§ MR. MELLORasked the Chancellor of the Exchequer, Whether he has made inquiry into the purchase by Her Majesty's Commissioners of Woods, Forests, and Land Revenues, of two messuages in Fenchurch Street from Messrs. Peek and Winch, and, whether, provided he has done so, he can inform the House of the reasons assigned by the Commissioners for making this purchase, seeing that, as soon as it was completed, by the payment of £39,820, the property was immediately leased to the vendors for a term of 85 years, at a rental of 1140 £1,600 a-year; and, whether he can state what covenants are contained in such lease as to the repair and maintenance of the said messuages, and if he has given his sanction to this purchase as a proper and a judicious investment of public money?
§ THE CHANCELLOR OF THE EXCHEQUER,in reply, said, that the Government had purchased two freehold ground rents with the reversions in 85 years. The houses had recently been re-built, and now let at a rental of £4,360. The freehold ground rents secured upon this 85 years' reversion were offered for £1,600. They were in the possession of the vendors, and they stipulated to pay that amount for 25 years. There were the usual covenants in the lease as to repairs, &c. The purchase was sanctioned by the late Government, and the result was that Her Majesty's Commissioners of Woods and Forests received an immediate return of 4 per cent for their money, instead of 3¼ per cent.