The Sale of Otago Runs.

Auckland Star, Volume XIII, Issue 3606, 1 March 1882, Page 2

The Sale of Otago Runs.

1 The principal result of the salo of the Otago runs bas been a very considerable -advance in the rents obtained for them. This is, so far, exceedingly satisfactory, and proves the wisdom of the course adopted, of sub-dividing the immense tracts of land, and thus inducing competition for them. In the naturol order, it was to be expected that the lands of Otago, since their last leasing, should have increased in value—occasioned, partly by the growth of population, which gives land any value it possesses, and partly by the greater development of the export wool trade. Tho very substantial advance obtained on the upset prices of most of the lots, would indicate, however, that the iacrease of value is greater than the Government officials anticipated. In one case the sum realised was more than live times tho upset price—a run put up at £75 fetching no less than £400 ; while another put up at £260 brought £920. Over the whole of the sales effected on the first day, the averaco price obtained was double the upset; and though the subsequent bidding has not been so brisk, there has been no lack of a healthy competition, and the prices have been good. It cannot bo said that the mode adopted of disposing of theso lands has been at all successful in inducing settlement, or in materially increasing the number of owners. The warning given by Sir George Grey and the Auckland memberaon this point has therefore been shown to havo had good grounds. The bidders have for the most part been run-holders—only in ono instance a settler being the purchaser of a piece of land. This would seem to point to tho conclusion that still further subdivision is necessary, especially of such portions of the land as arc suitable for settlement. Tho suggestions of Sir George Grey came too late to allow of their being carried into effect, but they ought to be kept in mind when these lands or other blocks arc again open for disposal. The only ground for congratulation in the meantime is that a not very w«ll-advised scheme has been very successfully carried out, and to tho advantage of tho public purse. The Otago Huns, however, remain as much locked up as before, and continue pretty nearly in the hands of tho old lesees, Tho conditions evidently were not at all favourable to outside competition any more than to local settlers. The only consolation to be got is that this locking-up of the runs is only temporary, and tlut when they are next for disposal our legislators will bo able to profit oy the experience of tho present sael. While it is pleasing to know that these lands have more than doubled in value, it is a drawback to think that they are still far under tho prico which thoy ought to have commanded had they been properly • subdivided ; in other words, while things have been, so far, pretty well managed, we cannot help thinking they might have been much better looked after.