HONGKONG LEGISLATIVE COUNCIL
Military lands the money, with interest, which it shall have laid out in Military reprovisioning. Expensive Crown land has never found a ready market in normal times. The Old Post Office site was on the market for a number of years, and it did not find a buyer until late in 1921. In 1910 the Government proposed to put the Cenotaph site up to auction as marine lot at $30.00 a foot. The prospec- tive purchaser would not bid at this rate, and it was decided that $25.00 would be a sufficient upset price. The prospective purchaser's agent was uncertain whether he would bid at this reduced rate, and the matter was allowed to drop. There has been very little demand for vacant Crown land at Kowloon Point, which has been unoccupied for many years.
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"Before the Military lands ready for the market, very large areas of new building land along the Eastern Praya and to the north of the Kowloon Peninsula will be available.
"Any estimate of the value that should be fixed upon the Military lands depends mainly upon the opinion which is formed regarding the future course of events in the Colony. Past history shows a record of steady and continuous progress, with temporary booms and reactions, and no argument has been advanced to show that future progress will not be along similar lines. It is possible to estimate with approximate accuracy both the period of time over which the Colony will be dis- bursing money and also the period of time within which the Military lands will be handed over, but it is hardly possible to gauge with any pretence at certainty the number of years which will elapse before the Colony, by re-sale of the lands, will finally recover its money, with in- terest. That the period will be a long one is certain. On the evidence of past history, which is the only definite evi- dence available, the period will cover so very many years that interest upon the Colony's disbursements becomes a pre- dominating factor most materially affect- ing the rates which are now fixed as representing the ultimate cash return from the Military lands."
The agreement arrived at locally does not differ much from that of Sir John Oakley's figures, except as regards Murray Parade Ground, Murray Barracks and the small areas fronting on Queen's
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Road, a large part of which small areas will be wiped out by the widening of Queen's Road to 100 feet. The differ- ence in the two rates for Murray Parade Ground and Murray Barracks, was very large. Your optimist would, no doubt, tell us that we shall easily get our money back. That is a matter of opinion, and it is most difficult to make any definite statement. The inhabitants of a few years back would regard as incredible the present day prices. It is merely a matter of guess work what the future has in store for us. I submit. however, that it is of immense indirect benefit to the Colony that we should get possession of these military lands in order that we may get proper through com- munications and develop the Colony its natural lines. It is perhaps fortunate that these lands have been held SO long, as it were in trust, by the military authorities, for we have learned a salutary lesson by the mistakes of the past and are ready to lay out these lands for the development of the Colony on the most up-to-date lines. The Government confidently recommends to this Council and to the Colony the adoption of the resolution before US to-day.
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Before I sit down I wish to express the great obligation the Colony is under to His Excellency the General Officer Commanding and Coloney Davy for their invaluable co-operation in bringing these difficult negotiations to what I hope may be regarded as a successful conclusion. (Applause.)
second the resolution.
THE ATTORNEY-GENERAL-I beg to
HON. MR. POLLOCK I under- stand that if this honourable Council goes into Committee, unofficial members will be allowed to put a few questions. A number of questions have occurred to me, and I will now formally move that the Council go into Committee.
HON. MR. P. H. HOLYOAK, seconded. The proposal was adopted.
In Committee, the Hon. Mr. POLLOCK, said: My first question relates to the plan of the military lands. I should like to know whether the plan was that sent for the consideration of unofficial mem- bers?