豪
June 4, 1898.]
erminus at Wanchai Gap or Wongnei- chong Gap to give ready access to the eastern section of the residential area on the heights. If the Government undertook the construction of such a tramway the cost would be speedily recouped by the sale of building sites; or, if the Govern- ment were unwilling to undertake the responsibility, it might grant a charter to a public coupany coupled with the grant of a certain amount of land, an arrange- ment that is often adopted as an encourage. ment to the construction of railways in new countries. Without a tramway the occupation of the eastern heights for re- sidential purposes would proceed but slowly, owing to the time required for the journey and the expense and trouble of keeping chair coolies for work over long distances. With a tramway, however, the district would develop rapidly.
Mr. ORMSBY suggests, also, that the possibility of constructing a road from Victoria Gap, level, or at an easy gradient, to the saddle between Victoria Peak and High West, and then down by the north face of the mountain to a point on the Peak Road, should be ascertained. Such a road, he says, would give access to splendid building sites. The project certainly merits careful examination, but it does not strike us that the district that would be opened up by such a road would come into very great favour as a residential area, especially if the eastern portion of the hill district were made available by the construction of the Wan- chai and Wongneichong Gap Road and a tramway. Round the western side of Victoria Peak the houses would be exposed to the full glare of the evening sun, and there would, moreover, always be the uncertainty as to how much of the ground might be required for military purposes, now that troops are barracked at the Peak.
E
+2
18
CHINA OVERLAND TRADE REPORT.
'the cost would be much less than the cost of the reclamation to the west, and "the work is certain to prove remunera- "tive, but it is a large a quetion, and "how it should be undertaken and "financed requires much consideration." A tramway would, of couse, add meterially to the value of the land to be reclaimed at this point and consequently conduce to the early undertaking of the work.
We congratulate Mr. ORMSBY on his able report, and the colony is also to be con- gratulated ou possessing a Director of Public Works with such a keen appre- ciation of the present and future require- ments of the colony. When the Kowloon extension takes place the Public Works Department is likely for some time to| have its hands inconveniently full, but the new possession must not be allowed to divert attention from the works required for the development of the city of Victoria and the various villages included in our present boundaries.
THE VALUE OF PROPERTY IN QUEEN'S ROAD.
When the Praya Reclamation scheme was under consideration attention was naturally directed to the effect the execution of the scheme might have upon the then existing land values. The point was touched upon at the meeting of lot-holders hold on the 9th October, 1887, by the Hon. C. P. CHATER, who referred to the steady increase in the population and the overcrowling which existed, and argued that as the ex- isting population moved forward towards the new water frontage its place behind would be filled by the annual influx, so that there would be no fall in values. "In case you may have any doubts on this point," said the hon. gentleman, "I would re- "mind you that the Bonham Strand lots "have been in no way depreciated in value "hy the two successive sea reclamations "which left them inland, and what pro- perties are there in Hongkong to-day more "valuable than those in Bonham Strand? "If you pause to consider for a moment the "marked effect which this inundation of people that I have pointed out to you will "have upon land values from year to year, "and that the inhabitants of the city have been and are increasing at such a rate as will double our population in about fifteen years, the same conclusion at which I have "arrived in respect of inland lots cannot "but force itself also upon you. Indeed I am not only satisfied that inland properties "will not only maintain their values in spite "of this reclamation, but I am equally satis- "fied that they will share like marine lots "in that same steady improvement of value |
64
6
Concerning the Jubilee Road, Mr. ORMSBY says that" if followed, as no doubt "it will be in time, by a road side tramway, the overcrowding of Victoria will probably "be relieved by many of the better class of "Chinese and Eurasians moving out to the "suburbs." From this we infer that the Director of Public Works is favourable to the construction of tramways, and we would venture to suggest to the hon. gentleman that he might with advantage take into consideration the question of the early lay- ing of a tramway running the whole length of the city, a much needed work. Many years ago a Bill was passed authorising the laying of a tramway by a public company, and we believe there is some doubt whether the concession then granted is not still in force, but the project has never been carried out, and Mr. PRICH, some years after the Bill was passed, recommended that the Government should undertake the work.
year by year that is inseparable from the Nothing could be better calculated to re-
"continued progress of the colony." While lieve the congestion of the population in these predictions will, we have no doubt, bə the centre of the town. With convenient fulfilled in the long run, it must be con- means of communication the population fessed that at present the property market would spread out to the eastern and western is stagnant and that the last few years suburbs, and, when the Jubilee Road is com- have shown a decline rather than an pleted and the tramway extended along it, appreciation in values. The colony has the southern side of the island will no unfortunately had three visitations of doubt also come into favour with the na-plague during the last five years, which tives as a residential area, as predicted by have materially retarded its progress Mr. ORMSBY.
Extensive reclamation works in various population, while concurrently a large ad- parts of the colony are also recom-ditional area of land bas become available mended by the Director of Public Works, for building purposes, and, added to this, including the foreshore beyond Arsenal the recent sanitary legislation has thrown Street to East Point, the reclamation of
upon landowners responsibilities and ex- which, he says, is bound to follow ou
penses to such an extent as to make the completion of the present work investment in house property unpopular. to the west, say, in three years' time. Even the best descriptions of property, Owing to the shallowness of the water, whose sauitary condition leaves nothing to
C
and diminished the ratio of increase in the
需要
*C
be desired, auffer in saleable value in sympathy with the general stagnation of the market. Perhaps the particular district of the city in which the present decline in values is most marked is the section of Queen's Road extending from Pottinger Street to Ice House Street, of which an instance was afforded the other day in the sale of a portion of the premises of Messrs. A. S. WATSON & Co., Limited, reference to which was made at the recent annual meet- ing of the shareholders. The property in question was purchased in 1889 for $159,000, on a valuation made by Messrs. BIRD and PALMER, and it was sold the other day for $115,000. At the meeting some re- marks were made reflecting on the late Mr. J. D. HUMPHREYS in connection with the purchase of this property which were not justified by the facts of the case. At the meeting of the Company held in 1889 Mr. HUMPHREYS mentioned his intention of transferring to the Company the premises in question, which he said were then in his hands. He represented himself clearly as the vendor, and the only guarantee he gave as to the amount he proposed to charge was embodied in the sentence "Of course I will see the Company takes them over at a fair price." The ordinary way of arriving at a fair price in such cases is to obtain an independent valuation, and the firm employed to make the valuation was one whose certificates would ordinarily command unquestioning acceptance. The sale of the sanie property the other day for $115,000 shows a heavy depreciation, and we may take it that most of the neigh bouring property if sold now would realise prices below what it would have realised in 1889. The district in question is not only affected by the general already alluded to, but it is at present affected by causes peculiar to itself. It is, in fact, in a transition state; the European firms are deserting it and the pressure of the Chinese upon it is not yet sufficiently strong to prevent a decline in values. This pressure, however, is constantly increasing and in a few years' time will lead to a general enhancement of the low values now ruling, bringing them up to or beyond the point at which they stood in 1889. Holders of property in the neighbourhood, however, and would-be in- vestors, would do well to take note of the change coming over the character of the district. Chinese shops are already to be found as far East as Duddell Street and before many more years have passed the European firms now occupying premises in Queen's Road will all have found accommo- dation elsewhere.
causes
THE SPANISH SQUADRON IN THE BATTLE OF CAVITE.
It is perhaps not surprising that the ac- counts of the battle of Cavite published in the Hongkong papers should have failed to give satisfaction to the Spaniards at Manila, for defeated parties, whether in actual warfare or even in friendly games of skill, generally find that the reports have failed to do justice to themselves and have unduly praised the victors. The Comercio, in giving a translation of the first report of the battle which appeared in the columns of the Daily Press, a report obtained in an interview with an American naval officer, gives it the heading "How the Hongkong 'papers write history " and comments on the alleged want of fairness of the report. "The gravamen of the charge brought against us by our contemporary is that we overstated the strength of the Spanish fleet and that
No comments yet.
Private notes are available after approval.