2.
entirely fictitiously purchased, in other words were that they were for re-sale. On 27th indeed a deposit was paid, but the parties refused, when they found they had purchased on speculation for they could not resell them to advantage, to take out Leases; and abandoned them entirely. On the remaining 22 lots no deposit was paid, nor were any Leases taken out for the same reason. Hence it appears to me that calling the rents that would have been payable on these Lots (had the purchasers fulfilled their fallacious agreement), the amount of the Rents due on these 49 Lots, viz £1,425 should be deducted from the gross Rent of £15,699. This will leave £14,974 as the highest rate of annual Rent that has really ever been derivable from the Colony.
There still remain 81 Lots to be accounted for that have reverted to the Government, and which afforded an annual rent of £2,879. Of these, five Lots yielding annual rent of £185 have been resumed by the Government for its own purposes, and this sum must be deducted from £2,879, which leaves an annual loss of £2,694 on the 76 lots. These 76 Lots were fairly and honestly purchased, and have been made use of and rent paid for them; but in consequence of the Colony not progressing in the way expected to do, the proprietors have requested permission to abandon them, preferring to relinquish them altogether to continuing to pay the present high rate of Quit rent. Should Your Lordship therefore consider that the loss sustained by the Government ought to be calculated on the 76 lots alone, and assuming the highest total amount of Quit-rent to have been £14,274, and that on these Lots be £2,694, it seems...