aas
4. COL
.I ewpelot
TOP Y.
(To accompany Enclosure 1.)
257
74
Hongkong, 12th August, 1912.
Sv
* 1 hat D satu I
1
nounska, ut,mudiniful tu aumit uitref and
Sir,
118
10. ad da qðtegung ni huu tegetni azo nuraila accum of mid vì new.stola Imeraj ad os bla
chetrud. I tavan piluar to ruumimuk un mu tu ninakin avid nesl rai fe mic to mischen mig i vah ni mutlion to mbrapallo Tu od merit lyha tunayo ay dud aba dibiarievod pile analru
晶
..n
(78)
maray mangaf hlu
ofonoi.
The Peak Crom Leases.
On behalf of the large majority of the Crown Lessees and
Section holders of property at the Peak, who hold under the old
style of Crown Lease without an option to renew, we the under-
-signed Solicitors, Architects and Land Agents submit that the time
has come for the Government to formulate a scheme for renewing
such Crom Leases at the expiry of the current terms.
Since the Peak first became a residential quarter the
style of house erected has progressively improved, and the cost of erection has increased even more rapidly.
The difficulties of the sites combined with the distances
over which materials and labour have to be transported, the extreme
dampness of the climate, and the ravages of white ants, rot and
typhoons render the cost of building and maintaining house property
at the Peak extremely heavy when campered with other parts of the
Colony, and present day requirements demand expensive improvements
in the shape of reinforced concrete, English tiles, sanitary and
electric fittings and many other details.
The shrinking of the terms of the older leases deters
landlords from undertaking the necessary outlay for maintaining,
rebuilding or developing their property, and consequently the
supply of houses is not keeping pace with the demand.
Another great drowback to the present system lies in the
fact that many of the older leases heve ceased to be trust securiti-
-es, that is to say, securities upon which trustees and others in a
fiduciary capacity can legally advance money upon mortgage, as the Trustee Ordinance 1901, Section 18, prohibits the lending of money
upon leasehold securities unless the Crown Lease has still 50 years
to run.
In view of the importance of the Hill District to the
health