Although the final cost of the land per sq. ft. to the participants viz. $2.41 is in excess of the cost originally estimated in 1921 viz. $1.505-the scheme has proved to be in every way a very profitable undertaking.
The interests of the participants have been carefully guarded throughout and they have received from time to time the full benefits from the rents obtained for lands temporarily occupied during construction and all interest on any sums lying to the credit of the Praya East Reclamation account. These credits amount to approxi- mately $457,000 and participants' contributions have been accordingly reduced by this amount equivalent to approximately $0.20 per sq. ft. of allotted area.
The supervision charges include the payments made for the services of the lerks of work and Chinese foremen employed to supervise the construction. The mount debited to the cost of the work is very reasonable and in accordance with the Ordinance.
HONG KONG, 30th June, 1930.
H. T. CREASY,
Director of Public Works.
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