SPECULATIVE LAND DEALS.

New Zealand Herald, Volume LIII, Issue 16202, 12 April 1916, Page 9

SPECULATIVE LAND DEALS.

DISAPPROVAL OF A JUDGE.

[BY telegram.OWN' correspondent. 1 CmusTammar, Tuesday, Strong disapproval of speculative land exchanges was expressed by Mr. Justice Denniston in a judgment delivered to-day. The action was for leave, under tho Mortgages Extension Act, to sell land. His Honor said: The evidence shows that tho successive dealings— speculativeill this land, with all the burdens added to it, have made it practically impossiblo for tho new owner to redeem his obligations to the claimants. He has, it is generally admitted, paid too high a price. Tho £5000 of (T<od money, which, it is said, ho paid out <ido exchange and mortgages, has been swallowed up by the last man or men who passed tho property on, and it has gone largely to supply the obligations incurred by them, and so down the chain. It would bo interesting to know how much had gone 1.1 commissions. In these circumstances tho non-payment of tho money is a definite hardship inflicted on tho mortgagee by its continuance. I may add that in my opinion tho object of the Act was to protect transactions by bonafide buyers and sellers ; and not the gambling speculation which the transactions in this matter disclose." The order was granted as prayed.