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that the lessees are not to receive the full value of their
rateable improvements and on that supposition we think land
sales must suffer.
On the whole we consider the leases for short
terms even of 99 years not applicable to a growing Colony like
Hong-Kong and that if given effect to the Colony will suffer
greatly.
We have,&c.,
Humphreys Estate and
Finance Company Limited,
(Sd.) JOHN D. HUMPHREYS & SON,
Governing Directors.
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