**
3 -
The cost of conversion (rent only) at intervals of 10 years after the commencement of the lease is as follows:-
TAPLE II
After 10 years
It
20
30
11
11
40
#
#2
50
11
##
60
ft
tt
70
##
11
75
1
t
1
$11,088.30
$12,099.47
$13,596.81
$15,812.10
$19,092.46
$23,947.77
$31,133.72
$35,932.97
Adding together Tables I and II the inclusive cost of conversion at 10 years intervals is as follows:-
TABLE III
After 10 years
$ 956,903
11
20
17
1
11
"
30
40
##
50
#1 60
11
-
12
•
#t
70
75
11
1
1
1
20
Ench
$ 960,707
$ 966,339
$974,672
$ 987,010
$1,005,289
$1,032,328
The cost at intermediate points for all practical purposes can be found by interpola- tion as for a linear function.
$1,050,381
The figure for sale as a freehold from the start would be $2,350,000 + $35,933 = $2,385.933.
The above figures are based not on precedent because there is none,
but on what I consider would be the value of freehold land in the Colony at the present day. The increases are not proposed with the idea of delaying, or profiting from the Consul-General's project but merely because leasehold is one thing and a freehold is another, add the cost of conversion from one to the other should not merely be an extension to infinity of the tables which applied to the former application which related to the conversion of Annual Crown Rent to one down payment.
sgd: R.H. Hughes.
V. & R. O.
11. 2. 49
L
No comments yet.
Private notes are available after approval.