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line, as shown in blue dots, when the time shall arrive for the extension of the reclamations towards Wanchai and Bowrington.
With reference to this future extension, I need scarcely add that the rapidly growing requirements of the population will in a few years render a harbour embankment at Wanchai and Bowrington as great a public need to the eastern town as the proposed central and western reclamations are at present to western town.
17. Of the area bounded by the temporary reverse curve just referred to, 9,000 square feet will be absorbed by the extension of Arsenal Road, as shown on the plan, and 17,309 square feet by a reclamation which will be available for building purposes. This terminal portion of the work being already outside of the cantonments, the cost will of course devolve on the Colonial Government who may or may not reimburse itself by the sale of the triangular shaped lot, formed at the junction of the new embankment with the present Eastern Praya. This triangular lot, as stated, contains 17,309 square feet, and if sold at 34 dollars a square foot will realize 60,581 dollars.
18. From the foregoing it will be seen that under the proposed scheme as now amplified the areas to be recovered from the sea (exclusive of the naval yard boat basin and of the proposed Praya roadway and street extensions) and made available for building purposes will be as follows:---
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23. The cost of the works opposite the military cantonments is as follows:-
(1.) North Barracks reclamation-
Embankment Filling in
(2.) Commissariat reclamation (including one-half width of Commissariat Lane)-- Embankment Filling in
Dollars. Dollars.
-66,000 54,000
120,000
21,000
13,000
34,000
(3.) Wellington Barracks reclamation-
Embankment Filling in
42,000
28,000
70,000
58,500
.. 37,500
96,000
Total
320,000
(4.) Arsenal reclamation--
Embankment.. Filling in
Square feet.
134,215
In front of Naval Yard
52,264
In front of Commissariat
45,953
In front of Lots 20 and 21..
53,383
In front of Wellington Barracks
149,036
In front of Arsenal..
124,497
In front of Blue Buildings..
17,809
Total
576,657
If to this figure be added the naval yard boat basin and the proposed Arsenal Road and Commissariat Street extensions, the total reclamation will be "about 684,400 square feet, or 15 acres.
19. The price of the 576,657 square feet of land to be created for building purposes will vary according to the locality, and to the restrictions that may be imposed against native buildings. At present, and for the past few years, the price of land in the town is, and has been steadily rising, and there is no doubt that, as the population increases, leasehold values will continue to rise. But though land will doubtless be more valuable in 1893, when these reclamations will be about ready for use, than it is now, it will be prudent to provide the widest margin in order to preclude any disappointment later, and to apply the current values of 1888, though inadequate, to the different areas specified in the preceding list, such values being those that have been actually, and within my personal knowledge, paid in the course of the ordinary land transactions of the present year for sites less favourably situated. On this basis the following prices may be realized by the War Office for the four spaces opposite the cantonments:---
(1.) Reclamation in front of North Barracks, 134,215 square feet, at 3 dollars
Dollars.
402,645
(2.) Reclamation in front of Commissariat (colonial property), 45,953 square feet, at 2 dollars 50 cents.
(3.) Reclamation in front of Wellington Barracks, 149,036 square feet, at 2 dollars 50 cents.
114,882
372,590
(4.) Reclamation in front of Arsenal, 124,497 square feet. at 3 dollars 50 cents...
435,739
Total
1,325,856
20. The minimum market value of the 52,264 square feet of naval yard reclamation (though, of course, the ground would never be sold by the Admiralty), at 3 dollars a foot, is 156,792 dollars. If advertised for sale even at the higher figure of 200,000 dollars, there would, no doubt, be competing purchasers.
21. The price of Mr. Edmund Sharp's reclamation in front of Lots 20 and 21, comprising 53,383 square feet, at 2 dollars 50 cents. a foot, will be 133,457 dollars.
22. Turning now from the creditor to the debtor side of the project, I find the cost of the naval yard, sea wall, roadway, basin, and other improvements, is about 300,000 dollars.
24. The cost of embankment and filling in opposite Mr. Sharp's Lots 20 and 21, including the remaining half width of Commissariat Lane extension, amounts to 21,000 dollars.
25. That of the embankment and reclamation (including the making of Arsenal Road), opposite the blue buildings, comes to 50,000 dollars.
26. From the preceding figures it will be seen that the realization of the embankment project will cost a total of 691,000 dollars, of which amount 300,000 dollars will be absorbed by the section in front of the naval yard and the improvements to the latter, while 320,000 dollars will go to those portions of the work situated in front of the military lands. Of the remaining 71,000 dollars a proportion of 21,000 dollars would have to be paid by Mr. Edmund Sharp on account of his Lots 20 and 21, and the balance of 50,000 dollars by the colony on account of Arsenal Road extension and the triangular reclamation opposite the blue buildings.
27. If the War Office therefore reclaims at a cost of 320,000 dollars the areas valued in paragraph 19 at 1,325,856 dollars, it will derive a net profit of over one million dollars.
28. I do not enter in detail here into the question of the contribution that should be asked of the Admiralty in return for the extensive improvements which the scheme promises to the naval yard, but looking to the extremely onerous conditions which have been imposed on the colony by the local naval authorities in this matter-regardless of the attendant expense-in respect of subways, quays, deep water pier, boat basin, &c., it would only seem fair if the Admiralty will not pay the whole of the 300,000 dollars that at least a very substantial contribution should be made from Admiralty funds.
The naval foreshore is now in so silted a condition as to threaten to seriously impair the usefulness of the yard within the next few years, and if any considerable sum is to be spent by the Admiralty in works of partial relief-as most assuredly will have to be the case if the proposed embankment is not made it will be far preferable to devote such sum as a contribution to the Colonial Government Scheme, because the latter guarantees a more permanent and efficient remedy than will ever be likely to be found in mere palliative measures taken singly by the Admiralty.
29. The estimates of cost given here, though not professing to be more than preliminary or approximate, have been worked out sufficiently in detail to enable the departments to adopt them as the basis of any arrangement that may be contemplated with regard to the share of the expense to be borne by the Imperial and Colonial Governments respectively,
I have, &c.,
The Hon. F. Stewart, LL.D.,
Colonial Secretary.
J. M. PRICE, Surveyor-General,
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