34
Dock Company the most enterprising and complete in every respect of the British possessions in the Eastern Seas. (Applause.)
The Hon. Tan Jiak Kim seconded the amendment of Mr. Anderson. He was not satisfied with the explanations of Mr. Stringer as to the actions of the London Committee. He hoped his motives would not be misunderstood by that Committee. He was strongly against that body in their procedure as to the non-issue of Mr. Nicholson's report, to which he thought all Shareholders were entitled. The possible expenditure of so large a sum as twelve million dollars made it absolutely necessary for Shareholders to be put in a position to judge for them- selves from the report.
Mr. Anderson claimed the right of reply.
Mr. Stringer rose to a point of order.
Mr. Anderson said he had proposed an amendment. Mr. Stringer had opposed it. Surely he was entitled to reply;
The Chairman ruled that Mr. Anderson had not that right.
WHAT DID THE AMENDMENTS IMPLY?
Some discussion then took place as to Mr. Anderson's amendments. [(A) Amend the Directors' report to include the issue of Mr. Nicholson's report; (B) reduce general charges and administration by $7.84; (c) reduce Directors' fees by $100; and (D) reduce London Committee's. fees by $5,000.]
The Chairman pointed out that amendments (c) and (D) were out of order because the Directors' fees are according to the dividend, and the Committee's fees settled by the Articles of Association.
Mr. Anderson said his amendments moved the report and accounts back for amendment. The portion of the amendment which was in order was then put, and declared carried by seventeen votes to sixteen.
Mr. Stringer demanded a poll.
After some discussion it was resolved to proceed with the other items on the agenda. The Chairman proposed and Mr. Friedrich seconded that a dividend of 6 per cent. be paid for the half year.-Carried.
Messrs. C. Sugden, D. K. Somerville, and W. P. Waddell were elected Directors of the Company.
Mr. Stringer proposed and Mr. Martin seconded that Mr. T. Cuthbertson be pro-elected
a member of the London Consulting Committee.-Carried by 17 votes to 10.
Mr. Waddell proposed and Mr. Allinson seconded that Mr. Gulland be elected a member
of the London Consulting Committee.-Carried by 17 votes to 10.
The auditors, Mr. T. S. Thomson and Messrs. Lyall and Evatt, were re-elected auditors of the Company.
Most of the Shareholders were then leaving the room, when the question was raised of taking the poll on Mr. Anderson's amendments.
Friday next, at 2.30 p.m., was fixed for this purpose.
24453
No. 6.
GOVERNOR SIR J. ANDERSON to MR. LYTTELTON.
(Received July 11, 1904.)
(Confidential.)
[Answered by No. 19.]
SIR,
Government House, Singapore, June 15, 1904. In his confidential despatch of the 30th of March last,* Mr. Taylor forwarded to you the proposals which had been submitted to the Government of the Federated Malay States by the late Chairman of the Tanjong Pagar Dock Company, for the loan from that Government to the Company of ten million dollars, to enable it to carry out the extension and improvement of its equipment and establishment required by the present circumstances of the trade of Singapore.
2. Of the inadequacy of the facilities at present provided there can be no question. The number of ships always to be seen, even at present, when shipping business is slack, lying in the roads waiting for access to the wharves is sufficient proof that extension is urgently required. If the rapid expansion of the shipping in recent years, both in numbers and in tonnage is considered, and the fact that it is necessary for every ship bound to and from the east to call here for coal and supplies, it will be seen that delay in making adequate provision, not only for present requirements but for those of the immediate future, will be a serious injury not only to Singapore but to the enormous British shipping interests engaged in the eastern
trade.
3. It is clear, from Mr. Anderson's speech, that if the unfettered management of the business of the Company had been in the hands of the Board in Singapore, the existing provision would have been more adequate and up to date than it is, and, as
• No. 5.
85
Mr. Taylor has stated in his despatch, there is a large and growing opinion in the Colony that the public interest imperatively demands that some arrangement should be made for securing that the welfare of the Colony, and of the great shipping industry with which it is bound up, shall not be subordinate to the immediate interests of a body of absent shareholders.
4. The appointment of two Government Directors on the Board here, which had been secured by the arrangement made with the Company by Mr. Taylor, would have done something towards this, as it would have enabled the Government to keep in touch with the proceedings of the Company, and to bring pressure to bear upon them from time to time by voicing the public opinion of the Colony to which those. who control the Company cannot be permanently indifferent.
5. It is indeed possible that the parsimony in regard to equipment and improve- ment, which is alleged with considerable force against the Committee in London in recent years, may have been due to their expectation that the Government might find it necessary in the interests of the Colony to establish a Port Trust to take over their undertaking, and their desire, therefore, that the dividends on the basis of which, under such a scheme, their shares should be taken over should be as large as possible.
Such a proposal, I regard as wholly impracticable and undable in the. interests of the port even if it were practicable.
There can be no doubt that the existing management represents fairly the commercial and shipping interests of the port and, even if the administration of the whole directorate were in the hands of the Government, it is improbable that any great change would be made in it and, at any rate with the power which would have been available of nominating two directors, it would always be possible for the Government to strengthen the representation of any interest that may not be adequately protected.
6. The interest of the members of the present board, as partners in, and local representatives of, the leading commercial and shipping firms in the general business and shipping of the Colony, far transcends their interest in the dividends paid by the Tanjong Pagar Dock Company, and they have, therefore, every reason to look to the interests of the port quite as much, if not more than, to the interests of the shareholders in that concern where these interests may come into conflict.
The interest of the Government is to see that the facilities of the port are adequate and up to date, and that they are available at reasonable rates, and, in view of the possible rivalry of Sabang (which, though not formidable at present, may become so in the near future), it is desirable that they should be in a position to secure this object. There is the further consideration that a large expenditure of a million and a half sterling is in contemplation by this Government on the provision of an enclosed harbour and wharfage for the coasting trade, works complementary to the facilities afforded by the Tanjong Pagar Dock Company, gives the Government a more immediate and direct interest in the efficiency of the Company's business and
proper management and control.
its
7. The present necessity of the Company to obtain the large sums necessary for the re-construction and extension of their wharves, docks, &c., appears to afford an opportunity for effecting this on reasonable terms, which it would be a grave derelic- tion of duty on their part to neglect.
From 1865
The present share capital of the Company is $3,700,000, in 37,000 one hundred dollar shares fully paid up, and its debenture debt amounts to $1,615,000, of which $250,000 bear interest at 6 per cent. and the remainder interest at 5 per cent., maturing on the dates shown in the last balance sheet,* copy of which is enclosed.
Of the value of its assets it is difficult to form any estimate, consisting as they to 1903. do, apart from the docks, wharves, engineering and ship-building plant, ware- houses, &c., of extensive but as yet undeveloped estates, but, as very ample provision has always been made for depreciation in the balance sheets, it may be safely assumed that the value of its land, plant, stock in trade, warehouses, &c., largely exceeds the amount of its share and debenture capital, without any allowance for the value of the business as a going concern.
20303
Not reprinted.
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PUBLIC RECORD OFFICE
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