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9. Basing the values of the property upon the Crown Lease area of 32,820 square feet, I estimate that in 1895 the value of the ground alone was $3 per square foot, equals $98,460. To this must be added the value of the Build- ings, which, as I have already stated, I consider to be $50,000.00, making a total of $148,460.

10. The actual Reclamation Works in front of the Claimants' property was not commenced till the 16th April, 1898, and, previous to that date, there were no obstructions of any kind preventing cargo boats approaching and making fast to the Old Praya Wall in front of Marine Lot No. 184 as of old. The Claimants sold their property on the 11th October, 1899, to the Humphreys Estate and Finance Company for $110,000 ($3.38 per square foot including buildings). I do not consider that this sale is a criterion of the true value of the property, and I think that the low price realised must have been due to the depressd state of the property market. This is shown by the fact that two months later the property sold for $120,000, five months after that for $140,000, and seven months after the last date for $146,000.

11. The Government Rate Books show that the annual rateable value of the property was assessed at $6,600 from 1888 to 1900 inclusive, and in 1901 it was increased to $10,800 and has since risen to $15,300. This shows that, in the opinion of the Assessor of Rates, there was no depreciation in the value of the property caused by the Praya Reclamation, and in this opinion I concur.

12. If the Claimants lost business, as alleged by them, from 1896 onwards, I am of opinion that such loss is probably attributable, in a considerable measure, to the opening in their inmediate neighbourhood of many larger and better built and better arranged godowns, with modern appliances.

A 3.

(Sd.) WM. DANBY, M. Inst., C.E.

Qualifications of Mr. A. Shelton Hooper, as a Valuer.

I, Augustus Shelton Hooper, am Secretary to the Hongkong Land Invest- ment and Agency Company, Limited.

In July, 1886, I was appointed and sent out from England by the Secretary of State for the Colonies as Surveyor of Crown Lands and Valuer under the Municipal Rates Ordinance, 1875, Hongkong.

From my arrival in September, 1886, to 30th April, 1889, I devoted the whole of my time to valuations of property for Government purposes, more especially in connection with the annual assessments of same.

On the repeal of the Municipal Rates Ordinance in 1888, I was appointed Assessor under the Rating Ordinance, 1888. My duty during the three years I was Valuer and Assessor was to place such an annual value on each tenement which a tenant may reasonably be expected to pay for same, to enable me to do which, I personally inspected each tenement in the Colony and became conversant with its value. I valued every tenement in the Colony three times for Rating

purposes.

On resigning my appointment as Assessor in 1889, 16 years ago, I was appointed Secretary to my present Company, whose business is to invest money on landed property here by way of Mortgage or purchase. All the investments are valued by me. Over $10,000,000 have been invested in Mortgages, and over $4,749,000 in purchases of property.

I know the Claimants' property in question. (M. L. 184) very well indeed, and it was one of the first properties I valued in the Colony for Rateable purposes.

A 4.

Valuation by Mr. A. Shelton Hooper.

Re Stephens and Howard's Godowns,-Marine Lot 184.

HONGKONG, June, 1905.

Report and Valuation on the Claim to Compensation under the Praya Reclamation Ordinance, Section &, Clause 6, for the alleged injury sustained by the Claimants, as non-assenting Crown Lessees, by reason of the Reclamation being constructed in front of their Marine Lot.