:
438
persons entitled to participate, as defined in Section 4 of
を
the Ordinance, has been revised from 3,385,000, the sum given in enclosure 6, to £3,744,319, equivalent to an
increase of from £1,504 cents to A1.664 cents per square foot of allotted area.
Final adjustment of the incidence of cost
will be made on a proportionate basis when the scheme is completed and the actual cost ascertained.
4.
The scheme has been draw up in consultation with the Marine Lot omers, the negotiations having been conducted through the medium of Sir Paul Chater, to whom the Government is much indebted for his services in the matter.
5.
It will be observed from enclosure 7 that the direct result to the Government should be a profit of nearly 1 million dollars, apart from the large increases in revenue from assessed taxes which will accrue when the reclaimed land is built on. Apart from this aspect of the matter I am satisfied that the carrying out of the work will be of the greatest advantage to the community, which will be provided with a large area of new building land, which is badly needed in this congested city. Great improvements in the sanitary conditions of the neighbourhood will also be affected by the scheme, and the increased depth of water on the new front will provide better facilities for harbour
communications.
I have the honour to be,
Sir,
Your most obedient humble servant,
7.2. Stubbs
Governor, &c.
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