80
only necessary.
In 1887, building lots suitable for the erection or acuses
here sold at about 60 cents & square foot; annual Crown rent at the
rate of #580 per acre, teru of lease 7 years.
8.
Advantages will probably accrue to the Colocial Government
in more ways than one by the extension of the Dock Company's pre-
11ses, and at present there is little de 200 for land in the vici-
alty of Pung HoL. The land applied for is mostly bill side, and
extensive excavations will be necessary to render it suitable for
building purposes, and a considerable proportion will De absortea
by the slope on the north side.
7.
Under these circumstances, I think a fair 800 reasonstle
price to ask for the lina applied for, including that within the
Far Department reserve, is at the rate of 5 cents per square foot
and an annual 'Crowo rent at the rate of $109 per acre; tera of
lease 999 years (aating from 1884),ano I sutait that the Dock
Company be informed that His Excellency is prepared to recoqueno
to the Secretary of State the granting of the extension subject
To the above conoitices.
3.
As regards the concluding paragraph of Mr. Doowell's letter
I subuit that he be informed that apparently no serious objection
will be raised by the Far Orrice to the proposed encroachment on
War Departuent reserve, but, as the reserve is Colonial property,
sli negociations in respect of it should be carried on wito toe'
Colonial