CO129-466 - Individuals - 1920 — Page 536

12:30 12

ARTISTABA

1 $

To:

The Under Secretary of State.

532

L

The terme of this Agreement were considerably less advantageous to the Promoters than those they had placed before the Governor at the interview on the 10th april, 1913, as the fundamental bases on which the Promoters were prepared to proceed with the scheme. In antitiopation of the notification of the formal agreement, the Promoters had carefully examined and discussed the question of finance and in connection therewith Mr. G. Tisdall, Manager of the Russo-Asistio Bank, Hong Kong, had definitely assured the Governor that the necessary finance would be provided for the proper carrying oat in its entirety of the scheme immediately the same was officially sanctioned. This undertaking was naturally rendered nugatory by the declaration of War, as were similar financial undertakings throughout the civilised world. Consequently the period August 4th, 1914 to November 11th, 1918, was a blank period so far as financial operations, and engineering contracte were concerned. Correspondence dated April 4th, 1918 set forth very fully the steps taken to proceed with the scheme, and no useful purpose would be served in their repetition. The Promoters would, however, point out that every possible step in the conditions then obtaining was taken, and that no effort or expense was spared in an endeavour to meet the wishes of the Hong Kong Government for the speedy prosecution of the scheme, but conditions were too anfavourable

The Promoters, to permit of the desired end being achieved. with a view to meeting the pressure of the Hong Kong Authorities. thought it well to secure a full technical consideration of the scheme by an experienced, reliable, tramway construction company, which could, upon being satified as to the commercial and technical questions involved, arrange to provide the finance, and carry out the construction and equipment of the line, and place same in running order to the satisfaction of the Colonial Government. The Promoters, therefore, approached the National Electric Construction Company Limited, which had been very successful in dealing with similar andertakings, and after careful investigation and consultation with Mr. Gibbs of Kesara. Dennison Ram & Gibbs, Consulting Engineers for the scheme in Hong Kong, this lett Company in a letter dated the 20th June, 1918, undertook the Promoters' proposals. i oppy of

This this letter was forwarded to the Colonial Government. letter, inter alia, gave details of tramway schemes the National Electric Construction Company had constructed and equipped, and for which it had provided the requisite finance. The mileage involved was sixty-seven miles, whilst the capital provided amounted to upwards of a million sterling, so that relatively the Hong Kong South Tramway with a route mileage of 3 miles and capital of £300,000, was to this Company a

The Promoters felt that every- relatively small undertaking.

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