122
we
will briefly submit our
conclusions
seem to
decision.
12 first
the points which Sreyp
upon require Lord
we presume his
Lordship will adopt the view
of the Governor with regard to the inexpediency of altering the present scale
of rents
and the
unanimous recommendation of
the Committee
Caseo
ao
upon
individual
detailed in the
separate minute of the Surveyor
General,
cades
which can
only
be properly decided
having
a
B Secondly
by persons
with local knowledge.
With respect
to the mode of competition to
be adopted
in future Sales we
see no reason to modify
this opinion submitted from
the Board, in March 1849, namely
that as a general rule
the sale of property at a rackrent is necessarily in the nature
of a sale on credit and does encourage speculative purchase
commensurate less with the
actual capital of the Purchasers,
than their anticipations. We do
not see any reason assigned
for adhering to their present
course,
but we acknowledge
the expediency of deferring, upon
this point, to the deliberate
judgment of the official
and
no