The following minutes of a Joint Meeting between the Council for the Foreign Community and the French Council, held in the Board Room, 93. Kianzse Road, at 4 p.m. on Wednesday, the 4th of October, 1899, are forwarded for publication. There were present of the French Council, Messrs,_M. Tillot. (Chairman), B. Busch: mann, B. A. Clarke, S.A. Hardoon, and G. Girauit: "of. the Municipal - Council, Messrs, E. A.-Hewett (Acting Chairman), R. Inglis, J. Prentice, E. Qaackenbush, E. B. Skottowe, the Secretary, and. the Engineer.
The Reports to the tro Councils by their respective Engineers on the Tenders submitted for the 'Tramway Franchise are submitted. Both of these select, as offering the conditions most favourable to the community, the tender forwarded by the Shanghai Tramway Syndicate, Ld., and he recommendations contained in' these Reports are ly approved by both Councils, nem. con. It, being understood maintain all the. roadway tracks. and 1$ inches out-the. Settlements (old) and pay the cost of maintaining. the portion of the roadway occupied by their tracks and 18 inches outside the rails, beyond the old S: tlemont limits, This will entail a large annual expenditure on the part ofthe Com-riy as they will have to maintain about 24 miles of track.
3.—The re-purchase clause appears to be reasonable although this is more a. matter for financial experts.
The Councils to have the right affec the first fifteen years of repurchasing. the tram-Ways.at a. price based on the net.-receipts of the immediately preceding seven. years calculated as follows. The total net receipts of the seven years would be taken and the. receipts for the worst two years deducted. The remaind-would b+ divided by: five to obtain the net annual revenue, but in-case the figure thus obtained should be I-s than the net revenue of the lust ye r before. purchase the latter Sgure would be tskon as a has This net annual revesue.as above would then be capitalised at six per cent per annum and this capital would be the. price to be paid for the purchase, "If, however, at.the time.of the pure the. rate. ofintereat paid: by the.
Text read from the printed page and cleaned; old type leaves the occasional error.