Copy.
Enclosure No. 2.
Colonial Treasurer's speech.
51
Your Excellency: - The Resolution standing in my name is
for the expenditure of certain sums from the Government
House and City Development Fund.
As Honourable Members are aware Government envisages
in the City Development scheme certain alterations in the
layout of the area bounded by Ice House Street, Queen's
Road, Garden Road and Lower Albert Road and as early as
1932 it was foreseen that the resumption of Inland Lot 564
might be necessary in this connection. After protracted
negotiations with the lot holders it became evident that
it would not be possible to arrive at an agreed valuation of
the property and Government accordingly resumed the site
in December, 1934, and submitted the question of the value
of the property to arbitration. The Board of Arbitration
awarded the sum of $257,157.00 in respect of the property, and
costs to each party together with an award to a member of
the board totalling $1,375.00. In addition to these
awards accrued interest from the date of resumption until
the date of payment amounting to $12,907.16 was payable
by the Crown, making the aggregate cost of resumption
$271,439.16. Your approval of this expenditure is
requested.