the Marine Lots hitherto sold, or granted, should be recognized, and confirmed for a period of Seventy five (75) years; excepting however those that may have been forfeited by non-fulfilment of the conditions of Sale.
Eighty eight (88) Town Lots, have, at various times, been granted by the Authorities for the time being. Of these Seventy-five (75) were granted with the understanding, that the annual rent would be Twenty Pounds (£20) per 100 Feet Square - this we consider to be in many instances, far less than their real value, as some of them occupy the most favorable Situations in the Town, while others, from their position, are overrated; but with the desirable object, of not doing violence to the promise or engagement entered into by a Public Officer, while such can be avoided
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avoided with due regard to the interests of Her Majesty's Government, we would recommend, that all lots other than Marine that have been hitherto granted or occupied, should be classified, and rated according to a Scale, determined with reference to their locality.
A Subject to which we have given much consideration, is the principle on which the land should be disposed of, that with the best prospect of advantage to the State, and the ultimate welfare of the Colony, we are aware of the necessity exists for obtaining funds to meet the immediate requirements of the Colony, and that it has been proposed to effect this either by attaching to the sale of each lot, the condition of a fixed bonus, or by offering the lots at a fixed annual Rent, and setting up the bonus or premium to public competition: