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BİTOJOLY
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to or by the War Department would be entered in the former.
(4) Funds for the provision of lands and buildings in replacement of those surrendered, or for additional build- ings, if required, to be provided by the Colonial Govern- ment up to the full amount of the credit standing to the War Department in the Surrender Account. The work to be carried out by the Colonial Government to War Department re -quirementa, and the War Department to be debited in the Surrender Account with the actual cost which includes a reasonable percentage for overhead charges.
(5) The sum of £114,317. 18s. 9d. due from the Treasury to the Colonial Government on account of over- payment of Military Contribution to be the first entry in the Surrender Account to the debit of the War Department.
(6) The Pinewood area to be handed over at once to the Colonial Government at the same price as was charged to the War Department; when this property was acquired in 1905, viz. 11.059 cents per square foot.
II.
seriatim.
The foregoing proposals will now be dealt with
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(1) Agreed to.
(2) The values shown the schedule have been arrived at by my Chief Engineer in consultation the Director of Public Works, and it is recommended that they be accepted as the "market value" referred in Colonial Office Circular of 30th December 1894. It is inevitable that there should be a considerable element of uncertainty in such valuations, The market value of land in this Colony is liable to violent fluctuations due to political, commercial and other causes. Ample evidence of this is forthcoming every day in the records of land sales by the Colonial Government. All that can be said is that the figures are believed to represent fair average values. The alternative to accepting them as they stand would be an independent valuation, which would
be
at
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