CO882-(8-9) — Page 20

PUBLIC RECORD OFFICE

Reference :-

C.O. 882

8 PUBLIC RECORD OFFICE, LONDON

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

4

the Company, or by the general public, and the attempt to raise further capital in this way was partially abandoned, debenture bonds to the extent of $200,000 being issued in their stead.

In February, 1867 (this being the year when the Straits Settlements became a Crown Colony) a total length of 1,140 ft. of wharf was complete and open for traffic. During that year 193 ships visited the wharves, of which 132 were steamers, and 61 were sailing ships. The paid-up share capital of the Company by this time amounted to $298,042, while $86,000 worth of debenture bonds had been issued, of which all except $14,500 had been taken up in Singapore. Before the publica- tion of the half-yearly report, on the 20th February, 1868, the whole amount of the debentures authorised to be issued, viz., $200,000, had been placed.

The nett profit from the wharves and go-downs for the half year ending 31st December, 1867, amounted to $11,986.80; out of this, interest (amounting to $10,059.38) office charges, stamps for debentures, and the Secretary's salary for the previous six months ($1,500) were paid. The Directors considered that, having provided the means of paying these charges, they might congratulate the share- holders on the success of the wharf.

1867

During 1868 the number of coal sheds was increased, and storage room for 1868. about 17,000 tons of coal was provided. The custom of the Company was then, and still is, to store coal on account of their constituents, but not to sell it themselves. The Directors were much hampered by want of capital during the year, and loans at a high rate of interest were obtained from the local banks to the amount of about $110,000. The paid-up share capital still remained $298,042, though the full amount authorised was as aforesaid, $600,000,

In spite of these disadvantages, the Directors were able to report that for the half-year ending the 30th June, the profits from the wharves and warehouses amounted to $16,136.90, and from the repairs of vessels to $9,330.86, making a gross income of $25,467.76. After deducting charges for management, &c., there was a nett profit of $16,421.49, equal to more than 5 per cent. on the whole cost of the undertaking. During the fast half of the year, however, there was a falling off Compe- in the receipts both from wharves and warehouses, and from the dock hire and sale tition of of materials, this falling off being chiefly due to the competition on the part of the

Patent Slip and Dock Patent Slip and Dock Company, which the Directors reported had

forced down Company. charges to an unnecessarily low level."

The first Tanjong Pagar Dock, the construction of which had been commenced Opening of immediately after the formation of the Company in 1864, was formally opened this first Dock. year on the 17th October, by Sir Harry Ord, the Governor. It was named the "Victoria Dock." It was 450 ft. in length, with a width at the entrance of 65 ft. The deep water on the sills at ordinary tides was 20 ft.

At the opening ceremony, Mr. Thomas Scott, the Chairman of the Company,

in replying to the Governor's speech, said in the course of his remarks:-

** I may be permitted to say that the Tanjong Pagar Dock Company is not the offspring of a grasping spirit of monopoly, but was originated to meet what was felt to be a growing want in this settlement, greater accommodation for docking vessels and facilities for landing and shipping cargo.

"The principles on which the Tanjong Pagar Company will be conducted will, I trust, always be good work, fair and honest charges, competition, straightforward, but as keen and energetic as possible. Let us not be possessed with an envious desire to monopolise everything, but let us endeavour to be on friendly terms with our neighbours. Let us not think it a personal injury if we see a vessel going to another dock, but let our motto be: 'Live and let live.'

929

It is perhaps interesting to bear in mind this early forecast of the Company's policy when reading its subsequent history. It did, in fact, in the course of its progress and expansion, absorb all the undertakings of its neighbours, and even those of more distantly situated competitors, and, it is submitted, with every evidence of "a grasping spirit of monopoly."

The number of vessels berthed at the wharf during the year 1868 was 234, of which 151 were steamers (91,917 tons) and 83 were sailing ships (43,620 tons). The quantity of coal received during the year was 22,465 tons.