CO129-031 - Public Offices - 1849 — Page 166

CO129 Colonial Office Hong Kong Records 理藩院香港檔案 All AI Reviewed
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Administrative Office

163

but was impracticable for any other purpose. This Land was originally leased by Government at the rate of £18:4:6 per annum, subsequently resumed. The Governor now recommends that the whole lot should be leased to Mr. Scott at the Rent of £5.

12

13

These, we believe, are all the material facts & questions on which we now proceed to report. We begin with the general question of disposing of the Land. The system of disposing of the Land was, as we have observed, to make the amount of Rent the subject of competition at the Public Sale.

Obvious as were the advantages of such a system, in a Colony which, like Hong Kong, must depend for a large portion of its Revenue on the proceeds of the Crown Lands, - Experience has, we think, shown that it had large and countervailing disadvantages. The sale of property at what may be called a Rack-rent is necessarily in the nature of a sale on credit, and it has the consequent disadvantage of Enabling speculators to buy Land not according to their actual capital but according to their anticipations.

The natural results are a great immediate...

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Administrative Office 163 but was impracticable for any other purpose. This Land was originally leased by Government at the rate of £18:4:6 per annum, subsequently resumed. The Governor now recommends that the whole lot should be leased to Mr. Scott at the Rent of £5. 12 13 These, we believe, are all the material facts & questions on which we now proceed to report. We begin with the general question of disposing of the Land. The system of disposing of the Land was, as we have observed, to make the amount of Rent the subject of competition at the Public Sale. Obvious as were the advantages of such a system, in a Colony which, like Hong Kong, must depend for a large portion of its Revenue on the proceeds of the Crown Lands, - Experience has, we think, shown that it had large and countervailing disadvantages. The sale of property at what may be called a Rack-rent is necessarily in the nature of a sale on credit, and it has the consequent disadvantage of Enabling speculators to buy Land not according to their actual capital but according to their anticipations. The natural results are a great immediate...
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Admi flome Office nts 163 but was impracticable for any other other purpose. This Land was originally leased by Government at the rate of ₤18:4:6 per ammun, subsequently resumed. The Governor now recommends that the whole lot should be leased to Mr. Scott at the Rent of £5. 12 13 These, we believe, are all the material fact questions on & on the which we now proceed report. question We begin with the general disposing of The system of the Land was, as we have observed, to make the amount of Rent the subject of competition at the Public Sales. Sale. Obvious as were the advantages of such a systems, in a Colony which, like story Kong, must depend for a large portion of its Revenue on the proceeds of the Crown Lands, - Experience has, we think, shown that it had large and countervailing disadvantages The sale of property at what may be called а Rack-rent is necessarily in the nature а fa sale on credit. and it has the consegnent disadvantage of Enabling speculators to buy Land not according to their actual capital but according to their anticipations. natural results. are a The great immediate
2026-05-17 13:37:16 · Baseline
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Admi

flome

Office

nts

163

but was

impracticable for any other

other purpose. This Land was originally leased by Government at the rate of ₤18:4:6 per ammun,

subsequently resumed. The Governor now recommends that the whole lot should be leased to Mr. Scott at the Rent of £5.

12

13

These, we believe, are all

the material fact

questions on

&

on

the

which we now

proceed report.

question

We begin with the general

disposing

of

The system of

the Land was, as

we have observed, to make

the amount of Rent the subject

of competition at the

Public

Sales.

Sale.

Obvious as were the

advantages of such a systems,

in a Colony which, like story Kong, must depend for a large portion of its Revenue on the proceeds of

the Crown Lands, - Experience has, we think, shown that it had large and countervailing disadvantages The sale of property at what

may be called

а

Rack-rent

is necessarily in the nature

а

fa

sale on credit. and it has the consegnent disadvantage of Enabling speculators to buy Land not according to their actual capital but according to their anticipations.

natural results.

are a

The

great

immediate

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