CO129-549-9 Air Ministry- transfer of land for Officer's Mess at Kai Tak 6-6-1934 - 29-12-1934 — Page 14

Lands Account the terms of transfer of the Triangular

Area would be as follows:-

Area

604,583 square feet.

Capitalized Crown Rent at $500

per acre

$173,492

Current Value at 75 cents per

square foot

453,437

Cost of forming and resuming

149,370

14

Credit in respect of current value after deducting cash

payment of $149,370 would be $304,067. The total credit

would therefore be $477,559 and cash payment $149,370.

7.

No grant would be made in respect of marine

rights but the position would remain as set out in paragraph

2 of my Secret letter of 2nd June, 1934.

8.

If the opening of the proposed Air Ministry

Lands Account meets with your approval I shall be glad if

the question may be submitted to the Air Ministry together

with the details of the arrangements proposed in this case.

If the Air Ministry concurs arrangements will no doubt be

made to credit the account of this Government with the sum

of $149,370.

I have the honour to be,

Sir,

Your most obedient, humble servant,

Wome

Governor, &c.