Sessional_Paper_1905 — Page 656

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land in front of the Lot when reclaimed at $2.75 per Square Foot. It was not shewn that the reclamation was worth less per Square Foot than the value of the old Marine Lot in front of which it was created.

Mr. TURNER in cross-examination stated that he had valued the New Marine Lots Nos. 204, 205 and 186 in June, 1895, and June, 1896, at $3 per Square Foot. He further stated that Marine Lot No. 199 on which a small balance ($2,000) had still to be paid to the Praya Reclamation Fund was sold in 1898 at $3 a Square Foot. These Lots are in much the same relative position to the harbour and town as the former Marine Lot No. 184, except that they are very slightly nearer the centre of the City.

Messrs. PALMER & TURNER'S statement, dated the 19th September, 1899, toge- ther with Mr. TURNER'S evidence, went to prove that the value of the land form- ing Marine Lot No. 184 in 1895 was about $3 per Square Foot, and very slightly over that value in 1898.

(iii.) Messrs. Denison, Ram & GIBBS' valuation per Square Foot of Marine Lot No. 184 at the time-1899 or thereabouts-" when the access to the sea was interrupted to such an extent as to render the property in question, and the buildings thereon, in great measure useless for the purposes of Godowns" is, according to Mr. RAM's statement of the 14th June, 1905, put in by the claimants, $4 a Square Foot.

The first fact on which this valuation is based was a valuation made by Mr. RAM in 1897 of Marine Lots Nos. 188 and 189'just a little further West of Mari- ne Lot 184. With regard to this he says:-"This property is very similar in character, having a frontage on good water and being also a corner Lot, with a frontage on three sides upon public streets and being also of the same area and covered with Godowns of the same character." The valuation for this property was $3.25 per Square Foot.

The second fact brought forward in favour of the valuation of $4 a Square Foot was the sale in 1903 of Marine Lot No. 180 at a price slightly in excess of $7 per Square Foot.

In cross-examination Mr. RAM stated that the date of his valuation of Marine Lots Nos. 188 and 189 was the 15th December, 1897, and that there had been a general rise in value between the years 1897 to 1903.

Messrs. DENISON, RAM & GIBBS' statement, dated the 14th June, 1905, and Mr. RAM's evidence went to prove that the value of the land forming Marine Lot No. 184 on the 15th December, 1897, was about $3.25 per Square Foot and that subsequently the value rose.

Messrs. DENISON, RAM & GIBBS further submitted a valuation of the property deduced from the rents obtained from the ground floors of Godowns in the vicinity in 1899. This valuation which amounted to $184,184, and in any event would require various corrections, need not be considered in view of the Judicial Assessor's reply to the first of the questions put to him.

(iv.) Mr. W. DANBY in paragraph 9 of his statement, dated the 10th June, 1905, put in by the Crown, estimated that in 1895 the ground alone of Marine Lot No. 184 was worth $3 a Square Foot.

(v.) Mr. A. SHELTON HOOPER in his statement, dated June, 1905, put in by the Crown, taking into consideration that Marine Lot No. 184 was a corner Lot having a frontage on Whitty Street, considered the land to have been of the value of $3 per Square Foot in 1895. He also made a valuation ($147,227) based on the rental of the property, but this, for the reasons given with regard to other valua- tions on this basis, may be neglected.