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FI
T.
buildinge oomprised in their Bub-Lease
It is difficult for the Lessees to accept this
Condition as drawn as it is anticipated that the yearly
profits will be small and will depend upon the rate fixed
by the Lessees for rents payable by the Bub-LesIŠĖS.
Provision is desired to be made to enable the Lessees in
the early stage of development to utilise any yearly
profits for the building or a hostel on the ground
gratuitously offered by His Lordship Bishop Pozzoni for
the use of children belonging to the Reserved Area and it
will be necessary to utilise any yearly profits in forming
a sinking fund to defray the cost of repairs to the houses
on the Reserved Area or the hostel when erected and for
repairs occasioned by typhoon damage which may occur any time. The Lessees are willing to hand over to the Govern- ment any surplus profits in the event of it being necessary owing to the failure of the scheme to dispose of their interest in the Reserved Area and therefore suggest that the Condition set out hereunder be substituted for Condi-
tion V as drawn :-
V.
In the event of any profit remaining
in the hands of the Lessees of the
Reserved Area after realisation of
the interest of the Lessees of the
Reserved Area in the Reserved Area and after defraying all charges for maintenance, repairs, insurance and interest at the rate of 8% per anman
on capital expenditure to date such
profits shall be paid into the
Colonial Treasury to the credit of