No. 4.
REPORT OF PROCEEDINGS
OF THE
FINANCE COMMITTEE,
AT A SPECIAL MEETING HELD IN THE SANITARY BOARD ROOM, HONGKONG, On the 15th February, 1887.
11:1
C.S.0.
240 of 1887.
PRESENT:
The Honourable the Acting Colonial Secretary (FREDERICK STEWART), Chairman. His Honour the Chief Justice (SIR GEORGE PHILLIPPO, Knt.).
The Honourable the Acting Attorney General, (EDWARD JAMES ACKROYD).
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the Colonial Treasurer, (ALFRED LISTER).
the Surveyor General, (JoHN MACNEILE PRICE). HENRY GEORGE THOMSETT, R.N.
PHINEAS RYRIE.
WONG SHING.
JOHN BELL-IRVING.
ALEXANDER PALMER MACEWEN.
CATCHICK PAUL CHATER.
The Committee meet this day pursuant to notice.
The Report of the proceedings of the last Meeting, held on the 11th instant, are read, and confirmed.
Read the following Minutes in connection with the new Central Market project:--
HON. COLONIAL SECRETARY,
NEW CENTRAL MARKET.
Minute by the Hon, the Surveyor General.
The acquisition of Marine Lot 18 has always been a desideratum in connection with the new Central Market project in order to enable a square or rectangular shaped Market to be built instead of a wedge shaped structure, and also in order to admit of the construction of a public street from the Queen's Road to the Praya on each side of the proposed new building. The enormous cost however of Lot 18 coupled with the indecision of the P. and O. Directors as to its disposal, have until recently stood in the way of the Government project to purchase it, but the matter has more recently become simplified by an expression on the part of Mr. WOODIN to sell while at the same time an offer has been inade to the Government from a private quarter to purchase such portions of the lot as will not be required for the extension of the Market.
Mr. WOODIN asks for the whole of Lot 18 the sum of $335,016 plus 5,000 square feet of Crosby's Store Praya side, while on the other hand, the Government will be able to sell the residue of the lot not required for this same sum of $335,016.
The lot contains 56,541 square feet. Of this area the Government will retain 16,000 square feet, and sell 40,541 square feet.
In other words, the Government will acquire the lot without paying more than the 5,000 square feet of Crosby's store, and for this consideration it will receive 16,000 square feet of land equally valuable.
14th February, 1887.
J. M. PRICE.
Minute by His Excellency the Officer Administering the Government.
This proposal seems to me to be undoubtedly a most advantageous one to Government. 2. Government requires land for the extension of the Central Market. The P. & 0. Company offer to sell their Marine Lot No. 18, which is much larger than the Government requires, but the Company wish to sell the whole lot and not a portion.
3. The proposal made by the Company is to exchange with Government the site on which their Offices stand, five thousand square feet, for an equivalent area of Government property known as Crosby's Store, and to sell the rest of their Lot to Government, 51,541 square feet, for the sum of $335,016.