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​​A national monument ​​
A new year rolled in. Architect Sidney Abramowitch, the chairman of the heritage committee of the Transvaal Provincial Institute of Architects, proposed that the council give a grant of R53 000, conditional on the facades and clock tower being declared a national monument.

Foschini rejected the offer as being too low, coming back with a proposal that the council pay R101 000, with the condition of "reserving the right to demolish it at some time in the future if circumstances changed". It also imposed a time restriction of three days to its proposal, clearly feeling the pinch of these protracted negotiations in its profits.

The council then agreed to pay the R101 000, with the declaration still in place. Foschini rejected this offer, the declaration being problematic for the company.

One of the directors stated: "We would be selling our rights to what is probably the most valuable business site in South Africa worth between two and three million rand for concessions worth R160 000."

Three-and-a-half months of negotiations had collapsed. The building could be demolished any day as a demolition permit had already been granted.

There was one last reprieve – to declare the building a provisional national monument without the owners' approval, an unusual move as normally the NMC approached the owners for approval. The NMC agreed that the facades and clock tower must be declared, saying it was unacceptable that Foschini would take the city council's money but would not commit to the permanent declaration of the building. The NMC felt that the generous city gesture "had set a precedent that would be of great value for heritage preservation throughout the country".

Two Joburg buildings – Hazeldene Hall and The View in Parktown – had been declared national monuments without the owners' consent.