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Enclosure 1.
C. O.
10527
HECP IRE 17 JUN 95)
Minute by the Acting Colonial Treasurer.
If Ordinance No. 1 of 1864 is repealed as stated in the Order in Council of the 2nd. February last, the effect on Crown Rents fixed in Sterling prior to 1864 will be that they will have to be paid in Sterling i. e. if ten- dered in dollars, at the rate of exchange of the day. Practically with the rate to-day that would mean an increase of 100 per cent on the amount stated in dollars presently paja.
The number of lots so affected is about 1500 paying
over
·₤25,000
,000 at the rate of
✔ d
4/2
2 inclusive of leases since
surrendered and renewed with rents on a dollar basis which it would be a matter of some difficulty to take out,
Although I cannot find any Notification in the Gazette
4/2
of 1863, I believe it was understood prior to sales of Crown Land, that rents would be paid at the rate of and if that be the case, it would not do for the Government to change the rate now.
It should also be noted that some of the old leases were, for various reasons, surrendered, and fresh ones taken out since 1864, the rent then being fixed in dollars, so that it would appear to be unfair for that reason to insist on an increase in respect of those not surrendered.
I cannot but think that the repeal of Ordinance No. ì of 1864 was an oversight as it does not affect the legal
currency of the Colony, but only fixes a standard for the
payments into that currency.
conversion of Sterling
367