Fares and charges.
(2) If any other pier be substituted for a pier specified in Appendix 1, the amount of the rent therefor shall be such sum as may be agreed between Government and the Company regard being had to the capital cost of the said substituted pier (exclud- ing the cost of frontage) and including interest on capital cost at the rate of 4% Provided that if such agreed sum results in the monthly total of rent payable as aforesaid being exceeded, then the amount of such excess shall be deducted from the monthly royalty payable under paragraph 5 of this Schedule.
(1) The maximum fares and charges which may be taken by the Company shall be those specified in Appendix 11, or such other fares and charges as may from time to time be fixed by the Governor in Council as fair and reasonable having regard as well to the Company as to the general public.
(2) If by reason of a material change of economic or financial conditions or of any other circumstances affecting the ferry services, the fares and charges for the time being authorized are, in the opinion of the Company, no longer reasonably remunera- tive, and the Governor in Council upon the request of the Company fails to authorize increased fares and charges to an amount as would, in the opinion of the Company, be reasonably remunerative, the question shall be submitted to arbitration, and the Company may charge such increased fares and charges as may be decided upon arbitration to be reasonable, having regard to any change of economic and financial conditions, or other circumstances affecting the service: Provided that the Governor in Council may at any time, if in his opinion a further change of economic or financial conditions or other circumstances shall have occurred affecting the ferry services and rendering such increased fares and charges unduly high, call upon the Company to make such reduction in the fares and charges as in the opinion of the Governor in Council is reasonable, and, if the Company fails to make such reduction voluntarily, the matter shall be referred to arbitration and the fares and charges which the Com- pany shall thereafter be entitled to charge shall be such fares and charges as shall have been decided upon arbitration to be reason- able, having regard to such further change of economic or financial conditions or other circumstances affecting the service.
(3) Whenever under the last preceding sub-paragraph the Governor in Council is of opinion that an increase in fares and charges may be authorized by him or that he would be justified in calling upon the Company to reduce the fares and charges, the Governor in Council may instead vary the rate of royalty in
guch manner as he may consider reasonable but so that any such variation shall not increase the amount of royalty prescribed in Appendix III.
(4) Notification shall be made in the Casette of any altern- tion authorized in the fares and charges whether by way of in- grease or reduction.
5.
The Company shall pay Government a royalty on the Royalty. 14th day of each calendar month by way of percentage of the Company's gross monthly receipts upon collection of the fares and charges authorized in Appendix 11. The percentage shall Provided he computed in manner specified in Appendix III. that in computation of the royalty payable in respect of the period 1st January, 1950, until 31st March, 1950, the receipts from the Tonnochy Road-Jordan Road service shall be excluded. A reduction of the royalty payable or exemption from payment of royalty shall be allowed if and for so long as it is shown to the satisfaction of the Governor in Council that the gross monthly receipts as aforesaid do not exceed the total cost of operating the ferry service including for this purpose the amount of royalty otherwise payable.
to
8. The Company shall maintain the ferry services in an Company efficient and adequate manner to the satisfaction of the Governor maintain în Council and shail publish a Schedule subject to the approval adequate of the Director of Marine stating the intended times of departure from the piers specified in Appendix [.
service.
OT
derviced.
7, (1) If it be represented in writing to the Governor in Inefficient Council by the Director of Marine or by fifty inhabitant rate- inadequate payers that the Company is not maintaining the ferry services in ferry whole or part in an efficient and adequate manner, the Governor in Council may (if satisfied that the representation merits in- quiry) appoint a person or committee of persons to inquire into the matter and report thereon. If upon consideration of such #port the Governor in Council is satisfied that the representation is well founded the Governor in Council may issue an order to the Company requiring the Company to remedy such inefficiency * inadequacy in manner specified in such order. Every such bider shall be served on the Company and published in the Gazette.
(2) If for the period of three months after the service of such order and its publication in the Gazelle the Company fails of neglects to comply therewith, the ferry services or part there-