CO129-555-1 Hong Kong Tramways Ltd.- petition 10-7-1935 - 4-10-1935 — Page 15

4

1929

20%

1930

16%

1931

20%

1932

24%

1933

27%

1934

15

25%

These dividends compare favourably with the

"average yield of 9.8%" quoted in paragraph 72 of the petition, and show that the company has been well able to withstand the competition of motor bus services since 1928.

The Hong Kong Tramways is not the oldest

4.

transportation company in Hong Kong. Its tramway was

authorised in 1902. The construction of the Peak Tramway was authorised in 1883 by Ordinance No.2 of 1883. The

tramway of the Petitioner, as indicated on the map attached

to the petition extends for about nine miles along or

close to the northern shore of Hong Kong island. Its one

branch inland is on level ground round Happy Valley, the

circle of which was reluctantly completed by the company

in 1922 (vide page 23 of the petition) at the instigation

of Government.

>

As you are aware the City of Victoria clings

to the lower slopes of the hills which rise sharply from

the sea.

With the extension of the road system of the

island and the rapid increase in the use of motor transport,

both the Hong Kong Tramways and the Peak Tramway Company,

the one operating along the sea front and the other directly up the Peak, have inevitably found their virtual monopoly impaired. While honestly fulfilling its obligations under

the Tramway Ordinance, the Hong Kong Tramways has never displayed a progressive spirit or initiative to meet changed

conditions.

5.

The pioneers of motor transport in the Colony

were