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would be right in refusing to grant any
lease for such a purpose unless it were
proved that the existing facilities were
inadequate. The same thing would apply if a
pier were required for an unnecessary steamer service. Competition may be good
in certain circumstances, but it is the
generally accepted doctrine now, that unbridled or unnecessary competition is bad
and wasteful.
need hardly say that I hold no brief for any
of the Hong Kong existing concerns, but in
the best interests of the Port, they would be
entitled to protection if such a state of
affairs as I have mentioned, arose.
In stating this, of course, I
A statement of the receipts and expenditure of the
Trust to be published annually.
Note. It is very desirable that this should be
done, as until it is done, it is hardly
possible to deal adequately with the question
of finance.
(1) During the experimental period of three years, any
surplus of revenue over receipts to be paid
over to the Government and any shortage to be
recouped by the Government.
Note.
I imagine that there should be a surplus.
I suggest this provision for the experimental
period of three years, as it would, in effect,
practically leave finances as they are.
In
Should the accounts show a surplus, it
would become a matter for consideration.
most of the Ports of the United Kingdom the
Harbours were, in the early days, owned by
the respective municipalities and the harbour