418
and all compensations that may become payable to any Marine Lot Owners who decline to participate in the
scheme to be borne and paid by the Government.
ŏ.
Assuming that all the Marine Lot Owners take
up the subdivisions allotted to them, the expenditure devolving upon the Government under the foregoing conditions would amount approximately to $420,000 whilst the amount to be derived in premium from the Marine Lot Owners would be approximately $429,000. The annual Crown Rent derivable from the areas allotted to Marine Lot Owners would be about $19,700. In return for its outlay of $420,000 the Government would receive 45
acres of land
for an open space or public garden and 34 acres available for building purposes. The latter area may safely be valued at
$300,000.
9.
The only point to which it is necessary to call your special attention is the period for which leases of the subdivisions are to be granted (clause (xv) ). Sir C. P. Chater has demurred strongly to several of the conditions imposed in the present case, pointing out that, in the case of the former reclamation scheme, which embraced land of much greater value, no premium was imposed, the leases granted were for 999 years and the allotments were free from the restrictions imposed by the Public Health and Buildings Ordinance of 1903, to which the present scheme will be subject. In order to overcome Sir C. P. Chater's objections, Sir Henry May agreed to recommend that the term of the leases to be issued should be for 99 years, with the option of renewal for one further period of 99 years.
10.
The carrying out of this reclamation, com- -bined with the removal of Morrison Hill, the consequent project- -ed construction of several important new roads and regrading of existing roads, will effect one of the greatest public improve- -ments in the history of the Colony. It will provide a large area for the extension of the Chinese city, which will it is
hoped
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