Lands Account the terms of transfer of the Triangular
Area would be as follows:-
Area
604,583 square feet.
Capitalized Crown Rent at $500
per acre
$173,492
Current Value at 75 cents per
square foot
453,437
Cost of forming and resuming
149,370
14
Credit in respect of current value after deducting cash
payment of $149,370 would be $304,067. The total credit
would therefore be $477,559 and cash payment $149,370.
7.
No grant would be made in respect of marine
rights but the position would remain as set out in paragraph
2 of my Secret letter of 2nd June, 1934.
8.
If the opening of the proposed Air Ministry
Lands Account meets with your approval I shall be glad if
the question may be submitted to the Air Ministry together
with the details of the arrangements proposed in this case.
If the Air Ministry concurs arrangements will no doubt be
made to credit the account of this Government with the sum
of $149,370.
I have the honour to be,
Sir,
Your most obedient, humble servant,
Wome
Governor, &c.