(a) The artificial restriction of competition created by the monopoly. will ultimately enable the timber company to raise the price of Borneo Timber to such an extend as will adversely affect Chinese business in timber in Borneo and indeed will affect all timber using
countries.
15. Clause 17 of the Charter granted by Her late Gracious Majesty Queen Victoria to the British North Borneo Company provides as follows:-
"Nothing in this our Charter shall be deemed to authorise the Company to set up or grant any general monopoly of trade; and subject only to customs duties imposed for revenue purposes, and to restrictions on importation similar in character to those applicable in our United Kingdom, trade with the Company's territories shall
be free."
16. Your Petitiouers humbly submit that the grant of the monopoly is contrary to the intent and meaning of the said 17th clause of the said Charter.
17. Your petitioners humbly further submit that no case can be made out for the grant of the monopoly to the Timber Company, and that such grant operates as a great injustice to the Chinese Pioneers of the Timber Industry in British North Borneo, and all Chinese Merchants generally.
Dated the
day of
Your petitioners therefore humbly pray
that the Court of Directors of the British
North Borneo Company may be graciously pleased to revoke the abovementioned monopoly, and your petitioners as in duty bound will ever pray &c.
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ANNEX
(Copy Prospectus of the Timber Company.)
The British Borneo Timber Company Limited.
(Incorporated under the Co's acts 1908 to 1917.)
Capital
£ 1,000,000.
Divided into 1,000,000 Shares of £1 each
Issue of 300,000 shares of £1 cach, at par, of which 100,000 are being
subscribed by the British North Bronco Co., and 125,000 by or through
Harrisons and Crosfield, Ltd., and remaining 75,000 are now offered for
subscription.
The shares will be payable as follows:--
2 s. 6 d. per share on application.
allotment.
10 s. 0 d,
"
7 8. 6 d.
71
11
the 30th April 1920.
DIRECTORS.
The Right Hon. Sir J. West Ridgeway, G C.B., G.C.M.G., K.C.S.1, 20, Lower Sloan-street, London, S. W. I. (President of the North Borneo Co., Incorporated by Royal Charter).
Sir John P. Hewett, G.C.S.I., K.B.E., C.I.E., 8, Cumberland Mansions, Bryanton Square, W. I (Director of the British North Company).
George Croll, 1 to 4 Great-Tower-street, London, E. C. 3. (Chairman of Harrisons and Crusfield, Limited).
Walter George Darby, 14, Ashley-gardens, Westminster, S. W.I. (Director of Harrisons and Crosfield (Borneo) Limited, and late Chairman of The China Borneo Co., Ltd.)
C. E. 2.
Bankers-Barclays Bank Limited, 3 Great Tower-street, London E. C. 3.
Brokers-Laurence, Sous and Gardner, 11 Copthalb Court, London,
Solicitors Stephenson, Harwood and Co., 31, Lombard street, London, E. C. 3.
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