Admira
ents
159
Fore Office
Home Office
appears by the corrected Return transmitted in despatch No99) to
€14.274.-
5.
The progress, however, of the Colony did not correspond with the anticipations on which these large rents had been obtained, and the consequence was that the purchasers of land became dissatisfied with their bargains. Permission was given to those who chose to throw up their Lands, and 76 Lots have been thrown up, involving loss to Government of £2694, or about one fifth of the annual Crown rental.
Mr Stephenson also states the circumstances of four properties on three of which expenses have been incurred amounting to 40 or 50 thousand dollars each. Of these, two cannot be let for the mere ground-rent and other two; one has been sold for $15,000, and the other cannot find a purchaser at that price.
Under these circumstances Governor apprehends that besides the discontent occasioned by those who find themselves burdened with a rent beyond the value of their Land, the maintenance of the present rate of rent will have the effect of causing