VALUE OF ESTATES

Greymouth Evening Star, 10 September 1927, Page 11

VALUE OF ESTATES

VIEWS MORE REASONABLE. Although it cannot yet be said that land values generally are on a thoroughly satisfactory basis, indications are not wanting that a more reasonable view is being taken by private owners of the value of their estates. This statement is made by the Land Purchase Controller (Mr J. B. Thomson) in his land for settlements reports, presented in the House of Representatives yesterday. The action taken by the Crown in the revaluation of properties held by discharged soldiers, Mr Thomson said, had undoubtedly had a good effect, but a wider realisation was yet needed on the part of many owners and mortgagees of the necessity of writing down land and* mortgage values in conformity with the productive capacity of the land. The prices asked for properties offered to the Crown during the year were in many cases too high to permit of favourable consideration, while some properties, quite unsuitable for subdivision were placed under offer. Successful subdivision presented many difficulties under prevailing conditions and could only be accomplished when suitable land could be acquired at prices that would permit of a fair return on the capital outlay plus the additional charges that were inseparable from the cutting-up of estates. There were, however, a fair number of estates in the Dominion that possessed attractive qualities from a cut-ting-up point of view, and the Land | Purchase Board was always willing to give the most careful consideration

to the purchase of suitable properties. As was to be expected, the reports stated, the late feeling of uncertainty regarding stability of products and values has made the board conserve,tive in its purchases. Some fifty-one properties were considered during the year; but the only purchases of any moment that were effected were those of the Tango wahine Estate in the Dargaville district, and the Te Wera Estate in. the Motu district. These two estates accounted tor some 12,780 acres out ot a total area ot 13,152 acres Purchased. The Crown has so far taken title to some 2858 acres of the Tangowahine Estate, possession of the 1500 acres having not yet been taken. This latter area, therefore, is not included in the returns of land purchased for the year.