75
Nos. 5 and 6 in 33816/34
7 ibid
1 in 53514/35
6 ibid
in addition to its Defence Contribution.
3. In October, 1934, the Governor forwarded
correspondence regarding the terms of transfer of the
lots in question to the Air Ministry. This involved
the payment by the Air Ministry of the costs of forming
Reut
and resuming and of Crown Land capitalised at 25 years'
The Governor at the same time suggested that
purchase.
an Air Ministry Lands Account on the analogy of the
Military Lands Account should be opened, in which case
the Colony should be credited in addition with the
current market value of the land, as is done in the
case of transfers to the War Department. The Secretary
of State did not approve this proposal, and advised the
Governor to continue negotiations on the basis of cash
payment by the Air Ministry, on the grounds that the Air
Ministry had no claims to such favourable treatment.
4. This ruling was accepted by Hong Kong, who
presumed that the Air Ministry would be required to
pay the current market value of the land as well as the
consolidated Crown rent and the cost of forming and
resuming. In view of the fact that the user only was
being transferred to the Air Ministry, the Governor
was advised that it would be unreasonable to demand
5.
this additional payment. . of current worket value. the
On 5.6.35 the Air Ministry semi-officially
raised certain points about the exact nature of the
Crown rent (pointing out that 25 years' purchase
approximated to the value of a lease for 62 years at 31%) and the charges for forming and resuming. This
was answered, except for a small point regarding the
refund
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