A 32
This increase of $6,412,450 is the greatest ever made at the annual re-valuation, the next highest being an increase of $5,139,911 at the 1925-1926 re-valuation.
Of the increase in 1925-1926, however, $3,603,343 was due to interim valuations of new and improved buildings made during the year prior to the re-valuation, while at the 1939-1940 re-valuation only $960,349 was due to interim valuations. Thus the bulk of the increase of $6,412,450 was due to higher rental values,
In the City of Victoria the increase in the valuation was mainly due to the higher level of rents obtaining for practically all classes of property.
The increase in the case of Hong Kong Villages was due largely to increased rents, but partly also to new houses and flats.
In the case of Kowloon the increase was accounted for by the higher rents prevailing for dwellings, godowns, factories, etc., and also to new Chinese tenement houses and semi-European and European flats and houses.
The New Kowloon increase was due to higher rents of dwellings and shops, and to some extent to new Chinese tenement houses and semi-European flats.
5. The number of floors reported and found vacant during the year averaged 32 per month compared with 120 per month in 1938, while the number of all classes of tenements each under one assessment reported and found vacant averaged 52 per month compared with 117 per month in 1938. Thus the total vacancies averaged 84 per month compared with 237 per month in 1938. (See graph No. 1).
6. Throughout the year, refunds of rates were granted for vacant floors of tenements where the owners had elected at the last re-valuation to obtain this concession.
7. The number of Interim valuations carried out during the year under review was 1,856 made up as follows:-
City of Victoria Rest of Colony No. Rateable Value $ No. Rateable Value $ New or rebuilt tenements and tenements structurally altered... 215 425,853 1,302 1,598,160 Assessment cancelled, tenements resumed, pulled down or being in other respects not rateable 126 293,521 213 273,465 Number and Increase 341 132,332 1,515 1,324,695(See graph No. 2).
8. During the year 392 new street numbers were allotted.
9. The following table shows a comparison of the total assessments resulting from the annual re-valuations for the years 1929-1930 to 1939-1940.