CO882-(6-8) — Page 462

PUBLIC RECORD OFFICE

Reference :-

C.O. 882

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PUBLIC RECORD OFFICE, LONDON

ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC- COPYRIGHT PHOTOGRAPH--NOT TO

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railway at the Singapore end and the Prai docks, which belong to the same Company, at the Penang end, it seems of great importance that the Government should have a controlling voice in their management.

5. Mr. Anderson's confidential memorandum on the subject of the proposal that the Federated Malay States should lend the Company $10,000,000 at 3 per cent. emphasizes this,point in a very able manner, but the weak point in the argument is that it is not the Federated Malay States Railway which will have its terminus at the docks, but the Singapore Railway.

6. The interest of the Federated Malay States in the docks is a matter of very secondary importance as compared with the interest of the Colony, and there seems to be no adequate reason why the Federated Malay States should sink so large a capital sum as $10,000,000 in an investment of this nature at so low a rate of interest as 3 per cent., if, indeed, it would be justified in investing that sum at all in an enterprise with which it has so slight a connection.

7. That it would be an excellent investment for the Colony I should think cannot be doubted, and I venture to suggest, although I have no knowledge of the reasons which actuate the Government in their proposal to spend, I believe, some four million dollars on Messrs. Coode, Son and Matthews's scheme, that the Tanjong Pagar Dock scheme is of far greater importance to the port than Mr. Matthews's scheme, and that it might be worth consideration whether it would not be worth while to divert the money it was intended to invest in the latter to the former scheme. 8. In that case, I consider the Federated Malay States would be justified in lending a similar amount, say, five million dollars each from..the Colony and the Federated Malay States at 3 per cent. per annum on the terms laid down in Mr. Anderson's paragraph 24.

9. The Company would still have to borrow, say, $5,250,000 to complete the scheme, making with the present paid-up capital of $3,700,000 and the debentures which have to be paid off ($1,600,000), a total capital of $20,500,000.

10. The Company's profit and loss account shows earnings for the last half- year of $687,600-$1,375,200 per annum, and expenditure of $237,500-$475,000 per annum, leaving a profit of, say, $900,000, which would give nearly4 per cent. interest on the capital invested, while the proposed improvements to the property would undoubtedly add considerably to the profits as time goes on.

11. Personally, I do not think the Federated Malay States would be justified in investing so heavily in the Company except to assist the Straits Government to control this important Dock Company, on which one may say its very existence depends.

Kuala Lumpor,

March 1, 1904.

A. R. VENNING,

Federal Secretary,

Federated Malay States.

Enclosure D in No. 5.

"THE SINGAPORE FREE PRESS," March 23, 1904.

TANJONG-PAGAR DOCK COMPANY, LTD.

GENERAL MEETING.

BOARD OF DIRECTORS.

J. Rumney Nicholson, Esq., M. Inst. C.E., M.I.M.E. (Chairman and Managing Director).

J. B. Romenij, Esq., Messrs. W. Mansfield and Co., Ltd.

Paul Haffter, Esq., Messrs. Rautenberg, Schmidt and Co.

D. K. Somerville, Esq., The Straits Steamship Co., Ltd.

W. P. Waddell, Esq., Mossrs. Boustead and Co.

Hans Becker, Esq., Messrs. Behn, Meyer and Co.

Hon. C. Stringer, Messrs. Paterson. Simons and Co.

C. Sugden, Esq., Messrs. The Borneo Co., Ltd.

Manager: James Sellar, Esq.

Secretary:-W. G. Niven, Eaq.

An Unprecedented MeetING.

MR. JOHN ANDERSON, THE LATE CHAIRMAN, SEVERELY CRITICISES THE COMPANY.

LONDON CONSULTING COMMITTEE INDICTED.

INNER WORKINGS REVEALED,

HOW THE STRINGS ARE PULLED.

The half yearly general meeting of the Tanjong-Pagar Dook Co., Ltd., was held at noon to-day in the Company's Offices, Collyer Quay.

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Mr. J. Rumney Nicholson, Chairman and Managing Director, took the chair, and there were also present shareholders Messrs. H. Fort, Tan Hup Seng, J. Anderson, Father Couvreur, A. Cumming, Hon. J. Allinson, C. Moses, C. Sugden, Dunlop, S. Behr, Hon. Tan Jiak Kim, S. J. Nathan, Sim Keng Ho, Soh Hong Chuan, A. McNeill, A. J. Macdonald, G. Friederich, J. J. Fleury, Moine Comte, F. D. Mactaggart, J. F. Almeida, P. Nalin, E. Anderson, Dr. M. Robertson, O. Panke, Tan Jian Chuan, W. H. Shelford, Lim Chin Swee, Martin, R. Little, Armin Diez, J. Burkinshaw, A. Leresche, E. Meyer, J. Orner (for C. Shrager), Tay Cheng Koe, &c.

DIRECTORS:Messra. Romenij, Haffter, Waddell, Becker, Sugden, and the Honourable C. Stringer. Mr. W. G. Niven, Secretary; Mr. James Sellar, Manager.

In moving the adoption of the report and accounts (which have already been published) the Chairman said: Before proceeding to the accounts I must express the regret of the Directors, which will be equally felt by the Shareholders, at the resignation of Mr. Anderson, who, as a member of the Board and its Chairman, has been intimately connected with the Company for many years.

The Directors regret that the accounts now before you for the half year ending 31st December, 1903, show a falling off in the earnings, compared with a few of the previous half years. The general depression in the shipping trade has, of course, affected the Company. Although the registered tonnage of vessels using the wharves has been greater, the cargo tonnage upon which the Company collects its revenue has been less than for any previous half year during the past three years. If the returns for the first two months of this year may be taken as an augury of the future, the present half year promises well. Expenses have been heavy in the maintenance departments on the repairs and upkeep of the wharf. Increased godown accommodation has been provided and new coolie lines are under construction to provide for the increased number of coolies it has been decided to keep on the premises, in order to meet the varying and sometimes sudden demands made on the Company's labour resources.

The railway referred to by the Chairman at the last general meeting hus proved of great utility in handling transhipment cargo; being a single line it has been taxed to the utmost; but as material is now on the ground it will be doubled and further extended.

It was decided to widen the Victoria Dock so as to accommodate larger vessels than we are able to deal with at present. This work is progressing favourably, although the regular working of the dook somewhat hampers progress. A scheme for the extension and general improvement of the Company's shipping facilities has been drawn up and will in due time no doubt be submitted to you.

He did not think there was anything else of particular to comment on in the report and accounts, but he should be pleased to answer any questions.

The Hon. J. M. Allinson seconded the adoption of the report.

MR. JOHN ANDERSON'S AMENDMENTS.

that a

Gentlemen, To the proposal before you that the Directors' report and statement of accounts as now laid before you be adopted and passed, I have an amendment to propose, viz. : -

(A) That the Directors' report be referred back to have added thereto report, dated 9th January, 1904, of Mr. J. Rumney Nicholson, M. Inst. C.E., Managing Director of this Company, in which are set forth his recommendations and estimates for improving the premises, facilities, and working of this Company, shall in its complete form be issued to all Shareholders on March 23rd, 1904.'

(B) That the item in the Company's statement of accounts under the head of General Charges and Administration, &c., be reduced from $95,727.84, to $95,720.

(c) "That the item in the Company's statement of accounts under the head of Directors' Fees' be reduced from $16,500 to $16,400.

(p) "That the item in the Company's statement of accounts under the head of London Committee's Fees' be reduced from $5,012.15, to $12.15."

My amendment, gentlemen, is put to you for the purpose of drawing attention to, ventilating, and inviting the opinion of shareholders upon--and their desire and votes in relation to some peculiar difficulties, disadvantages, absurdities, and inappropriate conditions that to-day stand in the way of the better and necessary direction of this Company's business and affairs. I think that Shareholders here are aware that until last week I was not only a Director of this Company but was also in the even more responsible position of Chairman of Directors. I resigned my seat on the Directorate, and the Chairmanship, on March 12th. for reasons which I propose to give here to-day.

THE COMPANY'S CONSTITUTION CRITICISED.

TO END THE LONDON CONSULTING COMMITTEE.

WHY PUBLIC EXPOSURE IS NECESSARY.

I have decided to take the open course indicated by the amendment that I have put to you, because it has been forced upon me that a public exposure of the present condition of the things affecting the status, functions, powers and authority and working of the Directorate of this Company and its proper responsibilities, amounting as this to-day does, practically to a scandal in this city, is the only way of bringing about such a change as will absolutely assure that the affairs of this Company shall be directed and managed in such Banner as is bost for the entire body of its Shareholders. This Company's affairs, not only as to policy, but also in many details of local direction and management are to-day directed. controlled, and governed by a group of large shareholders in London, who, and whose agents here, claim through what is known as the "London Consulting Committee that theirs is the voice that must always govern and direct.

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