CO882-(6-8) — Page 594

(No. 441.) SIR,

271

No. 282.

Governor Sir J. ANDERSON to MR. LYTTELTON.

(Received November 11, 1905.)

Government House, Singapore, October 19, 1905.

I HAVE the honour to forward, for your information, the enclosed copy of a letter from the Secretary to the Tanjong Pagar Dock Company, Limited (with enclosures), applying for payment of $891,675.02, which is claimed as the amount of profits on the Company's undertaking available for immediate distribution as dividend.

2. I also enclose a copy of the reply which I caused to be sent to the Secretary.

I have, &c.,

JOHN ANDERSON.

4. London Consulting Committee:-

270

Brought forward

Annuity of £150 to Mr. Gulland (aged 64)

40163

£ s. d.

1,278 13 6

"

Mr. Cuthbertson (aged 57)

1,577 5 0

53

Mr. Finlayson

1,668 5 0

"}

}}

Mr. Mansfield (aged 55)

1,655 17 0

"

*J

Mr. Currie (aged 61)

1,415 13 3

Extra £150 for Chairman, average age 64

5. Compensation to Mr. Fraser, Secretary in London (annuity of

£500 per annum, aged 54).

Compensation to Mr. Gray (annuity of £66 13s. 4d. per annum). Compensation for four clerks:-

1,278 13 6

88,773.00

E. Green (two months' salary) Woods

P. H. Green

Barratt

6. Directors' fees for, say, one year from appointed

date

Consulting Committee fees for, say, one year from

appointed date

Clerks' salary:-

Mr. Fraser, for, say, one year from appointed

date

Mr. Gray, for, say, one year from appointed date Mr. E. Green, for six months from appointed date Mr. Woods, for six months from appointed date Mr. P. H. Green, for three weeks from appointed

date

£ 5. d.

58 10 0

45 10 0

39 0 0

22 15 0

76,190.00

$22,500.00

9,450.00

6,000.00

2,000.00

1,170.00

455.00

45.00

Mr. Barratt, for two weeks from appointed date Additional office expenses occasioned by the expro-

17.50

priation

15,000.00

7. Loss by reason of deprivation of profits from 1st July, 1905, to payment of compensation less $12 per cent. interest payable under Ordinance for one year

56,637.50

1,036,000.00

$74,185,413.65

8. An allowance for cost of re-investment to cover brokerage and

stamps 1 per cent. on claim ........

741,854.13

9.

An allowance for recoupment of loss of interest from date of com- pensation pending distribution and re-investment 2 per cent. on claim

1,483,708.26

10.

An allowance for the costs, charges, and expenses of liquidation

100,000.00

$76,510,976.04

N.B. Subject to any alterations caused by variation in exchange and in the dates upon which the above calculations are based.

Dated at Singapore, 16th October, 1905.

DRUCES AND ATTLE, Solicitors,

For the Tanjong Pagar Dock Company, Limited.

Enclosure 1 in No. 282.

The SECRETARY, Tanjong Pagar Dock Company, Limited, to the ACTING COLONIAL SECRETARY. SIR,

Singapore, October 14, 1905. WITH reference to Section 6 of "The Tanjong Pagar Dock Ordinance, 1905," I have the honour to enclose herewith a duly audited statement of the Company's accounts for the half-year ending 30th June, 1905, and also a notice calling an extraordinary general meeting of shareholders for the purpose of adopting such accounts and declaring a dividend.

Such meeting was held yesterday, the 13th instant, and the resolutions as per the notice of meeting were duly passed. I therefore have the honour to request Government to pay over to this Company the sum of $891,675.02, being the balance shown on the certified accounts representing profits available for immediate dis- tribution as dividend and legally distributable as such.

I have, &c.,

J. S. M. RENNIE,

Secretary

Tanjong Pagar Dock Company, Limited.

Enclosure 2 in No. 282.

Limited.

The ACTING COLONIAL SECRETARY to the SECRETARY, Tanjong Pagar Dock Company,

(Misc 8416/05.)

Colonial Secretary's Office, Singapore, October 17, 1905.

SIR,

I AM directed by the Governor to acknowledge the receipt of your letter of the 4th instant, forwarding a statement of the Company's accounts for the half- year which ended 30th June, 1905, and requesting that the Government will pay over to the Company the sum of $891,675.02, which is alleged to be the balance shown on the certified accounts representing profits available for immediate distribution as dividend, and legally distributable as such.

2. Section 6 of the Tanjong Pagar Dock Ordinance, 1905, directs that the accounts and balance-sheets of the Company up to the appointed date shall be made up and audited in like manner and with the like incidents and consequences as nearly as may be as if the Ordinance had not been passed.

3. The Government considers that the balance-sheets now presented have not been made up in the manner prescribed. No allowance has been made for depre- ciation or for carrying forward a sufficient sum as working capital.

4.

Under these circumstances I am directed to state that the Government declines to pay the dividend until the balance-sheet has been amended.

I have, &c.,

E. L. BROCKMAN,

Acting Colonial Secretary,

Straits Settlements

PUBLIC RECORD OFFICE

Reference :-

TC.O. 882

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