CO129-238 - Governor Des Voeus - 1888 [7-8] — Page 402

32.

33

399

for

a service to the public which can

be measured by the interest on the cost of construction ($2, 146, 228) for a period which, even in respect of the first -

instalments, will in no case be likely

to exceed two

20.

years.

Ander the circumstances,

I donot think that there will be

any

difficulty in obtaining the consent of least the great majority of the lot -

owners to the

more onerous terms now

suggested. But in order to obviate the

possible objection that a depreciation in the value of land might sweep

away

eway

the whole margin of profit,.

snow estimated, I think it might be

to each loh owner the

well to

offer

option of paying either a premium,

1

!

as above proposed (.i. e. his proportion of $1,000,000) or of receiving the price realised by his reclaimed land at public auction, lees half. the amount by which that price exceeds hid outlay for the cost of the work..

21.

This

option might be.

exercised after the reclamation was

finished,

and the time had come

for taking out the lease. So that, if

by