19
4.1.3
the local development method is that
it provides a system of general
application, but the make-up of the
calculation would be no less contro-
versial than that of the locally based
system. Moreover, in view of the
incomplete records of historic costs of
development of the urbanised areas in the
New Territories, time has not allowed
for proper researches into records
scattered around in various Government
departments to be made to do a proper
calculation of the unit value of compen-
sation using this method.
Projection of the original relationship
between compensation and earlier
compensation and sales values
Briefly, when the exchange systen was
initiated in 1950, the compensation rate
for agricultural land was 1 per square
foot and the average value of land sold
in the main layouts varied between $10.25
and $21 per square foot. The system
would provide that the current compen-
sation rate should be deduced by
/multiplying