637
A-Yes.
Q-I gather from that that this was a valuation not of land on the Old Praya, not of Lots 95, 96, 97, 98 and 105, but of land on the New Praya ?
A-I take it as a strip of land facing the Old Praya, on the North side of Des Voeux Road.
Q-The money was for the purchase of a portion of the land in course of reclamation ?
A-I think the original Lot shewn was wider here (pointing to plan) and they took off a strip.
[Report by Mr. Chatham handed in by the Crown and read by Mr. Orange.]
Q-Was not this $5 per foot paid partially as compensation for the Godown?
A-I do not know.
Q-What difference would you have made had you valued the property as a Godown under the Valuation 4 in 1898?
A-I could not say; I did not think that Godowns would exist.
Q-With regard to all the new Godowns in that neighbourhood, do you know that most of them have been built of the New Praya?
A-Yes; not all.
Q-Nearly everyone?
A-Yes; the bulk.
Q-And through losing the frontage, of course Mr. Howard's Godowns were not to be compared in value with those having water frontage?
A-No.
Q-Valuing the property under 3, you would not allow anything for a man to carry on business?
A-No.
Q-What would you put down as the value?
A--What a purchaser would give.
HIS EXCELLENCY:-Would you deduct for incidental expenses?
A-Yes, in some cases; for instance the Lift-boy and other incidentals like that. I would look at it in the light of a man who wanted to acquire a Godown business, that is, what a man would pay for it who required it for the purpose of storing cargo. He would be getting good interest for his money.
Q-A man who was going to buy that land with the Godowns on it for the purpose of carrying on a Godown business, would he have been willing to pay $200,000?
A-Yes; in 1895.
Q-And you know that a person carrying on a Godown not only makes money on the storage of the goods, but also on lending money on the goods?
A-Some do not all.
Q-And they reckon that in when they want to buy Godowns?