CO129-551-1 Estate of Raphael Emanuel Belilios- payment of estate duties 29-11-1934 - 29-11-1935 — Page 11

No. 584.

AIR MAIL.

Sir,

GOVERNMENT HOUSE,

HONG KONG.

2nd November, 1935.

Aust (10)

ما

With reference to previous correspondence ending with Sir P. Cunliffe-Lister's despatch No.57 of 7th February, 1935, regarding a claim for Hong Kong estate duty in respect of the estate of the late R.E. Belilios, I have the honour to inform you that on 3rd September, 1935, an order was obtained from the Supreme Court for the sale of Rural Building Lot 53 Remaining Portion and Rural Building Lot 35 Remaining Portion.

2.

In view of the present very depressed state of

the property market, I consider it unlikely that these properties, though valued by the Public Works Department at $23,250 and $20,000 respectively, will realise anything like these figures, and this would entail a consequent loss to Government in respect of estate duty.

3.

The buildings on Rural Building Lot 53 Remaining Portion were demolished in 1928 and the property has since then lain derelict. There is one house on Rural Building Lot 35 Remaining Portion which was erected previously to 1892. The leases have only twenty five years to run, which is likely

further to depress the price.

4.

The properties, which are on Mount Kellet, are desirable ones and would normally fetch a good figure.

THE RIGHT HONOURABLE

MALCOLM MACDONALD, M.P.

I am

&C.,

&C.,

&C.