CO129-366 - Governor Sir Lugard Acting Governor May - 1910 [4-5] — Page 80

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concerned, notwithstanding that the cost of each individual work is less than a $1,000, and the same shall within that period not be considered as e miner work, but shall be a direct charge to Capital Expenditure.

(h). When the necessity of a work ceases

to exist and it cannot further be utilized at the same place and is consequently dismantled, the original cost shall remain a debit to Capital "xpenditure together with the cost of demolition, but credit for the value of material as realized shall be afforded to Capital Expenditure,

(1). If any portion of the Railway shall not have been opened for public traffic for a full year before this agreement comes into force, all charges for repairs, re- -newals and maintenance in connection with Way or Works on such portion shall be a direct charge to the Capital Expenditure of the Section to which the portion belongs for a period extending to 12 months from the date of opening thereof; and the only charges to the Revenue Expenditure of the Railway as a whole on account of such Expenses shall be in respect of Staff and stores actually engaged on the transport of passengers and Goods after

the opening of such portion.

Working Capital.

14. In order to provide a Working Capital for

the Railway a sum of money equal to one-quarter of the Revenue

Expenditure of the first year's working of the Railway, AS

estimated by the two Goverments, shall be deposited and lie at

interest, as a loan to Revenue Expenditure, in a Bank agreed

upon by the two Governments, and the amount of such total

deposit payable by the Hongkong Government and by the Chinese

Goverment respectively shall be proportionate to the ratio between the actual mileage of the British Section and the actual mileage of the Chinese Section.

If at any time the Revenue Expenditure of

the Railway is greater than the Gross Receipts thereof as paid

from