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45 (Bir C. P. Chater, C.M.G.) for the conversion of his lot
into Inland Lots. Farm Lot 45 is edged in yellow on the
enclosed plan and the Inland Lots which have been granted
in exchange for it are the areas coloured or cross-hatched
blue and marked A, B & C.
4.
As it is found that, in such cases,
streets, and lanes absorb about 45% of the gross area of
the land, the areas of the Inland Lots which are granted in
exchange for Farm Lots are only about 55% of the Farm Lot
areas. In the present case, the area of the Farm Lot was
65,340 square feet whilst the combined areas of the three
Inland Lots amount to 35,915 square feet, or 55%. The
Government thus acquires, free of cost, the areas which are
necessary for the formation of streets and lanes.
5.
The rate of Crown rent has been
increased in the present case from about $10 per acre for
the Farm Lot to $120 per acre for the Inland Lots and pre-
-mium at the rate of 15 cents per square foot in the case
of the two more favourably situated areas (A & B) and of
7 cents per square foot in the case of the third area (C),
which is much less favourably situated, has been charged.
The following are the complete terms
which I now submit for your formal sanction and which I
regret were not submitted to you at the time the conversion
was arranged:-
6.
(a). Term of leases for the lots A, B & C, 75 years,
commencing from the date of acceptance of these
terms.
(b). Premium at the rate of 15 cents per square foot
for Lots A & B ($2,021.40 + 2,984.70 = $5,006.10) and of 7 cents per square foot for Lot C
($190,58
total $5,196,68) to be paid into the
Colonial