PUBLIC
RECORD OFFICE
།་་་
Reference :-
C.O. 882
8 PUBLIC RECORD OFFICE, LONDON
ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC- COPYRIGHT PHOTOGRAPH-NOT TO
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Company for 25 years after the completion of the purchase were to be the lowest rates charged to any of the Tanjong Pagar Dock Company's constituents or customers. Another stipulation was that the purchasers (i.e., the Tanjong Pagar Dock Com- pany) were not to alter the rates of wharfage, rents and dues to be charged to the Borneo Company, except on the 31st December in any year, and then only on giving six months' notice. The purchasers were also prohibited from dealing in coal, or being in any way interested in the sale of coal for 25 years after the completion of the purchase. The purchase money was payable in instalments, the last instal- ment being due on the 31st December, 1889. It was payable in London at the rate of 3s. 8d. per dollar, and interest at 5 per cent. was payable on the unpaid purchase money, from the 1st July, 1885. The final instalment was duly paid on the 31st December, 1889. The total amount paid for the property, including interest and loss on exchange, was $1,099,416.28.
The subsequent connection of the Borneo Wharf with the Tanjong Pagar wharves gave the Company a continuous deep-sea frontage of a mile and a quarter.
During the year the municipal assessment of the Company's property was Municipal raised. The Company contested the matter, and the Court decided in favour of the assess Company. The Commissioners appealed, but the Court of Appeal upheld the decision of the lower Court.
The assessment paid at the present time by the Company to Municipal Com- missioners on their whole property amounts to $45,846.78.
A dividend of 10 per cent. was paid.
ment.
Two thousand new shares were advertised for allotment on the 16th March, 1886. 1886, the share capital being thus increased to $1,200,000. All were taken up at 35 per cent. premium, with the exception of 44, which realised 60 per cent. premium. The amount of premium ($31,100) was carried to the Reserve Fund.
An agency of the Company was opened in London, the offices being at No. 1, Whittington Avenue, Leadenhall Street.
The nett profits for the first half-year were $60,293.02, as compared with $93,252.64 for the corresponding period in the previous year, and for the second half-year $64,232.71, as compared with $66,806.82.
A dividend of 10 per cent. was paid.
In 1887, a sum of $10,000 was set aside towards the cost of a new iron caisson 1887.
for the Victoria Dock.
Two 1888.
A further sum of $15,000 was set aside for the new caisson in 1888. thousand new shares, which had been advertised for allotment on the 7th November, 1887, were all issued at 50 per cent. premium. The share capital of the Company was thus raised to $1,400,000. The amount of premium, $40,000, was carried to Reserve Fund.
A dividend of 10 per cent. was paid.
In 1889, in consequence of the unsatisfactory condition of the wharves, a wharf 1889. renewal fund was started, and the sum of $30,000 placed to the credit of the fund, the Directors expressing their opinion that "the necessity for the renewal of the wharves in a permanent manner is each year becoming more evident," an excellent policy if only it had been honoured in the observance.
During the first half of this year arrangements were made for taking over on Prye River lease the Prye River Dock at Penang.
Dock,
Penang.
This Company's works are situated on the mainland in Province Wellesley, on the eastern (left) bank of the Prye River, near its mouth and about 34 miles from Penang. Communication with Penang is maintained by a launch service. The terminus of the Federated Malay States Railway, which was opened for local traffic in 1899, and for through traffic to Kuala Lumpur (in Selangor) this year, adjoins the works. These works were commenced by a local Company in 1878, the Company being then called the Prye River Dock Company. It was reconstructed about 1885, and the name altered to the "New Prye River Dock Company." This Dock was
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