They are now called upon to pay. They have answered indeed that the Sales were of a fictitious and speculative character, and could afford no real test of value. Nevertheless it would be difficult, as Sir H. Pottinger has observed, to apply any better test of value than Sale in a fair and open market. Under these circumstances, after fully reconsidering the matter as brought under my notice in these Despatches, I continue to adhere to the decision expressed in my Despatch of the 3d January last, that the leases for Town and Suburban lots for building purposes should not exceed 75 years, subject of course to the discretion of the Governor to grant leases for a longer or shorter time to time. The reports which I have recently received from you sufficiently show that the terms fixed for the disposal of Land in Hong Kong have been no discouragement to building speculations, nor to the purchase of land at high rents.
Having thus decided the more important and general question raised by these Despatches, it