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the line, and will itself bear the interest on the capital thus
expended.
(c). As the British Section runs through a district
(South of the Big Tunnel) which will probably in the near future
be rapidly developed it has been necessary to provide Bridges
over roads already projected though in some cases not as yet
actually constructed. The Hongkong Government however as a proof
of its desire to meet the Chinese in the most liberal spirit
possible is prepared to reduce the capital account by a sum of
$350,000 on this account.
(d). Certain Bridges on the British Section have had to
be rehabilitated and this has cost a sum of 897,000. This sum
also will not be included in the capital cost for purposes of agreement with the Chinese Section.
The total cost of these items amounts in the case
of the British Section to $1,767,000 and this sum deducted from
$12,300,000, the approximate gross capital cost of the British
Section leaves $10,533,000, as its net capital cost. Substituting
this figure in the example which I have given above, it results
that the net earnings $263,850 therein calculated will give a
return of about 2.5 per centum on capital. This is slightly less
than the return in the case of the Chinese Section but is suffi-
-ciently close to show the fairness of our contention.
With the deduction of these sums from the
capital cost of the British Section as declared for purposes of
calculation of rates in conjunction with the Chinese Section you fill I am assured no longer think that the Chinese Section has been more economically built than the British Section.
Yours sincerely,
(Sd.) C. Clementi.