SIR W. BUCHANAN'S ESTATE
NEGOTIATIONS FOR PURCHASE,
The announcement was made by the Minister of Lands (the Hon. A. D. M'Leod) in the course of his address at Pahiatua last night that the Government is negotiating for the purchase of the late Sir Walter Buchanan's property on tho basis of the Government valuation. Mr. M'Leod said he was not sure it was going to be payable even at that price. The trustees were being approached with a view to seeing if the price. was reasonable, the object being to acquire the property fat closer settlement. He believed the Government valuation was about £16 per acre. Under the present law, applicants had the right to select under tho renewable lease system, the rate of interest being 4| per cent., less .10 per cent, for prompt payment: Administration costs would amount to approximately £ per cent., and roading would be extra. As it cost about 5. per cent, to borrow money for such purposes, tho Government would lose on the proposition or have to add to the value of the property a capital amount to recoup the State. ' . '
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Bibliographic details
Evening Post, Volume CX, Issue 48, 25 August 1925, Page 6
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185SIR W. BUCHANAN'S ESTATE Evening Post, Volume CX, Issue 48, 25 August 1925, Page 6
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