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acord
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Gross Earnings, Working Expenses
Net Earnings ....
British Section.
.8328,500
Return on Capital................
207,000
.8121,500
.1.35 %
We do not think that, when you made this proposal, you could have
realised how injuriously it would affect the British as contrast- -ed with the Chinese Section. Moreover, the foregoing calcula- -tions are based exclusively on through traffic earnings, and it is evident that the local traffic on such a section as yours will
be far greater all along the line than the local traffic on ours
and that consequently your earnings per mile on that account will
be higher than ours. The addition of local traffic to through
traffic earnings will therefore increase the net earnings of
either Section in such a way as to augment the return on capital
on the Chinese Section in a greater degree than on the British
Section. We do not, therefore, feel justified in making any
reduction in the maximum and minimum rates which were proposed in
my letter to you of the 10th. of last February and we again press
these rates for your acceptance.
3.
As regards the sum of money shown as the
capital cost of the Railway we are authorised to inform you that
the Hongkong Government is willing to reduce very materially the
total sun actually spent on construction for purposes of calcula-
-tion of rates in comparison with the Chinese Section. Such items
are:-
(a). $720,000 on account of the reclamation at Hunghom as being the portion of the reclamation excluded from the Rail-
-way area.
(b). The Railway and some of the Tunnels and Bridges have been built wide enough for a double line: therefore until
subh time as the Canton Section is doubled in part or whale, the Hongkong Government will exclude the cost of this extra Railway work amounting to some $600,000 from the declared capital cost of
the