CO129-148 - Public Offices & Others - 1870 — Page 70

if the Secretary of States ratification

be withheld, the same rent could

be counted on.

Lione

always the Governors report it appears that the capitalized value of #1500 (the rent reserved in the contract ) is equal to $20.000.

this calculation is based on o

rate

f.

interests at 7/1⁄2 por cant, which I presume is the usual Colonial rate. At that rati

of the

the capitalized value purchase money-Nigh. $40.000. paid down, and the balanc in 5. annual instalments of $ 5000. without interest, and of the rent of $1500, would in the aggregate amount to about $80.000. On the other hand the

capitalized

value

of $5000 in

69

perfertivity would be only $66.666_

showing a difference of $13.884. in favour of

the arrangement

recommended by Sir R. MacDonnell. 4. Under these circumstances I would submits that the con=

-tract for the sale to the Mess & Smith of a lease for 999 years of the premises in question, and on the times agreed upon, be latified by the Secretary of State.

have the honour to be

Your Obedient

Humble, Servant

Walcott