LAND FOE SETTLEMENT ACT.

Otago Daily Times, Issue 11797, 28 July 1900, Page 7

LAND FOE SETTLEMENT ACT.

(Fegii Our Own Correspondent.)

■WELLINGTON, July 27.

The report on the " Land for Settlements Act, 1894," by the land purchase^inspector for the year ending March, 1900, states.'thati. 57 estates, of a total area of 381,213 acres were offered during the year. Of this area 81,318 acres were declined, not recommended, 1 prwithdrawn, leaving 299,895 acres, of which ahl area of i 91,830 acres is under" consideration, and an area of 108,065 acres was recommended for purphase, with the result that offers were accepted for 19 estates of an aggregate area, of 79,889 acres for the sum of £353,718.. The total'purchases under thb Land for Settlements Act since its' commencement are 77 estates containing ail area,' of 324,168 acres, at a. cost of £1,523,927 for land, and £74,165 for road formations, surveys, arid administration, in all a total of £1,598,092. ' It has been found a. difficult matter in some cases to obtain suitable land for workmen's homes in a position and at a price within the means of workmen who would travel. to and from, their work daily by railways to the pity. The act expires on the 14th day of the close of the present session, and provision is being made for its continuance in a bill consolidating the principal act and its amendments- ■ The Surveyor-general in his report states that the following figures will show the position as at March 31 last: —Cost of estates that, hare been offered for selection, £1,413,149;; cost of roads, surveys, administration.- on estates offered for selection, and preliminaryexpenses, £73,313; —total, £1,486,462. The lands disposed of are let at an annual rental of £72,656. The- lands unlet, exclusive o£ roads, reserves, etc., are valued at a rental of £3671; total,' £76,327. Talcing the lands actually let, it will be seen that the 'rentals will pay interest on the capital expended at the rate of 4.6 per cent., or exactly the same as for the previous year. If the unlet lands are included the interest would be at the rate of 5.1 per cent, on the capital. It is understood that part of the capital raised on loan is paying interest at the rate of notijuite 4 per cent., consequently the estates are-more' than paying their way, even after allowing for"the;arrears of rental due, which, however, are a'gbed asset. ■ *■' '