W
3. THE EFFECT OF THE PRINCIPAL PLACE OF BUSINESS CONCEPT WOULD
THUS BE TO DEBAR FUTURE PEGISTRATION TO WELL-FOUNDED, WELL
NAGED AND PERFECTLY PESPECTAPLE SHIPS OWNED BY SUCH CORPORATE
OWNERS WHO MAY HAVE HAD CLOSE LINKS WITH HONG KONG FOR GENERATIONS.
THE SEVERING OF SUCH TIES CANNOT BE IN HONG KONG'S INTERESTS IN
TERMS OF BUSINESS CONFIDENCE AND INVESTMENT AND ALL THAT THAT MEANS.
EVEN THOUGH WE PROPOSE TO PETAIN GRANDFATHER RIGHTS THE SPEED WITH
WHICH INDIVIDUAL SHIPS CHANGE OWNERSHIP COULD EFFECTIVELY KILL OFF
ANY TEMPORARY STABILISATION IN THE SIZE OF THE RECISTER. IN
PRACTICAL TERMS FUTURE ACCESS TO THE REGISTEP COULD WELL PE
DENIED TO BRITISH COMPANIES SUCH AS SWIRES AND ALSO TO ALL
OWNERS PASED IN CHINA.
4. SPECIFIC ANSWERS TO THE POINTS PAISED BY DTP APE AS FOLLOWS:-
(A)
PETENTION OF THE PRINCIPAL PLACE OF BUSINESS REQUIPEMENT
WOULD DEBAR ALL FUTURE REGISTRATIONS FROM COMPANIES WHOSE
PRINCIPAL PLACE OF BUSINESS WAS NOT ACTUALLY LOCATER IN HONG KONG
FROM REGISTERING SHIPS. THIS WOULD INCLUDE SHIPS BENEFICIALLY OWNED
FROM HONG KONG IF THE OWNING COMPANY CHOSE, FOR WHATEVER PEASON,
NOT TO ESTABLISH ITS PRINCIPAL PLACE OF BUSINESS IN HONG KONG.
THE EFFECTIVE WITHDRAWAL OF SHIPS OWNED BY HIGHLY RESPECTED
COMPANIES COULD LEAD TO A LOSS IN THE STATUS OF THE PEGISTER
AND DE INTERPRETED AS A LOSS IN BUSINESS CONFIDENCE IN HONG
KONG. IN ADDITION, THE NAPPOW DOMESTIC BASE MIGHT NOT PROVE
SUFFICIENT TO CONTINUE TO ATTRACT SHIP MANAGERS AND ASSOCIATED
SERVICE PROFESSIONS.
(B) WE HAVE CONFIRMED THE POSITION WITH THE INLAND PEVENUE
DEPARTMENT. THE MANAGEMENT AND CONTROL WOULD BE OF THE SHIP NOT THE
COMPANY OWNING THE SHIP.
(C) MANAGEMENT AND CONTROL WOULD WIDEM THE DOMESTIC BASE
SUFFICIENTLY TO SUSTAIN AND ENCOURAGE SHIP MANAGEMENT AND ASSOCIATED
SERVICE PROFESSIONS. PRINCIPAL PLACE OF BUSINESS REQUIREMENTS
COULD PEDUCE THE BASE AND POSSIBLE HAVE THE REVERSE EFFECT.
YOUDE
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HMLNAM 0423
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