may be in to begin to carry out without loss of time. shipping conference existing and laving room and the residence of the superintendent conflict with the welfare of the port, and there 12. Briefly it contemplates the construction brought out mechanics at treble and four times of the fitting department, Mr. Ferrey. The is the certainty that this very important busi-ia the most permanent manner of inshore and the home wages, and having considered that residence of the engineer, Mr. McCubbin, is in ress will henceforth be conducted in the best foreshore quays involving altogether an expen- Singapore is a restricted market, that is to say the frontage facing the sea and comprises a interests of the Peninsula. Moreover, while 7 diture of £1,500,000 over a period of ro to 15 ship repairers have extraordinarily busy times a suite of handsome rooms which are already am far from wishing to make any imputations years.
and extraordinary slack times, but establish occupied. on those responsible for this enterprise, it can. 13. This expenditure however is on a scole ment charges have to be maintained at the exit is proposed in the near future to crect coal not be denied that the power and influence of so much in excess of the Company's customary traodinary busy time scale, and also considered stores on half of the reclaimed groand, as the the Company in the general affairs of the outlay upon development that exceptional fin that men do not come out here as a health needs of the community expand. Meanwhile, Colony are alrady sufficiently great, and that ancial measures will be necessary and it is at resort: if he will consider all this he will pro- the old offices have been demolished and coal they are likely to be largely increased in the the very juncture of the Company's considera-bably be able to understand why ships repaired stores will be erected in their place, adjoining -near future. It is not difficult to imagine cir. tion of those that your letter reaches the Com- locally, sometimes, but not always, entail a the retort houses. One of these new coal cumstances in which that power might be amittee's hands.
heavier charge than would be made at home. stores will have a length of 180 feet and a cause of considerable embarrassment to the
Without being, nasty, let me illustrate what width of 80 feel. Government, and the expropriation, on grounds
I mean, and I will do so in a way that will of high policy, of a Company occupying such
appeal to the writer. Question-Why does the an exceptional position and dominating such
Stmits Times" cost fifteen cents (say 3d) great public interests stands in no need of justi
and the "Standar7" id and the Daily Mail id. fication,
If the writer will answer that question trata
14. However, with its land in so unrivalled a situation-now and prospectively with its buildings, movable property, plant and assets of so exceptional & values with its ability to show that its business is of the soundest and most,progressive character, that the money to
The need for additional accommodation for the coal is to be found in the fact that recent complications in the Far East have led the company to recognise the necessity of being prepared for any contingency in the shape of
a
tions. One of the large dormitory balls, con- verted for the time being into an auditorium, was well filled with Chinese gentry and foreign | residents of Canton.
the heads: The value of knowledge, the value In our Chinese department, we found better of time, thoroughness, and perseverance. Ht aptly illustrated each topic with a well chosen story, and his address, while received with much interest by the foreign part of the audience, was also thoroughly appreciated by the students, for whom it was especially in tended. His simple and yet vigorous English held the attention of the student audience from beginning to end. The two sentences which he quoted as the basis of his address are so tragically applicable to China that it would be difficult to select better ones. Hear the word of the Lord,-My people are destroyed for tack of knowledge Because thou hast rejected knowledge, I also will reject thee.
material. Chinese scholars came to us from many districts and we were able at once to open scientific classes in the Chinese language. We find, however, that when we depend en- tirely upon Chinese translations for scientific work, we soon come to the end of our rope and that it is only the English speaking students who are able to zo higher. During the second semester, we were able to open our laboratory in elementary chemistry, three of the English speaking students having passed If any of you the required examinations. wish to see our students at their best, we recommend that you visit them in their labora tories and see thim handling apparatus, per The exercises included also an address in forming experimehia and calculating results. Chinese by the Chinese Head Master, Chung Ours is not a college, of letters and we cannot be expected to show our best work along the wing Kwong, on The Purpose and Plans d the Chinese Christian College, and the reading lines of speeches, recitations and debates, We of an original and uncorrected English essay have reason, however, to believe that our Eng. by go. Yue Yun, one of the three students lish composition work will compare favourably just completing the four-year preparatory with that of any school in Ilongkong, for one course. Mr. Chung explained to the Chinese of our students recently carried of the honours in guests that the purpose of the College was to a competition open to all schools in Hongkong. reach Truth. He said, 'This College is there for the best essay, written entirely by the fore based not upon the doctrines of any secl student himself in English: on Chinese New. of Christians, but solely upon the teachings of Year customs. The essay will appear in the Jesus Christ Multitudes of men as yet know next issue of the South China. Collegiah. nothing about Jesus Christ, but no man can. However, we do not intend to study Shake- safely contend against the truth. There are speare or to specialize in English. We have certain kinds of truth upon which judgment is good equipment already on hand for physical perfectly simple and proof is at band, but the add assaying laboratories, but as yet we have most fundamental truths are extremely difficult me students ready for those ilmas of work,
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