CO129-431 - Governor Sir May - 1916 [1-2] — Page 263

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adjacent public streets and that Government should resume and pay for the areas occupied by such streets. In view of the objections which exist to the formation of any 'cul-de-sac', especially where it is on private property, and of the desirability of open- -ing out more cross streets in the Easter district of the City. I entered into negotiations with the Company and have now arrived at a settlement which I submit for your approval.

4.

In submitting it for your approval, I would mention that the Company represented to me that they had paid 86 per square foot for the land and they asked that they be compensat -ed at that rate for the areas resumed. As, however, the lot is a

Marine Lot, possessing certain rights in respect of its marine frontage, I did not see my way to agree to their proposal and, after some negotiations, the Company agreed to accept 83 per square foot. The reduction in price is however subject to the stipulation that no rights in respect of marine frontage in front

of the roads are claimed by Government.

5.

The terms arranged are as follows:-

(a). Compensation to be paid at the rate of $3 per

square foot.

(b). Crow Rent to be reduced in proportion to the

reduction in ares of the lot.

(c). New Crown Leases, not exceeding seven in number,

to be issued free of charge for those portions of the lot

not resumed. In the event of separate leases being issued

for the various blocks of houses, those for the blocks front-

-ing on Praya East to be Marine Lot Leases and for the other

blocks to be Inland Lot Leases.

(d). The areas to be resumed by Government for the formation of streets to be formed to their proper levels by the Company, but to be surfaced, chanelled, &c., by Govern-

-ment at its own expense.

(e). Compensation to be paid when the new buildings have been erected and the areas to be devoted to the formation

of the streets have been handed over to Government free of