The portion of Wellington Barracks to be parted with containing 46,300 square feet, would be worth $138,900 equal to £21,992.
Spring Gardens, with an area of about 41,652 square feet, was valued in 1888 at $2 a square foot for Chinese dwellings, probably a low valuation. Assuming, however, that it is correct, the property would be worth $83,304 equal to £13,190, with the dollar at 3/2.
Murray Battery — About 1 acre, or 43,832 square feet, has not, apparently, been valued; but at an assumed value of $1 per square foot (which is probably a very low price indeed) it would be worth £6,940.
Lot 73B was valued by the Surveyor General in 1883 at £3,238.
If these valuations should prove to be correct, the property that the War Department would part with would be worth about £21,992 + £13,190 + £6,940 = £42,122, and the property to be acquired by the War Department might be expected to cost about £3,238.
Leaving an anticipated balance of £38,884.
The balance, whatever it might be, would be devoted, firstly, to replacing the accommodation lost in consequence of these transactions, and, secondly, providing Barracks for the increased garrison, diminishing the charge for the same which would have to be shared equally between Imperial and Colonial Funds.
A rough approximate estimate, received from the...
Page 359
17,072
W.O. 8081
should be worth about £90,000
about £3,238
(17)
63
thus
leaving an anticipated balance of £78,344