Thirty-three; that they amounted in the aggregate to an extent not much exceeding
executing
In several years; and that the annual payment bid for them
amounts to an
£3,139. This average of £7.8.6 per
Square Foot, a price which is equal to a rate of more than double the average for the Crown. Observing this great disparity in expressing
to the reservation in You
Your
result,
Despatch No.7
that it would only be just to confirm the Marine Lots at the prices they fetched at Auction upon Leases for Fifty Years.
In respect, however, to the Suggestion that there should be a right of renewal "on such terms as the state of the Colony may render expedient," it appears to me that it might perhaps be advisable,
instead of giving any
such general assurance,
to grant some moderate extension of the
term to be originally granted to the Leases, but that Marine and Suburban Lots should not be held, including such extension, for
more than 75 years.
At the same time I
might add, that although I disapprove
of creating a right to demand renewals, I do not propose to take from the Government for the time being a discretionary power to grant them from time to time at intervals
of not less than 15 years, the fee paid on "demand for renewal" being equivalent to
improved ground rent. I have also further to observe that I consider that the duration of Leases for other than building purposes should, for the future, not exceed a term of 25 years.
2. Mr. Johnston's notice fixed for Marine Lots the reserve price per Square Foot, which he appears to have taken to be the average rate realized at the former