C 217 ] 



CHAPTER V. 



VALUE OF REAL PROPERTY. 



The Island of Penang contains an estimator] quan- 

 tity of about 48,000 orlougs of land, only nine thou- 

 sand of which can he considered to be in a state of 

 cultivation ; about 8,000 of the remainder are hilly. 



No valuation which can be depended on has been 

 made as yet of the cultivated land, nor would it \\e 

 easy to do this where produce is liable to constant 

 fluctuations in its value. 



It would be more difficult perhaps to appraise the 

 town and suburbs within the Bound ditch. 



In 1808, a committee valued the property situated 

 within a sweep of two hundred and fifty yards of the 

 fort, which includes a portion only, although a valua- 

 ble one, of the town, at 534,750 Spanish dollars. Pe- 

 nang was then the chief commercial* place in the 

 Straits. The Church too, was not then built, which 

 cost a large sum. At the estimated rental of the whole 

 town, and at ten yea in* purchase, exclusive of the 

 church and other public buildings, the value of all 

 o\a\ h- r.iUil ui 70i),0f.)0 Spanish dollars. 



The whole lauded property and houses lying' be- 

 yond the Bound ditch may, at eight years' purchase 

 only, be valued at not less than 520,000 Spanish dol- 

 lars, it ut the value of this last is daily advancing- and 

 when the spice plantations now in progress, come into 

 bra ring, it will probably l>e greatly increased. 



The annual value of the gross produce arising 

 from the cultivation, can scarcely he rated higher as 

 \H than 100,000 Spanish dollars, and it has occasion- 



B 2 



