MILBOURNE ESTATE.

Manawatu Times, Volume XXVII, Issue 7633, 27 January 1903, Page 2

MILBOURNE ESTATE.

Compensation Court Sitting* Evidence as to Value*

(Pen Press Assoe?ati<sn.) Napibr, Monday* At the sitting of the Coiapensatioft Court to-day the hearing of the claim for compensation for the compulsory taking of the Milbourne estate wa 's proceeded with* Horace Baker, surveyor, estimated the property as being worth £148,20?* an additional £15 per acre for cutt« ing up purposes, making a total valut of £5 IPs 6d per acre, which was the amount at which the land was assessed by the claimants. Some parts of the property he considered were worth £11 per Acre, and othet parts £15 to £20 per acre. The Court had awarded £5 10s per acre tot Forestgate. W. Hastie, manager of the Milbourne run, stated that it was carryiog 40,627 sheep, 847 cattle, and horses, and he considered it was capable of carrying another 1000 head of cattle. The returns taken over ft period of ten years gave an average net revenue of £8801, and £1000 - more might be made than at present if another 1000 head of cattle were carried. He estimated the property as being worth £5 13s 2d all round. J< R. Lanauze, stock and station agent, had mad© a careful inspection of Milb'ourne and valued it at £5 8s 4d as a sheep run and at £10 to £15 per acre if cut up. Mathew Morrison, of Palmerston North, who knew the property well, having frequently visited it for the purpose of buying stock, said he had recently made an inspection of the run, which he valued with improvements at £170,244, or about £5 15s 6d. This was the value for cutting up. One part of the run he valued at £14 per acre and, if free from flood, it would be worth £25 per acre. Other parts were worth £8 10s to £9 per acre. John Chambers, sheep farmer, valued the whole of the estate at £6 Is 6d per acre. Much of the land was suitable for dairying, and was i worth £12 per acre. The swamp portion could be easily drained, and would then be worth more than the price named. He thought Milbourne was understocked, and that it ought to carry 2500 head of cattle in addition to the number of sheep now carried. Milbourne should be worth not less than £3 10s per sheep per acre and ought to return a little above 6 per cent, on its capital value.' ' The hearing was adjourned until to-morrow.