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which a leasehold owner has to find e.g. road access,
surface drainage, etc., already exist.
(3) That Crown rents and land premia should be kept
5.
relatively low, Government obtaining its remuneration
through the rates.
Sir Geoffry Northcote's opinion with which I agree
was that the claim of a tenant, who has faithfully discharged
his contractual duty, to favourable treatment should not be
disregarded but that such treatment should not go so far as
to negative one of the principal features of the lease,
namely the complete surrender of the property in good order,
which feature was undoubtedly taken into calculation when
determining the consideration originally agreed on for the
lease.
6.
The concession which I now suggest is that the
sitting tenant might be offered on expiry a new lease at full
economic rent which would be calculated on the value of the
land and of the building thereon.
This privilege which would
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protect the sitting tenant from the speculative bidder at
auction should only be given to the tenant who had properly
carried out his bargain as regards payment of Crown rent,
erection and maintenance of buildings. A concession on these
lines, if approved, could be regarded as an alternative to