GROWN LANDS

Evening Star, Issue 24004, 1 October 1941, Page 6

GROWN LANDS

LEASE RENEWAL DIFFICULTIES EXTENSION TO MEET UNCERTAIN TIMES (Special.) WELLINGTON. Sept. SO. “ Under the present nuprecedented conditions it is becoming more and more difficult for valuers, appraisers, and arbitrators to arrive at a sound basis on which to fix rentals for the renewal of leases for terms extending over the next 20 to 30 years,” states a memorandum explaining clauses in the Lands Disposal Bill which extend for five years the term of certain leases and licenses administered by land boards, also suspending the revaluation provisions of the Land Act until the end of 1943. “It is well nigh impossible under existing conditions,” states the official memorandum, “to arrive at a fair valuation for the purpose of fixing rentals of leases for varying terms in the future If the position is not more stable in 1943 a further suspension may be necessary.” The clause relating to leases and licenses empowers a land board to accept the surrender of a lease where it may ho a hardship to compulsorily continue it. During the years 1941 to 1946 (inclusive) some 3,000 Crown leases, with an aggregate rental over £149,000 per annum, are duo to expire.