LAND BOOM
CHIEF JUSTICE'S WARNING.
In the course of tho hearing of argument in respect to the distribution of farm lands under the will of a farmer, late of Whenuakura, near Patea, Mr P. ODea, solicitor, of Hawera, said that in Taranaki they were paying up to £150 - per , acre, for dairying liand, only about? £10 per acre "being paid by way of deposit, the balance being on mortgage. Sometimes thero were five and even six mortgages on a property, and because of'theso small deposits and big mortgages the land was inflated in value.'
The Chief Justice: What would this land carry—a cow to two acres~>**
'Mr ODea: The land I have in view would do better than that. It would carry a cow to an acre and a-tlurd. People are paying these high prices now hoping to see out next season at a profit. This is going on througho?it Taranaki. and it is very probable that the- last buyer, and perhaps others will suffer. The payment of the small deposit is mainly responsible for the inflated values.
The Chief Justice: I have seen three land booms collapse in New Zealand, and I suppose we will see another collapse shortly.
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Bibliographic details
Ashburton Guardian, Volume XXXIX, Issue 9652, 8 July 1919, Page 5
Word Count
200LAND BOOM Ashburton Guardian, Volume XXXIX, Issue 9652, 8 July 1919, Page 5
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