CO129-587-8 Crown leases 18-4-1940 - 17-3-1941 — Page 38

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Crown lands to the highest bidder of an annual rent, he was decided- ly of opinion that, in future, biddings for Crown lands should not be in the form of an advance of rent, but that any such

property should be offered for lease at a moderate rent to be

determined by the Crown Surveyor and that the competition should be in the amount to be paid down as a premium for the lease at the rent so reserved". (Land Commission Report.)

10.

In the eighties of last century the issue of 999 year leases ceased (except in special cases) and at that time, or some

years before, 75 year leases without option of renewal were re- introduced. It is these leases which form the subject of the present discussion. Their issue continued until 1898 when the standard period became 75 years renewable for another 75 years, without payment of premium, at a Crown rent for the second period to be fairly and impartially fixed by the Director of Public Works as the fair and reasonable rental value of the ground at the date of such renewal. The now lease then to be issued (for the second term of 75 years) is to contain no proviso for further renewal: (that is, if the policy decided upon in 1899 still holds good forty

years from now).

11.

These 75 plus 75 year leases have been issued from 1898 until the present day and have become the standard lease of the Colony. There are exceptions, notably agricultural leases, and leases in the New Territories which are limited by the length of the 99 years lease granted D, China to Great Britain.

ears

12. It is particularly to be noted that when leases for 75 plus 75 succeeded the leases for 75 years only, the Government de- anded approximately the same upset price for lands that were put up for public auction for leases of 75 plus 75 years as had former- ly been asked for leases of 75 years. In other words, the Govern-

! ment gave the lessees immediately succeeding the 75 year lessees a

much better bargain at the same price.

13. It is therefore surprising that, as far as we have been able to trace, there was no public agitation at the time, by the 75 year leaseholders, for a concession to ther here, their leases would have been placed on 11-four with the new type of lease. They hava kaon

to quote in support of the