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THE HONGKONG WEEKLY PRESS AND showing smaller losses might also be given. It is admitted that during the past year there has been a distinct recovery, since Mr. ORNSBY's revised Post Office scheme, but from 1890 to 1895 it is con- tended that the tendency of the market was all one way, namely, downwards.
[June 11, 1898. organisation such as that recently estab- lished will wield a potent influence in working up popular enthusinsm and bring: ing pressure to bear on those members of the legislature who are opposed to the naval programme.
firms were deserting it, and that the pressure of the Chinese upon it was not yet sufficiently strong to prevent a decline in values. We went on to say "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 As regards selling values our correspond "the point at which they stood in 1889.ent is no doubt in the main correct, and his Holders of property in the neighbourhood, view corresponds with that under which our however, and would-be investors, would first article on the subject was written; but do well to take note of the change coming the real test of the value of a property is the over the character of the district. Chinese rental, and the Government assessment shops are already to be found as far cast as affords a means by which that en be "Duddell Street and before many more approximately arrived at and a comparison years have passed the European firms now instituted between one year and another. 'occupying premises id Queen's Road will | On that basis values have appreciated. It "all have found accommodation elsewhere." is impossible seriously to call in question The pressure of Chinese, we find; is already the accuracy of the assessment, as it is much greater than we imagined and the com- based upon the actual rents paid, or, where plete transformation of the district is likely a property is in the occupation of the to be completed in a very brief period. • owner and no rent passes, upon the rents
Whatever sentimental views may be eu-paid for similar property in the same neigh-ence which is apt to creep over the country
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tertained upon the encroachment of the bourhood. Property owners are naturally Chinese, property owners certainly have no on the alert against over-assessment, and reason to regret it if they look only to the whatever error there may be in the official interests of their pockets. Take for instance returns must therefore be in the direction the premises formerly occupied by the of under valuation. As the assessment is Chartered Bank at the corner of Duddell made on the same principle year by year, Street, which are now let to a number of however, the comparison of one year with different tenants occupying separate portions another must always be approximately of the building. The corner on the ground correct, and if there is an increase in the ffoor has been turned into a rattan chair assessment it is because the property is shop, another portion being occupied as a yielding an increased return. The amounts barber's shop. At first view it might be at which properties change hands do not thought that establishments of that charac-afford an equally reliable measure of the ter could not afford to pay the same rent as
true value, as they are influenced by that formerly paid by such a tenant as a speculation and the prices may vary large and flourishing banking institution, by much
as
within 25 per ceat. yet we find that while the assessment was a few weeks. Indeed, in the land boom $5,180 in 1887-8 it is now $5,400. There that took place in the early eighties a are other premises that show much larger device was hit upon by speculators for in- increases in the assessment, and there is only flating values by the insertion of fictitious one that shows a decline, namely, the Old figures in the deeds; a property changed Oriental Bank, now occupied by Thomas's hands, say, for $50,000, and it was agreed Grill Rooms. In our previous article we
between the parties that the price should be quoted au extract from a speech made by stated as, say, $80,000. This practice was the Hon. C. P. CHATER in 1887 in connec-exposed in several cases that came before tion with the Praya Reclamation scheme, in the Supreme Court after the collapse of the which he predicted that inland properties boom, and so far as we know it has not been would not only maintain their values in spite adopted since. The element of speculation, of the reclamation, but would share like however, remains and that element moust marine lots in the steady improvement of necessarily render the prices at which pro- value year by year that is inseparable from perties have changed bands at this or that the continued progress of the colony. A date a less reliable criterion of their true comparison of the assessments of that time value than the official assessment. and of the present shows how sound was the hon. gentleman's opinion.
II.
THE NAVY LEAGUE.
Whatever differences of opinion may exist as to the necessity of a strong navy for Ger- many there can be little difference on the same subject as applied to Great Britain. The possession of a strong navy is essential to our very existence as a nation. It is unnecessary to labour that point, as it is admitted by almost everyone who has given the question consideration. Here and there may be found a man like Mr. LABOUCHERE who thinks that if we left our gates unbarred the world is so honest that no one would come in to steal our possessions; but it is not so much active opposition to the main- tenance of a strong navy that the Navy League has to contend with as the indiffer-
from time to time. When international difficulties are in the air and the outlook a abroad is dark the people wake up to the importance of the navy and are ready to vote anything for it, but when the clouds pass away the enthusiasm dies down, in- difference supervenes, and Ministers, anxi- ous to make a good financial showing, may be only too ready to shelve the demands for the navy. Not that they in reality underrate the importance of the subject if their atten- tion be directed to it, but if no immediate energency threatens they can easily persuade themselves to let the matter stand over to a more convenient season, or until another Go- vernment is in power. The history of the past shows a record of waves of enthusiasm on the subject of the navy followed by periods of indifference. The object of the Navy League is to keep the interest in the subject alive and to secure continuity and stability If there are any in our naval policy. doubters concerning the value of the League's work they ought to be convinced by the fact that the organisation is deemed good enough to be imitated in Germany.
SUPREME COURT.
June 3rd.
IN PROBATE JURISDICTION.
BEFORE SIR JOHN CARRINGTON (CHIEP JUSTICE.)
LEUNG HUNG SUNG V. LEUNG NGAN PAN. In this case Mr. Francis, Q.C., appeared for plaintiff, Leung Hung Sung; Dr. Ho Kai for defendant, Leung Ngan Pan; and Mr. Slade for the interveners. This was a motion for an order that Mr. Bruce Shepherd be appointed administrator pendente lite of the estate and effects of Leung Wai Hing (deceased).
Our recent references to the question of No better testimonial to the utility of the land values in Queen's Road have evoked Navy League could be found than the fact very contradictory opinions. Yesterday that a similar organisation has been started we spoke of the assessment as negativing in Germany. A Berlin telegram received the idea that there had been any real by the American mail informs us that a depreciation of values, as determined by the new navy society has been organised under rentals, in the section of Queen's Road from the presidency of Prince PHILIP VON
Mr. Francis said he believed his learned Pottinger Street to Ice House Street. A HOHENLOHE, the Imperial Chancellor's
friends consented not only to the appointment correspondent who holds a different view eldest son, and under the patronage off an administrator pendente lite, but also that now supplies us with the figures of some Prince HENRY of Prussia and the Grand Mr. Bruce Shepherd should be appointed by his actual sales which, as he contends, show Duke of Baden. The object of the or- lordship to be such administrator. that property has in reality depreciated.ganisation, which in the first week of its The New O.B.C. building was sold on the existence secured 230,000 members, is to 6th September, 1889, for $80,000, and on constantly agitate the question of increasing the 8th July, 1893, for $59,000; the old the strength of the navy. Whether a Victoria Hotel on the 4th January, 1890, powerful navy is necessary to Germany or för $500,000, and on the 25th June, not is a point we are not now concerned to 1897, for $410,000; the old Chartered Bank discuss, but assuming it to be necessary no on the 25th January, 1889, for $89,000, better means could be devised for securing and on the 23rd September, 1896, for it than that of educating public opinion $58,000; while the old Hongkong Club on the subject by means of a popular building changed hands in 1882 for $170,000 | organisation such as the Navy League. (including furniture), on the 2nd February, Hitherto the German Government has had 1887, for $130,000 (also including furniture), some difficulty in securing the adoption of on the 8th March, 1894, for $105,000 (with its naval programme owing to opposition out furniture), and in 1897 for $127,000, in the legislature, a large party considering We are told that many other instances the proposed expenditure unnecessary.
An
Dr. Ho Kai said he agreed to this, but at the same time some affidavits had been filed by the other side which were out of the ques- tion altogether. They were entirely unneces sary, and the greater part of plaintiff's affidavit was also unnecessary, and in consequence be would ask his lordship to disallow the costs.
Mr. Slade said he also consented to the mo- tion, but at the same time made a similar ap- plication in reference to the affidavits filed on behalf of plaintiff as that made by Dr. Ho Kai.
Mr. Francis spoke in justification of the filing of the affidavits.
His Lordship granted the order asked for. With regard to the affidavits, he thought it was necessary to file affidavits in support of the motion-at any rate formal affidavits. To certain extent it was clear that these affidavits
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