13
4.
The question, therefore, to be decided
is the form and extent of the consideration
in respect of the reversionary interest of the
Government on the grant of a fresh 75 year lease.
It is clear from the report of the Special Committee
of the General Committee of the Chamber of Commerce
that the greater part of the tenants concerned
would have the strongest objection to the payment
of a premium as such. I note, however, from Mr.
Butters memorandum, enclosed in Mr. Smith's despatch
under reference, that it is a matter of indifference
to the Government of Hong Kong whether it obtains that
consideration in the form of annual rent, or a lump
sum premium, or a combination of both. I note also
that the number of leases concerned totals 1,344;
and, although I am not aware of the total number of
Crown leases granted in the Colony, it seems clear
that these 75 year leases are but a small proportion
of the total number held in the Colony. In these
circumstances, I am doubtful whether it would be
wise for the Government of Hong Kong to become involved
in lengthy or exasperating controversy with an
important section of the unofficial community on
an issue of such comparatively small importance.
suggest
5.
I am of opinion, therefore, that no premium
should be required for the grant of fresh 75 year
leases of Crown land, but that such leases should be
granted on payment of a rent which need not be the
current rate of Crown rent for the locality, or even the fair and reasonable value of the holding, but might
should in addition to the latter figure include Some
Conson
payment in respect of the premium which would other-
wise have been required on the grant of a fresh lease.
suggest
I am also of opinion that this increase in the rent
should