CO129-325 - Public Offices & Others - 1904 — Page 35

CO129 Colonial Office Hong Kong Records 理藩院香港檔案 All AI Reviewed
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34

and Their Lordships paid this amount on the understanding that they thereby acquired the Freehold of the property.

It appears, however, that no Deeds have been prepared conveying the freehold to the Admiralty, and the Crown Solicitors at Hong Kong, Messrs Dennys & Bowley, to whom the matter was referred at Hong Kong, have expressed the opinion that no Deeds are required as the property is still leasehold and that at the expiration of the term of the lease, i.e. 75 years from 1892, the sites will revert to the Colonial Government as Crown Lands.

An extract from Messrs Dennys & Bowley's opinion is attached, from which it will be seen that they were not consulted by the Governor with reference to the commutation of the Crown Rent.

My Lords cannot accept the Crown Solicitors' view of the matter and consider that they are under a misapprehension, and that under the conditions of the Governor's despatch of 16th July 1902, the freehold rights were subacquired.

I am to observe that 25 years purchase is the usual basis for purchasing a lease in perpetuity with interest at the rate of 4%.

At Gibraltar where certain Crown properties were recently transferred to the Admiralty, the value of the Crown Rents was computed at 25 years purchase and the Deeds conveying the sites to the Admiralty in fee simple have been prepared under Letters Patent of the Governor and are now in the possession of Their Lordships.

My Lords consider that the Briquette Factory site at Kowloon should be conveyed by Deed in the same way and They

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34 and Their Lordships paid this amount on the understanding that they thereby acquired the Freehold of the property. It appears, however, that no Deeds have been prepared conveying the freehold to the Admiralty, and the Crown Solicitors at Hong Kong, Messrs Dennys & Bowley, to whom the matter was referred at Hong Kong, have expressed the opinion that no Deeds are required as the property is still leasehold and that at the expiration of the term of the lease, i.e. 75 years from 1892, the sites will revert to the Colonial Government as Crown Lands. An extract from Messrs Dennys & Bowley's opinion is attached, from which it will be seen that they were not consulted by the Governor with reference to the commutation of the Crown Rent. My Lords cannot accept the Crown Solicitors' view of the matter and consider that they are under a misapprehension, and that under the conditions of the Governor's despatch of 16th July 1902, the freehold rights were subacquired. I am to observe that 25 years purchase is the usual basis for purchasing a lease in perpetuity with interest at the rate of 4%. At Gibraltar where certain Crown properties were recently transferred to the Admiralty, the value of the Crown Rents was computed at 25 years purchase and the Deeds conveying the sites to the Admiralty in fee simple have been prepared under Letters Patent of the Governor and are now in the possession of Their Lordships. My Lords consider that the Briquette Factory site at Kowloon should be conveyed by Deed in the same way and They
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! 1ཤམ་མིར;r-", 34 and Their Lordships paid this amount on the understanding that they thereby acquired the Freehold of the property. It appears, however, that no Deeds have been prepared conveying the freehold to the Admiralty, and the Crown Solicitors at Hong Kong, Messrs Dennys & Bowley, to whom the matter was referred at Hong Kong, have expressed the opinion that no Deeds are required as the property is still leasehold and that at the expiration of the term of the lease, 1.0. 75 years from 1892, the sites will revert to the Colonial Government as Crown Lands. An extract from Messrs Dennys & Bowley's opinion is attached, from which it will be seen that they were not consulted by the Governor with reference to the commutation of the Crown Rent. My Lords cannot accept the Crown Solicitors' view of the matter and consider that they are under a misappre- hension, and that under the conditions of the Governor's despatch of 16th July 1902, the freehold rights were sub acquired. 02 I am to observe that 25 years purchase is the usual basis for purchasing a lease in perpetuity with interest at the rate of 4%. At Gibraltar where certain Crown properties were recently transferred to the Admiralty, the value of the Crown Rents was computed at 25 years purchase and the Deeds conveying the sites to the Admiralty in fee simple have been prepared under Letters Patent of the Governor and are now in the possession of Their Lordships. My Lords consider that the Briquette Factory site at Kowloon should be conveyed by Deed in the same way and They
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!

1ཤམ་མིར;r-",

34

and Their Lordships paid this amount on the understanding

that they thereby acquired the Freehold of the property.

It appears, however, that no Deeds have been

prepared conveying the freehold to the Admiralty, and the

Crown Solicitors at Hong Kong, Messrs Dennys & Bowley, to

whom the matter was referred at Hong Kong, have expressed

the opinion that no Deeds are required as the property is

still leasehold and that at the expiration of the term of

the lease, 1.0. 75 years from 1892, the sites will revert

to the Colonial Government as Crown Lands.

An extract from Messrs Dennys & Bowley's opinion

is attached, from which it will be seen that they were not

consulted by the Governor with reference to the commutation

of the Crown Rent.

My Lords cannot accept the Crown Solicitors' view

of the matter and consider that they are under a misappre-

hension, and that under the conditions of the Governor's

despatch of 16th July 1902, the freehold rights were

sub acquired.

02

I am to observe that 25 years purchase is the

usual basis for purchasing a lease in perpetuity with

interest at the rate of 4%.

At Gibraltar where certain Crown properties were

recently transferred to the Admiralty, the value of the

Crown Rents was computed at 25 years purchase and the Deeds

conveying the sites to the Admiralty in fee simple have

been prepared under Letters Patent of the Governor and are

now in the possession of Their Lordships.

My Lords consider that the Briquette Factory site

at Kowloon should be conveyed by Deed in the same way and

They

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