THALIC
PECORD OFFICE
Reference
C.O.882/1
સ/8
PUBLIC RECORD OFFICE, LONDON:
ALLY WITHOÛT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC- | COPYRIGHT PHOTOGRAPH-NOT TO
Costs and K.V.A. to Charges. be sold.
166,000
5
7 per cent. Participating Debenture Stock
sinking fund
Proposed Scheme 1938-9 (See par. 12.) Costs and K.V.A. to Charges. be sold.
£ 9,450 166,000 9,450
62,500 3,558 62,500 3,558
£228,500 13,008 £228,500 13,008
35,000 1,993 35,000 1,993
£263,500 15,001 £263,500 15,001
56,733 3,231 56,733 3,231
£320,233 18,232 £320,233 18,232 94,500 5,380 94,500 5,380
£414,733 23,612 £414,733 23,612
28,368 1,615 28,368 1,615
£443,101 25,227 £443,101 25,227
Certificates of Rights
(See Note below)
8
per cent. Preference Share dividend
40,000 2,276
6 per cent. Preferred Ordinary Shares
dividend
£483,101
Participating Debenture Stock participation
27,000
30,000 1,704
27,503 £473,101 26,931 1,535 27,000 1,535
30
and including the year ended 31st July, 1938. The figures in the third and fourth columns are those for the new scheme, and the adjustments can be followed by a reference to the summary of the new proposals contained in paragraph (12) above. In order that the whole position may be appreciated, an amount has been added as dividend on Ordinary Share capital at 6 per cent. under the existing arrangements and at 10 per cent. under the proposed scheme. Sir Arnold Gridley, when in Malaya, submitted estimates of revenue prepared after a careful examination of the position on the spot, showing that the Company can sell approximately 33,550 K.V.A., producing a revenue of £604,390, when the demand arises.
Operation and administration costs
5 per cent. Guaranteed Debenture Stock
interest...
per cent. Guaranteed Debenture Stock
Sinking Fund...
Federated Malay States Government Loan -Repayment of interest and principal
Participating Debenture Stock interest
Present Position
3
1934.
31
Note. It is not possible to estimate with any degree of accuracy the aggregate value of the Certificates of Rights which may have to be issued. Any amounts shown in the above table available for Preferred Ordinary dividend, 7 per cent. Participating Debenture Stock participation, or Ordinary Share dividend, under the proposed scheme would be utilized first in paying off the amounts outstanding on the Certificates of Rights. No provision has been or can be made for the interest on the further funds amounting to £150,000 which are required before the rate of such interest and the priority of the charge are settled.
15. In conclusion it is hoped it will be seen that in the various adjustments proposed every effort has been made on the one hand to comply with the principle of equality of sacrifice called for by the Federated Malay States Government, and on the other hand to place the Company in such relation to its fixed charges as will enable it to continue its operations with its present low demand for power and pending a return to normal conditions in the tin industry during the next few years.
On behalf of the Board of the Perak River Hydro-Electric Power Company Limited.
D. C. BROOK,
Secretary.
C. 72367/A/30 [No. 102).
No. 3.
THE PERAK RIVER HYDRO-ELECTRIC POWER COMPANY LIMITED to
COLONIAL OFFICE.
[Answered by No. 4.]
3, Central Buildings, Westminster, S.W.1,
17th November, 1930. In continuation of my letter to you of the 3rd November,* transmitting the memorandum of financial proposals, my Board has had under consideration the latest statistics of output, sales and stocks of tin and desires me to forward to you the attached addendum to the memorandum.
As you have already received 12 copies of the memorandum. I forward herewith il copies of the addendum for attachment thereto and am forwarding a copy direct to Mr. Pountney.
46
London,
3rd November, 1930.
SIR,
I am, &c.,
D. C. BROOK,
Secretary.
£510,101
Preference Share reserve
15,000
£525,101 29,892
29,038 £500,101 28,466
854
Reserve for income tax at 48. 6d. in the £, less amount recoverable from interest and dividends ...
Ordinary Share capital:-
(£431,237 @ 6 per cent.) (£215,618 @ 6 per cent.)
28,000 1,595 25,000 1,422
£553,101 31,487 £525,101 29,888
25,874 1,473
Preferred Ordinary Share participation up
to 2 per cent. ...
12,937
733
£578,975 32,960 £538,038 30,621
10,000 568
£548,038 31,189
Further dividend on Ordinary Shares to enable Preferred Ordinary Shares to receive additional participation (£215,618 @ 4 per cent.)
منم
8,624 493
£578,975 32,960 £556,662 31,682
Enclosure in No. 3.
ADDENDUM TO MEMORANDUM OF PROPOSALS.
1. In view of the continued depression in the price of tin and the apparent lack
of effect upon the visible supplies of the metal of the curtailment of output policy it
is within contemplation that with any increase in output, and consequently in visible supplies, a further fall in the metal might take place.
2. The tendency of the visible supplies, unless world conditions improve, will be to increase, as miners will endeavour to counterbalance the small price of the metal by increased outputs; in addition, some companies who have been restricting are resuming production.
3. If increased visible supplies caused a further fall, it might be a substantial figure, bringing tin below the £100 per ton level. In this event a crisis would undoubtedly be precipitated amongst the Chinese and gravel pump mines, a great number of which would be forced to close down owing to lack of working capital or of further credit facilities. This would probably mean that the price of tin would right itself in a comparatively short period through economic reasons, although it is probable that some of the mines referred to above, once shut down, would not resume, work for a considerable period.
* No. 2.
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