19.
After providing for the construction of a public street in order to develop the land, for the purpose of which a certain area of private property must be acquired, there will remain an area of 38,942 square feet for sale, the value of which is estimated at $629,328. From this must be deducted the cost of resuming the area just mentioned, which is estimated at $80,000, leaving the net return from the sale of the land $549,328.
20.
With regard to the extra cost of the foundations, this may be taken at about $60,000, as an offset against which there is the avoidance of the cost of temporary buildings and of the dislocation of the work which must inevitably result from attempting to utilize the existing site.
21.
It will, therefore, be seen that the advantages of adopting the new site are very great and may be regarded as fully compensating for the additional cost which would be involved in carrying out the proposal.
22.
In submitting the above scheme for your consideration, I have the honour to request that you will inform me of your decision in the matter as soon as possible by telegraph; as Messrs. Jardine, Matheson and Company have intimated in the letter, of which I enclose a copy, that they will allow the Government to have the refusal of their offer for only two months, and that they desire to be informed as promptly as possible of its acceptance or decline.
25.
As Sir Henry Blake is fully acquainted with the details of the scheme, I have the honour to suggest that you should apply to him for any information or explanation. 2nd December, 1907.