Enclosure 2.
Calculation by Sir William Goodman.
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827
Since the date of General Black's award, the value B (after the Reclamation) has been actually ascertained, by the sale, to be $110,000; and in the course of arriving at an award in the similar claim of Musso for compensation for land and Godowns close to Howard's, an instructive document came to light.
In Musso's case, (which was almost precisely similar to Howard's) an absolutely independent valuation of Musso's land and Godowns, not procured for the purpose of extracting as much compensation as possible, or for minimising the value of the land, but for the purpose apparently of fairly informing the Court in a law suit, after Musso's death, what was the value of his property in 1897, (before the reclamation) was produced by Madame Musso the Administratrix pendente lite, and, later on, the claimant for compensation.
That valuation, made by Messrs. Denison and Ram, the well-known firm of Architects, Engineers, and Surveyors, put the value of Musso's land at $3.25 a Square Foot. It was dated 15th November, 1897, and a copy will be found in CSO1448/1898. (See paper marker).
I should imagine that the experts will inform Your Excellency that Musso's land, close to Howard's, and like his a Marine Lot, had almost precisely the same market value per Square Foot as Howard's. Then we know that Howard's Godowns cost $86,000 to build and were completed in 1886.
The area of Howard's land was 32,481 Square Feet.
Now 32,481 Square Feet at $3.25 per foot = $105,563. Add cost of buildings $86,000, and the value would be $191,563.
Assuming