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"Land allotted to them was only sufficient for the building and occupation Grounds" and not for purposes of Endowment?"
The Lease for Saint Paul's College Grant No. 76 was approved of by the Attorney General and executed here by the present Bishop of Victoria as Warden of the College in September 1851: one clause in the Lease is to the effect that, the Warden shall not - without the previous Licence of the Government employ the said Land or premises for any other purpose than the promotion of the Charitable object of the College as then may be legally established.
In accordance therewith The Bishop lately intimated to Sir John Bowring his desire to appropriate some of the funds of the College, for their better investment to benefit the institution in the Erection of two Houses on the upper portion of the Lot - Sir John Bowring gave a verbal permission for the erection of these buildings, and authorized me to execute the work which was commenced in July 1858.
The Clause following that above quoted, I regret to say, was overlooked both by the Bishop, Sir John Bowring and myself, for it is one which distinctly sets forth that, the Land and premises shall not be let, underlet or mortgaged. It is a Separate Clause.