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46
were let and the new school commenced.
Unfortunately the
purchaser failed but the Committee were able to find another
purchaser to take over the contract and were apparently in
the same satisfactory position as before.
(12) The calamitous Strike-Boycott in 1925 referred to
above resulted in a serious fall in land values and the second
purchaser failed. The Earnest money from the defaulting
purchaser was forfeited but nevertheless the later sale of the
property to the Government entailed a loss to the School of
$131,866.50 made up as follows:-
Sale of old site
less Earnest money
$480,366.50
95,000.00
$385,366.50
Price paid by the Government 28.7.27
....
253,500.00
$131,866.50
(13) In addition to this loss and as a result of the
default, the School was forced to incur an expenditure of some
$40,000.- in Interest on temporary loans raised during the
construction of the new Premises, and on overdue Building
Certificates.
(14) It should be particularly noted that in consequence
of the change in general conditions the original Building Plans
were modified as far as practicable to effect whatever saving
was possible.
(15) As a result of the above circumstances over which,
it will be appreciated, the School Committee had no control,
it became necessary to obtain from the Government a loan of
$175,000.
(16) The change over to the mainland was itself a