CO882-(8-9) — Page 33

PUBLIC RECORD OFFICE

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C.O. 882

8 PUBLIC RECORD OFFICE, LONDON:

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to the Secretary of State who, after long consideration of the matter, and after conferring with the London Consulting Committee, finally decided that expropria- tion should take place as the only satisfactory course to give the Government the control over the policy of the undertaking which they deemed to be essential.

The history of the negotiations and the reasons which led to the final decision of the Secretary of State are fully set out in the speech of His Excellency the Governor before the Legislative Council at the first reading of the Bill for Expropriation on the 20th January, 1905 (contained in Appendix F. hereto), and by the correspondence Appendix (No. 5 of 1905) laid before the Legislative Council during the same month F (Appendix G. hereto). The motion for the second reading of the Bill was made Appendix by the Colonial Secretary on the 3rd March, 1905, and after a long debate was G. carried by ten votes to two, Mr. Waddell and Mr. Shelford, two unofficial members and both largely interested as shareholders and Directors of the Company, alone voting against the Bill. It was finally passed on the 7th April, 1905, and became Ordinance No. VII. of 1905, the title being, "The Tanjong Pagar Dock Ordinance, 1905." (Copy of the Proceedings in Council relative to the Bill and Ordinance herewith, Appendix F.)

The subscribed share capital of the Company in 1904 was $3,700,000, and the total amount of debenture issue $1,615,500. The amount available for distribution in the first half-year (including the sum of $43,732.43 brought forward from the last account) was $636,251.74, and in the second half-year 81,176,851.25 (including the sum of $264,251.74, brought forward from the first half-year's account).

A dividend of $6 per share was paid for the first half-year, and of $20 for the last half-year, the last report and balance sheet being published on the 8th March,

1905.

Criticisms as to the manipulation of figures or altered system which increased The 20 the dividend from 6 per cent. in the first half-year to 20 per cent. in the second per cent

will follow at a later stage of these instructions, but it would perhaps be as well dividend.

to remark en passant that the second declaration of the dividend was not made till

a considerable time after the fact that expropriation was to follow had been duly conveyed to the Company.

not shown

There are other properties, most of which have been referred to above, which Proportion do not appear in the two plans, but which will be dealt with later under the question in plans. of surplus lands.

tion.

The topographical description of the Company's properties is shortly as Topo- follows:-The narrow channel between the island of Singapore (on the north) and graphical the small island of Blakang Mati (on the south) which forms the western entrance to descrip Singapore is known as the New (or as it was christened in 1900 Keppel) Harbour. The property of the Tanjong Pagar Dock Company begins not far from the harbour limit, at the western boundary of the New Harbour Dock property. Commencing from this boundary it includes Bukit Chermin, the hill occupied by the Eastern Telegraph Company's house, and extends eastwards as far as some Government reserved land, occupied by Malay houses. Eastwards of this reservation lies the wharf owned by the P. & O. Company, and eastwards of that again lies the hill (with & dwelling house on it) known

as

St. James's, the property of the Sultan of Johore. Further to the east of this lies Blangah Bay, and the wharf known as Jardine's Wharf, leased to the Tanjong Pagar Dock Company for ten years from the 1st May, 1895, and again for one year from the 1st May, 1905. The property of the Tanjong Pagar Dock Company recommences at the eastern boundary of Jardine's Wharf, and from there extends towards the roads, with a wharf frontage of about a mile and a quarter, the south-eastern boundary being marked by four sunken hulks which act as a breakwater against the force of the north-east monsoon. To the north of the sunken huiks the Company has a further block of land, purchased from the Tanjong Pagar Land Company in 1900. It will thus be seen that the Company's property consists roughly of two main portions, firstly the New Harbour Dock property, secondly the Tanjong Pagar property, these two portions being separated by the intervening land belonging to (1) the Government, (2) the P. & Ổ. Company, (3) the Sultan of Johore; and (4) Messrs. Jardine, Matheson & Company.