49
7. The promoters will pay to the Government Crown Rent for the building lots at the rate of $200 per acre, such Crown Rent to be payable as soon as each lot is taken up by and a Crown Lease granted to the promoters; provided that the promoters shall take up all Crown Leases of the lots within 6 years from date of sanction of the Scheme by the Government. The period required for completing the work is estimated at about 31⁄2
years.
8. The promoters will, within 10 years from date of the sanction of the Scheme by the Government, put upon the reclaimed area buildings up to the value of at least $100,000.
9. The Crown Leases to be granted on the building lots should be for a term of 75 years renewable for a further term of 75 or for such other period and subject to such conditions as is usually granted by the Government on lands of the surrounding locality.
10. All sewers drainage and water mains will be laid by and at the expense of
the Government.
The above is a rough outline of my clients' Scheme which they now place before the Government for its kind consideration. As the Scheme is a big one there are no doubt many details which require consideration. However, my clients trust that the Government will give them every facility for carrying out the Scheme and give the matter its earliest attention.
I may add that a Company has already been formed with a capital of $1,000,000 to take up this Scheme and that a great number of the shareholders are Cantonese gentle-
men.
The Honourable
The Colonial Secretary.
I have, &c.,
S. W. TSÓ.
(Enclosure 2.)
(a.) Term of leases 75 years commencing from 1st July, 1898, renewable for a
further term of 24 years less 3 days at re-assessed Crown rents.
(b.) Premium, $75,000.00, shall be paid within 14 days of the date of a letter notifying that the areas are at the disposal of the Promoters. This will
be after the procedure required by the Foreshores & Sea Bed Ordinance has been complied with.
(c.) Crown rent at the rate of $200 per acre per annum; such Crown rent to be payable in respect of each lot from the date on which such lot is taken up by the Promoters after being reclaimed; provided that pay- ment of Crown rent for the whole of the areas numbered 1 to 8 shall commence not later than 7 years from the date mentioned in (b). No Crown rent shall however be payable in respect of the area of 4 acres hereinafter specified to be set aside for recreation purposes.
(d.) The Promoters to spend a sum of not less than $500,000 on buildings on
some part of the lots within 9 years from the date mentioned in (b).
(e.) The Promoters to fill in the whole area of the lots edged in red and the areas shown coloured green and yellow on plan attached to such levels as the Director of Public Works may approve, and to protect same with a substantial sea wall. The landward side of the reclamation to be protected from floods by a suitable pitched slope, the design and execu- tion of both sea wall and pitched slope to be to the entire satisfaction of