THE CHINA MAIL, MARCH 21, 1940
BRITISH
COLONIAL
POLICY
Discussion Raised In The House Of Lords.
HONG KONG
ELECTRIC MEETING
(Continued from Page 12)
602 in 1931 to $3,811,933 in the year 1939 I think that an increase in the Auditors-fees is justified and I pro-
STRENGTHENING PERSONNEL IN SMALL COLONIES
LONDON, TO-DAY.
pose that Messrs. Linstead & Davis THE RECENT STATEMENT OF POLICY_ON_CO-
be re-elected Auditors for the year 1940 at a fee of $3,600.
Carried unanimously.
Extraordinary Meeting
At the extraordinary meeting which
followed the chairman said:-Before increase putting the Resolutions to
the Company's Capital and to capita- lise part of its Reserve Fund to the Meeting I think a few words of ex- planation as to our reasons for desir- the ing to increase the Capital of Company are due to you; you will be aware that th original authorised capital of the Company when it was In formed in 1889 was $300,000.00, 1899 the Authorised Capital was in
In 1920 the creased to $600,000.00. Authorised Capital was again increas- ed to $3,000,000.00 and was further Increased to $6,000,000.00 In 1928,
In the 12 years which have elapsed since our last increase of capital the of the Power generating capacity
LONIAL DEVELOPMENT AND WELFARE WAS DISCUSSED BY THE LORDS YESTERDAY AT THE INSTANCE OF LORD SNELL.
Lord Moyne himself intervened in the debate and insisted on the importance of the economic and social aspect of colonial questions and in the West Indies in particular, where the Commission had seen discontent primarily due to poverty.
The Marquis of Dufferin and Ava, the Under-Secretary, said the debate showed the Government were work- ing in accordance with the sentiments of all those who were best qualified to give an opinion as to the value of the policy they were pursuing.
The five and a half million commended was entirely money; It had nothing to do the grants in aid which had hitherto been made by the Treasury.
in
2 con-
Regarding the West Indies, the Government were in general
all the hearty agreement with Commission's recommendations. They had every intention of 'push- ing ahead as fast as possible. There was no intention of using the money for pauperising the Co- lonies. The whole effort must be a the re-joint one between Britain and new Colonies themselves. with RESPONSIBILITIES TO PEOPLE
It might be that the system of pro- portionate grants would be Station has been increased from 18,- 000 kilowatts to 54,000 kilowatts and
Although it was their firm inten- venient way of bringing home to the the normal steaming capacity of our
own people. boiler house plant from 207,000 lbs. tion, by the wise use of this develop-Colonies their responsibilities to their
Inment money, to dispense with grants per hour to 557,000 lbs, per hour. the same period the units generated in aid for the present, the status quo have increased from 38 million odd remained. They had asked the Co- to 72 million odd.
lonies to prepare schemes in the hope All these extensions have been fin- that Parliament would approve them anced out of revenue and consequent-and they were already setting up the ly we think it only right that a part of our Reserve Fund should be capi- talised but before we can do this it is necessary to increase the authoris- ed capital.
1
necessary machinery to devise proper schemes to be set up before the new committee when it came into existence.
Meanwhile the Colonial Office was taking other steps to equip itself and the Colonies for new developments.
STRENGTHENING PERSONNEL
conversa-
Referring to the recent tions between the British and French Cólonial Secretaries, Lord Dufferin said: "They are a great step forward not only so far as the prosecution of the war is concerned but because they largely turn on matters not affected we may go ahead when peace comes," by the war at all and with which
LEGISLATION BEING PREPARED
In connection with Lord Dufferin's We believe that progress will con- tinue and to meet this our Engineers
speech it is understood that legisla- have advised us that provision must the be made in the near future for
They were considering how the tion for colonial development and the smaller colonies development and welfare is now in purchase of more generating plant,
main personnel of more boller plant and a new switchboard; it is hoped to continue could best be strengthened for pre-course of preparation and a Bill will the Company's long standing practice paration and carrying out the
pro-
be introduced in the Commons some-
of financing extensions out of profit grammes. They were also consider-time after Easter. but we think it wise to make provi-ing the composition of advisory com- sion for calling up new capital should mittees. such a procedure become necessary.
REASONABLE CAPITAL
Your Directors are therefore of the opinion that it is advisable to in crease the Capitul to an authorised amount of $18,000,000.00 now, rather time than increase it from time to as more issued Capital is required more especially as in their view the Company cannot possibly be consider ed to be otherwise than reasonably capitalised at that figure.
Mr. Malcolm Macdonald will to-day make a short statement on his recent discussions with the French Colonia) Ministry in Paris.
This visit had resulted in steps be- pleasure in proposing that the Capital ing taken to create both in London of the Company be increased from its and in Paris an organisation to main- present Capital of $8,000,000.00 Hong tain permanent liaison between the Kong currency divided into 600,000 two departments. The principle of shares of $10.00 each to $18,000,000.00 the arrangements reached with the divided into French Government is not in any Hong Kong 1,800,000 shares of $10.00 each and sense exclusive and it is contemplated that such additional shares shall rank at a later stage to establish similar
pari passu
machinery for co-operation on colonial in all respects original Capital of the Company.
British Wireless. Mr. Wong Chi-po seconded, and the matters with the Dutch and Belgian
[Governments. have resolution was carried unanimously.
I trust you will be satisfied with
I now this explanation and
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