TNAG-0330-FCO40-366-Visit-of-Parliamentary-Under-Secretary-of-State--Anthony-Roy-1972 — Page 40

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land if sold in the open market might be expected to realise". This excellent intention is

unfortunately spilt by a proviso that no com- pensation shall be given in respect of any expectancy of a change in the lease covenants, so if the land is agricultural land compensation. awards cannot take into account the expectancy of being able to build on it even if the land is being resumed to build a town on. Simple repeal of the offending Section 12(c) of the Crown Lands Resumption Crdinance (Cap. 124) will not do when wholesale resumptions for new towns are required. Cnce one gives up the doctrine that compensation for the loss of a lease deperds on what is said in the lease it becomes necessary to substitute another doctrine. The doctrine now being developed is that when a new town is built, the land profits will be split between Government and land owners instead of going entirely to Government. This still involves some arbitrary decisions on, for instance, the proportions of the split for various types of land. Preliminary calculations suggest land owners will do well under this scheme which would be substituted for the present system under which land owners get a land credit when they surrender agricultural land and this

/credit

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