CLOSE SETTLEMENT.

Evening Star, Issue 14962, 23 August 1912, Page 7

CLOSE SETTLEMENT.

LAST YEAR'S OPERATIONS. EXPECTED STEADYING OF PRICES [From Our Parliamentary Reporter.] WELLINGTON, August 23. The hardening of the money market will undoubtedly have a steadying effect upon the undue inflation of values, and will in all probability considerably curtail tho operations of speculators, states the officer in charge of the Lands for Settlement operations, Mr P. D. Ritchie, in his annual report. The area taken possession of during the year was 44,447 acres of freehold, together with the goodwill of 55,300 acres of Crown'leaseholds, vvhile nine properties of 10,690 acres, whichhad been purchased, aw under survey. They were all acquired at reasonable prices, the -'•tiial expenditure being £380,483, making .-••and total of £5,948,071 which has •en expended to purchase 1.296.942 acres .re the passing of the Act. The report

states that owners disposing of estates invariably give as the reason the everincreasing difficulty of securing labor. While there was a paucity of applicants for agricultural lands, the reverse was the case with grazing lands. Regarding tho Land Settlement Finance Act, under which 24 close settlement associations have been formed, 23,696 acres, valued at £276,000, haviijg been taken up, the report suggests that while the principle of the Act is good, the machinery is defective. Amending legislation is necessary, as the preliminary requirements of the Act are a source of annoyance and delay.