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of the commutation of land premiums by way of addition to the rent reserved, should be gradually introduced, and accordingly by a clause was inserted his direction in the conditions of sale of a certain building lot which was advertised for auction, to the effect that the purchaser would have the option of commuting three quarters of the purchase money at five per cent. interest, and paying such commuted premium as additional annual rental.
The lot was sold and the purchaser availed himself of the option of commuting.
2.
The question, however, has now been raised as to whether the commutation of premium is in accordance with the instructions contained in the 6th paragraph of Earl Grey's despatch No. 222 of the 2nd January 1851, GR9644/50.
In the opinion