CO129-389 - Governor Sir Lugard Acting Governor Claud Severn - 1912 [3-4] — Page 320

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at $3,657,902 on the 31st. of last December.

As I have remarked in a previous paragraph

the station site forms an essential part of the Government's enterprise and I am therefore of opinion that the expenditure thereon should not be spread over a period of six years only but should be spread over the period covered by a 1 per centum sink- -ing fund.

12.

I may add in conclusion that Sir Paul Chater has expressed the opinion that portions of Kowloon Inland lots 1140, 1141 and 443 which were purchased out of Colonial Revenue in 1909 (see Sir F.. D. Lugard's Confidential Despatch of 4th. June, 1909) at a cost of $438,699.25 may be expected a few years hence to fetch at sale a price of 10 per square foot; and in the event of a price of 85 per square foot only being hereafter realised these lots, the total area of which is 159,527 square feet, would fetch 8797,636. This sum would be available for

extinction of the loan at an earlier date if considered

advantageous.

I have the honour to be,

Sir,

Your most obedient,

humble servant,

Cland Fever

Officer Administering the Government