LARGE SHEEP STATION

New Zealand Herald, Volume LXXIV, Issue 22741, 29 May 1937, Page 18

LARGE SHEEP STATION

DISPERSAL OF STOCK STATEMENT BY MINISTER "The dispersal of the sheep from the Molesworth and Tarndale runs had nothing whatever to do with the Government," said the Minister of Lands, Hon. F. Langstone, when commenting in Wellington this week on a recent article in the press. "In conveying to the public the impression that it had," he added, "those who have busied themselves in the matter have done so either deliberately or through ignorance of the position. "These runs have been held under licence from the Crown for the last 50 years," said the Minister. " They are still so held, and it was a matter solely for the licensee and those having a financial interest in the properties to decide whether or not the stock should be sold. For some time past tlie licensee, owing partly to slump conditions, has been in financial difficulties, and the stock firm, with his concurrence, has been more or less mortgagee in possession.

"This position culminated in the properties being offered for sale as a going concern at auction last February, and in order to facilitate the sale my department offered a renewal of the expiring licence for a further term of 21 years, at a reduced rental. Notwithstanding this, and although high prices were ruling for both sheep and wool, the properties did not attract a purchaser. " It was then decided by those interested to dispose of the stock, independently of the licensee's other interests in the properties, and 22.000 sheep and 1600 head of cattle were advertised for sale. Whether or not the properties have been worked efficiently during the last few years I am not in a position to say, but I am informed that- the firm holding security over the stock and improvements has incurred very heavy losses. The indications are that it preferred to take advantage of the good prices ruling and to cut its loss, rather than to run the risk of further loss."