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On the 17th September 1899, whom the Lot had been declared by the Reclamation in front of it. Messrs Palmer (Surveyors, Architects and Auctioneers) made a Report and Valuation for an intending purchaser, and gave the value of the land at $1.50 per foot. Thus the depreciation since Governor Dew's Year's Valuation was $3.50 per foot.
10. On the 25th December 1878, Messrs. George Oliver, Frolighter and Furbank, formerly in the Government service and well acquainted with the value of land and buildings, valued the Property in three different stages affirming these declarations. Report under Statutory Declaration at $289,000 in the year 1895, and at $86,202 in the year 1899.
11. They were fortunate enough to plot Property for the purpose of a Soda Water Manufactory at $110,000, which being deducted from $252,000 leaves $142,000 as depreciation. But the true test of depreciation is the actual sale of the house and old Shawan Lots, and as already stated, the house Lot with an area of 18,300 feet sold for $133,500, and at this rate the old Lot with an area of 32,457 feet would have a value of $235,277. To this add $55,000, the estimated value of the buildings thereon before depreciation, making a total value of $340,277, from which deduct the sale price of $110,000, and the result is a deficiency of $230,277 as against $131,367 found by the Hong Kong Government.
13. From the above it will be seen that the Hong Kong Government has practically failed in its investigation regarding depreciation.