gloscere 4
2
264
The price paid for the Lots
amounts to $747,285. The Director of Public Works states
that if they were leased by Government a return of 7 per
centum should accrue on this capital, or a sum of $56,046
per annum. In view of the small interest on the capital
cost that the Railway is likely to earn for many years to
come,
it is very desirable that this considerable addition
to the Colonial Revenue should not be sacrificed.
5.
In view of these objections Mr. ——
Lindsey has put forward 2 alternative schemes illustrated
by the enclosed plans. Under either proposal the Terminus
would he placed between Cameron and Gascoigne Roads much
in the position in which it was originally proposed to
place it as described above.
Of the twe schemes the one which
is set out on Plan No. 1, which is referred to as Scheme
III in Mr. Lindsey's report, is the preferable, because
it leaves vacant for future use a greater area of land with
a sea frontage than does Scheme IV. It is needless to add
that in this Port such land is much more valuable than
land without such frontage.
6.
The advantages claimed for Scheme
III are as follows:-
(1).