NGAERE LEASES.

Hawera & Normanby Star, Volume XLII, Issue XLII, 18 July 1923, Page 4

NGAERE LEASES.

~ ♦ PETITION TO BOROUGH COUNCIL.

REVALUTION WANTED

The much-debated question of the N£ ei pi eaSe!u" as a«ain 'teforo the New Plymouth Borough Council on Monday night, when Messrs. Ruther£Af ]Nf aeal 1? ter ' and Colemanr of Stratford, acting on behalf of Mrs Butler, forwarded a petition from six of the lessees asking for a revaluation of the improvements and reconsideration ot the instalments of purchase money payable fn respect to tkem ' * It was submitted that the valuer had not taiten into consideration the fact tnat the improvements did not belong to the borough until after the expiration of the existing leases, about 1929.' Ihe values would be considerably less it they had been based on the condition of the improvements in 1929, instead of their replacement value in 1920, when prices were at the highest point ever reached in the history of JNeAV Zeaiand. Irresnective of the depreciation that would i«ke place over the nine-year period, it was contended that ■ the valuations would have been 40 per cent less had they been calculated on the basis mentioned. The tj^rni provided for the repayments was too short, continued the petitioners, for, in view of the present low price of butter-fat, it involved too severe a handicap on the tenants, who had to heavily manure the farms each £ear in order to maintain production Ihe minimum period for payment for improvements should not be less than 20 years, as under the present arrangeent this charge alone amounted to £1 per acre;—a rack rent for the greater part of the reserve. In^order that they might obtain a first-hand knowledge of .local conditions councillors were urged to personally inspect the properties as soon as possible, ancWallow the tenants to wait on the council when the matter had been finally disposed of. R. L. Neal. one of the lessees, wrote reaffirming that he could not mahe a better offer to the council than to allow it 75 per cent of his milk cheques in reduction of his* arrears of rent. Otherwise he would be compelled to make ■ome arrangement witfi his mortgagee The matter was referred to the Mayor and Crs. Brown and Kibbf to report to the next meeting of the council.—Herald.