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be large revenues from ferry services so that this
expenditure may be considered a very good investment. It
should accordingly be regarded as a loan work.
I am dealing further with this work in the
despatch referred to in paragraph 2 above.
(2). Reclamation of Quarry Bay Marine Lot. This work
was undertaken to provide land to be given to Messra.
Butterfield and Swire in exchange for land and houses
surrendered by them to enable the new main road to Shaukiwan
to be constructed. It will be well advanced by the end of
the year.
(3). Rubble Mound at North Point. A minor work necessary in order to retain the spoil being deposited as a result of
levelling operations further inland. The Estimate is too
small and should be about $60,000.
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(4). Kennedy Town Reclamation. This matter also is
being dealt with in the other despatch referred to in
paragraph 2.
The total coat will be approximately $2,000,000 and it is anticipated that a considerable profit will result
from the sale of the area now occupied by Government
establishments which can be transferred to the Reclamation.
It should therefore be financed by means of Treasury Bills to be redeemed as the receipts come in.
(7). Praya East Reclamation. The cost of this scheme will be much greater than was originally estimated owing to
the excessive amount of rock found at Morrison Hill. It
is impossible to say at present what the full cost will be
and when it will be incurred. The scheme should be
completed in 1929 but I do not feel certain that it will
be. It may be necessary for the Government to advance
between 1926 and 1929 a considerable part of the cost, to
be recovered from the lot-holders when the land is handed
over