CONFISCATION OF LAND

Evening Post, Volume CI, Issue 51, 1 March 1921, Page 7

CONFISCATION OF LAND

DRASTIC PROVISIONS OF NEW SOUTH WALES BILL.

(Kbit ODB OWN COIUtIirONDfNI.)

SYDNEY, 22nd February. A decided nutter hfts been caused in financial and commercial circles in Australia and in London by the very definite announcement this week that the Labour Government's Land Bill, /which was dropped last session, is to be ieintroduced in the forthcoming session, and that the provision made for the confiscation of land are not to be modified in any way- '■•.'•'. - ■' :

Briefly, the Bill provides that over certain large areas in New South. Wales no individual or company shall hold more thato £20,000 worth of land, such land being taken at its fully improved value. The valuation, however, is not to include buildings. As more than half of this State is held in great grazing areas by •wealthy squatters and companies, it can be imagined that such a proposal has caused the utmost consternation. Very few indeed of these properties are worth less than £30,000—most sax worth sums ■running far into six figures. The valuation "is to be by a spjecial Court. The method of p»ynw»it is to be by Government debentures, of a currency not exceeding 38 years, bearing, interest at the rate of '4 "per cent, per annum, and liable to both State a-ndl Federal income tax. ?-The application of the Bill may be extended to any part of New South Walee, and may include any temwer-freehold, . oonditiona.l purchaee or leasehold.

It is claimed' by opponents that tihe immediate effect of the pacing of the Bill will be to depreciate by one-third the value of most of the land in- the State. This will cause financial chaos, while the great pastoral indWtry will be knocked en<iways. The Government,, however, points out that tihe people urgently demambTa closer settlement policy. Ail the best of the available land is now held in great blocks, and these must be Teooverdfl if settlement is to go on. It is not proposed to take all land, but only land suitable for closer settlement, and which, therefore, in human justice, ought to be broken-up. The productivity of the land will not be lessened—on the contrary, when worked by more people, it will become more- productive. Under the existing Acts, it is claimed, the Government can resume large estates only after lengthy procedure, and after payment of compensation in each. It is proposed to substitute for that a quicker if more drastic method, and to i«pl«ce the ca»h system—which is now fa»practio»Me —witfc ■. ta» debenture system.