CO129-552-1 Supplementary expenditure 24-12-1934 - 18-1-1936 — Page 48

Copy.

Enclosure No. 2.

Colonial Treasurer's speech.

51

Your Excellency: - The Resolution standing in my name is

for the expenditure of certain sums from the Government

House and City Development Fund.

As Honourable Members are aware Government envisages

in the City Development scheme certain alterations in the

layout of the area bounded by Ice House Street, Queen's

Road, Garden Road and Lower Albert Road and as early as

1932 it was foreseen that the resumption of Inland Lot 564

might be necessary in this connection. After protracted

negotiations with the lot holders it became evident that

it would not be possible to arrive at an agreed valuation of

the property and Government accordingly resumed the site

in December, 1934, and submitted the question of the value

of the property to arbitration. The Board of Arbitration

awarded the sum of $257,157.00 in respect of the property, and

costs to each party together with an award to a member of

the board totalling $1,375.00. In addition to these

awards accrued interest from the date of resumption until

the date of payment amounting to $12,907.16 was payable

by the Crown, making the aggregate cost of resumption

$271,439.16. Your approval of this expenditure is

requested.