22
REVIEW
11 per cent and by 1933 to two per cent. Today, although revenue from sale of 'new' Crown land and variation of conditions of existing Crown leases brings in an appreciable sum-20 per cent of total revenue in 1962-3-Crown rent has shrunk to less than one-third of one per cent of total Colony revenue. On the other hand, land values have increased many times. City land, which has brought in a revenue of about £50 an acre a year in Crown rent since its disposal in the early 1840's, now commands a capital value of over £100 a square foot, say £4 million an acre or £250,000 an acre a year even on a conservative estimate of yield. The 15 years since 1947 have seen a general rise in the value of land in the main built-up sections of the Colony in the order of 30 times. In 1947 industrial land could be obtained in parts of Kowloon at $3 or $4 a square foot which in 1955 would have cost $40 to $50 and today sells at $100-$120 a square foot. Similarly land in certain residential/commercial areas of the Island or Kowloon sold at $5-$10 a square foot in 1947, would have cost $70-$80 in 1955, and today commands a price in the order of $250-$300 a square foot or even higher.
These increases have occurred during the same period of years in which the Colony has been establishing itself as an industrial manufacturing centre and overcoming great problems of housing and shortages of community services. They are the direct con- sequence of the demands of an increasing population and the roads, water, transport, power and other services provided to meet these demands. A part of this increase in land values has come back to the Government in the form of stamp duty, increased rates and Inland Revenue taxes, and some in the form of sales of new Crown land; but by far the greater part has remained in private hands.
From this outline of the rulings established and practices followed over the last 120 years it is possible to discern a pattern influencing the trend of events. Sectional interests have maintained constant pressure upon the Government, as the residual owner of all Crown land, to grant land at concessionary rates and while, in the public interest, it has resisted these pressures, the Govern- ment has, at the same time, sought to meet all vital land require- ments. While the main principles were laid down in the early days, land policy has been built up over the years by custom and