CO129-398 - Individuals - 1912 — Page 161

nclosure 1

n Gov/10665/12.

Muale

157

In his minute for the Legislative Council

asking for a vote of $432,618.28 for the Station, Sir F. Lugard stated that it had been proposed by the owners to exchange all their lots as marked in the accompanying plan, for Government lots plus a sum of about $400,000, the total value of the Government land being placed at $1,350,199. Messrs Follock and Murray Stewart negotiated on behalf of the Goverment

with the owners and reported that the terms which they had agreed to were not unreasonable. They were strongly of opinion that the Government should acquira the lots; but they thought that if possible it would be better for the Government to purchase the land instead of making any exchange of land. The owners would sell for $1,472,399.53 if the Police Camber valued at $287,083.60, were also included.

Sir F. Lugard was inclined to concur since it was admitted that the values asked for were not excessive, and the land omad by the Government would probably increas in valus. But he did not want to add to the Colony's loan liability, while on the other hand the Colony could not pay $1,500,000, out of revenue. He therefore proposed to borrow $1,100,000 as a temporary loan repayment being made in six amual instalments in the years 1913-18 and to provide the remainder of the sum out of current revenue. He put forward the vote and also recommanded the purchase of the desired land as against exchangs.

The other enclosures to Gov/10665 show the progress of the negotiations, and these are continued

in