3
(c) HMG's commitments on user charges embodied in air
services agreements and, in particular, in the UK/USA
Air Services Agreement.
3.3
Clearly it would be embarrassing to HMG if HKG took action
on user charges which resulted in pressure by airlines on
their Governments who then felt obliged to approach HMG
directly or through ICAO. Concern over this possibility is
no doubt the reason for a HMG's request that it be advised
of HKG's proposed course of action as regards future
charging policies.
3.4
Examination of the documents at Appendix 1 led the WG to the
following main conclusions:
(a) the surplus generated at HKIA should be limited to a
"reasonable" one;
(b)
it is permissible to extract a "community dividend"
since the community in relation to HKIA is in the same
position as the equity shareholders in a public
company;
(c)
the amount of dividend to be extracted will be limited
by the level of "reasonable" surplus which may be
generated ((a) above) and by the need to retain funds
in the accounts to finance capital expenditure on HKIA.
Consideration of Alternative Medium
←
Term Charging Policy
4.
Options
4.1 Determination of a Reasonable Future Rate of Return
4.1.
1 The principal consideration in developing charging
policy options is the determination of what is a
"reasonable" rate of return. The level or rate of
"community dividend" available for extraction will