CO129-604-2 Crown Leases 23-2-1948 - 6-11-1948 — Page 29

-3.

which it cannot earn much more than 3%, while the profit from the land continues to accrue to the lessee. I propose therefore to alter the present system of calculations and base it on a 4% table. On a typical lease which still has 20 years to run, it is estimated that the premium payable now on the terms now proposed would be about doubled by such a change. I trust that you will agree that to couple this with a charge on the developed value would be too sudden and too marked a change.

9.

I regret the delay in answering your telegram and shall be grateful if I might be given early notification whether you approve of the terms as now modified.

I have the honour to be,

Sir,

Your most obedient, humble servant,

mitm

M

OFFICER ADMINISTERING THE GOVERNMENT.

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