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450
aggregated contribution from the Colonial Government over
the original price paid. In addition to this the War De-
-partment will obtain the proceeds of the sale of the lot,
should they decide to surrender it. The whole transaction
appears, therefore, to be exceedingly profitable to the
Military Authorities, and so far from there being a
diminution of the permanent defence fund, there will be an
increase of the fund by a capital sum of £29,560 and the
interest thereon. This sum should strictly speaking have
been entered in the Military Lands Account to the credit of
the Colony: but in my previous Despatch I agreed to credit
the War Department with the full sum of £7,650 (being the
value of the capitalized rent for the 51 years during which
the land has been in Military occupation), provided that
the same sum was credited to the Colony by the War Depart-
-ment. The effect of this offer was, therefore, to make
£29,560
the Military Authorities a donation of 607442 in addition
to rent free occupation of the lot which they have enjoyed
for 51 years: and in such circumstances I cannot regard as
reasonable the demand of the Army Council for a further
credit of capitalized Crown Rent for a term of years after
they