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amounted to about the same.
Thus before any tenant could hope to use his lot he would have to expend nearly $13000 in raising it above water, and in the interval would be liable to an annual rent of $5.
On the other hand the Government was bound to reclaim the land and construct Tiers, and complete the sea-wall in front of a lot reserved as Police Station, and also where various Public Roads led to the sea wall. The whole probable cost of the work was about $15,000, of which it was expected that $1000 would fall on the tenants and the balance $14,000 on the Government.
4. The year 1864, when the land was sold, was a year of much speculation and money was very plentiful. The latter became scarcer in 1865, still more so in 1866, and in 1867 Commercial business and prospects in Hong Kong were more depressed than at any previous time.
In the interim a contract was made by Government for construction of the sea wall and a large sum expended on it, too large to be sacrificed by leaving it unfinished and exposed to destruction by tempestuous weather. At the same time the tenants, who had begun to repent of their bargain, were getting into difficulties, and were very remote from filling up the space behind the intended sea-wall.