CO129-523-1 Reclamation work at North Point- a general plan of port of Hong Kong showing extent... 27-12-1929 - 12-6-1930 — Page 12

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Legislative Council and the Secretary of State the

remission of $300,000 of his debt if he carries out

the Scheme to the satisfaction of the Director of

Public Works. Interest, however, should be

payable until the Secretary of State's sanction to any arrangement has been obtained.

Negotiations were opened accordingly but

made little progress. Mr. Kwik was frequently

absent from the Colony and he had certain other

schemes in mind with the result that more than a

year passed without further development.

The

matter was re-opened late in 1929 when Mr. Kwik

asked that the mortgage debt of $600,000 should be

cancelled entirely.

5.

The Executive Council further considered

the matter on the 2nd of January, 1930, and the

following decision was recorded:-

The Governor-in-Council discussed the

proposals contained in Messrs. Hastings, Dennys

and Bowley's letter of the 18th of December,

1929, for relief to Mr. Kwik Djoen Eng in

respect of his property at North Point.

It

was agreed that the Director of Public Works

should put to Mr. Kwik the Government's

proposals for the complete release of the major

portion of the property and the retention, as

security for its loan, of a first mortgage on

the remainder, the amount of the mortgage to be

$600,000, but the Government to undertake to

recommend to the Secretary of State and to the

Legislative Council the remission of $300,000 of

this