Thirty-three; that they amounted in the aggregate to an extent not much exceeding
executing
In several years; and that the annual payment bid for them
amounts to an
£3,139. This average of £7.8.6 per
Square Foot, a price which is equal to a rate of more than double the average for the Crown. Observing this great disparity in expressing
to the reservation in You
Your
result,
Despatch No.7
that it would only be just to confirm the Marine Lots at the prices they fetched at Auction upon Leases for Fifty Years.
In respect, however, to the Suggestion that there should be a right of renewal "on such terms as the state of the Colony may render expedient," it appears to me that it might perhaps be advisable,
instead of giving any
such general assurance,
to grant some moderate extension of the
term to be originally granted to the Leases, but that Marine and Suburban Lots should not be held, including such extension, for
more than 75 years.
At the same time I
might add, that although I disapprove
of creating a right to demand renewals, I do not propose to take from the Government for the time being a discretionary power to grant them from time to time at intervals
of not less than 15 years, the fee paid on "demand for renewal" being equivalent to
improved ground rent. I have also further to observe that I consider that the duration of Leases for other than building purposes should, for the future, not exceed a term of 25 years.
2. Mr. Johnston's notice fixed for Marine Lots the reserve price per Square Foot, which he appears to have taken to be the average rate realized at the former
trow
Thirty-three; that they armounted in the aggregate to an extent not much excecting
L
executing
Inne veres; and that the annual-pay - _ment bid for them
amounts to an
A
Tools
£3,139. Mis
average of £7.8.6 per
a
Minwand Square Fest, & price which is equal to a rate of wore thom Loper amme for the crore. Abveroning this Jeannet bevitate in exprevving
to the newrtation in You
Your
result,
avvent
Despatch No.7
. that it would only be just to waifirm the Marmine Lots at the prices they fotolied at Auction upon Leaves for Fifty Years.
In respect, linvever, to the Suggestion that there shined be a right of renewal " on such terms on the state of the bolong- render 94/edient, _ it appearre to me that it might perhaps be advisable,
ay
sixtead of giving many
to grovt
-
such general aviance,
Tome moderate extension of the
10105
term to be originally consigned to the cleaves, but that Iron and Suburban Let's should. not be luid, including such extension for
re than 75 years.
"At the same time I
Anore
might to add, that although I divaffirme
a
of creating a right to demand renewals, I do not forgive to take from the Government for the time being & diveretimary power to grom them from time to time at intervals
theimpoin of not less than 15 years, the fire paid in "dimanded for renewal being servertitle into
AIL
improved ground tent. I hove alor further to obvre that I souvida that the duration of Leaves for other theme building furfiones, should, for the future, not around. a term of 2 years.
2. M. Jaunston's notice fired for Marine Lote the roster of the proud per 129 Aquare fest, which he appears to have taken to be the average rate realized at the formin
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