NOT SUITABLE

Nelson Evening Mail, Volume 79, 7 February 1944, Page 4

NOT SUITABLE

PRODUCTION FORMULA SMALL I’AIIMS VALUES Auckland, Feb. 6. The contention that it was unnecessary and impracticable to adopt the productive value formula for the valuation of small farms was advanced by counsel in a case heard by the North Auckland Land Sales Committee when application was made for oonsenl to the sale of 264 acres at Bucklancl for £2660. Mr King, who appeared for the vendor, said there Was a six-roomed house on the property, which was now carrying about 15 cows on account of the vendor’s state of health. He suggested that the committee ignore the productive value and seek to determine a “fair value” as mentioned in the Act.

A valuer, Mr Charles E. Walter, said he valued the property on a nonbudgetary basis at £2643, allowing £6O an acre for the land, and £IO6B for the house and other buildings. The property, which he did not consider an economic unit, should carry 25 cows in normal times, yielding 2751 b. butterfat a cow. The average efficient farmer would find enough work on the farm- to employ him full time.

A State valuer, Mr G. Nevill, said hq estimated the productive value of the property at £2422, based on carrying 20 cows each giving 3001 b. butterfat. It might carry two or three extra cows if replacements were purchased, but he doubted whether cows giving such a high production could be bought in open sales. The farm would not keep a farmer fully employed. Evidence was given by a former owner that he had sold the property to the present vendor in April, 1942, for £2500.

The chairman, Mr S. 1. Goodall, announced that the committee would approve of a sale at £2500, plus £lB for the milking plant.