VALUERS DIFFER: ECONOMIC USE OF MIXED-FARM LAND

Gisborne Herald, Volume LXXV, Issue 22758, 2 October 1948, Page 4

VALUERS DIFFER: ECONOMIC USE OF MIXED-FARM LAND

As in another recent application betore the Gisborne Land Sales Committee, where valuers tor the Crown and for the parties respectively differed in , their ideas as to the best economic use of farming lands, a divergence ot views manifested itself in respect of the fair-value basis of a property which came before the committee on Thursday, the number of cows which could be carried on the land with some margin for cropping providing the issue.

The land comprises 74 acres at Ormond, and the Crown valuer based his budget on a herd of 40 cows with 15 acres in maize, while the valuer for the parties submitted a budget based on 25 cows and 35 acres for cropping. There was a substantial difference between the special Crown valuation and the agreed price, and the committee. after hearing some evidence, found itself unable to reach a decision as to which method of farming the land would be adopted by the “average efficient farmer" in relation to normal practice in the locality. The hearing was adjourned in order that additional evidence could be obtained. Transfer Between Two Estates The committee approved at £GG77 10s, the transfer of a half-interest in a 020-acre station at Otara, in the Opotiki district the transaction being connected with the winding up of a partnership originally entered into oj two persons now deceased. The property was specially valued this month at £IB,IOO. The transfer of native leasehold tenures in 1501 acres in the Matakaoa County comprising three separate properties, was approved by the committee at £2500 for goodwill. Two of tne areas are subject to leases which run out in 1955. without right of renewal or compensation, but the other is leased until 1965 with one right of renewal for 21 years. The Crown valuer assessed the freehold value of the properties at £12,680, which on the usual basis of calculation would establish a lessees’ interest of £1902; but in view of the fact that the larger of the three properties has the prospect of a lease renewal the valuer regarded the consideration reasonable. Town and Suburban Sales

Town and suburban sales were approved as under:— Dwelling, Lyndhurst street, with 32pcr., provisionally approved at *.0 , *0 on trustees’ application; section, Tolaga Bay, lrd. 17per.. £45: house, Harris street, with lrd. 12per., £500; house. Abbot street, with lac. 2rd., £1175; house Fox street, with 20per., £1000; section, Domett street, lrd. 21per„ £275; section, Owen road, lac. Ord. 32per., £260; section, Owen road, 2rd. 16pet\, £130; section. Matawai township, 36per. £4O; house. Carnarvon street, with 27per., £1700; section, Bryce street, 22per., £3O; section. Waioeka parish, Itch, square, £ls, plus survey costs.