above referred to, properly describes
"a capital sum devoted to defensive purposes.
7. The proposal to make some arbitrary fixed deduction from the freehold value of ceded lands, in order to get at the value of the user could only result in the establishment of a rule always open to dispute, both as to Military lands surrendered to the Colony and lands to be assigned to the War Office, and would offer no such practical basis for settlement as is afforded by adopting saleable value as the recorded value.
8. Mr Secretary Stanhope finds himself unable to agree that the question of the disposal of lands at Hong Kong should be dealt with under the conditions laid down in the Duke of Newcastle's despatch of the 27th January 1864, conditions which it may be desirable to repeat here, and