No. 48.
Hongkong.
MC
Sir,
03
C. O.
8451
154
Government House, 10 MAR 04
Hongkong, 6th February, 1904.
MO
bine
98
In reply to your Despatch No. 470 of the 31st December last, I have the honour to inform you that I am unable to recommend any reduction in the ground-rent paid by the Wesleyan Soldiers' and Sailors' Home.
2. According to the original valuation of the site as prepared by the Director of Public Works in 1897 with a view to a public auction, the premium was to be at the rate of $2 per Square Foot, or $11,187.50 for the whole site, and Crown Rent at the rate of $800 per acre, which would have worked out at $83. Mr. Musson was unable to pay so high a premium and agreed to pay the largely reduced premium of $4,000 with an enhanced Crown Rent of $400; the difference between that sum and the Crown Rent originally proposed representing in round figures the annual interest on the difference between the larger and the smaller premium. Subsequently it was directed by Mr. Chamberlain in his Despatch No. 85 of the 6th April, 1898, that in consideration of the charitable nature of the object for which the site was required, the premium should be reduced to the small sum of $2,000. It now appears that the Institution having secured the site on modified terms and having thereafter received practically a gift of $2,000 is
RIGHT HONOURABLE
ALFRED LYTTELTON, K.C., M.P., &c.
200