522
Lordship of the reasons other than that with regard to security of tenure which I have already given why Crown Rents on Agricultural and Building Land were increased.
11. This Government has resumed Agricultural Land in New Kowloon at rates of 1 cent and 2 cents a Square Foot or $435 and $870 an acre which at present rate of exchange approximate to £50 and $100 an acre. Five dollars an acre per annum is not theoretically an undue burden on land worth $970 an acre and certainly it is not so in practice, for land with this Crown Rent charge on it changes hands at that price and has a tendency to rise in value.
12. As regards the rates charged for Building Land, I would observe in the first place that the highest rate of $250 an acre has not been imposed being reserved for Marine Lots. In the next place, a Crown Lessee is not compelled to convert Agricultural Land into Building Land. When he does so, it is because he expects developments which will pay him and in such circumstances there is no reason why the Crown should not share in the unearned increment, which fixity of tenure and the expansion of New Kowloon bring in their train. It is hardly necessary to say that the novelty of a tax is not a valid objection to its imposition and, as has already been stated, a tentative tax on Building Land was imposed on the 19th April, 1902, so that the tax has not that novelty which has been ascribed.
522
Lordship of the reasons other than that with regard to security
of tenure which I have already given why Crown Rents on Agricul-
-tural and Building Land were increased.
11.
This Government has resumed-
Agricultural
Land in New Kowicon at rates of 1 cent and 2 cents a Square Foot
or $435 and $870 an acre which at present rate of exchange ap-
-proximate to £50 and $100 an acre. Five dollars an acre per
annur is not theoretically an undue burden on land worth $970 an
acre and certainly it is not so in practice, for land with this
Crown Rent charge on it changes hands at that price and has a
tendency to rise in value.
12.
As regards the rates charged for Euilding
Land, i would observe in the first place that the highest rate of
$250 an acre has not been imposed being reserved for Marine Lots.
in the next place, a Crown Lessee is not compelled to convert
Agricultural Land into Building Land. When he does so, it is be-
-cause he expects developments which will pay him and in such
circumstances there is no reason why the Crown should not share
in the unearned increment, which fixity of tecure and the ex-
-pansion of New Kowloon bring in their train. It is hardly
necessary to say that the novelty of a tax is not a valid ob-
-jection to its imposition and, as has already been stated, a
tentative tax on Building Land was imposed on the 19th. "April,
1902, so that the tax has not that novelty which has been-as-
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