CO129-514-6 Question of legality of sale of water to Tai Koo Sugar Refining Co. Ltd.- from... 6-12-1928 - 23-12-1929 — Page 49

3.

47

burable Francis A. Cooper,

Director of Public Works.

sir,

Hong Kong, 15th May 1893.

In accordance with your request, we beg to submit a few facts

and figures in support of our contention that the Taikoo Sugar

Refining Co.Ltd. should not be called upon to pay more than 3 cts

per sq foot for the land and water rights it desires to acquire

for the erection of a Dam near Quarry Bay.

The Taikoo Sugar Refining Co.Ltd. has since its start about

10 years ago, paid to the Government $68,193 for land and $45,500

in ground rent and taxes, Its present annual contribution to the

3xchequer is $8,964. and if the Works, Godowns, and Dwelling Houses

now proposed are completed the total yearly payment may be

expected to amount to some $12,000.

Apart from the direct benefit which will thus accrue to the

Colony, we would point out that, as the doubling of our works will

lead to a like increase of workmen, the Government will, apart from

taxes paid by the Company, indirectly benefit in revenue and

prosperity from the addition to the wage earning population of the

Colony. There will also be a not inconsiderable accession of

revenue to the Goverment from light dues and shipping fees to be

contributed by the large amount of steam tonnage, - estimated at

200,000 tons annually required to bring Raw Sugar and Coals

inward and convey Refined Sugar outwards,

There are, at present, employed and residing at quarry Bay

39 Europeans and 1,970. Natives.

:

!

As you may be aware, the Goverment valued our original sitė,

on which the Refinery was built at a heavy expenditure for

reclamation and piling- at 1 ct per sq: foot, which was then

considered a very high rate for unproductive land in out-of-the-way

districts. We have verbally explained to you the causes which led