CO129-484 - Governor Sir Stubbs - 1924 [1-7] — Page 42

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ground, but the major portion of the area is not developed. Much of it consists of steep hill-side, but part is suitable

for building purposes.

6.

•

I suggest that this Government should be allowed a free hand to make such terms with individual applicants as it may think fit, having regard to the circumstances of each case. It would be the object of the Government to secure the development of the land to the best possible advantage and at the same time to obtain an adequate consideration for its reversionary interest in the land under its present tenure. One result of this procedure would be that in all cases the present rates of Crown rent would be obtained in place of the very low rates in force when these lands were leased. On the Peak for example, where in many cases the Crown rent is only 810 an acre, Crown rent under the new leases would be at the rete of $250 an acre. A considerable amount of extra revenue of the most permanent nature would thus accrue to the Government. Another result would be that with the security of a long tenure new buildings would be erected of a largely increased

rateable value,

I have the honour to be,

My Lord Duke,

Your Grace's most obedient

humble servant,

7.8. Statt

Governor, &c.

the