CO129-611-1 Hong Kong Electric & China Light & Power Company Ltd. 1-12-1945 - 2-5-1947 — Page 28

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3.

whilst it is impossible to give an accurate estimate of the amount involved under this Head he would himself at a rough shot put the figure between £20,000 and £30,000, which would include the half share of repair to the damage to boilers Nos. 11 and 12, and also the £1,500 which it is proposed to pay to each Company in respect of the cost of running repairs provided by them;

(vi) rental of 4% of the market value of the

issued shares of the two Companies at 6th December, 1941: the amo nt involved is £66,581 for the six months and this is to be retained by the Company for rehabilita- tion and is not to be distributed to the shareholders;

(vii) the cost of material supplied by the Military

Administration (£20/30,000, vide paragraph (v) above) to be set off against any compensation eventually awarded to the Companies.

There appear to be two points on which our approval is sought:-

(a)

(b)

whether public funds should bear the cost of the staff of the two companies whilst on leave in the United Kingdom. It doesn't appear that the companies press this point very strongly and I think we can say that we do not see any grounds for meeting this expenditure;

whether public funds shall pay a rental charge on the basis indicated at para. 2 (vi) above.

Undoubtedly the use by the Military Administration of the property of the two companies has relieved the

IM

Administration.