and reasonable; and, as that is the upset price when the lots or portions of ground are put up to public competition, I submit that the sum at which any lot of ground may be knocked down should only be demanded by Government for the space of one year from the date of the sale, after which it should be held at the upset price, with the addition of Five shillings, being the sum necessary to effect a sale.
In cases, where several parties are competitors for the same piece of ground, each enjoys the opportunity of bidding, and though the sum at which the sale may be effected, may at times be enormous, still, as this burden would only have to be borne for one year, the purchaser would be enabled to improve his ground.
Though, at first sight, this plan may appear detrimental to the Government, still experience will prove its advantages over the present system; as buyers are not saddled with a ruinous rent for 75 or 999 years, instead of abandoning their purchase.
At present, land jobbers are in the habit of running up the price of lots, and prejudicing their sale very materially, as, in the event of any lot, the price of which they bid for, being knocked down to them, they merely pay the deposit and throw it up. Government would decidedly gain by refusing to take their bids, as bona fide purchasers would then become the owners at reasonable rates, and the Government, instead of receiving a forfeit, would annually receive the rent.
Many of the residents have abandoned their views, in consequence of this practice, and Chinese intending to become settlers have been compelled to go elsewhere.
True Copy
I have, &c.,
(Signed)
John Burd,
Colonial Secretary.