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 32

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land boom was in full swing in October, 1923, that the

value of the land must be much less now, and that on

5.4.23 the Director of Public Works suggested for

consideration the selling of the area to Mr. Kwik at

$3 a foot, and that it was not at moment proposed that

the construction of a vertical sea wall should be a

condition of the sale. The difference between $3

and $1.50 is only $87,000.

Perhaps one might say

that the sale of the "blue" area at $1.50 may be

regarded as having been worth $100,000 to Mr. Kwik.

This would reduce the $1,000,000 of paragraph 10 to

$900,000.

12. On the whole, I think that we should offer

to remit $300,000 of the $600,000 which has been

advanced to him. We are already committed by

Mr. Fletcher to something approaching $150,000: (which does not include the compensation for delay),

though the Director of Public Work's letter is not an

admission of liability and only deals with the

condition precedent to the commencement of the actual

advances. If this offer is accepted we shall be

bearing about of (the increased expenditure

occasioned by the alteration of design

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the saving on

the purchase of the "blue" area which Mr. Kwik

effected by getting it at $1.50), i.e., of

($1,000,000 - $100,000).

The offer should be made

without prejudice, and with a complete denial of any

legal liability. If accepted, it should be accepted

in full settlement of all possible claims, and this

part