CO129-338 - Public Offices & Others - 1906 — Page 679

sra

673

On the 21st. August 1899, Governor Sir Henry Blake offered to allow us to come into the Reclaration Scheme, and place ur in the same position as if we had originally Joined in the Scheme, in lieu of the Award or $15,000 rade by Acting Governor General Black, the acceptance of which offer would have given us the land which was sold in 1903 for $133,500 at the rate of £8.78 per foot. We did not accept this offer for the reason that the profil to be derived from the sale of the New Lot would not dover the loss sustained on the 014 Lot.

Our claim 18 baned upon the value as stated by

Hossra, Leigh & Orange, deduced from net rentals $15,400 for

1895, capitalised at 16:3/3 years murchase for a Crown lease

of 999 yours, with 10% added thereto, less the price $110,000

for which the Property was sold in 1899, showing the difference

in value of $173,000 and for the loss of rents $25,142.

Whoreas Sir Hatthew Nathan without a single fact in

support and against the facta in evidence, considers $x4 per

foot to be the value as the Haring Lot, and at one and the same

time takes the value as an Inland Lot at 2 por foot, a differ-

ence or $1 per foot, which on 32, 481 feet given a total of

$32,481 an depreciation, raking with 10% added, the amount

of his Award $35,729 only as against our $172,000; and he dis-

allows our claim for loss of rente.

8. It will thun be seen that Sir Matthew Nathan ignores

the net rontals from which the true value of the property can

be found. He repudiates Governor des Voeux's value or ƒ5 per

foot for the land.

any,

He takes thu lend alone as distinct from the land with

the buildings thereon, as the only subject for corpensation,

knowing that the land without the buildings has but little, if

earning power, and allows nothing for the di Terence in value between the cost of the Buildings $36,000 and the anhanced value or $50,000 an given by the Experts for the Crown, for the reason, as stated by him, that subsequent to the conversion

of the Marine Lot into an Inland Lot they were used, and at the