1. Machaghten. 5.
Mr. Beckett.
CR.
19/4/282
Mr. MacNaghten called yesterday and did not
appear at all disposed to press the subject of his
letter of the 19th of April, but perhaps this had
better be registered in case the Company return
to the charge officially on the matter thereafter.
The position appears to be that the
British American Tobacco Company (China) Limited
under the new law reducing the rate from 4 cents to
1 cent per hundred dollars will be liable to
pay only some thing under 25,000 dollars instead of
about 99,000, whilst the Hong Kong Government will
(in the Colonial Secretary's words "of course")
terminate the present practice of refund as
regards that Company's subsidiary China Companies,
whereby that Company will lose a refund of about
6,500 dollars.
As I put it to Mr. MacNaghten, the view
of the Colonial Government, no doubt, is that the
Company is doing so well over the swings that they
a Small
can afford to incur losse over the roundabouts.
Λ
He evidently agreed, so far as he personally was
concerned, and it seems that he had only taken up
the matter pro forma to satisfy his principals.
Zile & Bath
127 alon
JR.
27/4/20
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