CO129-526-7 Proposed vehicle & passenger ferry for Hong Kong Harbour- plans of the development of the... 22-4-1930 - 22-4-1930 — Page 36

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ferry.

- 3-

The service is exceptionally well run and it is

of interest to note that the Company's report for 1928 shows a dividend and bonus representing a return on the

nominal value of the shares of 35%. The Report of the

Company for 1928 shows that with a nominal capital of

$1,000,000 of which $800,000 has been issued ($400,000 of

this sum being a bonus issue to original shareholders, the

original subscription being only $400,000) it holds

investments of $615,000 in addition to substantial sums in

the reserve and general contingency accounts. The

property of the Company has consistently been very fully

written down. The 1929 Report just issued shows a growing

prosperity and a dividend of 40% in place of the 35% for 1928.

6. The Star Ferry Company is concerned through its

allied Company, the harf and Godown Company, in the running

of a motor car service across the Harbour which consists of

a lighter with a crane and cradles. Motor cars are hoisted

on board singly from the Praya wall, the lighter is towed

across and the cars are then hoisted out again singly on the

Praya wall on the other side. Four to six motor cars can

be carried at a time and the service while fairly reliable

is not capable of serious expansion in its present primitive

form. A charge of $2 per trip per car is made and as a rule

notice is required before transportation can be effected,

while at times of pressure (as at week-ends) long waits are

often necessitated. In 1929 the system carried :-

5,979 Motor cars.

351 Trucks.

261 Motor Cycles and Combinations.

316 Ponies.

7. The Star Ferry Company is interested in the

Vehicles