CO882-(8-9) — Page 21

PUBLIC RECORD OFFICE

Reference :--

C.O. 882

8

PUBLIC RECORD OFFICE, LONDON

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

5

During the year 1869 the confidence of the public in the undertaking seems 1865. to have increased, and at extraordinary general meetings held on 28th June and 17th July, the Directors were empowered to raise the further sum of $250,000 by Issue of the issue of preference shares at 7 per cent. with an increase to a maximum dividend Preference of 9 per cent. contingent an a certain increase in profit.

Preference shares were immediately issued to the amount of $75,900.

The paid-up share capital was at this time $298,042, and the amount of deben- tures issued $246,400.

The new Victoria Dock did not at first prove to be a successful source of revenue, the Directors reporting with regard to it, on the 23rd August, 1869, that an "unreasonable competition" (i.e., on the part of the Patent Slip and Dock Com- pany) "has prevented any adequate return from this source."

This competition continued through the year, but in spite of it, the nett profit from the dock (including the machine shop) amounted to $14,655.

By this time there was storage room for about 32,000 tons of coal.

The number of vessels berthed at the wharves amounted in 1869 to 314, of which 193 were steamers (of 103,585 tons register) and 121 were sailing ships (of 61,969 tons register).

Shares.

In their report of the 14th February, 1870, for the half-year ending 31st 1870. December, 1869, the Directors had anticipated that the opening of the Suez Canal (which took place in November, 1869) would bring a large increase to the steam trade of Singapore; and such proved to be the case, for by the end of the first half- year in 1870 the increased profits from the wharves enabled the Directors to declare a dividend of 8 per cent. on the preference shares. The machine shop also showed an increased profit, though there was no improvement in the receipts from the

dock.

Dock,

On the 28th June (1870) the shareholders at an extraordinary meeting con- Lease of firmed an arrangement entered into by the Directors, with the Patent Slip and Bon Dock Company, for a joint lease of the Bon Accord Dock (situated on Pulau Brani, Accord at the south side of the Channel), at a monthly rental of $600, for a period of two Palau years, with permission to the lessees to renew the lease for a further period of one Brani. or two years by giving six months' notice. Of the sum of $600, one moiety was payable by the Company, and the other moiety by the Patent Slip and Dock Com- pany, with whom an arrangement was made for a common scale of charges.

Among the items of expenditure appearing in the balance sheet for the first half-year of 1870 appeared one for $2,257.09 for repairs to the wharves. In the then financial condition of the Company this item was considered of sufficient im- portance to call for special mention. The Directors thus refer to it:-" The repairs to the wharves have been heavy and will continue to be so until the present soft wood planking is replaced by the hard wood now being laid down." In the second half- year the repairs amounted to $2,508.83. The wharves are still constructed entirely of wood, and their repair has necessitated constant and heavy expenditure down to the present day.

During the year a further extension of the wharves was commenced to afford accommodation for the coaling of the China tea steamers. It was also realised that more godowns and permanent coal sheds, in place of the temporary sheds then existing would be required, and in their report for the half-year ending 31st December, 1870, the Directors proposed to defray the cost of such improvements by the issue of additional preference shares.

During this year 352 vessels were berthed at the wharf of which 258 were steamers (of 169,495 tons burden) and 94 were sailing ships (of 50,792 tons burden); 30 sailing vessels and 16 steamers entered the dock during the year.

The first half of the year 1871 was a prosperous one, the nett profits divisible 1871. among the shareholders being $23,716.65, an increase of $10,798.15 as compared with the previous half-year. Out of this sunt a dividend at the rate of 9 per cent. per annum on the preference shares and 5 per cent. on the ordinary shares was declared. The increased earnings were derived from the wharf. The dock did not prove

22693r

B

;