PRICE OF LAND

Evening Post, Volume CIV, Issue 24, 28 July 1927, Page 13

PRICE OF LAND

REVALUATIONS NEEDED

BUT PRESENT NOT T-HE TIME

Further opinions concerning the present system of land valuation . wero expressed in the House of Representatives yesterday afternoon after • "The Post" went to press. Mr. T. W. Rhodes (Thames) thought a good deal of improvement could be effected if people with local knowledge were utilised in valuations. The Valuation Department's officers were often, pressed for time, and wore liable to make mistakes. They were only human. Ho advocated more frequent valuations.

Mr. T r M.,]Vilford (Hutt). said that what the Minister probably had at the back of his mind was that in certain districts the valuations were so high that if ho had them revalued tho second mortgages •would bo worthless, and those who owned them would have to wipe them clean off the slate.

The Loader of the Opposition (Mr. H. E. Holland): "If the valuation is far too. high, doesn't it follow that the second mortgage is of no value?" Mr. Wilford: "No, because if produce increases in value the land might go back to the value at which it" was sold." The second mortgagee in most cases was tho vendor of the laud. Mr. W. D. Lysnar (Gisborne), referring. to the Gisborne purchase, said that an excessive price had not been paid for the land, which was of a good type. The land was not going back, and it was not likely that it would go back. Mr. W. E. Parry (Auckland Central) sriM that before land values were stabilised there must be stabilisation of produce prices, and the Dairy Produce Board would have beon a vehicle to that end; Mr. Veitch, tho member for Wanganui, had'advocated stabilisation in produce prices, yet ho had been an opponent of dairy control. The opinion was expressed by Mr. H. G. Dickie (Patea) that land with 1914 valuations was sound in value. Mr. R. W. Smith (AVaimarino) urged that purchasers of Native lands, when dissatisfied, should havo the right of appeal against valuation. He hoped the Government would see its way to amend the law in that direction. The whole of the land values throughout the Dominion required to be revised. DISCONTENT AT OTAKI. Mr. W..H. Meld (Otaki) said that in his district there was grave discontent because of uneven valuations. The position was as bad as it could be. Valuers wore rather disposed to fix values according, to prices obtained in the near vicinity, which were often fancy prices. He admitted that general valuation reductions might cause a stir amongst mortgagees, but what if tho occupants were not afforded relief? Many of them were up against it, and would have to walk off the land. •

The Minister of Lands (the Hon. A. D.'M'Leod) said he admitted that revaluations wero required, but he doubted whether a time of depression was •the period for tho thing to be done. When the counties were valued between 1918 and 1921, in too many cases overvaluations were made. Tho trouble was that the Department had been unable to cope with the work, and in nine cases out of ten the over-valuations had been made by officers who had been called in temporarily to assist in the work. He believed that valuers should be permanently appointed and educated to the system of valuing. It would take 12 to 15 months to complete the valuation of a huge "city like .Wellington, and that showed what a, big task was involved. Ho admitted that work had been slow in respect to revaluation of ■ deteriorated land 3, but he justified that by the. necessity for extreme care in making inquiries and in assessing the new values. He assured tho House that no efforts would be spared for revaluations. Rapid deflation was just as serious as rapid inflation, and many considerations had. to be" viewed in making . valuations over a period of years. He thought they should bo spread over six or seven years.