The matter has now resolved itself into the simple question, as to the interpretation to be put on Your Lordship's instructions that "we were not to alienate land in perpetuity, or for any longer period than should enable tenants to create substantial buildings."
Your Lordship will have seen from the copy of the Leases which forms Enclosure No.1 to my Despatch No.3, of the 22nd of January last, that it has been provided for in that document, that the Buildings shall all become the property of the Crown, at the expiration of the 75 years for which the Leases are to run; and I am usually told that this is the case in Leases of the sort: but there can be no doubt that the strict enforcement of that clause will operate towards deterring people from expending so much money as they otherwise would do in improvements by building quays, Wharves, Docks, &c. And when I look to the high rates of rent at which the land of itself has to let in this Island, I cannot doubt but that a favourable consideration of the prayer contained in the present application would have the most beneficial effect on the future prosperity of the Colony. I should, therefore, be glad, did it accord with the views of Her Majesty's Government, to see that Clause of the Lease modified so as to ensure the Owners