the-ordinances-of-the-legislative-counci-1890v2 — Page 100

690 TRAMWAYS .
[6 OF 1883. ]
him ( the said Sir George Ferguson Bowen ) Her Majesty's gracious
confirmation and allowance of ( inter alia ) the said recited ordinance it
was by the now reciting proclamation proclaimed that (inter alia ) the
said ordinance had been so confirmed and allowed as aforesaid And
whereas by the Tramways Ordinance Amendment Ordinance 1883 after
reciting that a doubt had arisen as to the powers conferred upon the
promoters for the purposes of the Tramways Ordinance 1883 under
section 4 of the said ordinance and that it was desirable to remove such
doubt it was enacted that ( section 2 ) the Tramways Ordinance 1883
was thereby amended by repealing section 4 and by inserting in lien
thereof the section following:
* ***
( Here follous sec
tion 4 as in the
ordinance. )
“ And it was also enacted that (section 3 ) that ordinance should com
mence and take effect on the first Jamary one thousand eight hundred
and eighty -four And whereas on the eighth October one thousand eight
hundred and eighty -four ( the construction of any one or more of the
said tramways not having been then substantially commencel) an appli
cation was made to the Governor in Council for an extension of the time
allowed by the said Tramways Ordinance 1883 for the substantial com
mencement of the construction of all the tramways authorized by the
ordinance in the words and figures following that is to say-
“ « T., 35 Queen's Road Hongkong 8th October 1884 Sir By
the Tramways Ordinance 1883 section 26 it is provided that if
within one year after the time at which the company might under
that ordinance have commenced the construction of any one or more
of the tramways the construction of any one or more of such tram
ways is not in the opinion of the Governor in Council substantially
commenced the powers thereby given to the company for construct
ing such tramways so not commenced or otherwise in relation
thereto shall cease to be exercised unless the time be prolonged by
the Governor in Council and section 145 enacted that the ordinance
was not to come into operation until Her Majesty's confirmation was
proclaimed by the Governor This confirmation was proclaimed on
the 3rd November 1883 consequently the first year of the concession
has nearly expired On the 29th July last a company was duly
formed and registered for the purpose of acquiring and taking over
with the assent and approval of the Governor in Council from the
four promoters named in the Ordinance the right to construct and
maintain all or any of the tramways numbered 1 2 3 4 and 5 in the
ordinance and all the privileges thereby conferred in so far as the
company might desire to exercise the same in respect of the said
tramways numbered 1 2 3 4 and 5 (but saving and excepting unto
the said four promoters the said privileges in so far as they might
desire to exercise the same in respect of the tramway numbered six
in the said ordinance ) without paying any valuable consideration
therefor and upon such terms and conditions as the said four pro
moters should think fit. The capital of the company was $ 500,000
divided into 10,000 shares of $50 each The company was duly
advertised and subscriptions for shares invited up to the end of the
month of September last The amount of subscriptions however did
not come up to the company's expectations and was not sufficient
to float the company successfully The causes of this are not far to
seek They arise no doubt from the present state of affairs between
France and China and the deplorable depression of trade which is
now existing In fact there could probably be no worse time than
the present for floating the undertaking Under these circumstances