The double payment involved in reclaiming and building the proposed new Naval establishment would be equivalent to paying for the cause twice over, first in land and then in money.
I have carefully reviewed the assessment contained in my first Report and find nothing to alter or amend.
The present Naval Yard on Queens Road, in my opinion, could not be appraised at $4 a square foot because it is not in the Chinese business centre of the City. It is only the more valuable class of business premises in Chinese centres that are able to command prices of this kind.
East of the Parade ground, there is no land, however valuable, that would realize even four or perhaps four and a half dollars a square foot, and in order to attain this high value, the property must be put exclusively to Chinese uses.
The War Office have lately expended a large sum of money in the purchase of landed property adjoining the present Naval Yard, with the sole object of ridding the cantonment of the Chinese traders that need to reside in that neighbourhood, and it is not likely, therefore, on Military grounds that the Naval Yard premises, if vacated by the Admiralty, could ever be utilized or disposed of by the Colonial Government for Chinese tenements. If they cannot be so utilized, their value will not exceed my original estimate, for the erection of European buildings in this particular locality will not be as lucrative an investment as Chinese dwellings and shops.
Viewed from a purely Colonial standpoint, it cannot be gainsaid that the presence of the Naval Yard in its present unfortunate site is a serious
?
of reclaiming
and building the proposed
irew Raval establishment, it would be
thing
equivalent to paying for the cause twice over, is er first in land and then
in money.
I have
i. e.
carefully reviewed the
assessment contained in
aud
find
Amend.
my first Report
in then nothing to alter or
The present Naval
Yard
on Queens
Road connect, in my opinion, be~ appraised at Bybo a square foot,
because it is not in the Chinese business
centre of the City.
It is
only
the more
valuable class of business premises in-
Chinese centres that are
the
very
able to command prices of this kind.
is no
•
East of the Parade ground there land, however valuable, that
would realize oven four or perhaps four half dollars a square foot, cand in order to attain this high value
aud
the property must be put exclusively
to
to Chinese uses.
large
151
The War Office have lately expended
evatio
of money
in the purchase
objent
of lauded property, adjoining the - present Naval Yard.
· Yard with the sole of ridding the cantonment of the crative traders that need to reside in that _ neighbourhood, and it is not likely. therefore on Military grounds that the Naval Yard premises, if vacated by the Admiralty, could ever be utilized disposed of by the Colonial Government for Chinese tenements . If they cannot
be so
exceed
utilized,
their value will not
my original axtimate, for the erection of Europeau buildings in _ this particular locality will not be
came lucrative investment Chinese dwellings and shops,
the
as
id
Viewed from a purely Colonial_ standpoint, it comest be gainsan that the presence of the Raval 6 Yard in its
4 present unfortunate site is a
serious
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