8.
suggestion, the value of this land has
recently been re-assessed. In some
development areas agriculture may have
become difficult, although this is
often because other land has been
abandoned and water courses have become
obstructed. The New Territories
Administration is always willing to
discuss particular problems with those
concerned.
15.
The present land exchange
system was devised in 1961 as an
alternative to cash compensation.
Since then, the vast majority of land-
owners have preferred to accept a land
exchange entitlement (Letter B)
rather than cash.
Acceptance of
the exchange offer is voluntary and
once a surrender is made I can see no
reason to pay interest. The value of
these exchange entitlements has risen
very considerably since the exchange
system was introduced (as land values
continue to increase) because the
premium payable is moderately assessed
and is related to the date of surrender.
16.
You have raised, in
discussion with the Secretary for the
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