310
25.000
50.000
5.000
20000
25000
Naval Establishment Hong Kong
Land required 50 acres or 2,178,000 sq. ft.
One acre = 4840 sq. yards, one yard = nine feet
say at $3 per foot = $6,534,000
at Ex. rate of 1/2 = £517,275
add interest; at 5% per annum for ten years
£258,637
money for the old site will not be received for ten years
Cost of Construction say £1,250,000
Interest on same calculated as follows viz.
for 1 year at 5% = £62,500
2nd year £12,500
3rd year £18,750
4th year £25,000
5th & 6th year £31,250 & £37,500
£343,750
Estimated total cost £2,338,412
Note: if site costs more than $3 per foot, the total would be increased accordingly.
It is taken for granted that the machinery would be removed from the old Yard to the new establishment.
The site of the present Naval Yard, including reclamations, docks, basins, etc., contains 39¼ acres = 1,709,730 sq. feet, which would probably realize, including buildings and material, $15 per foot, say $25,645,950
at Exchange rate of 1/7 = £3,663,707 (approx. £3,030,304)