CO129-520-12 Development of Kowloon Tong Estate 11-12-1929 - 16-6-1930 — Page 17

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ment of the 26th October,

1922. He asks the Government to

look at and deal with the proposal on broad lines, in particular to have regard to the great difficulties, many of which could not have been foreseen, experienced both by

the Government and the Company, which brought about the

increased cost over estimate. Further submissions by him

are that, if the class of person could afford the whole

increase it would be another matter, but the idea of the scheme was that the presons to benefit should be those with limited means who could not hope to own houses of the kind contemplated if left to their individual efforts; that nearly two hundred and fifty houses have resulted, all rateable property; and that the scheme can be regarded by the Government, the subscribers and the general public as

a success and a benefit to the Colony.

The Committee, without expressing a definite opinion as

to the Company's contention as to the reentry, can and does report that the Company has a strong case. Furthermore the

Committee recalls the time when it was feared that the

scheme could not be completed, also the time when the

Government was in doubt as to whether the subscribers

could, in view of the burden of their expenditure and the

then ✓ class involved, be called upon to pay the balance of prem-

ium, some $300,000.

In all the circumstances and after careful consideration!

the Committee recommend the Government to grant relief to

the extent applied for, namely $104,083.-say $105,000.- on

the following terms:

The subscribers to contribute to a fund to be held, kept

and controlled by Messrs Johnson, Stokes & Master.

When the fund, so subscribed to, reaches $105,000, the

Government to contribute and pay a like sum to Messrs

Johnson, Stokes & Master.

The fund so augmented to be held and controlled by Mescri

8.