PRICE OF FARM

Otago Daily Times, Issue 25852, 24 May 1945, Page 6

PRICE OF FARM

REDUCED BY COMMITTEE AREA SUITABLE FOR SERVICEMAN In a reserved decision yesterday in regard to a farm property of approximately 321 acres on the Totara Estate, North Otago, sold by William Anderson to Robert Douglas Dick, a returned serviceman, the Otago Land Sales Committee—Messrs E. J. Anderson (chairman), D. J. Ross, and R. Walls—made a reduction of £ 1447 in the price of the property. At the hearing the vendor was represented by Mr S. I. Fitch and the Crown by Mr W. J. Mathers. The committee directed that in the event of the deal not being completed with Dick, the property be declared suitable for the settlement of a returned serviceman at the basic value fixed. “The committee, after hearing the evidence, proposes to allow this transaction to proceed if the basic value of the farm is fixed on the basis of £25 10s per acre; that is to say that the total purchase price is reduced from £9642 3s 9d to £8195 17s 2d,” states the decision. “In this matter the committee has had the advantage of having been able to consider the comparative values of five farming properties in the district, all of which have been the subject of a Land Sales Court order. Such values as fixed were £2O, £22, £23, £25, and £32 per acre. While not necessarily conclusive in any one case, these previous cases do give an indication of values in the particular district. Improvements Needed “In this particular case the 'evidence shows that the property has not for some time been expensively farmed. The pasture is not new, and is partially run out. Fencing can be improved, the sheep yards are unsatisfactory, and there is no dip. Buildings require attention generally. An ingoing man has to face a substantial sum—in the committee’s view some £SOO-£6OO at least—to bring this property up to a reasonable standard On the other hand if this is done a really good mixed farm will result. “The committee heard the evidence of the purchaser. He is a son of a farming family in the district; he has been brought up to farming practically alongside this particular farm. He can create a substantial equity if ne becomes the purchaser, and he holds the university degree of Master of Science in Agriculture. He is a ‘ discharged serviceman ’ within the meaning of the Act. So far as the purchaser is concerned, this application has special features. Because of these, the committee is of the opinion that it is a sound step in rehabilitating a farmer soldier if this particular purchaser were to acquire this farm. “Accordingly, the committee proposes to take the following steps in this case; (1) It makes an order on this application as follows: Granted subject to the condition that the consideration money passing be fixed at £8195 17s 2d in lieu of the figure of £9642 3s 9d shown in the application, and subject to the applicant notifying the deputy registrar within 14- days from May 24, 1945, that he will complete with the purchaser, Dick, on this basis. (2) If such notification is not delivered, the committee will, instead of permitting the sealing of the aforesaid conditional order, make an order that the land is suitable or adaptable for the settlement of a discharged serviceman under section 51, and will proceed formally to fix the basic value of such property within the meaning of that section at £25 10s per acre. Attitude of Crown “This latter course the committee was asked to carry out by the Crown representative, because the Crown did not desire at the outset to oust Dick from becoming the purchaser. But it the applicant refused to complete with Dick, a discharged serviceman, then the Crown, considering the property suitable from a rehabilitation point of view, desired the matter kept open and at large so that in the general interests of discharged servicemen it could take it if necessary. This attitude on the part of the Crown is considered by the committee fair and reasonable in the rather unusual circumstances, and the committee has acted in its order accordingly.”