CO129-492 - Governor Sir Clementi - 1925 [12] - 1926 [1-5] — Page 349

342

$30,000 on 8.8. "Honam", and being a much larger boat the running costs were naturally increased in proportion.

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20 blev so dement adð tanigga ɛɛ 000,005% new dolce 000,

We estimate the monthly running losses on 8.s.

"Lungshan" as $14,000:00 and on s.s.

"Tatshan" as 7.500:00

$21,500:00 per month

Without assurance of indemnity against loss the Directors regret that they will be reluctantly compelled to withdraw the boats at the end of this month, leaving Hong Kong without communication with Canton save for such assistance as H.M.

Navy can give,

I would further point out that it was on the urgent representations of this Government that the Steamboat Company re-opened the Canton Service on the withdrawal of the Chinese-cred s.a."Tung On" - chartered and run by H.M. Navy and on the definite assurance that should heavy losses be sustained in keeping the river open and maintain- ing communication with Canton the Government would be prepared to assist in meeting such loss..

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The Company has consistently maintained the service at continuous loss aver since as these statements prove and has no hesitation in saying that it feels that the loss is one which should only be met by H.. Imperial

Government.

-

I have, &c.,

(Sd.) P. H. Holyoak.

Chairman of the Board of Directors, Hongkong, Canton & Macao Steamboat Co., Ltd.

I should explain that the principal part of the Company's loss is occasioned by the fact that throughout this period it has been practically impossible, owing to the Boycott on British cargo existing in Canton to obtain any cargo. upon which the boats are principally dependent for their profit, and under present conditions still are.

(Initialled) P.H.H.

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