a premium which will represent the balance of the
VELOPED
value' of the land over and above that rental.
3. This involves a complete withdrawal
of any claim to a premium based on the developed
value of the land, to which it has previously been
held that Government is entitled. I am inclined
to think that the concession suggested in
paragraphs 4 and 5 of Lord Moyne's despatch of
17th March, 1941, in any case was unnecessarily
generous to leaseholders, and, since whatever is
done in the case of these leases is bound to be
a precedent when question of renewal of the 99-year
leases and 75-year renewal leases comes up, I feel
that paragraph 4 of Lord Moyne's despatch referred
to under-stated the importance of the issue. I
should, therefore, be glad to know the reasons
for the further concession proposed to leaseholders
and to know, if it is possible to make such an
assessment, how the terms now proposed under which
the premium will be based solely on the undeveloped
value of the land will compare in practice with those
proposed in Lad Moyne's despatch under which in
effect 50% of the total premium on the developed
value was to be remitted.
Concession offered in 1946 was approved
specifically on the basis that it would encourage
quicker redevelopment of damaged properties. Ι
do not think, therefore, that it should be regarded
PERMANENT
as a precedent for Concessions to all lease-
holders and available information suggests that
there is in any case no need at present to offer any
special additional incentives to building development
in the Colony which present conditions make so
exceptionally profitable.
SECER.
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