CULVERDEN ESTATE.

Dominion, Volume 1, Issue 148, 17 March 1908, Page 8

CULVERDEN ESTATE.

CLAIMS" FOR COMPENSATION. v .EVIDENCE AS TO VALUE, (nv TEijEGnArn* —rnKSs association.) ■ christchurch, March 16. The .proceedings in connection with the compulsory acquisition'of Culverden Estate were opened to-day before tho. Compensation Court, of which Mr. Justice Denniston sat' as ..President, with Mr. D. Macfarlane. (for the trustees), and Mr. J v Rerinie (for the Crown) as assessors. Tho claim, for compensation was '.made by Edward Cephas John Stevens and Ronald. Macintosh Mncdonald, trustees under the will of the late Sir. John Crackraft Wilson ' i(i respect of Culverden Estate, intended to be taken com- ' pulsorily by the Crown under the Lands for Settlement Consolidation Act, 1900. The whole block, which is being acquired by tho Government; comprises' 25,155 acres, and tho 'total amount of .tho claim is £162,037. Mr. T. W. Stringer, E..C.,'*with Mr. T. G. Russell, appeared for tho claimants, and Mr. D.\M. Findlay, with Mr. J. A. Cassidy, for the Crown. Mr. J. B. Fischer appeared for tho lessee of tho Culyordeu Hotel. Before the claimants proceeded with-their case, Mr. Findlay pointed out that there were lessees on the estate ' who had claims against tho respondent, but as they had not put their claims in in writing they! were not strictly before the Court.: Ho suggested that their , claims should bo reserved, as proclamation of the award of tho Court sin the "Gazette", prevented any claims being made afterwards. Some, .of these tenants had been grarited 99 y years' lease of township land, and by the taking of tho land their rights might. ; ,bo 'extinguished.,. . After some discussion, His Honour said that ho would licar counsol in chambers on this . matter. :If there was statutory '.provision to,, interfere with , the .rights of these 1 tenants, there must ■ bo statutory provision for them to. get notice to come in. ,-:i . Mr,-.Stringof ■■theii opened .for claimants.-'. He stated that the notice taking the land appeared in ( thb Gazette of October 10, 1907. Ths rua was originally purchased by Sir John Crackroft ,Wilson in 1871, aud ho carried on-business, as a sheep farmer until his death in 1881. ■ Since that tirrio . the, estato, had been carried on by trustees. x Counsel submitted. that tho. Culverden estato possessed some spccial advantages, which should guido the Court in making its award. There was a railway running thrqugh it, the terminus being practically in the heart of tho country.. There'was a good climate, and the estato was thoroughly well watered. ' Notwithstanding the' "long-continued dry spell, the stock ; had done remarkably well, and wore, now in excellent condition.- 'The estato was low-lying country, x tho highest point bojng ISOO feet, and' the rest consisted of foiling downs and flats fronting oil tho river. Tho, country was.eminently suited for breeding and fattening stock, * and'that was •by far tho: most profitable manner- in which to oarry on' a run of this sort. • The balancesheets of the'.-property, showing the'profits ■ inadq by trustees, would-be put in.' Taking tho list , for the past five years,, with profits capitalised at 4 per cpnt., the , value would be_ £129i125 -for' the run, and including township lands. £141,975. Capitalised at per cent., the value would be £114,866 for the run, and including ..township - lands'- £126,200. At 5 per; cent, tho value'would'bo £103,380, and with' township lands £113,580. It should also bo cpnsiderotl .that. ,a .big increase; in values had taken place during the last' two or • threo years.; The claimants would also.-sub-mit that more might, havo been 'made out. of the land'if it had been worked in a different ntanneiv, Tlip estato carried a largo number of. merino','sheep, , but-:', tho country was ominently adapted'; fcr. carrying crossbrcd 'slieep and fattening lambs for tho; market. : The estato had nover been overstocked; rather, :;.had , been- - understocked; , In adjlitiori': to the valtio, of the; land, something . should,, w bp., allowed i in' regard to tho 'dislocation of claimant's business in -,that, a largo portion of their , money must <be idle until reinvested. A claim '.had also, been made" for a< forced realisation of, stock,, but; this would be withdrawn.' In regard to'the township lands, the leases of .which had 77 years to run, the claim had been based on the realisation of rentals reduced by orie- , third. Counsel pointfcd out, however, that buildings had been erected, and,that, tlieso gave security for\the full grbiind rentals, as the tenants had entered'into covenants to keep tho buildings in repair. The unoccupied' town 1 lands had been valued on itho "basis ■ of - actual sales' made by 'tho trustees themselves'. ~v . .. , ; Albert: Freeman,' estate manager, and formerly Government ■ valuer ' for -a";period of', ten years,, said that ho' .valued verden estate for' the /first timo , at. ■ the ohd:.bf 1 ',1905"f0r -the Government. 'Ho was?' then informed ■ that" tho' general carry-' ins capacity of stock was 17,000 sheep?" His valuation: for that yoar was about 455.. an .aero, excluding the township. 'Tho land was -assessed ..in', accordance with , his valuation. Asked_ on ,what basis' or. rule he iiiadc, his valuation, - witness stated that valuers were 'always instructed-,'iiot to go: to tip, top prices. They were to put on reasonable figures, and if 'there .was! doubt, 'the owner was to have; the benefit of it. - On these' instructions ho riiade his valuation, and he considered'thdt he left on tho estate'."ahything from' 10 to 15 por cont. There was a considerable' advance in prices in the Culverden district.'from, tho beginning of 1906 to the epd of 1907, which ho estimated ait' 15 per cent- .His,present valuation; bf.'tho estate was £5 ss. per acre; , To Mr. Findlay- Ho had received,circulars from tho Valuer-General instructing him not to go io t'P top values. He would produce theso circulars later. Ho did not , consider that there had been "any depreciation of land in consequenco of, tHe dry seasons. Witness stated" that the solicitors for the' trustees had objected ■ to - his valuation, .which was made 011 behalf of,tho Department. -They \always objected to the Department's valuation, and . afterwards withdrew their objection. , ' . .. . ■ His Honour: They objected ion principle ? , •'.Mr; Stringer:-'.We found that it was so'emiinently .reasonable that'.we withdraw the objection at onco. . - Walter Macfa.rla.ne, owner of the Kaiwara Estato, which "lies to the east of Culverden 'Estate, .said he' hadj made a detailed valuation of the'.estate. His valuation came to £139,569; or an average of, £5 10s. ( 6d. per acre. Tlip country was well adapted for carrying crossbred slieep, and he had valued it on'that .'basis;":-If Culverden'was in small holdings,' it would bo even more profitably worked. - , William Thomas Robinson, stock agent and farmer," and formerly manager of Cheviot Estate for sixteen; years, said that life knew, Culverden Estate, and the stock that came off it. The estate was good healthy -sheep country, and' contained a considerable' area* ,of farming land. Ho had recently made a detailed valuation of the estate; He valued the land (exclusive of township land) at £122,561 ss. '6d., the buildings' at £3070, and. plantations and garden's.'£loso. \ John S v Sim, sheep farmer, Mount Mason, near Hawarden, within ten miles' of Culverden,; said' that he niade a valuation of the estate in the early part of February, when tho country was sufforing fr.om a dry season, i There was a very high-class flock on the ostato, which was exceptionally well watered. The estate'would carry; crossbrcd sheep throughout. He had nwdo a detailed valuation. He valued, tho land at £115,881, exclusive of town lands and improvements. ' Tbc improvements he » valued at £3484 10s., and fencing at £4500, His total valuation , of,,land, buildings, , and other improvements was £123,866. There did 'not; appear to': be any sign ■of a fall in land prices.; They were increasing notwith- ■ standing the fall in wool. . ■ To Mr. Findlay: Ho considered that tho estato should carry 20,000 sheep. 'The grasses appeared to have ruu out in places, and there was a good deal of twitch and fescue. ;

Charles P. Hugonin, manager of tho Culverden and Cashmero estates for nearly sixteen years, .said that the Culverden, property was divided for tho purpose of carrying it on in, different runs. Ho gave particulars of tho .av'erago carrying capacity of •cach - block of the. estate. Ho had always worked, well within tho country's carrying capacity, and the sheep were now in good order for salo. Tho average weight of wool

over tlio wholo of tho (leek, including merinos and halfbreds, was just over 81b. 'For tho past five years tho estates wool frequently got tho top price at tho local wool sales. Tho averago number of sheep shorn during tho past fivo years was 10,542. Tho avcrago return per sheep for wool from 1903 had been ss. 23d., Gs. ojd., 6s. 3id., 'Bs. ljd., and is. 3d. per respcctivo year. This Was net value according to account.sales, not taking shearing into consideration. in 1907 there wero on tho estate 10,216 merinos and 7453 halfbreds. Tho lambing avorago was 90 per- cent., am] it had been up to 94$ per cent. Thoro wero, somo paddocks where the grass had given out, but this was duo to tho seasons. j To Mr. Findlay: Cultivation had been rather rodiiced on. tho estate owing to tho Government giving - notice. something like eighteen months ago that "tho estate might bo taken. Witness thought that ho might have carried more stock on tho estate, but,his employers wero satisfied with the results.