H.—lsa.

Aggregate Cost of Reclamation at the Completion of a Comprehensive Scheme covering, say, Ten Years. (1) Amounts already spent— £ £ Out of breakwater loans (see Exhibit No. 148) .. .. .. .. 22,000 1912 reclamation loan .. .. .. .. .. .. 30,000 52,000 (Note : It is certain that more than this has been spent out of loan-money on reclamation, but the exact amount cannot be obtained.) (2) To be expended (Hay and Rochfort's dewatering scheme and estimates (Exhibit No. 44) modified to co-ordinate with Mr. G. F. Clapcott's scheme in relation to the Richmond Block) — (a) 28-acre Block— Cost of completing reclamation .. .. .. .. .. 2,900 Cost of surveying, roading, &c. .. .. .. .. .. 4,800 7,700 (Deducting reserves and roads leaves 19J acres net, or 117 allotments.) (b) Richmond Block, 722 acres. Deduct suburban 500 acres (to be raised by pumping). Rural .. 222 acres at £27 per acre (Exhibit No. 44, page 6) .. .. 5,994 (c) Awatoto Block (all rural), 590 acres at £12 10s. per acre (Exhibit No. 44, page 6) 7,375 (d) Reclaiming by pumping silt (Hay and Rochfort's scheme (Exhibit No. 46) — North Ponds, 550,000 cub. yd. at Is. .. .. .. .. 27,500 South Ponds, 265,000 cub. yd. at 10d., 60 acres .. .. .. 11,040 Roading, £200 per acre over all .. .. .. .. 12,000 50,540 Less cost of dredge (included in Mr. Clapcott's figures) .. .. 7,000 43,540 (Deducting roads and reserves leaves 37 acres net, or 185 lots.) (e) G-. F. Clapcott's estimates (page 489, evidence) — Richmond Block, 500 acres, suburbanReclaiming banks, dredge, &c. .. .. .. .. 107,000 Roads, bridges. &c. .. .. .. .. .. 78,000 185,000 (Deducting 170 acres for reserves and roads leaves 330 acres, or 1,930 allotments.) Total cost .. .. .. .. .. £301,609 Annual charges : (a) Interest and sinking-fund charges, £18,000 per annum ; (b) cost of operating pumping-stations. Aggregate Rentals from Reclaimed Lands when Reclamation of Awatoto, Richmond, 28acre Blocks, and the North and South Ponds are reclaimed and fully let. £ Awatoto Block: Rural —590 acres at £3 per acre .. .. .. 1,770 28-acre Block : Residential—ll7 allotments at £7 per lot .. .. 819 Richmond Block— Rural—222 acres at £3 per acre .. .. .. .. 666 Residential—l,9Bo lots at £7 each .. .. .. .. 13,860 Ponds: Residential —185 lots at £6 .. .. .. .. 1,110 18,225 Plus present rentals, £8,000 (less any rents now received from any of the above blocks) .. . . .. .. .. .. .. 8,000 Aggregate rental (subject to above deduction) .. £26,225 Note. —These statements must be considered in the light of the following considerations :— Cost of reclamation (l)-Must be kept within estimates if the above result is to be attained; (2) must be loaded with interest on loans during reclamation and period of land standing unlet; cost of advertising and letting ; (3) contribution to Hawke's Bay Rivers Board must be contemplated as an addition to cost. (See section 17, Hawke's Bay Rivers Act, 1919.) Increased rentals from blocks let for industrial and other special sites will tend to better the position, but against this must be considered the possibility of some areas being taken by public bodies at cost or at low rentals.

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