BASIC VALUE FIXED

Otago Daily Times, Issue 27091, 27 May 1949, Page 7

BASIC VALUE FIXED

PROPERTY NEAR HERIOT DECISION OF COMMITTEE In a reserved judgment, the Otago Land Valuation Committee—Messrs W. M.'Taylor (deputy chairman), D J. Ross and E. Sincock—has fixed the basic value of a farm of 811 acres, near Heriot, at £8166 in lieu of the vendor’s fee of £10,541 14s. Application for the sale of the property to Allan Renton Kerse, of Tapanui, came before the committee last month, being made by the Perpetual Trustees Company, Ltd., as trustees in the estate of C. M. McGillvry. The Crown asked for an order under section 51 of the Act that the land was adaptable for the settlement of a discharged serviceman or servicemen, and the committee made an order accordingly. The judgment stated that the land had been badly neglected and the pas-

ture, drains, fences and the property generally had deteriorated. There were no buildings on the property. “We think the vendor’s budgets placed the carrying capacity too high for the present 'deteriorated state of the land,” the judgment said. It was also considered that the Crown’s carrying capacity was rather low and the committee had therefore made an adjustment to increase the Crown’s figures from £7255 to £8166. The committee added that this was definitely not a case where any allowance for potential value should be made to the vendor.