PUBLIC RECORD OFFICE
Reference :-
PINC.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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three shareholders; the number was increased to five by a resolution passed at a general meeting of shareholders held on 25th August, 1885.
By Clause CVI. it was provided that it should be obligatory on the Directors, except in cases of urgency, to consult the London Committee on the following
matters:-
(1) Any alteration in the Articles of Association.
(2) Any increase in the capital of the Company.
(3) The borrowing at any one time of any sum exceeding $10,000 on mortgage
bond or other security.
(4) Any proposed expenditure beyond $20,000, or any proposed sale or
purchase of landed property, for upwards of $10,000.
It may be convenient here to remark that when the Company was reconstructed on the 1st August, 1899, the status of the London Consulting Committee was again provided for by Clauses 108 to 124 of the Articles of Association. Clause 124 provides that it shall be obligatory on the Directors to consult the Committee on :-
(a) Any alteration in the Articles of Association, or
(b) Any increase in the capital of the Company, or the issue of any unissued shares of the authorised capital of the Company, and except in cases
of urgency, it shall be obligatory on the Directors to consult the Committee on any of the following matters:-
(c) The borrowing at any one time of any sum exceeding $50,000 on mortgage
bond or other security, or
(d) Any proposed expenditure beyond $50,000, or any proposed sale or pur-
chase of landed property for upwards of $50,000.
The actions and general policy of this Committee were subjected to very severe criticism by Mr. John Anderson, a member of the Board of Directors, in his speech at the half-yearly meeting held on 23rd March, 1904, a very unfortunate date în the history of the Company.
On the date of the reconstruction of the Company (1st August,, 1899) the pro- portion of shares held by persons resident in England as compared with local share- holders was as follows:-
Shareholders in England
Local shareholders
21,346 shares
8,654 "
At the present time (June, 1905), the proportion is as follows:-
Shareholders in England
Local shareholders
27,911 shares
9,089
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In 1884 for the first half-year ending 30th June, the nett profit was $59,191.40, as 1884. against $76,452.60 for the corresponding period in 1883, and for the second half ending 31st December, 1884, the nett profit was $14,686.63 as against $97,031.04 for the corresponding period in 1883. The very small results of the last half-year's working of 1884 the Directors attributed to the extremely depressed state of ship- ping, which unfavourably affected the earnings of the graving docks and machine shops.
The dividend for the year was 7 per cent., and the sum of $3,695.18 was carried forward.
During this year negotiations were commenced between the Company's London Purchase Consulting Committee and the Borneo Company (whose head office is at 28, Fenchurch of Borneo Street, London) for the purchase of the Borneo Company's New Harbour property, Wharf. which adjoined the Tanjong Pagar Dock Company's property on the west.
At an extraordinary meeting of shareholders, held on the 27th day of January, 1885, a resolution was passed which was subsequently confirmed at a meeting held on the 11th February, 1885, authorising the purchase of the Borneo Company's property at the price of a million dollars. The agreement for the pur- chase was completed during the first half-year. It contained certain stipulations in favour of the Borneo Company, one being that the rates charged to the Borneo
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