CO129-520-12 Development of Kowloon Tong Estate 11-12-1929 - 16-6-1930 — Page 12

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months of approval by him of the final development plans.

The Company further undertook to complete the development,

less certain drainage and other works undertaken by the

Government.

Premium at the rate of twelve cents per square foot of

the entire area was to be paid as follows,-

One-fourth on approval of the final development plans;

One-fourth when the entire area had been formed by the

Government; and

Two-fourths (the balance) by amounts attributable to

cach Lot as and when the house thereon was ready for

occupation.

Subject to payment of cost or expenditure by the Company on

the respective Lots, including premium, Crown Leases of the

Lots were to be issued to the respective subscribers.

Under the subsidiary agreements between the Company and

the subscribers, default on the part of subscribers in pay-

ment of calls made from time to time by the Company entitled

such company to sell, with liability to account for any

profit on resale.

Difficulties were encountered by the Government in form-

ing the area, these included rock, storm-water the area

ia is at the foot of the Kowloon range of hills

troubles, and, in particular, the strike of 1925.

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labour

The Company encountered difficulties also, these included

the engagement of engineers, failure of the original contrac- tor, subsidence and storm-water damage, the strike, and

opposition and defaults by subscribers.

Portions handed over from time to time to the Company for development did not in all cases adjoin, and the mass product ion which the Company originally contemplated could not be properly carried out or was hampered, even assuming that the circumstances and the Company's capacity and organisation allowed or renuered it possible for the Company to derive

3.