Tne SHaxcuat Musicrear Couxctt, {Report of the Electricity {Special Committee (1929)
pointed by the Council to consider the matter of the disposal or otherwise of the Shanghai Municipal Electricity "Depart:
International Group will pay Tie. 81,000,000 (Shanghai taels) in. cash against good title to all of the: assets now used oF held for use by. the Electricity Undertaking of the Shanghai Municipal Council. Inter-Group will make payment of such cash at one time or st such times and in such manner as may suit the Council's requirements. International Group is alternatively: willing: to assume as part of the above purchase price, responsibility for repayment of all or part of the outstanding Municipal debentures and the service thereof in such man-
The Hlectricity Special Committee (1929) begs to submit the following comments and unanimous vecommendations in. regard to the Electricity undertaking of the Shanghai Municipal Council:
(Q) The Committee is in favour vf the undertaking being sold, but not leased, to a private party, 1 (2) The Committee has consider. ad the tenders and proposals sub-omitted on March 19, 1929 by three groups, which are as fellows:
(e) To Tease the undertaic yg:
presented by the Mon, RD. Denman, on behalf 4 of Lord Meston's Group.
(b) To purchase the under taking outright as atom January 1, 1929: presented by Mr. A. Rrooke-Smith, fon behalf of British Trusts Associasion, Ltd, together with two aternstive offers.
To purchase the under. taking outright as from 1, 1929; presentner as may be agreed upon.
The said sum of Ts, 81,600,000 is in payment of the plant and other assets used in the Electricity Undertaking—all as shown on the balance sheet of December 31, 1928, together all the goodwill, francis its, ete, belonging oF necessary for the conduct of the business. Tu addition, it is assumed that the our rent assets and liabilities, such as commitments for new plant, sundry debtors and payments in advance, consumers' deposits recount, sundry creditors, staff pension funds, ete. will be adjusted as on the date of the take-over.
Tt is the intention of International Group to give bone fide residents of Shanghai and firm domiciled in Shanghai the oppor tunity to invest in the enterprise.
Ammnican & Forzicx Power Ca.
Text read from the printed page and cleaned; old type leaves the occasional error.