CO129-617-2 Hong Kong Telephone Company 22-2-1947 - 3-11-1947 — Page 24

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franchise and that if circumstances arise which necessitate

larger annual appropriations in order to achieve this, no

objection should be raised. That argument is not, however,

valid as regards any increase in capital but we are rather

handicapped as we do not know why the principle that the

Company's capital should be amortized was originally

conceded.

Any informacion which you could give me on this

point will be of great assistance.

Yours sincerely,