LAND AND THE BANKS.

Dominion, Volume 2, Issue 521, 31 May 1909, Page 4

LAND AND THE BANKS.

NATIVE AREAS. MR. BTODO SPEAKS TO FARMERS. (1)1 TELKGU*riI—I'rtESS ASSOCIATION.) Chrlstchurch, May 29. Speaking at the annual dinnor of th# North Canterbury A. and P. Association oa Friday night, Mr. Buddo, Minister for. Internal Affairs, discussed sovoral matters of public interest. With regard to Nortfi Island lands, ho said a statement would no doubt bo made at an early date by the Na-t-ivo Minister giving the results of the legialation- of 190 C and last session, which would show that groat progress had been made. An area of 1,700,000 acres had boon put into tho hands of the Maori Land Boards to be dealt with, and during the past year 268,000 aefos had been purchased .by tho Govornmont. ■ much of which could bo cut up into small areas for those with little capital* Wiion. tlhifl was dono it would show that a deal of progross "had been raado in the. settlement of Ntativo lands, and it vaa to bo iiopod. wot this would be added to year by year aa fast as settlers could be obtained. Most of-tho agitation for the settlement of Native l&nda at the present time was carried on by speculators. - For those who roally t wanted land to farm there waa ample at their disposal in. the Auckland land district, and thoro would bo more to follow shortly. . ! Not Logltlmato Banking. He was of opinion that the reoont string" ency in tho moiiey market had no doubt been • caused by tho banks advancing money to mako deposits on purchaso of land, very i often in suburbs of large towns. This lad led to'ua shortage of capital with which to do. legitimate banking business.' Considorablo difficulty had been experienced by tradora /vho wens'in a really good position'in getting > accommodation to cam' on business. There was not the slightest doubt that the banks had departed from what was legitimate banking business; that is to say, they had invested in land and loft their liquid asset# insufficient' ti>- oarry on the business of th« country. .• ! . Land Valuations. All this had a'considerable bearing on tin question of tho valuation of land for taxation and rating purposes. It, had been frequently asserted that there w&b a slump in land, but there was no evidence to show that anything of the kind was in oxistonco. Salcj wero reported from .day to day at prices ,vhich have been fcurrent during the last two or three years, and tho thing was to make a fair and reasonable valuation of laud, leaving a margin for fluctuations in value that might be caused. through .stringency in th 4 ; money market, the price of products, and othor conditions which migM affect values. Thero had been an agitation in Bcmo parts of tihe North Island for land to bo valued oo ■ its productiveness. Speaking at Palmorskin North' recently at a meeting of the. Farmers' Union ho had.pointed out that such a system would bo most unfair!. There woro-'farraora who seemed to havo luck and farmers who ftp-. • parontly had noho; farms that always; gavo a good yield and others that never did, and ho was certainly averse to taring the results • of a man's ability. . "J •« 'flic present system, calculated on the basis' of tho selling value, was the one whioh he intended to carry out, leaving, as already, stated, an ample margin to provide for fluo« . tuations. In spite of what had been stated, ho ventured to say that at the Assessment Courts about to be hold throughout tho Do> minion there would be far fewer appeals than at any previous Assessment Court. Farmers might rest .assured that when tlioy appealed against their valuations every reasonable opportunity would bo given them to state thaif cases., 1 ' . i ■ Cheaper Money Expected. ' With regard to somo assertions that had been made that a depression existed, ho would , say that from inquiries he had madothat day in Christchurch ho believed that business was sound and labour fairly plentiful, and tho only thinf?, that militated, against tho nsual turnover in property was the shortage "of . capital for mortgages. He belivod that tJioro was good reason to hope that money i would very soon be cheaper. A West Australian loan of a million and a half lvod'just been floated at 3i per cent, on a minimum of 96J. This ■ was certainly oheaper than anything raised ■ for somo time, and would put tho cost at £3 16s. 7d. per cent.