189
were
MOVCA.
geven.
to understand that these lands were only to be held under
a
lease
of 75 years duration, far from that at the end of that period the buildings erected thereon were to become the property of Her Majesty without compensation of any kind; on the contrary we undrestood that the tenure was to be perpetual, though the details were left open for after arrangement.
low Indeed in a letter from Captain Elliot Her Majesty's Plenipotentiary, under date Macao 17th June, 1841, the principle of granting Leases on very moderate terms either in fee simple, or at a annual quit rent, was distinctly promised. We beg leave to annex a Copy of the Document in question. At the time of sale it was stipulated on behalf of Government that we were to expend a certain sum in the way of buildings &c. on the lands, in order to secure their possession to us, to which we cheerfully assented to, never doubting that we should be dealt with by the Government on fair and equitable principles.
On the faith of this pledge by the Representation of Government, and before the terms of the proposed Leases became known to us, we had expended on Sea-Walls warehouses and Dwellings very considerable sums; but we had not been previously aware of the Conditions now proposed, we certainly should not have expended one farthing on buildings at Hongkong.
"We would remind Your Excellency that the current rate of Interest of money in China is from ten to twelve per