in Storing Gardens
Hongkong
Regrets listhe
2. Lord Grenve, is
unable to accept the
view that the
capitalized value of the Crown rent should
be credited to the War
Dept. The lease was purchased by that Dept and presumably the price asked by
the vendor
was
affected by
the fact
that
the land was liable
to a
annual charge of
(for not
£150 a year is the
War Dept paid less
for
it
than if
the
vendor had not had to
pay the rent. Similarly
when the land is sold
by the War Dept, the purchaser will have to pay the rent and will therefore offer
less for the lease than he would otherwise be willing
to pay.
There does not
therefore appear to be
any reason
why
the Colonial
Office
in
addition to
losing the net Surplus
during
the occupation of the land by the War Dept, should be debited with the capitalized value
of
the rent when the
land is
again
sold.