the present value, I respectfully submit to your Excellency is not fair compensation as stipulated in the lease. The Ground Rent Lot 1170 was put up for sale in February 1854 and even then there was little or no competition. I was not put up at my instance, nor was there any understanding as to the purpose to which it was to be assigned. Several parties bid at the sale and it was knocked down at a premium of $180.
Regarding its present value, I beg to submit to your Excellency's consideration the following circumstances.
1st. That the full and fair consent for Ground Rent in March 1855 cannot be less than its cost in February 1854.
2D. The sea frontage is 30 feet and the Ground Rent is only two shillings and six pence per foot, equal to $10 per front foot.
3D. I solemnly declare that I have sold the lot subject to the Government resuming its carrying into effect for $1000.
4. The proprietor of the adjoining Lot 75, which the Government also notified its intention to resume, has gone to the expense of filling my lot.