CO129-538-3 Development of Government sites and rebuilding of Government buildings 17-12-1931 - 22-10-1932 — Page 19

NO CONFIDENTIAL (4).

GOVERNMENT HOUSE,

HONG KONG, 8th April, 1932.

کچھ

(

2)

Sir,

I have the honour to acknowledge the receipt

of your Confidential despatch of the 15th February,

1932, on the subject of the City Hall and other sites.

I read the despatch to my Executive Council which,

after discussion, was unanimously of the opinion that

the first stage of the scheme, see paragraphs 7 to 10 (1) of my Confidential despatch of the 17th December, 1931,

could be carried out without financial risk.

2.

As pointed out in that despatch the general

scheme is so devised as to permit of the calling of a

temporary halt, should circumstances arise rendering

this desirable, on the completion of the first stage.

This stage taken by itself is estimated to yield to Government a net profit of over eight lakhs on the

very conservative figure taken for the value of the

land to be sold. Recent private sales of land in

the same part of the city give reason to hope that a

considerably higher figure may be realized. It is

therefore a sound proposition and appears to involve

no financial risk. Moreover the deterioration of

THE RIGHT HONOURABLE

SIR P. CUNLIFFE-LISTER, G.B.E., M.C., M.F.

&C.,

&C.,

&C.

the

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