rather to premium than to Crown rent?
Similarly with the proposed addition to
paragraph 4 of the announcement contained
in paragraph 7 of your despatch? In these
circumstances would not further amendment as
follows of paragraphs 4 and 5 of announcement
clarify the meaning?
3.
(a) Paragraph 4. As amended in paragraph 1 of your despatch under reference, but omitting last two lines, and ending with the words "at that time",
(b) Paragraph 5 should be amended to read as
follows. "Payment of a premium would be required based on land values prevailing in the locality at the time of the application. Such premium would represent the balance of the value of the land
•
(exclusive of the buildings thereon) over and above the Crown rent. It would be payable in one lump sum on acceptance of the
application or (at the option of the lessee) by instalments over an agreed period of years or over the unexpired residue of the existing term, together with the whole of the new terme in the case of payment by instalments, an addition would be made to allow for interest in respect of the deferred payments, such interest to be calculated at the rate of 5% per annum.·
The calculation of the premium on the value of the land exclusive of the buildings thereon is à concession arising from the special circumstances following on the war which will not aute a precedent for dealing with the renewal of other types of leases. 11
I suggest that the heading of the public announcement
should make it clear that the announcement relates to
the 75-year non-renewable leases only.
SECER.
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C