HKG-CAR1887-1903 — Page 68

Administrative Reports 行政報告書 All AI Reviewed

1887-1903

HER MAJESTY'S COLONIAL POSSESSIONS.

Colony, it will, it may be hoped, induce greater caution on the part of Chinese officials in respect of the violation of British territory, of which this is by no means the first example, though it is, I believe, the first occasion of the restoration of the prisoners. 65. Among the leading features of the period under report should be noticed the great rise in the price of land. Since 1881 the market value of marine lots has become enhanced at least 50 per cent. on the average, the rise in some instances being much greater, while inland town lots have advanced 15 to 20 per cent. The greater part of this rise has taken place within the last two years, and by way of illustration, as well as to show how great is the present value of land in favourable situations, I may mention that an area of 7,037 square feet, which cost $40,000 in 1883, sold for $70,000 in 1887, and is now refused for sale on a bona fide offer of $150,000, over 34 cents the square foot, or at the rate of more than 130,000 sterling per English acre. Another area of 44,000 square feet, which cost $335,000 in 1887, actually sold in 1888 for $465,000, about 32s. a square foot, or 70,000l. per acre. Another of 33,000 square feet, costing $250,000 in 1886, sold for $500,000 in 1889 (45s. per square foot or £98,000 per acre). The price of another of the same area rose in the same period from $310,000 to $500,000, and another of 33,000 square feet, which cost $310,000 in 1882, is now refused for sale at $450,000, or over 50s. per square foot. The above instances are all of marine lots; but I am informed on good authority that inland lots, of large area in the aggregate, situate in the Chinese business quarter could not be obtained at a price less than $15 to $20 (45s. to 60s. sterling) a square foot, or 97,000l. to 130,000l. an acre.

66. In the Hill District the advance in value has been relatively even greater than elsewhere; as, for instance, from $2,000 in 1879 to $35,000 in 1888; $10,000 in 1882 to $40,000 in 1888; $23,000 (estimated) in 1885 to $50,000 in 1888; while Government land, which could not have been sold at 5 cents a square foot within this decade, has realised at auction from 20 to 50 cents per square foot.

67. The most recent advance in marine lots has been probably due to the prospects of profit from the reclamation scheme mentioned above, and that in the Hill District is, no doubt, in considerable measure owing to the tramway from the town to Victoria Gap (1,100 feet above the sea), worked on a plan similar, I understand, to that of the railway on Mount Vesuvius. By means of this line (which was opened in May 1887, and which carried 148,344 passengers in its first year) residence at "the Peak" is rendered much more easy to those—and they include nearly all the male population of the neighbourhood—whose occupations require their daily presence in town. And from this and other causes the demand for houses at this high altitude has become so great that 35 have been erected within the last two years, and 39 more are in course of construction.

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1887-1903 HER MAJESTY'S COLONIAL POSSESSIONS. 23 Colony, it will, it may be hoped, induce greater caution on the part of Chinese officials in respect of the violation of British territory, of which this is by no means the first example, though it is, I believe, the first occasion of the restoration of the prisoners. 65. Among the leading features of the period under report should be noticed the great rise in the price of land. Since 1881 the market value of marine lots has become enhanced at least 50 per cent. on the average, the rise in some instances being much greater, while inland town lots have advanced 15 to 20 per cent. The greater part of this rise has taken place within the last two years, and by way of illustration, as well as to show how great is the present value of land in favourable situations, I may mention that an area of 7,037 square feet, which cost $40,000 in 1883, sold for $70,000 in 1887, and is now refused for sale on a bona fide offer of $150,000, over 34 cents the square foot, or at the rate of more than 130,000 sterling per English acre. Another area of 44,000 square feet, which cost $335,000 in 1887, actually sold in 1888 for $465,000, about 32s. a square foot, or 70,000l. per acre. Another of 33,000 square feet, costing $250,000 in 1886, sold for $500,000 in 1889 (45s. per square foot or £98,000 per acre). The price of another of the same area rose in the same period from $310,000 to $500,000, and another of 33,000 square feet, which cost $310,000 in 1882, is now refused for sale at $450,000, or over 50s. per square foot. The above instances are all of marine lots; but I am informed on good authority that inland lots, of large area in the aggregate, situate in the Chinese business quarter could not be obtained at a price less than $15 to $20 (45s. to 60s. sterling) a square foot, or 97,000l. to 130,000l. an acre. 66. In the Hill District the advance in value has been relatively even greater than elsewhere; as, for instance, from $2,000 in 1879 to $35,000 in 1888; $10,000 in 1882 to $40,000 in 1888; $23,000 (estimated) in 1885 to $50,000 in 1888; while Government land, which could not have been sold at 5 cents a square foot within this decade, has realised at auction from 20 to 50 cents per square foot. 67. The most recent advance in marine lots has been probably due to the prospects of profit from the reclamation scheme mentioned above, and that in the Hill District is, no doubt, in considerable measure owing to the tramway from the town to Victoria Gap (1,100 feet above the sea), worked on a plan similar, I understand, to that of the railway on Mount Vesuvius. By means of this line (which was opened in May 1887, and which carried 148,344 passengers in its first year) residence at "the Peak" is rendered much more easy to those—and they include nearly all the male population of the neighbourhood—whose occupations require their daily presence in town. And from this and other causes the demand for houses at this high altitude has become so great that 35 have been erected within the last two years, and 39 more are in course of construction. 61

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1887-1903 HER MAJESTY'S COLONIAL POSSESSIONS. 23 Colony, it will, it may be hoped, induce greater caution on the part of Chinese officials in respect of the violation of British territory, of which this is by no means the first example, though it is, I believe, the first occasion of the restoration of the prisoners. 65. Among the leading features of the period under report should be noticed the great rise in the price of land. Since 1881 the market value of marine lots has become enhanced at least 50 per cent. on the average, the rise in some instances being much greater, while inland town lots have advanced 15 to 20 per cent. The greater part of this rise has taken place within the last two years, and by way of illustration, as well as to show how great is the present value of land in favourable situations, I may mention that an area of 7,037 square fect, which cost $40,000 in 1883, sold for $70,000 in 1887, and is now refused for sale on a bond fide offer of $150,000, over 34 the square foot, or at the rate of more than 130,000 sterling per English acre. Another area of 44,000 square feet, which cost $335,000 in 1887, actually sold in 1888 for $465,000, about 32s. a square foot, or 70,000l. per acre. Another of 33,000 square feet, costing $250,000 in 1886, sold for $500,000 in 1889 (45s. per square foot or £98,000 per acre). The price of another of the same area rose in the same period from $310,000 to $500,000, and another of 33,000 square feet, which cost $310,000 in 1882, is now refused for sale at $450,000, or over 50s. per square foot. The above instances are all of marine lots; but I am informed on good authority that inland lots, of large area in the aggregate, situate in the Chinese business quarter could not be obtained at a price less than $15 to $20 (45s. to 60s. sterling) a square foot, or 97,000l. to 130,000%, an acre. 66. In the Hill District the advance in value has been rela- tively even greater than elsewhere; as, for instance, from $2,000 in 1879 to $35,000 in 1888;$10,000 in 1882 to $40,000 in 1888; $23,000 (estimated) in 1885 to $50,000 in 1888; while Govern- ment land, which could not have been sold at 5 cents a square foot within this decade, has realised at auction from 20 to 50 cents per square foot. 67. The most recent advance in marine lots has been probably due to the prospects of profit from the reclamation scheme men- tioned above, and that in the Hill District is, no doubt, in con- siderable measure owing to the tramway from the town to Victoria Gap (1,100 feet above the sea), worked on a plan similar, I under- stand, to that of the railway on Mount Vesuvius. By means of this line (which was opened in May 1887, and which carried 148,344 passengers in its first year) residence at "the Peak" is rendered inuch more easy to those--and they include nearly all the male population of the neighbourhood-whose occupations require their daily presence in town. And from this and other causes the demand for houses at this high altitude has become so great that 35 have been erected within the last two years, and 39 more are in course of construction. 61

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1887-1903

HER MAJESTY'S COLONIAL POSSESSIONS.

Colony, it will, it may be hoped, induce greater caution on the part of Chinese officials in respect of the violation of British territory, of which this is by no means the first example, though it is, I believe, the first occasion of the restoration of the prisoners. 65. Among the leading features of the period under report should be noticed the great rise in the price of land. Since 1881 the market value of marine lots has become enhanced at least 50 per cent. on the average, the rise in some instances being much greater, while inland town lots have advanced 15 to 20 per cent. The greater part of this rise has taken place within the last two years, and by way of illustration, as well as to show how great is the present value of land in favourable situations, I may mention that an area of 7,037 square fect, which cost $40,000 in 1883, sold for $70,000 in 1887, and is now refused for sale on a bond fide offer of $150,000, over 34 the square foot, or at the rate of more than 130,000 sterling per English acre. Another area of 44,000 square feet, which cost $335,000 in 1887, actually sold in 1888 for $465,000, about 32s. a square foot, or 70,000l. per acre. Another of 33,000 square feet, costing $250,000 in 1886, sold for $500,000 in 1889 (45s. per square foot or £98,000 per acre). The price of another of the same area rose in the same period from $310,000 to $500,000, and another of 33,000 square feet, which cost $310,000 in 1882, is now refused for sale at $450,000, or over 50s. per square foot. The above instances are all of marine lots; but I am informed on good authority that inland lots, of large area in the aggregate, situate in the Chinese business quarter could not be obtained at a price less than $15 to $20 (45s. to 60s. sterling) a square foot, or 97,000l. to 130,000%, an acre.

66. In the Hill District the advance in value has been rela- tively even greater than elsewhere; as, for instance, from $2,000 in 1879 to $35,000 in 1888;$10,000 in 1882 to $40,000 in 1888; $23,000 (estimated) in 1885 to $50,000 in 1888; while Govern- ment land, which could not have been sold at 5 cents a square foot within this decade, has realised at auction from 20 to 50 cents per square foot.

67. The most recent advance in marine lots has been probably due to the prospects of profit from the reclamation scheme men- tioned above, and that in the Hill District is, no doubt, in con- siderable measure owing to the tramway from the town to Victoria Gap (1,100 feet above the sea), worked on a plan similar, I under- stand, to that of the railway on Mount Vesuvius. By means of this line (which was opened in May 1887, and which carried 148,344 passengers in its first year) residence at "the Peak" is rendered inuch more easy to those--and they include nearly all the male population of the neighbourhood-whose occupations require their daily presence in town. And from this and other causes the demand for houses at this high altitude has become so great that 35 have been erected within the last two years, and 39 more are in course of construction.

HKG-CAR1887-1903 — Page 68

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