32.
33
399
for
a service to the public which can
be measured by the interest on the cost of construction ($2, 146, 228) for a period which, even in respect of the first -
instalments, will in no case be likely
to exceed two
20.
years.
Ander the circumstances,
I donot think that there will be
any
difficulty in obtaining the consent of least the great majority of the lot -
owners to the
more onerous terms now
suggested. But in order to obviate the
possible objection that a depreciation in the value of land might sweep
away
eway
the whole margin of profit,.
snow estimated, I think it might be
to each loh owner the
well to
offer
option of paying either a premium,
1
!
as above proposed (.i. e. his proportion of $1,000,000) or of receiving the price realised by his reclaimed land at public auction, lees half. the amount by which that price exceeds hid outlay for the cost of the work..
21.
This
option might be.
exercised after the reclamation was
finished,
and the time had come
for taking out the lease. So that, if
by