46
7.
If the proposed policy is not attractive
enough to prevent development being discouraged, it will be
necessary to reconsider the position, but if it should
then appear that the chief objection is that 75 years is
not long enough for such undertakings as docks and wharves,
perhaps terms of 99 years might be granted. One
advantage, however, of the 75 year period is that, if
granted within the next few years, the "overlapping"
portion of the term of such comparatively short duration
that a little uncertainty about it is of comparatively
less importance, and the new policy of granting leases
expressly extending beyond the period contemplated by the
Convention might be introduced quietly and gradually made
general.
8.
Another proposal was also considered, i.e., that
the Government should be prepared to grant leases for
seventy-five years from the 1st July, 1898, less the last
three days, renewable at the lessee's option on the usual
terms for a further period of seventy-five years if the
Hong Kong Government is then competent to grant such
renewal. It was urged that this proposal would have the
following advantages :-
(a) There would be no doubt as to the power of the
Government to make the grant.
(b) It would afford no ground for any propaganda.
(c) Such a lease would be of more value to the lessee
because he would have a definite right to renewal
in the event of the Hong Kong Government having
power to grant the renewal, and it is likely that
long before the end of the term the lessee would
be able to estimate the probabilities of the
Hong Kong Government having this power.
(a)