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53
ed to promote the development of the Colony than to deal harshly with
the inhabitants in regard to the tenure of their homes. Thus the
public was given a sense of security and is aggrieved to find, now,
that it is only a false security. A number of people have bought
property since 1915 on the understanding then expressed in the letter
to Messrs. Dennys & Bowley that at the end of the lease they would
only have to meet an increase in the annual Crown rent.
Consequently,
they have taken no steps to establish a sinking fund to provide against
the ordinary incidence of leasehold tenure. They are now faced with
heavy expense in maintaining an old building, and a decreasing rental,
and must very soon find a large capital sum in order to rebuild
obsolescent premises. In other words, they are being asked to buy
back again an old building which they must shortly replace.
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54.
Having regard to these considerations, we hold very strongly
thet leasehold law needs to be liberally applied in Hong Kong, other -
wise individuals will suffer hardship and the general interests of
the Colony will be adversely affected. We trust that the Secretary
of State for the Colonies will maintain the view expressed by his
predecessor that the objections raised by the Land Commission 1886-87
should be met; "that the Crown should not, at the expiration of
leases, confiscate the whole value of the tenants' improvements";
and will give an under taking that new leases for 75 years will be
granted on expiry of the present leesss, subject to payment of a fair
rent for the second period.
Chief Manager,
Hong Kong & Shanghai Banking Corporation
Andali
ره
Jardine,theson & Co., Ltd.
etra. Deacons
Johnson, Stokes & Master.
HONG KCNG,
12th January, 1940.
A
(Chairman) Dodwell & Co., Ita.
adam
Butterfield & Swire.
A. 1. Jackinkan
17回
Teigh & Orange
DMake
Wilkinson & Grist.
M7. Key.
Secretary.