Extract from His Excellency Governor
Bonhand's Despatch No. 87 of 15th November, 1848, to the Right Honorable the Earl Grey,
6. Your Lordship in Despatch No. 32 of the 4th May, 1848, has decided, for various reasons that the present rates should remain as they are, and I am with great respect fully satisfied of the justice of the conclusion that has been arrived at: that the present holders have no equitable right whatever to demand a reduction as they purchased the lands at public auction, not only at one sale, but at many, and were therefore fully aware of what they were doing. But, as I have before observed, with a view to the ultimate benefit of the Colony, I am persuaded that some reduction in the existing rates should be made.
7. The objections to this proposal