CO129-378 - Governor Sir Lugard - 1911 [6-7] — Page 349

SAC

Appendix C.

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Capital Cost.

343

For the purposes of this Agreement it is agreed that the Capital Cost of the British Section is 810,533,000 and that the Capital Cost of the Chinese Section is $15,130,000.

Adjustment of Rates.

(1).

The adjustment of the rates and fares on through traffic of all kinds shall be based upon the principle that the net earnings (i.e. the difference between the actual receipts and the actual working expenses as hereafter ascertained and agreed upon as admissible) of both sections shall bear an identical ratio to the capital cost of both sections as determined in article No.... For the purposes of this article the working expenses of both sections xx shall be calculated upon the same basis and principles, and in order to arrive at the proportion of Working Expenses due to the local traffic a deduction from Gross Working Expenses shall be made in the ratio which the total working expenses of local traffic of each sectiong bears to the total working expenses of the gross traffic of

that section.

(2).

The actual receipts and the actual working expens- -es referred to in the last-preceding article shall be determined at a meeting to be held by representatives of the two Governments in January 1913. The accounts of each section shall in the interim be open to scrutiny by the axt other, and each section shall furnish to the other month by month after after audit its statement of receipts

and expenditure.

(3).

Pending the settlement to be arrived at in January, 1913, the rates set out in the attached schedule shall be charged on all through passenger traffic, provided

(a). that in the first instance the maxima in all classes

shall be charged;

(b). that any reduction made in the interval shall be in the

ratio of the maxima in each class:

(c). that in January, 1913, when the actual rates for the

future are determined, a redistribution shall be

effected