CO129-589-11 Port of Hong Kong- Report on future control and development 18-7-1941 - 10-10-1944 — Page 125

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would be right in refusing to grant any

lease for such a purpose unless it were

proved that the existing facilities were

inadequate. The same thing would apply if a

pier were required for an unnecessary steamer service. Competition may be good

in certain circumstances, but it is the

generally accepted doctrine now, that unbridled or unnecessary competition is bad

and wasteful.

need hardly say that I hold no brief for any

of the Hong Kong existing concerns, but in

the best interests of the Port, they would be

entitled to protection if such a state of

affairs as I have mentioned, arose.

In stating this, of course, I

A statement of the receipts and expenditure of the

Trust to be published annually.

Note. It is very desirable that this should be

done, as until it is done, it is hardly

possible to deal adequately with the question

of finance.

(1) During the experimental period of three years, any

surplus of revenue over receipts to be paid

over to the Government and any shortage to be

recouped by the Government.

Note.

I imagine that there should be a surplus.

I suggest this provision for the experimental

period of three years, as it would, in effect,

practically leave finances as they are.

In

Should the accounts show a surplus, it

would become a matter for consideration.

most of the Ports of the United Kingdom the

Harbours were, in the early days, owned by

the respective municipalities and the harbour