Bate
Repayable.
Amount.
of
Interest.
23
The four issues are made up as follows:-
Serine.
Date of InLAS.
A.
11th October, 1901
10th October, 1905
B.
11th October, 1902
...
10th October, 1906
140,500
175,000
5 per cent.
ท
C.
11th April, 1903 ...
10th April, 1908...
250,000
6 V
D.
1st July, 1904
30th June, 1909
1,050,000
5
"
$1,615,500
PUBLIC RECORD OFFICE
Reference :---
TTTT C.O. 882 -
a copy of each form is laid herewith (Appendix L).
By Condition 14 in Series A and No. 12 of the remainder—
CL
the principal moneys hereby secured shall immediately become payable (A.)
if the Company makes default for a period of six calendar months in the pay- ment of any interest hereby secured and the registered holder before such interest is paid by notice in writing to the Company calls in such principal moneys; or (B) if an order is made or an effective resolution is passed for the winding up of the Company."
Having regard to the concluding portion of Section 2 of the Ordinance, by Position of which the undertaking is acquired, “šubject to all debts, liabilities, and obligations holders. of the Company by this Ordinance transferred to the Board or the Government," and also Section 4, reading, "There shall be transferred from the Company to the Government all debts, liabilities, and obligations of the Company existing at the appointed date," does condition (B.) arise, and can the debenture holders insist on immediate re-payment? It is presumed that they would not be so entitled, but in view of that section the Board would appear to be liable to continue to pay the same rates of interest, and would not be able to pay off the debentures until the times respectively provided for redemption, and if this be so it will continue to be a serious charge upon its revenue.
Counsel is therefore requested to advise as to whether some scheme could not Advice be devised whereby the debenture debt would be wiped out as soon as possible. requested. Would it, for instance, be feasible for the Board to insist on purchase of the deben- tures, or might the debenture holders be notified of an anticipated date of payment!
Compensation to employees or others connected with the Company whose services may no longer be required by the Board. No immediate reduction of, or alteration tion to in, the staff is at present contemplated, but Appendix M. sets out the particulars of employees. the salaries now paid to the different officials and principal employees.
Compensa-
8 PUBLIC RECORD OFFICE, LONDON
Surplus Lands.-The Company will doubtless endeavour to bring as much of
Surplus their property within this category as possible. A glance at the map will show that lands. a considerable area of land on the other side of Anson Road is not covered by the works of the Company, but by better-class residences and other dwelling-houses. These are almost exclusively occupied by employees or officers of the Company. It is obvious that it is of extreme importance that these should be housed as near to the works as possible. Then there is the vacant piece of land on the east which is used as a football ground, but which is undoubtedly a valuable building site. "Holne Chase" is a valuable house and grounds in the best residential portion of Singapore, which was purchased by the Company a few years ago as a residence for the Managing Director. Another valuable town property consists of the offices on Collyer Quay, where the secretary's staff was, until recently, quartered. When the new offices were built at the docks this ceased to be so used, and it is feared that this must now be admitted to be "surplus land," but it is trusted that all of those before referred to may be considered as part of the undertaking. ?
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