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 5

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He has

Lange Sugar factory in AR

one of his

actritis

eastward of the original Lot 321.

Almost on

the date of sale the Government were informed that the Steamship Company had dropped out,

and that the purchaser was a Chinese speculative

con tracte

builder, Mr. Kwik. At this stage of the

proceedings the advice of the Consulting Engineers

plan of at home on the contemplated harbour improvements was obtained, and as a result it was decided to revise the general scheme of development of all this area of foreshore to the extent of con-

structing a solid block-work wall against the sea instead of a wall founded on a rubble

mound. Mr. Kwik had already let a contract

for a rubble mound wall on his Marine Lots in

accordance with the general scheme, and he found it necessary to compensate the contractor and the engineer. This, together with the extra cost of constructing the quay wall, resulted in Mr. Kwik's estimates for the development of his Lots being exceeded by more than $1,300,000.

He decided that it would be too expensive to go on with it unless the Government would grant him financial assistance, which the Government agreed to do (a) by providing the engineers necessary to prepare a contract for and to supervise the construction of the quay wall, and also (b) by lending him $600,000 on certain conditions. In January, 1926, Mr. Kwik had complied with the conditions entitling him to the first instalment ($150,000) of this loan,

and it was paid over to him. Since that

date, all the further instalments of the loan

have also been paid over to him. He has,

however, met with continuous difficulties, and

his solicitors have put before the Hong Kong

Government