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Matters, however, reached a crisis about the
middle of 1929. The company was without funds to complete
the few houses remaining unfinished, the Subscribers refused
to contribute further, and the premium due to Government
was unpaid. After mature consideration, the Government,
in the hopes of bringing finality to the various disputes,
re-entered on the property on 23rd August, 1929. Much
discussion followed between the Government, the Company and
the representatives of the Subscribers and the lawyers
acting for the two latter parties. In the end the Government
appointed the Committee, to which reference has already
been made, and on 24th April, 1930, they presented the
enclosed report. This was fully discussed with my
Executive Council and on their advice I approved the
recommendations.
In effect, the result is that the relief
granted amounts to the remission of one quarter of the
premium due for which amount a vote of the Legislature
must be taken. The Government thus obtains less actual
cash than was expected, but obtains the completion of a
"Garden City" scheme which promises to be an outstanding
success.
view of the urgency of the matter I have the
honour to request that Your Lordship's approval of these
proposals, if granted, may be conveyed by telegram.
I have the honour to be,
My Lord,
Your Lordship's most obedient, humble servant,
Here
Governor &c.