2
3 (continued).
همدردی
to the abnormally high figure of 3 cts per sq: foot being
obtained by Government for the first lot, and we have every
reason to believe that, had it not been for the extraordinary
circumstances of that sale, we would have secured all the ground
that has since, from time to time, been bought for the extension
of our industry, at the Government valuation of 1 ct per sq: foot.
Instead, therefore, of a total sum of $68,193 paid by the Taikoo
Sugar Refining Co.Ltd, for land, which gave no return to the
Government, it would have expended some $24,000.
The upset price now named by you would make the ground cost
us something like 9 cts per eq: foot, a figure which seems to us
excessive, especially when it is borne in mind that, by a heavy
outlay on unproductive land, we shull add a considerable sum to
the revenue of the Colony,
You point out that the site we have chosen would be valuable
to the Colony, should it be necessary to provide additional water
storage for Victoria. We do not dispute this, but we submit,
with all respect, that whereas there are other sources of supply
still open to the Government, the position under discussion is
the only one which can provide for our requirements, unless we
erect another dam on our own land in the valley above our works,
a course to which we are extremely avrse, on the ground of
possible danger to the Refinery buildings.
Trade may, or may not, expand so as to justify us in
doubling our present business. Demand for Refined Sugar does not
at present more than overtake current power of production; it will
be uphill work to make the proposed vast works successful, and
it is, therefore, of extreme importance that all expen liture be
kept at the lowest possible point.
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