The Ensign. SATURDAY, DECEMBER 17, 1910. DEALING IN LAND.

Mataura Ensign, 17 December 1910, Page 4

The Ensign. SATURDAY, DECEMBER 17, 1910. DEALING IN LAND.

We are often told of tenant farmers in the Old Country i\ho have occupied the same holding for generations and who it is said could hardly be induced to leave even if offered much better prospects elsewhere, so attached are they to the "auld boose" and its surrounding fields. It might reasonably be thought that in this country, where the fee simple of favorably situated holdings was avalable in the early days that a simihir affection would have been engendered, but it is singular—in this district, at any rate, and we do not think this locality is any exception to the general rule—how very small a hold sentiment has in relation to land. We believe that perhaps half a dozen farmers in the whole of the Mataura Valley might be found who would not listen to the voice of the tempter if offered a few shillings per acre more than their own valuation for j their holdings provided they uere asI surcd of finding ''something suitable" I .'Nowhere. Ready as Southland farm- | its are to buy and sell, .lowever, their 'buying and selling is usually legitimate dealing, and in consequence while of late years prices ban: steadily risen they arc still in the opinion of competent judges veil within the value of the laud, which we in these parts are accustomed to measure by what it will produce. For the edification of our southern farmeis we reproduce some extracts fr >m a Tai;inaki' barkru/yfc'.-

statement, *hich show quite a different nethod in regard to land transactions :o that to which we are accustomed in ■he south. The bankrupt in question s a youth' of *>, nwned, with one

child, and bo started business in i\hluary of la:* year by purchasing a farm at Kymata, Ingle wood, from ".Mr Charles Taylor, of 181 acres, for £33.30. deluding stock and chattels. Hf- explains: ""There were two mortgages on' the fawn, a first for -£I7OO and'a second of £I2OO, and I had to find £450 rash. At the time 1 had only £2s;t, lent to mo by my wife, and my then isolicitor informed me he could raise l:2h) for me on 'the stock purchased. 'J bis, however, wis not forthcoming, so to enable me %<r complete the purchase I had to sell the. stock and to exchange the farm for Mr Weston's property at I'remn and iinally paid Mr Taylor £3OO and g«ve a P.N., tvhieh was* endorsed by tiiy father, for the balance. Weston's property was <■>," 1023 acres. There were heavy mortgages on this place, ok. liable ro ho called in at mort ? death I was unable to finance this 1623 acres, a-.id a verbal arrangement was made between Mr Weston airfi myself that 1 was to give up any chum T had to t'hat property and take 201 acres at Carrington road, New PlymMith, and £IOO cash instead. ImmediUely after this verbal agreement i entered into an agreement to exchange the 201 acres for Mr Marr's property at Waitara of 240 acres. Two days after the verbal agreement I found that Mr Weston 'had changed his mind and would not entertain the matter. This caused me considerable trouble, owing to my having agreed to exchange tire 201 acres to Mr A. C. Marr, of Waitara, for his property, situated on the Tikorangi road, Waitara, consisting of 240 acres and stock thereon. Mr Marr pressed me to complete the exchange I had made with him, but I, of course, could not do this. Acting under the agreement made with him, Mr Marr pressed me, and I then had to endeavor to buy his property and asked for extended time in the matter, which was given. During the period given, I exchanged Mr Marr's property for property at Wellington, but when we came to complete I found the Wellington property not what it had been represented to me, so therefore could not finance same, which, of course, caused further trouble and delay between Mr Marr and myself. After a time I endeavored to exchange the farm for property at Stratford and New Plymouth owned by Mr Meyenburg, but going into the matter carefully for some time my then solicitor, Mr E. M. Townsend, of Waitara, advised me to cry off the deal, which was eventually done. Finally he sold the stock on the place at my risk, out of which he got about £6OO, and I gave him a second mortgage for £ISOO, there being already a mortgage on it for £3OOO. On April 18 last I entered into an agreement to exchange the 240 acres at Waitara, subject to mortgages, for £4500, for the Crown Stables at Stratford, owned by Mr Jones. I was to pay £6OO by way of equality of exchange (£450 cash, £SO in one month, £SO in two months, and £SO in four months). Before signing this agreement in Mr Townsend's office I asked Mr L. Blennerhassett if he could finance me for £6OO to be raised on the stable chattels. He promised to do this, and on this understanding 1 entered into the transaction. I was offered Jackson's farm of 421 acres and stock, subject to mortgages, for £2970, which 1 accepted in exchange for the stables (subject to the stables transaction being completed). It was then arranged that the exchanges of the Waitara farm for the stables and of the stables for Jackson's farm should be completed together; and this was eventually done. Mr Blennerhassett, however, instead of finding £6OO as pronosed, found only £SOO, and as all parties were anxious to complete I again had to complete the transactions with £IOO less than I expected. By this transaction I became possessed of Jackson's farm and the stock. I had to sell the farm to provide money for adjustments of rates and interest on the i completion of the (-.tables transactions. j The farm was sold to Morton for £3420 ; 12.s 6:1, £250 of which was received by Messrs Blennerhassett, and there is a : balance of £212 still owing by Morton. 1 The transaction being still uncompletj ed. I gave a mortgage for £2OO to Blen- | nerhassctt for money advanced by him, I also to provide for the adjustment of | rate? and interest on the stables transactions, and Morton holds the balance of the purchase monyy till the question of his mortgage is settled. I have received nothing for myself out of the sale to Morton. T attribute my bankruptcy to want of capital and inexperience. I have now found that I took on responsibilities too heavy for me to tear. I had been previously employed by a firm of land agents, and was in the habit of arranging exchanges of property for other people, hut 1 did not realise sufficiently what it was to take the burden of hea-y responsibilities myself." The list of credilors, admitted and disputed, totalled L' 2716 its !/d, the assets being returned as nil. What a record ! The creditors could not grasp the intricacies of the operations, the lawyers could make neither head nor tail of them, and the Deputy-Assignee confessed himself puzzled. Willing as we have said the hulk of Southland farmers are to bargain in regard to land, and willing as the various "farmers' friends" are to assist them, we are glad to know that a record of paper transactions in land such as this enterprising Taranaki youth has disclosed | would fortunately be simply impossible in the.-e parts.