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A There were some Chinese houses and a Vermilion Factory upon it.
Q-Any Godowns ?
A-There were no Godowns.
Q-Was that the only guide you went by ?
A-That was mainly the guide. We also valued some of the Lots a little further down-204 I think it was. It was East. They are a sort of Chinese houses used for storage purposes.
We have been taking these houses on the assessed rentals and allowing for the building. This brought it out at about $1.50.
Q-You went by the Government Assessor's figures?
A-Yes; as regards 204. The assessed rentals were practically the rentals we were getting.
Q-They were Chinese houses used for storage purposes, but were not re- gular Godowns?
A-They were not Godowns at all.
Q-Now, Mr. Turner, supposing no reclamation had come about, what would you have valued it. at?
A-I should have valued it as a Marine Lot.
Q-No, I do not mean that; I mean how much per square foot?
A-We actually valued some others at $3, and therefore if you allow for the time of building, reclamation, etc., I think you could safely say $3.50; probably $4.
Q-What did you value them at ?
A-We valued them for Mortgage purposes, and valued them at $3 per square foot. 186 and 205; that was in June, 1895, and June, 1896.
HIS EXCELLENCY :-When the Reclamation was completed ?
A-No; as they were then. The owners had to pay a small sum, something in the neighbourhood of $2,000, in connection with the Reclamation.
HIS EXCELLENCY:-And they had to pay that in addition to the valuation?
A-Yes.
HIS EXCELLENCY:-What was the proportion of the $2,000.to the total value?
A-I cannot quite say. I know that Marine Lot 199 was sold, and, in the conditions of sale, so much more had to be paid up; some $2,000 or $3,000. That was sold in 1898 at about $3 per square foot.
Q-It had been reclaimed ?
A-No; it was not finished, but about seven-eighths finished.
HIS EXCELLENCY:
What was the area of Lot 199 ?
A-I cannot tell you.-
Q-That was sold in 1898 at $3 per square foot ?
A Yes.
HIS EXCELLENCY:-The area was 25,600 square feet and cost, at $3, $76,800, so that the expenditure still to be incurred was a small proportion of the whole value ?