CO129-524-8 Grant of land on Stanley Peninsula for re-erection of St. Stephen's College 7-2-1930 - 7-2-1930 — Page 4

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N: 75.

REULIVED

11 MAR 1930

GOVERNMENT HOUSE,

OOL, OFFIOR HONGKONG, 7th February, 1930.

My Lord,

Aned

Enclosure No. 1.

2

33144

24

I have the honour to invite Your Lordship's

attention to Sir R. E. Stubbs' despatch No.251 dated 12th

June, 1924, and Mr. J. H. Thomas' despatch No.238 dated 1st

August, 1924, on the subject of a grant of an area of land

on Stanley Peninsula for the re-erection of St. Stephen's

College.

2.

The subsequent general financial stringency

arising out of the strike and boycott in 1925 caused the

question to be deferred and, when it was again approached,

the Council of the College found itself unable to raise the

sum of $500,000 stipulated in paragraph 2 of Mr. Thoma s '

despatch. It was, therefore, decided by the Governor in

Council that the proposed terms should be modified and that

a building lease of seventy-five years, renewable, should

be granted only in respect of Rural Building Lot No.514

(shewn edged red on plan enclosed), subject to a rental of

$20.00 per annum and a building covenant of $200,000 to be

completed within three years. The remainder of the area

originally suggested was granted as a garden lot on a 21

years' lease at a rental of $24 per annum, but with a right

THE RIGHT HONOURABLE

LORD PASSFIELD,

&c.,

&C.,

&c.

of