CO129-452 - Others & Individuals - 1918 — Page 84

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grame -"SHIPMINDER, VIC, LONDON.""

Any farther communication on this subject should be addressed to-

The Secretary,

Ministry of Shipping,

St. James's Park,

London, 8. W. 1,

and the following number quoted :—

12A/60647/1918.

Sir,

82

MINISTRY OF SHIPPING,

17 May, 19184

Be

¡REC

24481

REA 18 MAY 181

With further reference to your letter of the 20th ultimo (18943/18) enclosing a copy of a telegram

from the Governor of Hong Kong submitting proposals on the rates of payment to be made to owners of requisitioned ve ssels, I am directed by the Shipping Controller to say that the rates of exchange at which hire will be paid has, in consultation with His Majesty's Treasury, now been

determined on the following basis.

Payment will be made in Hong Kong on half the hire at 2/- to the dollar and on the other half at the rates of exchange on the day on which payment is due.

The Shipping Controller considers it important

that the financial arrangements made under the Colony Scheme should not be more favourable to the owners than those to owners under the Imperial Scheme and in this connection, I have to point out that, under the Imperial Scheme, Managers - and Owners, for the period ending 30th November 1917 were paid the ordinary commission on the current rates of freight but for the period beginning 1st December 1917, commission, to them will be calculated at the customary rates offre

in force in January 1916.

In the case of the two China Companies under Imperial Scheme, however, the latter arrangement has modified so that if the increase in freights during th

The Under Secretary of State,

COLONIAL OFFICE,

S.d. 1.