=+3. A sand and gravel company are engaged in working a sand pit. On 1st January, 1956,
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=+3. A sand and gravel company are engaged in working a sand pit. On 1st January, 1956, it entered into an agreement with the owner of the land in which the sand pit was situated providing for:
(1) A royalty of £2 per ton of sand removed.
(2) A minimum rent of £500 per annum.
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