78
Dock Company would be willing to accept financial assistance from the Govern- ment of the Straits Settlements in order to enable them to carry out the works which they have in contemplation.
I am to state that Mr. Lyttelton is in communication with the Governor of the Colony on the subject, and that further communication will be addressed to you in due course.
I am, &c.,
40394
No. 21.
H. BERTRAM COX.
GOVERNOR SIR J. ANDERSON to MR. LYTTELTON. (Received 6.40 p.m., November 26, 1904.)
TELEGRAM.
[Answered by No. 23.]
Referring to your confidential despatch of 4th November,* much gratified find you agree with me as to essentials. See no insuperable objection to your proposals paragraphs 17, 18. Mainly question of price. Legislative Council will be willing to accept anything in reason.
40554
No. 22.
GOVERNOR SIR J. ANDERSON to MR. LYTTELTON. (Received 10.5 a.m., November 30, 1904.)
Referring to my telegram
40394
TELEGRAM.
[Answered by No. 23.]
26th November,† please defer action for a few days.
79
and 48, and I do not see how His Majesty's Government can refuse such terms. Present quotation of shares is $2374. I propose to buy as many as possible at or under 250. We now hold 2,420. Notice to the Company will send up the price at once. Recommend you defer action till the end of next January and that Bill be then introduced in the Legislative Council authorizing expropriation on the lines of Imperial Act referred to; in the meantime conveying to the Company that their proposals are quite impossible. There is no general meeting till March, so plenty of time. Rather than arbitrate I would give up to $275.
40706
No. 25.
MR. LYTTELTON to GOVERNOR SIR J. ANDERSON. (Sent 5.30 p.m., December 2, 1904.)
(Paraphrase.)
TELEGRAM.
[Answered by No. 26.]
In reply to your telegram of yesterday.* I think that the action which you pro- pose as to the purchase of shares of the Tanjong Pagar Company would have a pre- judicial effect on the mind of the Arbitrator.
I will give notice to the Company of the intention of expropriation and will address you in a despatch giving full directions as to the terms of the Ordinance.
am satisfied that widely different features were presented by the case of the Water Companies.
40996
PUBLIC RECORD OFFICE
Reference :-
PLLC.O. 882
8 PUBLIC RECORD OFFICE, LONDON
ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC- COPYRIGHT PHOTOGRAPH-NOT TO
No. 23.
MR. LYTTELTON to GOVERNOR SIR J. ANDERSON. (Sent 4.45 p.m., November 30, 1904.)
(Paraphrase.)
TELEGRAM.
[Answered by No. 24.]
With reference to your telegrams of the 26th instant and to-day, as to Tanjong Pagar Dock.
Ordinance must provide for arbitration failing agreement.
Am disposed to think that 20 years' purchase on last dividend-say, $240 per share should be offered. On receipt of a telegram from you stating up to what price you would be willing to go rather than submit the matter to arbitration, I will inform the Company that it has been decided to expropriate, and will enter into negotiations as to the terms on which it should be done.
40706
No. 24.
GOVERNOR SIR J. ANDERSON to MR. LYTTELTON. (Received 11.35 a.m., December 1, 1904.)
(Paraphrase.)
TELEGRAM.
[Answered by Nos. 25 and 31.]
Referring to your telegram of 30th November.§ The Company will certainly claim terms given to Water Companies under Metropolitan Water Act, Sections 43
† No. 21.
Nos. 21 and 22.
§ No. 23.
• No. 19.
No. 26.
GOVERNOR SIR J. ANDERSON to MR. LYTTELTON.
(Paraphrase.)
(Received 1.49 p.m., December 3, 1904.)
TELEGRAM.
[Answered by No. 29.]
Referring to your telegram of 2nd instant,† I had instructed our broker (to) buy any shares offering under 240 the price indi(cated?) as what you intended to offer to the Company. Have bought 80 at 237, and could, I believe, obtain about 500 at 240 or less. On the receipt of your message, however, I have given orders to stop buying.
There is, I submit, no danger of prejudice if we buy under the price offered by you. It should be remembered that dividend might be increased if no capital expenditure from revenue. A despatch follows by next mail. Please reply by
telegraph.
41291
No. 27.
GOVERNOR SIR J. ANDERSON to MR. LYTTELTON. (Received 8.45 a.m., December 6, 1904.) [Answered by No. 29 and 31.] TELEGRAM.
(Paraphrase.)
My telegram of the 3rd as to the Tanjong Pagar Dock. Last year, after very full provision for depreciation, the Company paid $200,000 to reserve, which was invested in genuine capital expenditure in its business. Will you, before giving notice of intention to expropriate, allow me, without in any way committing the Government, to ascertain whether the Company will agree to issue to His Majesty's
• No. 24
† No. 25.
‡ No. 26.
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