AUSTRALIA'S MANDATED TERRITORY
> PROPERTIES TO BE SOLD OUT-
f , RIGHT.
(FROM OUR OWN qopBISPONDBNT.)
SIDNEY, 28th February.
The Commonwealth Government having decided to dispose of the properties in New Guinea, formerly owned By Germans, and now ill 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 £6,000,000^, will be.sold outright by tender. . The purchase money will be credited to the German Government as a set-off against reparations, individual German owners claiming compensation from their own Government.
Preference to returned soldiers lias been decided upon in disposing of the properties. Sales will be restricted to, returned soldiers, natural-born British subjects, vand companies in which the' majority of shares is held by persons who are natural-born British, subjects, and of which the articles of association contain a* provision prohibiting tb^ sale or transwer of shares in the company to persons who are not natural-born British, subjects. It is also provided that purchases may be made by a company registered in any part of the King's Dominions, in which the majority ii the shares are held by natural-born Britishsub jecta, and which is approved by the Attorney-General. "- \ The terms on which properties shall be purchased provide for a preferential system of soldiers. When the intending purchaser isa soldier he will be required to pay 5 per cent, deposit, 10 per ctnt. within, a month of acceptance of the, tender, 10 pat" cent, within three months,' and the balance in ten' equal annual instalments. , Interest at the rate of • 5 per cent, will 'be charged. , In cases' where the purchaser is not a soldier, 10 per cent, will be required as a deposft. 10 per cent, in two months, 1U per cent.' in three 10 per cent, in four months, anE .the balance in five equal annual instalments. Interest will be charged on unpaid instalments at the rate of 6A- per cent. <
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https://paperspast.natlib.govt.nz/newspapers/EP19220309.2.73
Bibliographic details
Evening Post, Volume CIII, Issue 57, 9 March 1922, Page 7
Word Count
329AUSTRALIA'S MANDATED TERRITORY Evening Post, Volume CIII, Issue 57, 9 March 1922, Page 7
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