557
fire insurance $18; repairs $45; and that there ought to be a further reduction of $90 for patting the place into sanitary condition. The place was sold on 27th July, 1892, for -6,000, Ha, like several other witnesses that had testi- A in these Taipingshan oss, said he had never heard of allowing anything for the colles- tion of rents, that it was, amongst Chinese, al. ways done by the proprietor himself, and with other people it was attended to by the shroff or some of the regular employes. Five par csat. was only paid to a regular agent who took en- tire charge of the property. Even if a charga were to be made, there were plenty of China. men who would be glad to do it for 1 per cent. The premises of No. 23 was a shop downstairs and residence upstairs and Nos. 25 and 27 ware caulio lodging bousos. While the family house was divided into cubicles, he did not know that it was any worse then many others. Ho thought all the houses needed was concrete in the basement. They did not yield munch rent before and he did not think that the addition of concrete would add anything to the income, the ground floor and the first floor being the most valuable parts, Hon. F. A. Cooper was then called as witness and said that be hal examined these houses and valued them at $4.399, the sinonut of the Government offer, although he considered the amount really in excess of their exact valus to-day, notwith- standing they sold in 1892 for $6.000. The cubic capacity of the buildings was 59,000 cubic foot, which at 3 cents a cubic fout would make tho estimated cost of construction of the build- ings $1.779, and ha considered them worth to- day $1.239. He valued the land at $1.75 a square foot, which would make $2.619 for the land. The rent returned to the treasurer for The 1894-1895 was $578.40, including rates. deductions to be made were rates $75.19, col lection $23.92. insuranos $17.70, repairs $81 65, Crown rent $7.66, making all fold 8191.42, which de lusted from the $57849, would make about $337, and this, multiplied by 12, would givə 34 144 as the value of the houses, on the basis of the new Ordinance. The Government had offered $4 389. He considered the condition of the houses undesirable, and he valued the deprecia- tion of the houses at not less than 30 per cent, The basements were dark, badly ventilated, and entered from a narrow lane, and unfit for ham q babitation, He also naderstood that some of the first cases of the plagus were carried from these very bɩsom uts. The baildings have in zz nine floors and cook-lofts. He said that he had calculated his valuation on the last rental rotara. Mr. A, Shelton Hooper was then called and showed his method of arriving at the value of the property, by which he made it over $7,000, but he based the valuation on a higher rate than 7 per cent. and did not allow for certain daduo. tions made in the estimates of the others.
The next as taken up was that of Mr. C. Palmer, represented by Mr. M. L. Danays. Mr. Danys submitted three systems of determining the vilation, either one of which came ont at about the same figures, the amant of his claim. The first was to valeulate the value of the aros at $1.75 per square foot, which yielded $13.770, aad five buildings at $1,305 each gave $6.525. making a total of $20,295. The amount claimed was $23,182. The second method was to use the rental as a basis; five houses at 123 would be $140 par moath, or $1,830 per year. Deducting for Drawn rent $12. insuranos $75, repairs $100, miking a total of $187, it would leave a net rental of $1,403. Adding to this ground rent $906, capitalisation of the baildiurs at 15 years and 7 per cent, would make $5.341.70 and capitalisation of the ground for the same period and rats would make $14.171.72, or a total of $21,893.42. The third method consisted in coo- sidering the property as equivalent to ag invest- ment that would yield, at 7 per cent., $1.493 anuaally, that is to say. a capital of $21,328. Now adding the amounts obtained under these three separato methods of computation and taking the mean this would give $21.43 1, the amountclaimed, which was certainly as reasonable, from whatever standpoint oue looked at it, as could be asked. Mr. Palmer was then examined as to some items concerning his rent returns to the assessor while he was away from the colony, and the Court then adjourned until Monday.
C.O.
7326
29 PR 90