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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the west of the Borneo Wharf, between that and the P. and O. Company's property. the rent being $700 per month. This lease was extended from the 1st May, 1905, to the 30th April, 1906, at a rent of $800 per month. The lease also includes land to the north of Keppel Road, on which stands a house known as the "Monastery,” and other houses.
During this year Captain Blair, who had held the post of manager for fifteen years, resigned his appointment, the resignation taking effect from the 1st May, 1896. He was succeeded by Mr. William M. Robertson.
The Directors recorded in their half-yearly report that "the attainment of the Company to its present most satisfactory position has undoubtedly been in a very great deal attributable to Captain Blair's most able and energetic management.' Subsequently a bonus of $10,000 was paid to him, and a monthly allowance of $300 for the remainder of his life was granted to him until his death, which occurred in 1898; after which date an allowance of £150 a year for five years was granted to his widow and family.
Mr. William M. Robertson took charge as manager from the 1st May, 1896. A dividend of 14 per cent. per annum was declared.
Further shares were purchased in the Singapore Slipway Company and the New Prye River Dock Company, 364 of the former and 536 of the latter being by then in the hands of the Tanjong Pagar Dock Company.
In 1897 the erection of a new electric light installation was commenced.
A dividend of 14 per cent. per annum was declared, together with a bonus of
$2 per share for the first half-year, and $3 per share for the second half-year.
1896.
1897.
In 1898 the nett profit for the two half-years was $318,717.01 and $284,305.58 1898. respectively.
In the first half-year a dividend of $7 per share and a bonus of $3 per share was declared, and for the second half-year a dividend of $10 per share. During this year the price of the Company's shares in the share market varied from $357 to $430 per share, and in the course of the year, on the recommendation of many of the principal shareholders, the Directors laid before the shareholders proposals for the sale to a new Company of the assets of the Company, at a price of $3,000,000. 1899. At extraordinary general meetings, held on the 20th January, 1899, and the 18th February, 1899, resolutions were passed giving effect to these proposals, the terms struction of the resolutions providing that the shares in the new Company should be allotted of the to the shareholders in the then existing Company in the proportion of two shares in Company.
the new Company in respect of every share in the existing Company.
The share capital of the Company was thus at once converted from $1,500,000
to $3,000,000 without any further capital being subscribed.
The new Company was duly registered on the 1st August, 1899, under the Companies' Ordinance, 1889.
Re-con-
During the year 1898, proposals had been made by the Company to the Lords Proposals of the Admiralty for the construction of a large naval dock on the Company's by property. The proposals were, however, afterwards rejected by the Admiralty. Admiralty.
In this year, the entire business of the New Harbour Dock Company, which Purchase had, as aforesaid, been carried on since the year 1881 under a joint-purse system of New with the Tanjong Pagar Dock Company, was acquired by the latter Company, Harbour the purchase price being paid in shares and debentures of the Tanjong Pagar Company. Dock Company, viz., 7,000 shares of $100 each, and $1,050,000 in debentures bearing interest at the rate of 5 per cent. per annum. At the time when this transaction took place, the shares of the Tanjong Pagar Dook Company were quoted in the market at $300 each.
In their report on the first half-year's working of the Company, the Directors expressed their opinion that the existing wharf accommodation was insufficient for the growing trade of the port, and stated that they had under consideration extension works of an important character, involving considerable expenditure of money, particulars of which would be in due course submitted to the shareholders.
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Dock
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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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lease of
At this time, the Company had applied to the Government for a piece of Applica submerged land, about 28 acres in extent, adjoining a piece of similar land which tion for had been leased to them by the Government in 1881, on the eastern side of their submerged property, the privilege of renting a further portion being at that time (1881) land. reserved to the Company. This further portion was now (in 1899) applied for. Foreshore Doubts, however, arose as to the legality of leases of the foreshore and sea-bed. rights. Considerable correspondence ensued between the Company and the Government (extending into 1900), but in the end, the lease of the submerged land applied for by the Company was not granted. On the 15th January, 1901, as an outcome of this correspondence, the Foreshore and Sea-Beds Ordinance, 1900, was passed (No. 1 of 1901).
The preamble recites that "whereas divers grants and leases of portions of the foreshores and sea-bed within the territorial waters of the Colony have bees from time to time made by the Government of the Straits Settlements for the par- pose of reclamation, harbour improvement, or otherwise, and whereas doubts have arisen how far such grants and leases are effectual for the purpose for which they are made, and it is expedient to remove such doubts and to provide for future leases of such areas
It is hereby enacted, &c."
Section 2 gives power to the Governor to lease a certain portion of the sea-bed (the part the Company had applied for) to the Tanjong Pagar Dock Company. Section 3 validates former grants. Sections 4 and 5 provide for the issue of leases under certain conditions after the passing of this Ordinance.
During this year also (1899), the Company commenced to purchase land from Tanjong the Tanjong Pagar Land Company. This Company, which had no connection with Pagar Land the Tanjong Pagar Dock Company, had been registered on the 20th May, 1884, Company. with a capital of $1,000,000 in 10,000 shares of $100 each. It acquired some land lying to the north-east of the Tanjong Pagar Dock Company's property. Subse- quently, on the 25th May, 1893, a resolution was passed for the voluntary winding up of the Company, and its land was gradually sold off in parcels. The Tanjong Pagar Dock Company purchased two small parcels of this land in July, 1899, and another small parcel in September of the same year. In November of the following year (1900), they purchased two lots, one of 1,109,032 sq. ft., and one of 19,266 sq. ft., the price paid being $517,101.43. In the year 1899, a dividend of $12 per share was declared on the new 'capital, being equivalent to $24 per share on the capital of the old Company,
In the year 1900, a special resolution was passed on the 12th January, and 1900 confirmed on the 27th January, authorising the Directors, if they deemed it neces- sary, to increase the capital of the Company to $4,500,000, but such power was not exercised, for reasons which do not at present appear.
A dividend of $12 per share was declared on the subscribed capital of the Company, which at the close of the year stood at $3,700,000. The nett profits for the year were $688,172.55 for the first half-year (including $130,419.46 brought forward from the previous half-year), and $803,389.73 for the second half-year (in- cluding $191,172.55 brought forward from the first half-year).
The receipts were unusually large during the second half of the year, owing The
to the number of warships and transports which passed through on their way to "Boxer" China, where the "Boxer" rising was taking place. The wharf accommodation year. proved quite inadequate to meet this sudden demand, and ships were to be seen at times lying alongside two or three abreast, while others had to anchor in the roads for several days, waiting for a berth.
Out of the nett profits of this year a sum of $200,000 was placed to the reserve Reserve fund, and a sum of $75,000 was placed to a separate account for a new dredger, and Fands. for works for utilising the lagoon lying to the north of the wharves, between the wharves and Anson Road. This lagoon is the one referred to in the report signed by Messrs. Coode, Son, and Matthews, and Mr. J. R. Nicholson, dated the 15th October, 1904. They estimate the cost of converting it into a wet dock, including the works in connection therewith, at the sum of £790,000 sterling.
In the year 1901 the reserve fund for a new dredger, wharf extension, and 1901. development stood at $800,000, and a new reserve fund was started for the insur-
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