CO129-408 - Public Offices & Others - 1913 — Page 214

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--

much or how little security the Debenture-holders possessed,

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and therefore the penultimate paragraph of your letter under

reply which reads "To secure the financial side of the

"scheme the whole area could be mortgaged to the Debenture

"Holders, and in the event of the reserved area reverting to

*the Goverment such area would be taken over by the Govern-

"ment subiect to the right of the Debenture Holders," has

no meaning. I learned further at the same interview that

if I would send my proposal the matter might be further

considered, and I therefore offer the Government a premium

of 2 cents per foot, which is the full value placed upon

the land by the Director of Public Works on the occasion

when the site was visited by His Excellency Sir Frederick

Lugard, Kr M.H.Logan, the Director of Public Works and

myself; and in consideration of this additional premium I

beg leave to express the hope that the Government will see its way to withdraw the restriction imposed by 22 and to

provide that the Crow Lease shall not prohibit a Lessee

from realising demised premises or letting to other than

Portuguese in the unlooked for event of partial or to tal

failure of the scheme and the possible necessity of realisa-

tion or letting in order to assist the repayment of the

Debentures which it is essential to float in order to finance

the scheme. I reiterate that it is in no way suggested that

the benefit of any such possible realisation or letting

should extend further, and consequently if such became

necessary it would be provided that any surplus should revert

to the Government, I cannot believe that it can be the

intention of either His Excellency the Governor or the

Secretary of State for the Colonies to give with one hand

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