§ MR. BIGGARasked the Financial Secretary to the Treasury, Whether, on expiration of Crown leases, renewals are granted at the fair letting value of the land; and, if at less, on what basis is the renewed rent calculated?
§ MR. COURTNEYSir, when Crown leases are renewed, the rents are fixed in accordance with a formal valuation which is then made. This course is prescribed by the Land Revenue Acts, and insures a fair price being obtained.