CO129-319 - Governor Sir Blake - 1903 [10-11] — Page 188

OPY.

No.2.

185

T

Registrar, Supreme Court.

1. Upon investigation I find no reason whatever to suppose that

the Estate of the late Cheong Assow has been undervalued for

Probate.

2. Some years ago Cheong Assow lost some $100,000 in a mining speculation and had to mortgage his house property in Rongkong

heavily. I find from the records of the Land Office that at the

date of his death the registered mortgages remaining upon his

house oroperty amounted to $85 000 to which has to be added

$8,500 the amount due for building houses in Fat Bing Street,

making $91,500 to be deducted from the gross Estate for Probate Cuty

3, I happen to know the method of valuation adopted was that of capitalizing the net rentals at 7 per cent whereas, as some of the mortgages bear interest at 7 & 1/2 per cent, they would have been entitled to deduct the capital value of the extra half per cent. Thus my own valuation would have been less to that extent

than that upon which duty was paid, even assuming that all the rentals were equally secured, and therefore of the same capital valus, which is not the case.

(sa.)

Bruce Shepherd.

Deputy Land Officer.

30th November 1898.