CO129-389 - Governor Sir Lugard Acting Governor Claud Severn - 1912 [3-4] — Page 151

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133

liability which is about 10% of its Revenue, and I think the Secretary of State will take the same view. On the other hand,

ouillion dollars we cannot of course pay 1 lakhs out of current revenue.

I propose therefore that we should inform the owners, that we will definitely decide to acquire the Marine Lots west- ward of Holts' and that we will give the Police Camber in exchange. We will also agree to either A or B but as it is impossible to do so without reference to the Secretary of State we must have 3 months at least in which to select either one or

the other. In order to provide the money for B (if the Secre- tary of State concurs) I propose to borrow $1,100,000 as a temporary loan (either through the Crown Agents or locally) and

pay it to the owners. Repayment of this Temporary Loan will be made in six annual sums of $183,333 each in the years 1913 to

1918. It will not appear in the Loan Account. The remaining $432,000 odd which is incurred under either A or B, I propose to pay out of the current year's revenue, cutting down the

Public Works Extraordinary as may be necessary to provide it.

If however any portions of the areas which under A would havO

formed part of the exchange, are sold before 1918 the proceeds

will be paid in liquidation of the temporary loan, and the

annual repayment will be reduced pro rata. The present finan-

cial minute is to provide the 4 lakhs odd in question.

I may

observe in this connection that if the Revenue of the Colony in

the five years during which it is placed under the obligation

to repay this temporary loan should contrary to my expectation

find it difficult to do so we have a surplus of $1,820,000 to

fall back upon. It is true that this is hypothecated to the

Typhoon Refuge, but any depletion can be made good at leisure,

either by the sale of the lands which we prefer to reserve

instead of exchanging them with the Land Investment Company &c.

(Proposal A). We have also the very valuable site of the old

Supreme Court and Fost Office which could be sold for a large

sum tomorrow and the site next to the Law Courts.