1887-1903
COLONIAL REPORTS - ANNUAL.
17
The sales of Crown land were considerably in excess of previous years, the area and number of lots sold and the premium realised being five times more than in the year 1898. There was also much competition, so that prices were greatly enhanced. One inland lot, favourably situated for Chinese shops and dwellings in the Western District, realised a premium of $14 per square foot, the highest price yet obtained for land in that district. The highest price paid for Crown land in Hong Kong during the year was $18.39 a square foot. There was a greatly increased demand for land in the Kowloon Peninsula, and the value of land there has more than trebled during the last five years. The market town of Yaumati is now rapidly increasing and extending in a northerly direction.
Private sales of land within the City of Victoria also increased greatly during the year, the number of conveyances or assignments registered in the Land Office during the year showing an excess of eight and a half million dollars in purchase moneys paid over any previous year. The highest price per square foot obtained at private sale was $55.
It is to be noted that the first sale of Crown land under the new condition of selling for a term of 75 years, renewable for one further term, took place in July, and 27 lots under this condition were sold before the end of the year.
The appreciation in value of land is due to the fact that, owing to the insecurity of life and property in the neighbouring province of China, Chinese capital flowed into the Colony for investment.
The making of a survey for the proposed Canton railway probably also had the effect of stimulating investment in landed property in the Kowloon Peninsula.
231
(E.) SHIPPING.
The total tonnage entering and clearing during the year 1899 amounted to 18,101,309 tons, being an increase compared with 1898 of 835,529 tons, and the same number in excess of any previous year.
There were 44,278 arrivals of 9,052,501 tons, and 44,349 departures of 9,048,808 tons.
Of British ocean-going tonnage 2,587,478 tons entered, and 2,587,369 tons cleared.
Of river steamers (British) 1,774,728 tons entered, and 1,775,441 tons cleared; making a grand total of British tonnage of 8,725,016 tons entering and clearing.