XN000022-1972-05-10 — Page 26

26.

Wednesday, May 10, 1972

The latter would pay, in a lump sum or by instalments including

interest, the full market value of the land, he explained.

Owners of 75-year non-renewable loases had to pay the full market

value of the land for the regrant of their lots and where they chose to pay

by instalments they were charged 10 per cent interest.

By contrast, owners of renewable leases retain the whole value

of the buildings on the land, plus over 50 per cent of the value of the

land itself.

"Further concessions to this group of landowners would inevitably

lead to demands for similar concessions from other categories of landowners -

and the whole economic basis of our carefully thought-out land policy would

be seriously undermined," he said.

Revenue

The anticipated revenue from the renewal of Crown leases had been

allowed for since the year 1973-74 first came within the scope of the annual

five years forecasts of revenue and expenditure in 1969-70.

The fiscal or expenditure implications or both would have to be

faced if the sums involved amounting to some $150 million in 1973-74 rising

to $200 million a year by 1975-76 were to be diminished in any way, he said.

"Yot it would be quite unrealistic to suppose that any necessary

adjustments to the revenue earning power of other levies or to expenditure

plans could be arranged in a way which was equitable in terms of the general

public interest," he said.

/The fact