rent. fp. square foot might be high according,
probable that it was the measurement of lease, it is probable capability of reducing that rate by adding to the available building ground, that enabled the purchaser to pay the higher rate for that portion included in the Lease, whilst, in the case of my Lot, I was not only unable to add to my available ground, but upwards of 12 per cent of the Government measurement was wholly unavailable, and a large portion of it was taxed with Marine rate, though the remainder, strictly speaking, was only chargeable with low let rate.
In conclusion, I beg to call your attention to the fact that, assuming the premises my lot were let at the highest rental I believe was obtainable when such accommodation was scarce and wanted, after paying ground rent there would be left 5% interest for outlay of capital, which was moderate, whilst, taking the rent at what they will only bring at present, if they can be let at all, they will not produce 50 per cent of the ground rent. As this ground rent was the upset price of Government, and has always been considered as in lieu of all other taxes and assessments, it is evident it acts most unjustly on individuals and injuriously towards the Colony, since, when, from circumstances over which the Lessees of the ground have no control, their property becomes untenanted, they are still liable for what was only intended to be in lieu of assessment or such taxes as occupation would only have justified or created; a principle of levying taxes which, whilst it imposes a burden on Landlords when they are least able to bear it, must check the investment of capital in the Colony in any shape.
Setting aside, therefore, all cases of individual hardship in Leases and Tenure of Land in the Colony, I respectfully submit that the principle of raising funds by an excessive ground rent in lieu of all other taxation is calculated to oppress the more depressed of the Colony, and this operates every day against a reaction, and in times of prosperity it does not fairly tax those who ought to be taxed, or yield.
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