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(e). That the rent to be charged should not exceed
in the aggregate a sum, after deducting rates
and insurance and a reasonable amount for
repairs, equal to ten per centum on the cost
of land and buildings.
Where Crow Land is involved the fact that the above condi-
-tions were to be imposed would probably act as a deterrent
to speculators and result in the land being sold at a
moderate price even though put up to auction.
14.
The scheme adumbrated in the foregoing
paragraphs is an entirely new departure in this Colony, and
I would not advocate the use of public funds for such a purpose if private enterprise were likely to do what is
required. Money cannot, however, be obtained for building
purposes at less than 8 per centum, a rate that is practical-
-ly prohibitive if rents are to be kept at a reasonable level, while the need for housing a large population permanently and a further considerable number of people temporarily during |
the re-construction of the old portion of the City of
Victoria, is imperative.
I have the honour to be,
Sir,
Your most obedient,
humble servant,
ilusievem
Officer Administering the Government,
: