Copy of Memorandum from H.M. Office of Works dated 18th June 1924.
With reference to your memorandum of the 15th ultimo, the enclosed copy of a report received from the Board's Architect at Shanghai, together with a copy of the enclosures referred to therein, upon which the Board have no observations to offer, is forwarded for the information of the Post Office.
L. 76/24. Late British Post Office.
With reference to your memorandum dated 30th November, 1923, and in accordance with the instructions attached thereto, negotiations were re-opened with the Hong Kong Government with a view to arriving at an agreement on the question of the rate of interest. The rates suggested were as proposed in Mr. Bradley's report of 10th February 1923, viz,
| Years | Rate | Amount |
|---|---|---|
| 1911 to 1914 (4 years) | @ | $52,063.60 |
| 1915 to 1918 (4 years) | @ | $60,907.34 |
| 1919 to 1923 (5 years) | @ | $77,737.51 |
Attached is a copy of the Hongkong Colonial Secretary's reply dated 7th March 1924, from which it appears that the Hongkong Government will accept payment on those lines but asks that such payment be fixed for 30th June of this year.
The interest calculated by Inwood's Tables is in detail as follows:-
| Date | Capital Sum | Interest Rate |
|---|---|---|
| 31st December, 1910 (Messrs. Tarrant & Morris valuation) | $46,258.51 | |
| 31st December, 1914 (Including interest at rate of 3% p.a.) | $52,063.60 | 3% |
| 31st December, 1918 (Including interest at rate of 4% p.a.) | $60,907.34 | 4% |
| 31st December, 1923 (Including interest at rate of 5% p.a.) | $77,737.51 | 5% |
| 30th June, 1924 (Including interest for half year to 30th June, 1924, at rate of 5% p.a.) | $79,680.95 | 5% |
and a copy of the Colonial Secretary's letter of 5th April 1924, is attached from which it appears that the Hongkong Government will accept this sum of $79,680.95 in full payment.
A telegram has therefore been sent to you to-day as follows:-
Shanghai Post Office with reference to your letter 30th November, 1923, Hongkong Government prepared to accept on 30th June, 1924, $79,680 and cents 95 in full payment for buildings including interest to 30th June, 1924. Report follows.
Board's instructions are requested.
(Sd.) M.J.Roberts.
277
!
Copy of Memorandum from H.. Office of Works
dated 18th June 1924.
SHANGHAI POST OFFICE.
With reference to your memorandum of the 15th ultimo, the enclosed copy of a report received from the Board's Architect at Shanghai, together with a copy of the enclosures referred to therein, upon which the Board have no observations to offer, is forwarded for the information of the Post Office.
2. The Board presume that the amount in question will be paid to the Hong Kong Government by the Postmaster General forthwith, and they have accordingly instructed their Architect to that effect by cable, a copy of which is enclosed herewith for information.
3. The Board's proposals for the disposal of the fittings will be furnished to the Post Office in
due course.
Shanghai 5/11,
Mr. Reavell,
SHANGHAI.
L. 76/24.
Late British Post Office.
With reference to your memorandum dated 30th November, 1923, and in accordance with the instructions attached thereto, negotiations were re-opened with the Hong Kong Government with a view to arriving at an agreement on
The rates the question of the rate of interest. suggested were as proposed in Mr. Bradley's report of
10th February 1923, viz,
1911 to 1914 (4 years) @ 1915 to 1918 (4 years) @ 1919 to 1923 (5 years) @
$ 52,063,60 60,907,34 77,737.51
Attached
Attached is a copy of the Hongkong Colonial Secretary's reply dated 7th March 1924, from which it appears that the Hongkong Government will accept payment on those lines but asks that such payment be fixed for 30th June of this year.
The interest calculated by Inwood's Tables is in detail
as follows:-
Capital sum as at 31st December, 1910
(Hessrs. Tarrant & Morris valuation).
Capital sum as at 31st December, 1914
(Including interest at rate of 3% p.a.)
Capital sum as at 31st December, 1918
(Including interest at rate of 4% p.2.
Capital sum as at 31st necember, 1923
(Including interest at rate of 5% p.a.)
Capital sum as at 30th June, 1924
(Including interest for half year to
30th June, 1924, t rate of 5% p.2.)
46,258.51
52,063,60
60,907.34
77,737.51
79,680.95
and a copy of the Colonial Secretary's letter of 5th April
1924, is attached from which it appears that the Hongkong
Government will accept this sum of $79,680.95 in full
payment.
A telegram has therefore been sent to you to-day
as follows:-
14 Shanghai Post Office with reference to your le ter 30th November, 1923, Hongkong Government prepared to accept on 30th June, 1924, $79,680 and cents 95 in full payment for buildings including interest to 30th June, 1924. Report follows.
Board's instructions are requested.
(Sa.) M.J.Roberts.
Colonial
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