1.No.3.
38
9.
- 5 -
The whole system is chronically crowded and in any
event some new arrangement is urgently called for to cope
with the very heavy and growing traffic. It is at the site
of the present Queen Victoria Street Wharf and extending
thence to Jubilee Street that it is proposed to build a new and modern wharf for a combined Vehicles and Passenger
Service.
This Ferry Company also is interested in the
proposed new Vehicles and Passenger Ferry Service and I enclose a letter of the 3rd July, 1929, from its legal representatives showing that they had considered the matter
and that the Company was prepared to undertake the work.
The most recent return of the Yaumati Ferry Company
that for 1928
J
shows the position to be that it has a capital of $400,000 fully paid. Very heavy writing down appears from
the account and the item Cash in Banks and Securities is given as $327,588.22. In addition a bonus of $25,826.61 was paid to the Directors apparently in addition to the orinary Directors Fees and further the Typhoon Accident Fund stands at $80,000. The dividend and bonus for the year on 7,500 Preference Shares represents a return on capital of 20% while the return on 32,500 Ordinary Shares represents a return of 15%.
10. On the 25th of July, 1929, the Governor in Council discussed the question of a Vehicles and Passenger Ferry and reached a decision which is minuted as follows:-
"The Governor in Council discussed the proposals for #a Vehicular Ferry and decided that forms for public "tender should be drafted: Such tenders to include the *provision of wharves by the tenderer, but to reserve *to Government the right to resume such wharves at
"suitable intervals on payment of reasonable "compensation".