(e.) LAND GRANTS AND GENERAL VALUE OF LAND.
The net amount received from Sales of Crown Land and Pier Rights after deducting expenses of the Sales was $69,358, a decrease of $92,101 on the previous year and $218,481 less than the average amount received for each of the past five years. Of this amount $14,665 was received in respect of sales of Pier Rights and the right of extending existing Piers, $7,078 was received in respect of Sales of Crown Land in the New Territories and the balance from Sales of New Lots of Crown Land and Grants of Extension to existing Lots in the Island of Hongkong and Old Kowloon.
The chief items were for an extension to a Soy Factory at West Point (Inland Lot No. 1300) and for a renewal of the Lease of the Dairy Farm Company's premises in Wyndham Street for a period of 75 years, the existing lease of which is about to expire.
The considerable decrease in Revenue from Sales of Crown Land may be partly attributed to the fact that in the City of Victoria there is little available building land left and partly to the fact that at the present time there is no great demand for new houses in the City and in Old Kowloon, a considerable number of Chinese shops and dwelling houses being now unlet. The general depression in the land market, which commenced a few years ago, still continues and capitalists who invested in land and buildings at the high prices ruling some ten years ago have suffered very considerable losses; in many cases properties have been sold by mortgagees at far less than the amount of their securities while many other mortgagees are holding on awaiting a more favourable opportunity for realizing their securities. There is however a very fair demand in the City for property at reduced prices. There appears to be no lack of money in the Colony and a considerable number of transactions in land have taken place during the past year.
There have been a large number of sales of small lots of Crown Land for native dwellings and industries in the New Territories, and the demand for these is likely to further increase, as the native population now realize the reasonable terms upon which Crown Land can be obtained and the security of tenure afforded by holding under a long lease direct from the Crown.
Three areas of over 40 acres of land at Tai O in the Island of Lan Tao for use as Salt Pans were put up for auction on an 18 years' lease at the upset annual rental of $15 per acre per annum and after considerable competition one Lot of over 21 acres realized as much as $170 per acre per annum which shows that Salt Pans in a good locality are apparently very remunerative undertakings. During the year a second area of one square mile in the New Territories was leased to Sir Paul Chater for 75 years for mining purposes.
III.-LEGISLATION.
Twenty-two Ordinances were passed during 1908 of which nine were Amendment Ordinances. A Fire Insurance Companies Ordinance (No. 3) was passed to authorize the removal of Fire Insurance Companies from the Register of Companies in certain cases. Ordinances were also passed to enable Foreign Corporations to acquire and hold land in the Colony (No. 7): to provide for the grant of brewery licences (No. 8): to empower a Magistrate to hold a Small Debts Court in the New Territories (No. 22): to provide for the registration of Chemists and Druggists and to regulate the sale of poisons (No. 12): to regulate theatres and other places of public resort (more especially in regard to precautions against fire) (No. 18) and to transfer the Widows' and Orphans' Pension Fund and its management to the Government of Hongkong (No. 15).
IV. EDUCATION.
There are 73 Government and Grant Schools, the most important of which is Queen's College. Of these 23 are Upper Grade Schools with a staff competent to give instruction in all subjects of the 7th Standard, and above. These latter schools have an average attendance of 3,992, and the medium of instruction in all of them with the exception of one girls' school, is English. The 50 remaining Schools are all Lower Grade. They comprise 1 school for British Indians where English and Urdu are taught; 5 Government and 1 Grant Anglo-Chinese Schools; and 43 Grant Vernacular Schools. The average attendance at all these Lower Grade Schools is 2,186. The total average daily attendance, at both Grades of School, is 6,178.
The revenue derived from school fees is $54,792 (of which $31,073 is from Queen's College) and is rapidly increasing this is mainly to be accounted for by the increasing numbers of Chinese desirous of an English education.
(e.) LAND GRANTS AND GENERAL VALUE OF LAND.
The net amount received from Sales of Crown Land and Pier Rights after deducting expenses of the Sales was $69,358, a decrease of $92,101 on the previous year and $218,481 less than the average amount received for each of the past five years. Of this amount $14,665 was received in respect of sales of Pier Rights and the right of extending existing Piers, $7,078 was received in respect of Sales of Crown Land in the New Ter- ritories and the balance from Sales of New Lots of Crown Land and Grants of Extension to exisiting Lots in the Island of Hongkong and Old Kowloon.
The chief items were for an extension to a Soy Factory at West Point (Inland Lot No. 1300) and for a renewal of the Lease of the Dairy Farm Company's premises in Wyndham Street for a period of 75 years, the existing lease of which is about to expire.
The considerable decrease in Revenue from Sales of Crown Land may be partly attributed to the fact that in the City of Victoria there is little available building land left and partly to the fact that at the present time there is no great demand for new houses in the City and in Old Kowloon, a considerable number of Chinese shops and dwelling houses being now unlet. The general depression in the land market, which commenced a few years ago, still continues and capitalists who invested in land and buildings at the high prices ruling some ten years ago have suffered very considerable losses; in many cases properties have been sold by mortgagees at far less than the amount of their securities while many other mortgagees are holding on awaiting a more favourable opportunity for realizing their securities. There is however a very fair demand in the City for property at reduced prices. There appears to be no lack of money in the Colony and a considerable number of transactions in land have taken place during the past year.
There have been a large number of sales of small lots of Crown Land for native dwellings and industries in the New Territories, and the demand for these is likely to further increase, as the native population now realize the reasonable terms upon which Crown Land can be obtained and the security of tenure afforded by holding under a long lease direct from the Crown.
Three areas of over 40 acres of land at Tai O in the Island of Lan Tao for use as Salt Pans were put up for auction on an 18 years' lease at the upset annual rental of $15 per acre per annum and after considerable competition one Lot of over 21 acres realized as much as $170 per acre per annum which shows that Salt Pans in a good locality are apparently very remunerative undertakings. During the year a second area of one square mile in the New Territories was lease to Sir Paul Chater for 75 years for mining purposes.
III.-LEGISLATION.
Twenty-two Ordinances were passed during 1908 of which nine were Amendment Ordinances. A Fire Insurance Companies Ordinance (No. 3) was passed to authorize the removal of Fire Insurance Companies from the Register of Companies in certain cases. Ordinances were also passed to enable Foreign Corporations to acquire and hold land in the Colony (No. 7): to provide for the grant of brewery licences (No. 8): to empower a Magistrate to hold a Small Debts Court in the New Territories (No. 22): to provide for the registration of Chemists and Druggists and to regulate the sale of poisons (No. 12): to regulate theatres and other places of public resort (more especially in regard to precautions against fire) (No. 18) and to transfer the Widows' and Orphans' Pension Fund and its management to the Government of Hongkong (No. 15).
IV. EDUCATION.
There are 73 Government and Grant Schools, the most important of which is Queen's College. Of these 23 are Upper Grade Schools with a staff competent to give instruction in all subjects of the 7th Standard, and above. These latter schools have an average attendance of 3,992, and the medium of instruction in all of them with the exception of one girls' school, is Engish. The 50 remaining Schools are all Lower Grade. They comprise 1 school for British Indians where English and Urdu are taught; 5 Government and 1 Grant Anglo- Chinese Schools; and 43 Grant Vernacular Schools. The average attendance at all these Lower Grade Schools is 2,186. The total average daily attendance, at both Grades of School, is 6,178.
The revenue derived from school fees is $54,792 (of which $31,073 is from Queen's College) and is rapidly increasing this is mainly to be accounted for by the increasing numbers of Chinese desirous of an English education.
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