J
܂
312
with so valuable a portion of one of its chief assets, viz.,
+
land without receiving full market value for it.I submit
therefore that the reply of the Government should be that it
cannot consent to the value of the site required by the Mili-
tary Authorities being entered in the special account; that
the premium is $26,250; that the Crown Rent at the rate of
$300 an acre will be charged; that this Crown Rent may be paid
either in one sum of $30,000 being its capitalised value at
1
25 years' purchase or by annual instalments, during the term of
the lease, of $1,200 a year; that the premium and Crown Rent,
whether the latter be paid in a lump sum or annually, may be
deducted this year or annually from the Military Contribution
and that a lease of the land for 999 years will be granted.
25. Moreover, I beg to suggest that the special
"
account instead of being allowed to run on from year to year
should be balanced every year and a yearly payment made to the
party in whose favour the accounts lie.
26. Again, in support of both the arguments in
this minute, I beg to call attention to the Circular Despatch
of 9th. June, 1890, which transmits a memorandum XX with regard
to the disposal whenever occasion may arise of Colonial Mili-
tary Crown Lands and buildings no longer required for defence
'purposes. The word defence supports my earlier and the words "no longer required" support my later argument.
27. This minute has,I am sorry to say, reached
large proportions; but the importance of the subject and the
interests of the Colony are my pleas for setting forth the
matter so fully.
(sa.)