579
Taking into account the evidence that the value of Marine Lot No. 184 per Square Foot was in 1881 about $2.50, in 1895 about $3, and at the end of 1897 about $3.25, I am of opinion that on the 1st September, 1898, the value per Square Foot of the Lot as a Marine Lot was probably about and certainly did not exceed $3.50. I have taken the 1st September, 1898, as fairly representing the time when the status of the Lot changed from a Marine to an Inland Lot.
9. The next point for decision is what was the value of Marine Lot No. 84 immediately after it ceased to be a Marine Lot.
(i.) According to Messrs. LEIGH & ORANGE'S valuation No. 4, embodied in their statement of the 28th December, 1898, put in by the claimants, the value per Square Foot at that date was $2.50. Mr.. ORANGE in his evidence stated that, when making this valuation he was influenced by his belief that the value of the land for the purposes of Godowns had gone in 1898, a belief since proved to be erroneous, and that the situation was too far West to be of value for residential purposes. He based his valuation on those he had made on the 2nd July, 1895, of land in two Lots between Nos. 198 and 184. These valuations were at the rate of $1.60 and $2.00 per Square Foot. Neither was a corner Lot, and the houses on
them were not Godowns.
(ii) According to Messrs. PALMER & TURNER'S statement of the 19th Septem- ber, 1899, put in by the claimants, the value of Marine Lot No. 184, after the recla- mation had been made in front of it was at the rate of $1.50 per Square Foot. Mr. TURNER in his evidence stated that this valuation was made by his partner on the basis of a previous valuation at $1.25 per Square Foot of a property on Inland Lot No. 801 in the Queen's Road (behind the Sailors' Home and 580 feet from the sea) occupied by Chinese shops and a Vermilion Factory. He also stated that his valuation was based on the assumption that the property had ceased to be suitable for Godowns.
(iii.) Mr. RAM, one of the claimants' witnesses, in his evidence stated that, as an Inland Lot, Marine Lot No. 184 was worth not more than $2 or $2.50 per foot in 1899.
(iv.) Marine Lot No. 184 was actually sold for $110,000 on the 10th October, 1899.
According to Messrs. PALMER & TURNER's valuation prepared for the claimants three weeks before this sale, the value of buildings was $45,000. If this were correct they received for the land the sum of $65,000, ie., the same sum that they gave for it in 1884, i.e., about $2 per Square Foot.
(v.) According to the statements of Messrs. DANBY and SHELTON HOOPER of June, 1905, put in by the Crown, the sale of October, 1899, was no criterion of the true value of the property, the small amount received being probably due to the depressed state of the property market. Seven months after this sale the property realized $140,000, and making the same deduction of $45,000 for the buildings, the value of the land was then $2.92 per Square Foot.
The temporary depreciation of the value of property in the vicinity of Marine Lot No. 184 about the time of the claimants' sale of that Lot is reasonably accounted for by the building of new Godowns in the vicinity. Mr. ORANGE in his evidence stated that his firm had completed new Godowns on the Lots in front of the former Marine Lots Nos. 204 and 205 somewhere about 1897 and subsequently Messrs. PALMER & TURNER completed those in front of the former Marine Lots Nos. 186 and 185. These Lots are those immediately East of Marine Lot No. 184.