Compulsory Acquisition
4.15. The case for the Crown was presented before 5 Compensation Boards convened to determine compensation payable under the Crown Lands Resumption Ordinance and preparatory work was done for Boards to be convened for other resumptions gazetted during the year.
Permits
4.16. Although 521 new Crown Land Permits were issued, they mostly superseded an equivalent number of the 774 cancelled during the year. The number existing at the end of the year was reduced to 4,249, less than in 1950-51, and the revenue realized about $7.1 million.
Short-term Tenancies
4.17. The financial return from these amounted to over $2 million, a very considerable increase over the previous year's figure. The additional revenue over that formerly derived from lettings, mostly within the Kowloon Naval Yard, was due to the Government allowing this form of tenancy for open storage and godown purposes on reclamations which would be required for permanent development in the near future.
Ocean Terminal
4.18. Terms and conditions were agreed for the grant of a 25-year lease of an area of about 322,000 sq. ft. of seabed on the western side of the Kowloon Peninsula for the erection of an Ocean Terminal.
Former Hong Kong Naval Yard
4.19. Action on the preparation of the documents for the disposal by sale of this area of about 131 acres was in hand at the end of the year.
Statistics
4.20. Revenue. Details of the premia derived, compared with the previous year, are given in Appendix I.
Land Transactions
4.21. The following is a summary of the various categories of land transactions which were completed, giving a total of 842 cases as against 494 in the previous year:
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