42
the various
fly the
phases of the correspondence
which has resulted in that arrangement-
but I shall endeavor as
briefly
as I can
tto put Your Grace in possession of the precursory details.
In July 1864 a sale of Government
land took place when
notions prevailed here
very extravagant
as to the value
of landed property, and when it was
supposed by many
that eventually
Kowloon would become the most eligible site for Mercantile business and that Her Majesty's Government would erect there extensive Barracks.
13.
The land sold consisted principally
of Marine lots, which I may explain
were so exceedingly Marine that they were
actually covered by the sea. For such
lots, measuring only 100 by 300 feet
at the bottom of the sea, though very
small premiums were paid, yet from the day
of sale the tenants bound themselves to
pay a rent of $528.92. per annum.
4. This, however, was
only part of their liability, for land at the bottom of
the sea was of course valueless till reclaimed,
and the cost of its reclamation was thrown
on the tenants who were bound to fill in
their lots, and to protect the whole with
a substantial Quay, or Sea Wall, to be completed to the satisfaction of the Surveyor General. The computed average cost of
the sea wall for each lot was £293. Whilst the cost of filling in and reclaiming
was about $1400,