:
on account of no premium being charged. In addition to
this, the Company have a right-of-way over an area of 312
Square Feet, for which they pay the nominal sum of $14 per
annum, i.e. a rate of $558 per acre. I enclose a tracing
of the whole area in question.
The supply of milk furnished by
the Company is undoubtedly a public benefit and in view of
the circumstances under which the lease was originally
granted I consider that it would be harsh to insist upon
the lot being sold at auction on the expiration of the
present lease, and I submit for Your Lordship's approval
that a new lease should be granted to the Company on the
following terms.
1.
The existing lease to be surrendered
and a new lease, for a period of 75 years (renewable on
the usual conditions), to be taken out for the area (5,860
Square Feet) shown on the tracing.
2.
Premium at the rate of $2.50 per
Square Foot to be paid into the Treasury within 7 days of
the date of a notice signed by the Director of Public Works
requiring such payment.
3. Crown Rent to be $80 per annum, com-
-mencing from the date of payment of the premium specified
in
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