486
which I asked your sanction by a telegram of 14th ultimo. You et portion of the land in question was urgently required for the extension of the Central Market and the vendors declined. to sell a less quantity than the whole block.
The land in question is 56,541 square feet in area, and in the negotiations carried on with the Peninsular and Oriental Steam Navigation Company, it has been assumed that this land is worth $7 a square foot. There is no doubt that it is fully worth this price and there is probability that before the end of the present year, it will be considerably increased in value.
The Peninsular and Oriental Steam Navigation Company stipulated for exchange of 6000 square feet of their ground for an equal area of the unoccupied portion of Government ground known as