the Board of Directors has decided to write up the book value of land from $1,424,667 to $6,643,551-an average of about $22.60 per square foot. This will have the effect of making the break-up value of the Company's shares about $20 which, while not showing a "true and correct view of the state of the Company's affairs," at least shows a more realistic one, the letter states. The circular announced that the Board were of the opinion that a conservative estimate of the value of the Company's buildings was over $9,000,000, as compared with the book value of $954,000, while the cost of rebuilding similar premises to-day would be about $15,000,000.
11th April
Due to the uncertain situation now prevailing in China, refugees by the thousands have poured into the Colony within the past year, causing the Colony's housing shortage to become more acute than ever. As a sequel to the housing problem, numerous squatters have occupied vacant spaces throughout the entire Colony. On the mainland alone there approximately eight major squatter areas. In less attractive "residential" areas than other main residential districts on the mainland, the squatters have recently made themselves noticeable to almost all the "mainlanders," especially after the fire at Kowloon City in which more than a thousand squatter huts were destroyed.
are
14th April
Three properties in Shamshuipo were put up for auction by order of the mortgagee, at De Sousa's Auction Rooms to- day. On the land concerned there are three buildings known as 433, 435 and 441, Castle Peak Road. The area of each site is 1,296, 1,260 and 1,260 sq. ft. respectively. There were about 20 persons present at the sale and bidding was brisk. It started at $45,000 and went to $67,000, at which sum the three properties were knocked down to Mr. Cheong Ying-chan, of the Lee Wan Weaving Factory, Un Chau Street, Shamshuipo,
15th April
At the annual meeting of China Provident Loan and Mortgage Co., Ltd., to-day the Chauman, after reporting a net profit for the year of nearly $1,150,000 went on to outline a new policy with regard to aepreciation, and to call attention to the dangerous condition of the Company's tenement property in Aberdeen. He also gave prominence to the set-back received by an associate company, North Point Wharves Ltd., through the requisition of their newly developed property by Government for military purposes.
19th April
As a result of recent newspaper reports to the effect that landlords in the New Territories were increasing rents of farm lands to an exorbitant figure, Government has been investigating the allocations and in an official statement denied this report. Reasonable revisions have been made but careful investigations have failed to uncover a single case of "rack- renting."
20th April
In view of the greatly increased civilian population and the acute shortage of hospital amenities, a plea for the early release of the Matilda and War Memorial Hospital by the Army Authorities was made by Mr. J. R. Jones, Chairman of the Hospital, when he presented his report at the first annual general meeting this week.
Tian Ping Shan, Sheung Shui (Inland Lot No. 7) and Hong Lok Yuen, near Tai Po, (Lot No. 1821 in D.D.7) were derequisitioned and returned to the owners on Monday, it was announced. They were requisitioned for the Military Authorities on July 11 and May 16, 1949, respectively.
22nd April
Included in Government appointments in this week's "Gazette" are Mr. A. P. Weir to act as Director of Public Works until further notice and to be Building Authority and Water Authority; Mr. W. A. Johnson to be Executive Engineer; Mr. K. B. Baker to be Chief Electrical and Mechanical Engineer.
The slump of industrial and commercial business in the interior of China has brought about the concentration of
capital in Hongkong. Most of the capital, it is understood, is being invested in two forms of enterprises, to form native banks and to build theatres, both of which are most profitable. Meanwhile, as a result of the money recently invested by merchants in theatres, in addition to the present number of theatres in Hongkong, there will be more than ten theatres ready by the end of this year, making a total of 45 old and
new.
23rd April
If popularity is to be assessed by the numbers who attend a farewell party, then Mr. and Mrs. A. W. Blackmore must be more than satisfied with the "send-off" they received from the Vibro Piling Company. The farewell presentation took the form of a three-tier cabinet of cutlery and Major S. M. Churn, Chairman of Directors, had many complimentary things to say about the good work that Mr. Blackmore had put in, covering a period of over twenty years.
Details of reclamation scheme affecting the entire water front from Murray Road to the Western terminus of Queen's Road is given in the Sunday Herald to-day.
24th April
The Landlord and Tenant Ordinance is blamed by property-owners for the present slump in real estate value, now at its lowest ebb since the end of the war.
25th April
A profit of $418,402.41 for the year ended December 31, 1949, is reported by the Directors of the H.K. Engineering and Construction Co., Ltd. at the annual meeting of the Company.
The bidding opened at $65,000 when some leasehold property at Happy Valley, No. 7, Fung Fai Terrace, was put up for sale at De Sousa's Auction Rooms to-day and sold for $72,000. The building stands on Inland Lot No. 2,592 which has an area of 3,458 sq. ft.
27th April
Nos. 14 and 16 King's Road, formerly used as Bay View Police Station, were de-requisitioned and handed back to the owners yesterday.
29th April
The Chinese General Chamber of Commerce have resolved to abandon their former scheme of erecting a 12-storey building on the present site. Instead, they have in mind a more magnificent 11-storey building on a new site which will cost almost double as much. The standing committee resolved on the 27th April that, instead of spending $800,000 on the building mapped out, the Chamber should spend $1,500,000 on a modernised structure on a new site recently bought in Connaught Road Central.
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