Gumland Values Fallen-934- to 28/- an Acre

Northland Age, Volume XVIII, Issue 79, 15 July 1949, Page 4

Gumland Values Fallen--934- to 28/- an Acre

How kauri gum lands had fallen in values since the boom days of 1921 was, demonstrated on Tuesday at the Lands Valuation Committee sitting, when an area of 107 acres at Kaimaumau came forward for ajudication at a. price of £375, consent being given for sale at a price of £l5O. Crown valuation (Mr. R. Mulligan) was £l3O. Evidence was given that this piece of land had been purchased by a syndicate in 1921 for £SOOO, and had been worked for only eighteen months by machinery before operations ceased when gum prices dropped. A. Hobolth stated that he was the caretaker of the property which had lain idle for twenty-two years, on behalf of the surviving members of the syndicate. He went on to say that only some 7 or 8 acres had been worked for gum, and that he considered that its present gum content was richer than that of a nearby Crown kauri gum reserve. Replying to a question by Mr. A. Shanahan for the Crown, witness stated that the gum was in pockets of an average depth of 4ft. 6ins. and was quite suitable for machine washing. In answer to a question by the chairman, witness said that members of the syndicate had been monied men who had not bothered to seek a return for their investment. “Some of them probably died nursing it,” stated Mr. Burton. | Quoting from a letter from the vendor’s solicitors, the chairman showed that the present transaction was part of a winding up process. Ross Mulligan stated that the Crown valuation was based on the almost unimproved condition of the property. Neighbouring land, he

pointed out, had been sold for only 10/- an acre, but this would be suitable for farming' after development. John Nicholas Lucas stated that he had over 30 years’ experience as a gumdigger in the locality, and considered that there was a value of £BOO of gum on the land, which would be uneconomic to work at the price sought.