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PUBLIC RECORD OFFICE
Reference
8
In the year 1878 the (by this time) customary dividend of 12 per cent. per annum 1878. was paid. The new dock wharf, to the extent of 350 ft., was completed, and pro- gress was made with the new dock. A new godown was completed, and a saw-mill also added to the Company's property. The machine shop was fitted with electric light.
At a meeting of the shareholders held in August, additional powers were granted to the Directors to raise more money by debentures.
On the 1st May, 1879, the new dock, named the "Albert Dock" (the Company's 1879. second dry dock) was opened by Colonel A. E. H. Anson, the officer administering the Government. Its dimensions were:-Length, 475 ft.; width, 75 ft.; depth, 21 ft. In order to raise funds for the completion of this dock and of other works, it was decided, on the 29th May, to increase the capital of this Company to $1,000,000 by the issue of 2,000 shares of $100 each.
During the year the Government commenced to construct a direct road from Collyer Quay to Tanjong Pagar through Mount Palmer, to join the road previously constructed by the Company.
The dividend paid this year was only 7 per cent., the reduction in the Com- pany's income being attributed by the Directors to the exceptional scarcity of docking business during the last half year.
All calls on the new shares were paid up during the year 1880, so that at the 1880. end of the year the share capital (fully paid up) stood at $1,000,000. A dividend of 7 per cent. for the year was paid.
New
During this year, the shareholders in England began to urge upon the Directors Proposed the advisability of coming to an arrangement for working on a joint-purse system arrange with the New Harbour Dock Company (formerly the Patent Slip and Dock Comment with pany), with a view to moderating the keen competition which existed between the Harbour two companies. The Directors, however, were not then in favour of any such Bock Co. arrangement. The Government coal sheds at Pulo Brani on the opposite side of the strait to the Tanjong Pagar Dock Company, were rented by the latter in 1880, and coals belonging to the Company's constituents were stored there.
CO. 882
On the 4th and 20th May, 1881, meetings were held at which an arrange- 1881. ment was made for a joint-purse system with the New Harbour Dock.
Joint-purse system
8 PUBLIC RECORD OFFICE, LONDON
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Harbour
Captain Smith, the Manager of the Company, retired on the 30th June and with New his place was taken by Captain John Blair, who continued as the Company's Dock. manager till the 1st May, 1896.
A dividend of 104 per cent. was paid for the year, and the sum of $6,609.74 was carried forward.
The Directors reported that the joint purse system with the New Harbour Dock Company appeared to have worked satisfactorily.
It was decided during this year to exercise the option which the Directors Purchase enjoyed under their lease of the Bon Accord Dock, to purchase the property for of Bon $50,000 in conjunction with the New Harbour Dock Company.
Acoord
Dock.
In the year 1882 the question of the shareholders residing in England being 1882. more directly represented in the management of the Company was discussed, but Share- no definite arrangement was arrived at.
holders
resident in
The sale to the Company of the Bon Accord Dock and the Everton property England. was completed during this year, and a new series of debentures for $150,000 at 6 per cent, was issued to meet the liabilities so incurred.
A dividend of 10 per cent. per annum was paid.
In 1883 a dividend of 11 per cent. was paid, and the sum of $16,258.69 was 1883.
added to the Reserve Fund, which, with this addition, stood at $110,000.
By a special resolution passed on the 16th March, 1883, and confirmed at a Creation of subsequent meeting held on the 6th April, 1883, the London Consulting Committee London was created. Its constitutional powers, &c., were provided for by Clauses XCIV. Consulting to CVI. of the Articles of Association. Under Clause XCIV. it was to consist of Com-
mittee.