287
A rival dock or slipway might be constructed Inland Lot 10494 and cause a heavy fall in the Hongkong & Whampoa Dock shares, so that, in order to protect themselves, Messrs Jardine, Matheson & Co. and Humphreys, the above-mentioned large shareholders, were induced to pay a considerable sum for Farm Lot 1474.
Several huts have been erected on the property in contravention of the terms of the lease, but the Government is advised that as it has regularly received the Crown rent, it cannot compel their removal.
Many of these huts are in a very insanitary condition and doubtless, as the work of improving the sanitary condition of this district proceeds, they will be condemned and their removal rendered necessary.
The property will therefore, if continued to be held under a Farm lease, be available only for the purposes of the lease.
The usual annual rent charged by the Crown for land held under the form of tenure known as a "squatter's license" is $5 per acre, which capitalised at 33 years' purchase gives $165 per acre, making the value of Farm Lot 1474 $1,073, and, when it is considered that investments in local companies yield 6 to 9 percent per annum, I see little chance of the market value of this property under the present form of lease exceeding $1500.
The offer that has been made to Messrs Jardine, Matheson & Co. and Humphreys is set forth in my letter of the 6th of November, 1895, and was ...
287
་!
rival dock or slipway might be constructed Inland Lot -10.394 and cause
and cause a heavy
fall in the Hongkong & Mampon dock shares. so that, in order to protect themselves, Mess'!
crete
3. cities and Humphreys the above mentioned large
tel.
induced to pay
sume for Farm Lot
7. Several nuts have been erected on t";
4's property
contra sution of the termes of the lease, but the Covernment is advised that as it has reque-
carly received to Crown rent, it cannot
compel Keir removal.
A
very insanitary
Many of these huts are in condition and doubtless, as the work of
iner
-proving the sanitary condition of this district proceeds they will be condemned and their removal rendered necessary..
་
The property will therefore in the
Jar
future,
it continued to be held under a Farme lease,
"be available only for.
of the lease.
4. The usual
usi under the conditions.
usual annual rand charged by the
/
Crown
for land held under the form of tenure known as a
squatter's lieuer is $5 per acre, which capitalised at 33 years purchase gives $165 jer
making the value of Farm Lot
acri
4:1 $1,073, and, when it is considered that d investments in local companies yield
I see little chance
Love
6 per
of
9.
cant per annun
the market value of this property under
offer
the present form of lease exceeding $1500.
that has been made to Meiss The Betitios and Humphreys is set forth in
my letter of a
the 6th of November, 1895, and was
that
3.
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