laid out for building purposes, with avenues running East and West of 75 feet in width, and streets running North and South 50 feet in width and with the probable saleable value of each block per square foot worked out in accordance to its position.
Block A. 117,988 square feet at $18. $2,123,784.
A. 117,988 square feet at $18. $1,415,232.
B. 99,900 square feet at $10. $999,000.
C. 138,500 square feet at $10. $1,385,000.
D. 128,750 square feet at $9. $1,158,750.
E. 103,020 square feet at $8. $824,160.
F. 71,900 square feet at $7. $503,300.
G. 330,350 square feet at $6. $1,982,100 was incorrect; the original was 30,350 at $8, and 748,850 square feet was mentioned later
G. 30,350 square feet at $8. $242,800.
H. 748,850 square feet at $6. $4,493,100.
Total: $66,791,540 was mentioned, but the sum of the given values is not this; a recalculation is needed.
The available area is much greater than Mr. Chatham's estimate, and in putting a sale value on the land a minimum value has been affixed. Land immediately to the West of the Naval Yard is today worth $20 a square foot. My original estimate of $18 a square foot as the net value was purposely put at the lowest possible figure.
The Acting Director of Public Works has also over-estimated the quantity of land to be reclaimed, and has put the cost of reclamation, drainage etc., at a very much higher figure than is justified by any past experience. Considering the nature of the foreshore immediately in front of the present Naval Yard and within the line of the proposed sea wall and Praya there is a area of then 400,000 square feet still to be reclaimed and it would not cost more than half a million of dollars but to be on the safe side let the cost be put at one million.
After a very careful re-examination of the question with professional assistance I put the sale value of the land now occupied by the Naval Yard in Victoria with the proposed extension to the line of the Praya at $8,791,340 and the Cost of Reclamation and levelling at $1,000,000 showing a balance in favour of the Colony of $7,791,340.
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