2.
5
essential work. The financial position, however, proved less favourable than was anticipated, and I was reluctantly compelled to omit it in favour of still more necessary
schemes. I hope, however, that it may be possible to make some provision for it in the 1935 Budget.
Meanwhile an opportunity has occurred of acquiring a site for the building in the immediate
neighbourhood of the University, and in view of the difficulty, perhaps the impossibility, of securing another suitable area in this congested district should this one
be allowed to pass, I consider that, even though it will not be possible to begin work at once on the building, the land should be purchased now and held in readiness
until it is possible to finance the scheme.
5.
The area in question consists of part of Inland Lot No.754 shown coloured red on the enclosed plan, amounting to approximately 12,950 square feet. It is at
present held by the Church Missionary Society on a lease of 999 years from January 7th, 1862, without restrictive
covenant. It is the intention of the Society to rebuild the Church which at present stands on the lot and to
sell the area in question in order to raise funds for
the purpose.
6.
In the circumstances the Society is prepared to accept an offer based upon a price of six dollars per square foot for the land, and $12,000 for the buildings, or an approximate total of $89,700. Punds are available
for the purpose and the Finance Committee has been consulted and has agreed informally to this expenditure.