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8.
actual depreciation of their property by the Reclamation in front of it, also said that by the provision in question there can be taken into account the moral claim, so that instead of being a hardship to the dissentient Lot-holder the cla in reality will operate for his protection.
And, too, Her late Majesty's Ministers, in a former
Reclamation, recognised the equitable claim of the holder of
the Marine Lot, and stated that a sense of justice requires
that it should be liberally considered.
Our claim is based upon the admitted obligation of the
Crown to compensate for the difference between the value of
our Marine Lot No. 184, and its value when converted into an
Inland Lot by the Reclamation in front of it; and that this
difference be ascertained from the incontrovertible fact of
2
net rentals $15,406, in the year 1895, before the rentals began
to decrease, capitalised at 163 years' purchase for a Crown
Lease of 999 years, with the customary 10% added; and deducting
therefrom the $110,000 for which the property was sold as an
Inland Lot on 10th. October 1899 when net rentals had decreased
to $4,308 for the 283 days in that year, and also $25,142 for
the loss of rents caused by obstruction of access by the Works
of the Reclamation before the Reclamation was actually commenced
in front of our Lot, recognised by Attorney General Goodman
as à proper subject of claim.
Three Awards have now been made.
The first, by Acting Governor Major-General Black was $15,000 as compensation for injury sustained by the Reclamation
Works; but whether for depreciation, loss of renta, or both,
is not stated.
The second by Acting Governor May, is $24,367 for deprecia- tion, "as in Musso's case". The claim sent in by Madame Musso
was on behalf of the Sub-Lessee for loss of rents, and how that
became converted into one for depreciation of the property
of the Crown Lessee is not apparent.