A
671
2.
plan) to be made use of in conjunction with the extension
G
of Marine Lot No. 2 aforesaid (marked B), the Authorities
5.
6.
7.
agreed that the extension (marked C)seawards would be
given on payment by the lessees of the same rate of
premium per square foot as that obtained at Auction for
site marked A, but they have refused to grant a longer
lease, for the extension, than 99 years with option of
renewal for a further term of 99 years.
We propose to build on Marine Lot No. 2, and its
extension, a Graving Dock of unusually large dimensions
in the position shown on attached plan. The cost of the
Dock will amount to about £250,000.
Two-thirds of this Dock will be situated on
ground held upon. a 999 years lease, while one third will
be on the extension for which the HongKong Authorities
decline to grant a longer lease than 99 years with option
of renewal for a further term of 99 years!
Though we are unwilling to sink a large amolint
of money in a Dry Dock built on ground partly freehold
(999 years) and partly leasehold, we have no objection
to the remainder of the establishment, which is removeable,