PRICE OF FARM

Otago Daily Times, Issue 23334, 28 October 1937, Page 18

PRICE OF FARM

OBJECTION TO VALUATION A CANDID OBJECTOR (Per United Press Association) CHRISTCHURCH, Oct. 27. An objector to the valuation placed on his farm at Ellesmere candidly told the Assessment Court to-day that he had paid or promised to pay more than he considered the property was worth, as he intended as soon as the purchase formalities were completed to apply for a readjustment under the Mortgagors' and Lessees' Rehabilitation Act. The objector said he contracted to pay £2OOO, of which £I9OO was still owing for a farm of 70 acres. Twelve months ago the farm was examined by an officer of the Valuation Department. The said he did not consider the property worth more than half of what he paid for it.

"As a matter of fact I did not care whether I paid £2B or £BO an acre," he said, " as I intended to apply immediately for an adjustment under the Act. Under that Act the Government says I am entitled to £4 a week, and I have taken only £265 gross off the farm in a year, so I cannot take £4 a week for myself and pay interest on £1900." The magistrate (Mr J. G. L. Hewitt) commented that the oldfashioned idea that when a bargain was made it must be stuck to whether good or bad did not seem to hold now. The court reserved its decision.