820
suffered depreciation to a similar extent seeing that it is situated in the same locality and in exactly similar conditions.
6
As regards the question of depreciation of the buildings, I am of opinion that the allowance of 7 per centum interest, on the recent award, from the date which was fixed on Mr. Boulton's report referred to below as the commencing date of the depreciation, is sufficient to cover all claims on that score, especially as such interest is brought up to the 28th February last.
6.
The matter of loss of intermediate rents is disposed of by Mr. Boulton's report of the 13th January last,
Enclosure 1.
9th January, 1904.
a copy of which is enclosed, showing that the date from which any such claim could be made was the 1st September, 1898, the date taken in the recent revised calculation of depreciation and shown in the Financial Minute transmitted to you. This report shows that there was no silting before that date such as to hinder the work of the Godowns being carried on, and that in fact the work of the reclamation carried on to the Eastward up to such date was on the whole beneficial to the owners of the lot.
7.
The sale alluded to by Mr. Howard for the sum of $110,000 took place in October, 1899, when there was little or no demand for landed property and as a matter of fact the lot was re-sold in May, 1900, for the sum of $140,000 and has since changed hands at a higher figure.
8.
It would therefore appear that the amount realised in 1899 was far from being the true value, owing to the circumstances of the land market for the time being.
9.
In regard to the allegation of Mr. Howard that
820
suffered depreciation to a similar extent seeing that it is
situated in the same locality and in exactly similar conditions.
6
As regards the question of depreciation
of the buildings, I am of opinion that the allowance of 7 per
centum interest, on the recent award, from the date which was
fixed on Mr. Boulton's report referred to below as the com-
mencing date of the depreciation, is sufficient to cover all
claims on that score, especially as such interest is brought
up to the 28th. February last.
6.
The matter of loss of intermediate rents
is disposed of by Mr. Boulton's report of the 13th. January
last,
Enclosure 1.
9th January, 1904.
>
a copy of which is enclosed, showing that the date from
which any such claim could be made was the 1st. September,
1898, the date teken in the recent revised calculation of de-
preciation and shown in the Financial inute transmitted to
you. This report shows that there was no silting before that
date such as to hinder the work of the Godowns being carried
on, and that in fact the work of the reclamation carried on
to the Fastward up to such date was on the whole beneficial
to the owners of the lot.
7.
The sale alluded to by Mr. Howard for the
sum of $110,000 took place in October, 1899, when there was
little or no demand for landed property and as a matter of
fact the lot was re-sold in May, 1900, for the sum of $140,000
and has since changed hands at a bigher figure.
8.
It would therefore appear that the amount
realised in 1899 was far from being the true value, owing to
the circumstances of the land market for the time being.
9.
In regard to the allegation of Mr. Howard
that
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