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pelled the owners of the ships to pay over the whole of the earnings of the ships during the period of control at the same time compelling the owners to manage the ships, paying the owners the ordinary Blue Book Rates plus 2/8 per ton for Eastern Service and on the net profits for management.
From the Blue Book hire received by the Owners from the Hongkong Government it was necessary to keep the ships in efficient condition and this entailed a great deal of work at the Far Eastern Dockyards at a time when the price was very inflated chiefly because foreign competitors could pay the advanced prices through not being financially controlled.
The local currency being a silver currency, a heavy loss was made in exchange as owners had to make their disbursements and keep their accounts in local silver currency.
The Insurance premia on these ships were also a very heavy item on account of the age of the ships and also because local British Insurance Companies were able to raise their rates for the reasons set out in connection with the Dock Companies,
All salaries and working costs were greatly increased during the period under review.
The owners of the ships protested in every possible way and all payments by them were made under protest.
Although the ownere protested in every possible way they took no active measure which would in any way obstruct the Govern- ment at the time, ag they felt that the Government's action was in
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