CULVERDEN ESTATE.

Auckland Star, Volume XXXIX, Issue 66, 17 March 1908, Page 3

CULVERDEN ESTATE.

(By Telegraph.—Press Association.) CHRISTCHURCH, Monday. Proceedings in connection with the compulsory acquisition of the Culverden Estate were opened to-day, before the Compensa- j tion Court, of which Mr Justice Denniston sat as president, with Mr D. MacFarlane (for the trustees), and Mr J. Rennie for the Crown), as assessors. The claim for com-1 pensation was made by Edward Cephas John Stevens and Itanald Macintosh Mac- 1 Donald, trustees under the will of the late j Sir John Cracroft Wilson, in respect of the I Culverden Estate, intended to be taken com- ■ pulsorily by the Crown under the Lands I for Settlement Consolidation Act, 1900. The I whole block, which is being acquired by the Government, comprises __5.155 acres, and the total amount of the claim is £162,037. Mr T. W. Stringer, K.C., with Mr T. G. Russell, appeared for the claimants, aud Mr D. M. Findlay, with Mr J. A. Cassldy. for the Crown. "Mr J. B. Fischer appeared for the lessee of the Culverden Hotel. Mr Stringer submitted that the Culverden Estate possessed some special advantages which should guide the Court in making its award. There was a railway running through it. the terminus being practically in the heart of the country. The balancesheets of the property, showing the profits j made by the trustees, would be put in. Taking the list for the past five years, with the profits capitalised at four per cent, the value would be £129.125 for the run. and including the township lands, £141,975; capitalised at 4J per cent, the value would I be £114,866 for the run. and including the i township lands. £120,200: at five per cent the value would be £103.380. and with township lands £113,580. It should also be considered that a big increase in values had taken place during the last two or three years. Evidence was given in support of counsel s statement. i