LAND SETTLEMENT

New Zealand Herald, Volume LXXI, Issue 21968, 27 November 1934, Page 11

LAND SETTLEMENT

SCHEME IN WAIKATO CAPITAL ALMOST SPENT FINANCIAL PLANS DISCUSSED [from our own correspondent] HAMILTON. Monday Methods of further financing the Waikato Land- Settlement Society's scheme were discussed at the annual meeting of the society to-day, but no decisions were reached. A statement that of the £25,887 subscribed to the funds of the society all but a. little over £IOOO had been spent was made by the secretary, .Mr. H. Yalder. The chairman, Mr. J). V. Bryant, presided over a gathering which included six directors and six other members. The report and balance-sheet, which have been published, were adopted without comment. In answer to questions. Mr. Bryant stated that the prospective settlers had planted 10 acres of potatoes, while excellent gardens had been formed at the Kairangi settlement. Mr. Bryant said till the men were assured of sections provided they made good. Some Men Becoming Kestless Mr. J. J. Kyburn, a director, said it was not possible to bring the land into a sthte of production much faster than was being done by the society. Some of the men were restless, and the sooner the society put those suitable on their sections the better. Mr. Bryant said the society purchased a large quantity of timber from the State sawmill at Mamaku, but owing to the condition of the road leading to the Karakariki block at Whatawhata it had been impossible to get the timber out to that block earlier. The road was now metalled, and the society proposed to build cottages there at an early date. A large area of land had been cleared and ploughed and had been allowed to lie fallow. It would be grassed in the autumn and dry stock would be placed on it first. The society was carrying 3434 sheep and 300 head of cattle. Revenue from the sale of sheep,- lambs, wool, and fat cattle, would shortly be available. The society hoped to settle 32 men on their own sections in 18 months' time. Surveyors, said Mr. Bryant, were now engaged in alienating the Karakariki sections. Continuing, Mr. Bryant said the society had less money now than it had on September 30, when the credit balance was £2172. The society wanted to see the land in a more productive state than it was at present, before it issued debentures. Mr. Bryant said he did not think the taxpayers would object to the Unemployment Board paying relief wages to prospective settleii of the society until the land had become sufficiently productive io maintain them. . ._/

No Income to Pay Interest In answer to the Rev. H. G. Gilbert, Mr. Valder said the society had spent £IOOO a month. It had a little over £jooo in the bank at the present time. The society had no income and could not pay interest on debentures if these were raised. The only alternative method of finance said Mr. Yalder was to borrow the money from bank until the society was in a position to issue debentures. Another director. Mr. H. D. Caro, expressed the opinion that if the scheme was to be proceeded with, debenture money must be raised. Mr. Yalder said the houses had yet to be built at Whatawhata and there was a great deal of sub-divisional fencing to be done. The watering of the section was also an expensive matter. The chairman said the question of finding further finance would be considered by the directors. He felt sure that the society would succeed and that something would eventuate in the next few weeks whioh would, enable it to carry on in the meantime. Mr. R. E. Candy and Dr. H. E. Anneth were re-elected directors, and Messrs. English and Smith were appointed auditors. On the motion of Mr. E. C. House, a vote of appreciation was passed to the directors for their services and for their generosity in not charging travelling expenses to the society.