CO129-523-7 Removal of Navy Armament Depot from Hong Kong to Stonecutters Island 6-2-1930 - 8-1-1931 — Page 38

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(d) Payment of Compensation ($154,000) for the old buildings

will be made by four equal half yearly payments, the first payment will be made when the new site is placed at the disposal of the trustees and the last at the expiration of eighteen monthe from that date.

(e) The lease of the old site shall be surrendered to this

Government at the request of the Land Officer s soon as the new site is placed at the disposal of the Trustees.

(1) when the lease of the old site has been surrendered, formal

permission will be given to the Trustees to occupy the buildings thereon for a period of two years from the date on which possession of the new site shall be given, this will cover the period during which the new buildings shall be constructed.

(g) The existing buildings

shall be handed over to this

Government at the expiration of two years from the date on which possession of the new cite shall be given.

(h) when the buildings on the new site have been completed s

Crown Lease will be granted on terms similar to those con- tained in the Lease of the old site,

પ્રદ I send herewith a draft agreement of exchange in the usua form embodying the foregoing conditions.

2.

ARSENAL YARD CORNER X-LARGE. A memorandus of exchange of the area coloured yellow for the areas coloured blue and pink on the plan No.k enclosed was completed in laki, but possession of these areas has not yet been given. This Government then agreed to pay the cost of providing new buildings in lieu of those then situated on the area coloured yellow.

This Government desires to pay the cost of these build- inge forthwith so that it may be in a position to settle the accounts of the Fraze Haut works (of which this transaction forms partį before the end of the year. I shall be glad if you will be good enough to furnish details of this cost B6 8000 B&N possible.

/The....