CO129-348 - Governor Sir Lugard - 1908 [7-10] — Page 239

Memorandum.

236

For purposes of land settlement in the New Territories

of this Colony, it was decided that one mou equals .208 acre,

1.e. 4.8 mou equals one acre: and I was informed by the Hong-

-kong and Shanghai Bank on the 17th, July that the rate of

exchange on that morning was Taels 74 equal $100. This means

that the rate at which the Chinese Government is resuming land

for the Railway is $451 per acre, 1.e. 1.03 cent per Square

Foot.

The rates paid by this Government for railway resump -

-tion were ‡ cent per Square Foot for 1st. class land, † cont

for 2nd. class land, and cent for 3rd. class land. It is

apparent therefore that the average price of more than one

cent per Square Foot now being paid by the Chinese Government,

is considerably higher than the rates paid in the New Territori-

-es.

The resumption of land for the railway between Taipo

and the frontier commenced on the 9th. November, 1905, and was

practically completed by the 21st. idem, the Assistant Land

Officer reporting that "the work went through rapidly and

without a hitch". The resumption of land between Taipo and

the Kowloon Tunnel began on the 23rd. December, 1906, and was

practically concluded on the 30th. idem.