Dobbie Mcinnes Compasses
ENGINEERING EQUIPMENT CO., LTD.
"IK & SHANGHAT BANK DEDG.TEL, 27709;
CHINA MAIL
Established 1845
نار
WEDNESDAY, MAY 16, 1951.
A welcome lost to workers
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Coca-Cola
MR LANDALE'S SPEECH ON PROPOSED NEW
Notices STAR
Registered articire and parcel
Mally
else bier baar. earlier
than the ordinary malt sintes kbows below.
tam,
WEDNESDAY, MAY 10
By Air
India,
Paldalon,
Muk East, Ainea, Great Britain, Peteg 5 m, 1.0.A.C.
Formor, 19 19.5C. Attwas'n. Japan, Korca, & pm, 1.0.A.C
By Saturn
Meene, & in, 430 pm., I
Mien Lee Tong
THURSDAY, MAY 17
By Ak
Sam, Malapa, Indonesia, 5 p.ma VI CPA
By surfare
jalagan, 15 sa te ; 430 pm., a Ru Man Lans Hongg.
Chast Peoples Republle, 9.36
Protopane Mao;iltus, East and South Al09. 2
TH
Tegel-
Bulmer om. Kirchnen.
P.A 1..
TRUDAY, MAY 18
Ov Air
UNA, BU viu
Formos. 10, CAT. Tado y France, French North
2. We Ares, that Bam,
em. Ar Franes
13
Pakistan
Kurmpie. Fat, Aura,
So, thera, 19
Jom BUAC.
Madiga Batemen us,
Cap bun,
5
BOAC
Autralia. Bointo,
New Zesar 5 p, QEA
Juristesa, HR, Airways,
By Surface
Maro, a 20 p...
'ta,
Powder
Republic.
1 la Canton. For mora, a... Paklol. Ceylon, Madagascar, Middle East, Great Britain. 10 ... es City of Otwa
Malta. Indonesia. Thwom
Noon,
SATURDAY, MAY 19 By Alr
Palapine,
FERRY
FRANCHISE
History Of Negotiations: Objection To Royalties Ön Gross Receipts On
I to understand, on the authority ofį Exceeding 400 but
the Secretary of State, that the terms) not exceeding 400 * flat he would recommend to Gover«| Exceeding 480 but ment were those werny not even wit talled. The existing terms bear no| Exceeding But resemblance to Huose terms,
not exceeting Moreover, the revenue derivert by Exceeding 488 but
differs Commandos Pach of the
not exceeding 400 radically in chracter und Without Exceeding 400 but knowing the ' figures of the other
not exceeding GOO concern, it is not possible to judge) Excerting (00.. what effect the new terms have on them. For instance, if our case, And unted on the 1930 Biures, I whi strow you that is of the nett varn- ings will go to Government. What is the parallel fire for the other concern? Again, the operational ex-| pezines differ between the two concerns,
I have Just wred the word com- petitors in referring to the Younall Ferry Company and 1 lo no jurli- nably breating it must be clearly understood that we do not passėna ʼn monopoly. The offer ferry Company | does have autononeiy In cim Harbour vehicular transportaVan but we enjoy no such privilege. On the contrary we know that the the Cloverment inter-departinental Com- mitter on Ferry Services have strongly recomumented that steps be taken to disperse trillic away from our service to those of utir competitors
lant. city น บ further Committee has been zel up to obtain public opinion on 1s pra- posed pulley of dispersion and Üheir
ment are endeavouring to effect such dispersion. We also know that Ita un endeavour to attract passengers from us to other ferry routes our Government ap. compellars, with proval. have offered to subsidise bits if they are switched to services their terminals and are found to be
The following is the text of the address presented by the Hon. D. F. Landale, Chairman of the Board of Directors, to the shareholders of the Star Ferry Company at a special meeting held this morning in the Board Room of Messrs Jardine, Matheson & Co., Ltd., describing the events which led up to Government's proposed new franchise, and the Star Ferry's arguments against findings are not yet known, Gavera- some of Government's proposals.
The hareholders' discussiơn; per messenger is reasonable and doen
at the meeting will be found in full on Page 1.
The 4 matter on the Agends of day Meeting is an lens of Specluž He, amely the presentation to full repurt on the negotin- Hons when invé takes place to date fween the Bungkung Governant 30 and your Board in an endeavour to reseli a suitsfactory agreement on the teins
which wil of the cente govern the future operation of the Company, AL the outset I would Jane it clear that your Directors do the terms now nu consider that uttered by Government to as are satisfactory. They feel that the con- stions offered are such as must be plared before yuit, as the owners cho The undertaking, and that you should Xore your views there at this Meeting and give you 13oard, in the Werths of the notice convening the Meeting, "a sireelive" thereon.
Cittaen, Hawall IS.A.. Canada, na mi, via P.A.L.
CAT Fumora. 3. Moro, Malyn, Indonesia. Aus trabri New Zealand, n. PUAN
Japan, Koren, 5 pm, H.O A C.
1 Surf.com Macon, am: 4 30 p. 1
thut,
Renublic, 9.30 ambenom trai via Caulon,
R2. Bestea, p.m., its
Monst
K
Pillion me todo-thin Ceylon,
Mania, Eest Modliterary South Africa, Mokie Band, France, dpi, da Marseillaise,
CHECK YOUR KNOWLEDGE ANSWERS
1. "Table Hamlet
Before going inta deimis, three is another matter in which I should like to say a few words, in the 4th
the alaret last when addressing Laggiative tounell dump thus debate on the second reading of the 110- kind and Yaunati Ferry Company
Ordinance
Ciera leest
Juri
not include any fortuitous or 10- necensary imposition on the travelling pubdie Begatise of what is tetmed "change difficulties,"
During the year 1950 we carriedl total 38.521,000 passengers; of ay 39% were
a
tlet holders nail the munthly average gross revenge per passenger, on when which is the only hass we can work, was 13.173 cents whicit
bviously cannot be comidined "muline of five cents". These fact are well known to Government as throughout war regulations with thes
ruppled flir have voluntarity ቴና” ያ most extenиve financial flain, and in my mirect to you last year similar details of uur révenue were given.
the basis of a fair valuation in 1959 and thereafter at før uvaríu intervals,
10
2. The terms of renewal to be anreed by Government and the Company between the date of liberation
1949 and drid include a profit sharing element worked out on a box similar. in so far as it is possible, to that adopted in the case of the the Hongkong Telephone Coin- and embodied in the pany Hongkong Ordinance No. of
1925 and Nu, u 1940.
(The talles are intņe), In view of this letter we find hopes would he operied that discussions soon after the re-occupation of the and as foon as the Civil Colony Government was re-established your Chairman personally approached the authorities in an endeavour to obtain | some indication of their Intentions in regard to the renewal of pior leases.
During the sane debate the Hon. Attorney General stated in referensen to the work of his department "It fell to any lot to be ccncerned not but for three and a for une Year
mihjeet of the half years on the
On 2nd December. 1948, a letter renewed concesions affecting the twie:
From te was addressed to the Hon. Colonial main ferty emmpantes" history of the negotiations which Secretory referring to these discus. will now give you it will be evident | klons quoting the above letter fron that one of the main Cumpanies, that is ourselves, very unfortunately were nut consulted three and a half
years an
Resumetal Sceretary in an attemp to justify the Tergitasitiua of a royally
of you who have been Those receipts stated, "the fact is.
members of this Company for any of change 178 fates. Because
recollect that length of time will have to be fixed n silicules, nutriples af tive cents. The Com your Board have, since the thirties, panies thus earn a certain anat consistently pressed for some clari- | 01 Jertuitous revenue and it sees Reation of Clovernment's intentions eight that way at this money which i in regard to Die renewal of pler the nubile must pay can be diverted | leases. No Information on the future That statement, a terans af operation could be obtained into revenue","
up to the outbreak of the last war. During the war period the matter was taken up by our London Agents with the Colunat Office and on 20th July, 113, they were informed that for the of State the Secretary Caluples, while not prepared to com- inity future Government of los
to make the kunk was prepared following recommendation::-
trading. As
of the host." 2. 3. Naone Riven to nitor as thts Company is concerned, is range of by bairy spiders, Music was supposed to rure their sting, hence the Tarantella dince, Soil wate
4.
soon as post-war to praline mettons regard citas rauld Se mated with any destre nf accuracy. In April, 1946, we re-intonuced the sale of monthly fish and shell Ah 5. For a suaiter of five multis Larva the undeveloped forin of those were priced at $10.00 and when further statitis on overall costa before which 22) aby
and revenue became available the maturity, alergies metamòr-
change was reduced to $0.00 which fluid was the price charged pre-war for motten Lava: phuis.
That munthly ticket. rocit ejected from a volcano, 6. "Queen Elizabeth" and "Queen Mary
1 Sungl shy and it has been kept at thal level that the overal revenue
oderate price tu still in force to
1. That the leases which expire in 1149 be renewed for a total period of 30 years with a chause ivinit Government on option to purchase the undertaking
on
the Colonial Office and requesting that Government ælve the matter urgent consideration. Only fornal acknowledgment of that letter was received by 1 and on 18th February, 1947, further coinmulcation wi sent referring to our previous letter and enquiring whether the informa tion which we had requested could be furnished but the Information was not forthcoming.
WAITING FOR REPORT
In June, 1947. we again wrote to the Hon. Colonial Secretary on this subject and on it July we were informed that Government would be willing to grant new leases on ex- piry of the existing ones, that rentals. duration and terms of the now leases for Diers could not be given at the on this moment but a statemeiul inatier could be expected shortly.
September. 1947, Again on 15th since a public statement regarding renewal of pier leuses in general had been made in August. We wrote enquiring if we could be Informed - as to the terms and conditions. to
be offered to us. In reply Govern ment stated, on 8th October, 1947. that they regretted such information could not be given unul Sir Patrick Abercrombie's recommendations on town planning had been received.
Bir Patrick "arrived in the Colany In November, 1947, and left in December, 1947, therefore in August, 1948, we once agam repeated our request for the necessary information bui again this could hot be furnished by Government who stated that they still awalled the Abercrombie report. Government did state however that they were as anxious as we were to reach on early decision on the matter.
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5% and 82% (maxknum; on the value of the undertaking, which Govern ment suggested should be
RASONICH
to the region of $5,500,000.00, and that five-sixths of any excess profi should revert to Govominent. "May I just dwell for a mument on the absurdity of the valuation. Assuming over cur tani Government took undertaking at the figure suggested. on the results shown in the accounts before you the surplus earnings for 1950 after adding Royalties and Pler Rents amount to $1,801,032,73 which would rearenent a return to Govern- ment of 33% on their investment.
DIVISION OF SURPLUS PROFIT
I must also state that we were later advised that when new plent were provided by Govenment the rental was to be calculated at 'a un the capital cost und Uw cost of repairs was to be for our account.
Based on last year's account, now before you, the royalty au grum re- ceipts alone, which was on a beavier scale than that now proposed by Government. would have amounted to $710,000.00. The maximum return allowed the Company at 8 on the wusstested capital value would have amounted to $440,000.00 and any surplus preft would have been sp portioned 23 1/35% to Government and 16 2/3 to ourselves,
Gentlemen, these were the terner however originally offered and agreeable these may have been tu the other "Main Company There was no doubt in the minds of yatır loard that, to us, they were entirely unacceptable.
.1333
13.07
14.00
14.33
14.07 10.00
In our deliberations on this maller we have consistently had in mind thres factor. First, the need for Gevelopment of a modem and elicient service, second, the prin ciple of keeping tares at the lowest possible level, and lastly, giving on adequate retum tu those investing la le Company. We have produced lo Government, on more than one occasion, data, based on facts which show that under the terms of the deaft Ordinance it will not be pos able to meet these three pants. It "the conditions of the franchike now proposed are accepted the proper development of Die fleet and an adequate return 12 Shareholders will only be possible by increasing fares. It would appent that Govern- ment are beginning to realise this
been passed to Government there nhould be no doubt, as to wine ja a fair valuation.
The figure given by Sir Harold Howitt, which in his opinion was a fair value of our undertaking, WR $11.000.000. Our present divi- dends to areolders' represent a retum to thein of 66451 on 1 valustion figuro art it cannot be had that this rate of dividend in | wyreasonable; in fact it ki con- Aklerably less than current returnin on similar local stocks.
UNACCEPTABLE
thane with I think, Gentlemen, the information which I have pre peeted did the financial detall antined as Contingent Libilities in the Statement of Accounts for in year 1550 you are in a position to DSACRE the effect on the future operations of the Company of the proposed Star Ferry Company Or dinance. Your Drectors have given very great thought to the problem and they consider that the terme silered are such as connot be ac- copied by them under you an yên"
ms, in a letter front the Ban. Finan-prietors of the businemt no direct, cial Secretary dated Ull March, Ley are accepted, the financial 1954 stnked:
position based on the 1950 Accounts
The Balance of Prant
BE LOK Account ... $1.047,439,60
to which must be addex!
the Interia Numinal Payment
Deducting Investment
Income
"As you know Government does who be not accept the Company's represen lations that acceptance of the pro. posed royally would necessitate any Increase in the exist faren. Government would riset. however, consider It unreasonable for the Company to make application tu mercase the charge for
monthly #ckets to $8 per month."
We are convinced that this mig gested Increase would be but the first step on tre ladder which might non-proit ninking. Our polley in
feat to a rente of charges ree such matters is that the traveling
times or more those now in force. pubile should have no restriction on
In this connection I should like to eir choice of route, but that the
tell you what the real effect of th principles of free enterprise and fale
ticket charge would be. competition should be free of inter-posed crease in the fercice.
We cannot therefore accept the Posion that the two Companies are exactly in the same position.
I will now utve you the broad; ; detall of the terins at present
offered to you by Governinent. The
Ordinanc clanges in the proposeti whlett relate to actual operations are. we consider, reaganble and ze jong as an ribelent service is maintained and no stale of emergency arises Government do nut propose to impoLL any control over the management, The conditions which are of interest to you, and on which your Directors sollait your opinion are these:
·
1. Tenure,
An faltat term of Bfteen years Crowns 1st January, 1930, with option of renewal for the three further terus of five years cack, making thirty years in all. 2. Pier Bents.
The rents for the plure to he $15,000.00 per month tinelüdling rates) payable in advance. 3. Pler Repairs.
5.
The total cost of repairs to be pal by the Company with a pravis that expenditure in excess of a total of $10,000,00 over three consecutive years will be deducted from royalty.
Advertising.
The Company may use the plers for advertising purposes provided that eighty per cent of the revenue shall be paid to Government,
Fares and Charges.
These are specified in the Or dinance at the existing rates
Increases or decreases in these rates may be fixed by the Go- vernor, in Colic but any variation not mutually agreed stall be decided by" arbitre- tion.
*6,~~** Compulsory~Purchase.
8.
38% TO GOVT,
Backd
un
monthly
ticket the monthly traffic for the year 1936 the gross increase 171 revenue would be $433,044,00 but if royally were t be paki un groso reeelpis # would gran that the amount payable by 19:4 would Zu calculated higher rate e.. 13.67% on the in creased total would thus be increased by $127.- DUS.GU.
Pronta
Kirk
RTO revenue EKITA
12,000.00
$1,854,439.09
$7,487,0
the actual Balance de- rived from the opera- tion of the Company becomes
......... $1,801,972.73 Under the terms of the proponed Ordinance ihta Mum Would
be divided as follows:- To Government
Pier Renta
Advertising Royalty Royalty ceipts
on
Adusted Provkion for Profits Tax ..
#180,000.00 130,031.70
Ite-
031,433.02
101,415.10
01-$1,099,200.81
meet
To Company to
Reserve Transfers and Dividend
..... 397
-
702,451.02
$1.801,052.73
It will be noted that the Balance falling to the Company is not even sufficient to maintain the present Dividend.
In addition Corporation 60 and the nest result would be Tax would rise by $420.- that of the $433.004.00 payable by our regular cominut lag patronis $100,125.00 or 30 would go to Gu- vlamment and the remaining 02
Furthermore in these Agures no or $367,439.00 to the Company,
provision for replacement of fert Gentlemen, those gures ilustrate has been made other than depre-
Written
down How unsatisfactory is to operate station based on a royalty on kroz receipts.
values and I R
depreciation becomeg
tho necessary to
Inadequate to provide adjust quite charges to obtain additional re-
sum required to meet the replace; ment costs of launches at the end of their useful lives. It obviou that no business can carry on un- noncia to I can replace is real
and it should be able to do 50
to from income:
to roky hove fresh coplist to replace auch geta.
quite unsound, and under the conditions of the proposed Fron chise would be“ impossible.
| Venus for the purpose of creating Permafruction Teserve. or Aller natively to meet dividend payments on additional, empital, the travelling public are heavily faxed in the process. We have all along in our isgalintire strongly opposed the Kross royalty system. Oir tile most aptly expressed in the leading cellele of Uis "Soulhi China Moming Post" published an 31st
Finally, I must warn shareholders March test which stated "There is
его little justification fur loading n
that Government's terms xmmunity's commuting coals: to
acerpted, all increased costs, and du so is to confer privilege upon
costs are rising paruewasty in the case of of fuel, lubricating alt and, the regnfinua cily dweller and to penalise suburban residence. 11. kaunch repairs, will be borne en- however, the royalty la tribute tirely by the Company and, fur- Iron the Company's profits St ther, any decrease in revenue will
Brgaitist be mality directed should logically be computed upon
earning's those prodita.
Company's surplus 1n the
in debate
this latter factor may be imminent. Legulative
to disperVO Council last March
low of attempts the Hon.
therefore trafic. The. position Financial Serrotary stated - that the great advantage of basing
royal-
might very easily be, "in" a ̄com-` paratively short, ime, that
gross receipts is that FL
tha
there
Government may at any time
Les on six months' notice on Klving require the Company to sell avoids any interference with the would be little or no proft avail-
sibir
восте for distribution to Company as it provente: argument the undertaking "ni "the thôn value of the assets
holders if fares are maintained at e. the over the allocation of operating
thels original value when
present level. That, gentle- expenses and eliminates acquired
querire, less an allowance in respect of
by the Colonial Audit Office. These
men, is the position windh we are wear and lear) but without points may have been relevant in
asked by Goverment to agree to
in any audition
the respect of
good old days when
when they invite us to accept the direct Laxudin dil poodwill, compulsory purchase,
not exist in thin
Inequity of paying royalties on but today expectation or possibility of Culony,
such **inter-
Grune Recipto, renewal,
ference" in the affaire of publie f any profita which might have been made companies is an essenilal In the from the undertaling.
normal operation of our Inland. Re- venue Department and tim Assignment.
appli- callon of a royalty on nolt proflis would not endill any extra bour whatsoever, as it could bo com- puted at the taxable Assessment of the Company.
The Company shall not assign or transfer the concession or any powers rights or privileges granted, thereunder wHhout the permission of the Governor Council
Royalty.
The Company shall pay Go- vernment a royalty on the 14th day of each cälendar month by way of a percentage of the total pruss monthly receipts. No royalty shall be payable when operating expenses plus royalty execen the grosa montlily receipts.
ROYALTY SCALE
The royalty scale is as follows:- Amount of GroK
Percentage Monthly Receipts
Rate of expressed in
Royalty Thouanda uf Dollars
During the year considerable cor. respondence aik discussion ensurd. I will not weary you with the com plete story in detall but on Ge March this year, when it was indicated that Government were not prepared to make further adjustments in the amended draft Ordinance, we were requested to reconsider whether the terins as now amended are Company", unacceptable to the Generally the latest draft is cumZ
from the original pletely altered presented to us in 1949 and the Contingent Liabilities shewn in the Statement of Accounts now before on the lerna you are calculated contained therein. Before ving you the brand delalis of the latest Ordinance I should like once again to revert to the debate in Council on 28th March. What was not made Gear in the affalal speeches was that during our negotiations with Govern- ment on the feat suggested draft we were informed that the terms Con- already been tained herein hod presented to the other torry com. pony, discussed and agreed by them and that this being so Government would find it dmcult to agree to any changes in the terms a for #s We were
The concerned.
Itun. Attorney General in his speech un the proposed Yaumati Ferry Company franchise stated that in 1949 "I was The Abercrombie report was made known to both Companies finished in September. 1949, but that St was
that necessary avowed intention of the
впу despite the
conditions attached to Government to arrive at a decision concessions given to Dne or as early as possible it was only on the other should be exactly parallel 14th November, 1019, less than seven in so far as maiters of principle earlier in weeks before our leases expired, were concerned. But, that letter was addressed to his peoch, he stated that in regard covering a draft of a licence which to the Hongkong and Yaumati Ferry the licence had been Was to come into operation on the Company
prepared in 1948. We received our 1st January, 1950, Thile then was the
first information of the proposed information on the Arst concrete,
1945. it all terma In November, future operating conditions for the
atong Government considered that Company, supplied to us only forty- seven days before the new conditions the terna in general for both Com were to como into effect, after four panties "should be exactly parallel" years of continuous pressure on our surely negotiations should have been part. During these four
with both years opened almultaneously although the future of the Company parties. Instead of this it appeared was shrouded in uncertainty we did as we were faced with a felt not sit back, as we might well have accompit, but we learned that the done, and await nome guarantee of acceptance by our Yaumati friends security. Our feat of a vessels, had not been unqualified but that it badly damaged during the occupation was accepted only an condition that I period, was completely rehabilitated simlar tems were accepted by the at a cost of $4,072,359.00, and the twoStar Ferry Company. As I hays Exereding 200 but not exceeding 210 ferry plers were likewise recondi told you these terms presented to us tioned. Between 1945 and December, late in 1949 have been completely Exceeding 210 but 1949, when the leases expired and the revised as a result of our negotiations that exceeding
Government which plers reverted to Government without with
lasted Exceeding 240 but any compensation whatsoever being throughout 1950. I think I can safely not exceeding 240 Exceeding 230 but pald therefor, our total expenditure nay liat qur competitors have bene-
not exceeding 240 for reconstruction of and annual filed considerably by our efforts and
Exceeding 240 but repairs to plem was $954,900,00. You I want to assure you that your
not exceeding 260 have heard year by year at the Board have never been prepared to
Exceeding 250 but Annual Meetings of the phenomenal accept terms merely because another
not exceeding 200 growth of our passenger traffic, I Company have been nercuaded to
Exceeding 200 but need hardly print out therefore how do so, and that attitude
not exceeding 270 essential it was, in mite of this unchanged.
Exceeding 270 but atmosphere of uncertainty, that in
not exceeding 200 the public interests we should carry
Exceeding 200 but out this rehabilitation work as
not exceeding 200 speedily as possible and without
Exceeding 200 but counting the' cost,
nol.exceeding 300 Exceeding 300 buz 101 exceeding 310 Exceeding 310 but not exceeding 330 Exceeding 320 but not exceeding 330 matters of principle were con new terms and conditions of opera-
cerned". If the postion of bath
Exceeding 330" but tion of the Company received on concerns are exactly parallel then
nat excreating 540 14th - November, "1942,"
of course the terms offered to them creding 340 but not exceedles g 350 Execeding 350 but ~This-first-draft lcance was found should also be exactly parallel. But to be completely unacceptable. Notch positions are not the same
„Not exceeding 300 is Willaled. unduly onerous and compileated, but
__pos[Exceeding 370.. the duration of the ligence was to be
Exceeding 370 vut not exceeding 360 for 18 years only and the suggested concerns parallel? In the case of our Interference and restrictions in regard competitors they started their career Roceeding 300 but to the
active management, of the under a franchise containing terma were no loss undertaking were such that your which I understand Board" were unanimous in their onerous than those now offered to decision that efficient operation off them; LE for instance, they started the Bervice would be impossible. on the basis that their concern could *Briefy the fancial terme werd be taken over after a certain period, that tiovernment were to receive a on terms how embodied in the royalty on grows receints (on 1900 Ordinance, they may have no ground eamings, the rate would have been for complaint. But in our case, wo 14%), that we were to pay a mum started in 1000 ans free enterprise of $400,000.00 per annuanh-rewneck and without any restrictions. More of pler rents and repairs, that from over unki Government's farms were the Batt, profis the Company were actually presented to th on 14th to be allowed a retum of between | November, 1960, we had been given
As I have said, on the 1st January. 1950, on the expiry of the relative leases these reconstructed piers were resumed by Government.
I will now revert to the proposed
remane
GOVERNMENTS CABE
You will understand my ... natural reluctance to speak about our coin- pelitors, and yet I feel I must say a fow words on this point because Government's case secina to be that "conditions attached to any con
cessions giver tu the one or the other
should be exactly parallel insofar as
not exceeding
only were" the` Ananelal conditions then the whole point of Government { Excredlog 300 but
Are the circumstances
of both
not exceeding 390 Exceeding 200 but not exceeding 400 Exceeding 400 but __Dot expending 410 ceeding 410 but not exceeding $20 Exceeding 420 but _not, exogeding 450 Exceeding 450 but __tof, exoseding 440
weting 440 but
not exceeding
No royalty payable 5.00
0.33
6.67
0.00
..
0.00
6.67
7.00
7.13
7.07
0.00
8.33
0.07
9:00
1.33
0.07
10,00
1923
10,07
11.00
1133
13.07
19.00
12.33
12.07
13,00
"MUST BE FAIR"
This question of prom royalty is one of our main points of difer. ence with Government. We are not Against the principle of paying a ally but we consider that any payment must be tair and based on nott profits, in which event Covernment would be in the same
Radio Hongkong
I.R.T.
0.
Summary: 0.02, Programmo Broadcast For Schools-"The Worst Journey In The World" (BBCTS). A Dromatization From The Book By Apsley Cherry-Garrard; 0.59, "Southern Serenade": 043. Pelo Valderrama At The Plano (Studio): 7. "Lucky Dip" Variety Roquess. Presented By Pauline Spenco (Studio): 9. World News and News Analysis (London Relay); 8.10, Piano Recital By Arturo Benedetti poeltk as the Shareholders erd Michelangeli; 8.30, "Take It Front take the bad year with the good Here" With Joy Nichols. which surely reasonable,
Bentley and Jimmy Edwards The other maks contentious point (BBCTS); "From The Editorials" is the proposed clause whieli to- lates to compulsory purchase, der this clauso Government may at any time on giving six mont notice acquire the undertaking at the depreciated Value of the Anseln
"without
addition in respect of goodwill, sory
yןןם
Un-
Dick
Recorded Relay): 9.10, Weather Report: 9.11. Thterlude; 0.14 London Studio Concert.
The Boyd Neck String Orchestra Conducted By Bord Nest (BBCTS): 945, "Wednesday Night Theatre" "The Good Com pantone The Novel By J. 1. Priest- comput-ey. Adapted By James R. Gregsen, Part One (BCTS); 10.45., The New Concert Orchestra; 11. Radio News been Reel (London Relay): 11.16. Good-
or
purchase. expectation ponsibility of renewal or of any
profits which might hava
made from the undertaking." Tits night Music: 11.20 Weather Report: arbitrary basis of valuation, as far God Save The King; 11.30. Clos
a can be ascertainest, is not ac- Down
cepted elsewhere. In May, 1950 we obtained the opinion of Sir Harold Howitt, one of the leading autho rities in London on nationalisation and relative agreed terms. He in- formed us that, since 1945, six in- dustries had Весп nationalised. These were, Railways, the Coal Industry, Road Transport Industry, Cable and Wireless, Electriclly In- dustry and the Gas Industry. In regard to these Bir Harold Howitt stated that in two cases the values
were settled by arbitration and on an carnings basis, in two they wero settled in the main by mar
ket quotations of stores, in ano by a valuation of assets and good- will and in one by market quota- tions with an allowance for war damage. To no case was there any attempt to acquiro on undertaking on the basin of the depreciated value of the astois and we are not prepared to necent that such in a fair and reasonablą basis of AC Honiton and in thle connection I refer again to the letter written by the Colonin Omee in
1945 whernin “it is stated that pureliane by Government should be, pomale In 1959, and thereafter at dve your ju intervale on the bgafe, of a fair valuation. In view of the Informa Son which we have received from Sir. Harold, Howiti, and, which; has
INTELLIGENCE TEST SOLUTION
Call the Bye atars CPBJ T. We can tabulate. our data. A follows:
STAR
HHOLT
WIFE'B FIRST HUSBAND
T
PATHER OP BON'S
PIANCER
(1) Who is the nusband of the frat Mrs. Clearly not J. P or nor T. for we should then hava JAT and T-d, Bo the BETE KIEL, J is married to S.
(2) Who is O'n wife's first husband 7 Nội OʻT or 3. Nor 8. strace fi's son is engaged to C. No Mrs. O's Ang husband was P; Kro. Pa was 15: Mrs. 1% Wax C.
(3) And now it le obvious than young is marrying P's daughter; Tours OJ's daughter: young T.
's daughter..
Youna - Tantalus to marryṭna Sweathrungsdaushtëri shu. mother's dear husband was Hank Ouold.
London Ecordes Seruion.
Printed "and" published by FarDERICK PERCY FRANKLIN for and on behalf of South' China Morning Post Limited' at 1-3 Wyndham Street, City of Victoria, in the Colony of Hongkang.
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