MR J. A. MILLAR’S SPEECH.

Evening Star, Issue 10933, 16 May 1899, Page 3

MR J. A. MILLAR’S SPEECH.

TO THE EDITOR. Sib, —The crux seems to be in the following {vide to-nigbt’a ‘ Star He disapproved entirely of the principle which had been laid down in regard to the purchase of the Hatuma Estate in Hawke’s Bay-that in the case of an estate compulsorily taken not only must the Government give the market value for the land, but they must give such further sura as will compensate the owner for the loss he will incur by reason of not being able to obtain so high a rate of interest on his money as the estate had yielded. That was the latest decision that had been laid down, but it must be taken to the final Court before such a principle could be accepted. He was quite content that a man should get a fair value for his land, but he would not pay-one penny more. . This is certainly a new departure, and most subtly unique in its way, if held to be the correct method. Were the land valuations conducted by the late Mr Calcntt under the Public Works policy of 1870 made in this manner ? If this is to be the method of acquiring land for settlement it will certainly be beneficial to all holders to sell, taking the colony’s debentures. The issue being at par, the debentures can be remitted to London, and sold at market value there, which we all know is now very high. By the way, Sir Julius Vogel’s Imperial Stock Act, which will ever redound to his forethought as a statesman, enables holders in the United Kingdom to transfer with ease, and virtually prevents that terrible word “repudiation” ever arising, at the same time securing better credit, for ail the Australasian colonies, because they have adopted the Act.—l am, etc , Fredk. Mallard. Dunedin, May 10.