AUSTRALIA'S MANDATED TERRITORY.

Press, Volume LVIII, Issue 17401, 11 March 1922, Page 15

AUSTRALIA'S MANDATED TERRITORY.

— r —« PROPERTIES TO BE SOLD OUTRIGHT. (»ROM OTO OWN • CORRESPONDENT.) SYDNEY, February 18. Tho Commonwealth Government having decided to dispose of tlie propertics in New Guinea formerly owned by Germans, and now in the hands of the Expropriation Board, has now announced the procedure for disposal of the properties. The properties, which, have been variously estimated in value at figures between £3,500,000 and £0,000,000, will be sold outright by tender. The purchase money will bo credited 1 to the German Government . as a> set-off. against reparations, individual Germkn owners claiming compensation from their bw& Preference to returned solajera has been decided upoji in disposing of the properties.' Sales will be restricted to returned soldiers, natural-borlt British subjects,' aild companies in which- the mAjocit^-of shares is hold by persons who are natural-born British subjflctsj and bf which; th 6 articles of association contain a provision prohibiting th© sale or transfer of shares in tho company to persons who are not natural-born British'subjects. It is also provided thai pureWes may be made by & company Registered in any part of tho King's Dominions, in which the majority' of 'the: shares is bold by naturalborn British subjects, and -which is approved by the Attorney-General. The terms on which properties shall be purchased provide, for a preferentitU system'to soldiers. When the intending purchaser is a. soldier he will be required to pay 5 per cent, deposit,. 10 per cent, within a month of acceptance ,of the tender, 10 . per cent, within three months, and the balance, in ten equal annual instalments.- Interest at tho rate of 5 per cent, -will be charged. 11l ca&cs wher'e the purchaser 18 not- a soldier. 10 per cent, will bo ireqilired ..as a deposit, 10 per cent, in'two months,. 10 per - cent, m three months, 10 per cent, in four months, - and the balance in five equal annual instalments. -Interest will b0 charged oji unpaid instalments at the rate of 6i p«r cent. >