Enclosure 4.
12
K
23
contention that it is being ruined by unfair competition, the fall in its $5.00 shares from $20.00 to $13.00
(paragraph 78). That this fall is not peculiar to the
shares of the Tramways will be seen from a statement of
the values of the shares of certain leading local companies,
which is enclosed. The fall has been general and is a
result of the local depression in trade and the rise in
exchange.
13.
I hope that the suppressio veri and suggestio
falsi manifested in this petition will afford some evidence
of the difficulties that this Government has experienced
in dealing with the Hong Kong Tramways. The company's
claims have received full and fair consideration from this
Government and I venture to recommend that you decline to
intervene on its behalf. I consider that it would be unfair
to submit to the Ministry of Transport the case of the
Tramways as presented by itself without affording the
China Motor Bus Company an opportunity of stating its case.
It is submitted that the company, which has withheld
important and relevant figures, fails to make out a prima
facie case that it is being ruined financially by "unfair
and wasteful competition".
I consider that it is preposterous to suggest
at this stage in the development of transport that only
first-class fares should be charged in the heart of the
populous districts except by the Tramways which only affords
transport east and west along the level ground near the
sea.
I am willing to consider any representations
made by the Tramways regarding what it terms "concessions"
to the Bus Company. It will be appreciated that the
appendices to its petition consist largely of such
representations. But I cannot allow the Tramways to make
itself, as it appears to desire, into a final arbiter in
matters