Page 1 Advertisements Column 4

Otago Witness, Issue 61, 17 July 1852, Page 1

Educational Uses ; also that of the gross proceeds, amounting, on the whole, at the rate of 40s. an acre, to £289,200, one-eighth, or £36,150, should be appropriated to the said uses ; and that out of the said sum of £36,150 should be defrayed the sum of £12,050, the price of the 6025 acres to be purchased as the estate of the Trust. Under the 20th paragraph of such of' the said Terms as were prior to Ist August 1849, it was provided that the Trustees should be entitled to select their estate in the proportion of one property for every eight sold to private individuals, but should be required to pay for the same in the proportion only of one property for every 20 so sold. Under paragraph 19 of the terms of Ist August 1849, the provision with regard to payment was omitted with the consent of the Otago Association, and it was simply declared that the Trustees should be entitled to select their estate in the proportion of one property (or allotment) for every twenty properties (or allotments) sold to private individuals. From the enclosed corrected copy of the Return transmitted from this office, as enclosure No. 47 of the above mentioned letter to Earl Grey No-. 30 (a copy of which Return, as then transmitted, is also enclosed in your letter now under reply), it will be seen that the quantities of Otago land sold to private individuals up to 4th June 1850, the date of the Company's notice of discontinuance, were as follows, viz : Town Suburban Rural Total ncros. acres. acres. acres. In England, .... 51*. . . .2150. . . .10,075. . . .12,276* In New Zealand, £.... 50 50| ~~52 2200 10,075 ~ 12,327 Of these quantities the proportions respectively sold before and after Ist August 1849 were as follows : — , * Town Suburban Rural Total acres, ncres. acres, acres. Before Ist Aug. 1819, 43g. . . . 1750. . . .8750. .10,543! After Ist Aug. 1819, 8£. . . . 450. . . .1325. . 1.783J 52 2.200 10,075 12,327 The 10,543f acres sold (by ballot) before Ist August 1849 consisted of 175 properties of 60| acres each. Of these, one-eighth would have amounted to 21 properties ; but to obviate inconvenient fractions, land orders in the enclosed form were executed in> favour of the Trustees for 22 properties entire,— that is to say, 22 land orders, each for a town section of a \ acre = o| acres ; 22 other land orders, each for a suburban section of 10 acres = 220 acres ; and 22 others also, each for a rural section of 50 acres = 1100 acres. In all, 66 land orders for 13254 acres, equal to one-eighth of 176 properties, instead of 175, then actually sold. Subsequently to Ist August 1849, the mode of sale by ballot, and in entire properties of 60| acres each, was discontinued ; as was also the use of land orders. Purchasers were allowed to buy, without ballot, either entire properties or separate allotments, at their option ; and in lieu of a land order, a certificate of payment was given to them, as explained in the letter to Earl Grey of 31st December 1850, No. 53, enclosures 25 to 27. Had the proportion of one-eighth been observed with regard to the whole quantity of land sold, up to 4th July 1850, or 12,327 acres, the Trustees would have received credit for 1540* acres, or 215£ in addition to the 1325J acres above mentioned. But, as will be seen from the enclosed Return, they have, in 'point of fact, been credited in the Company's books for 13S5f acres only, or 60 { acres (one entire property) in addition to the 22 properties for. which they have received land orders. For this last property neither land order nor certificate has been issued j and therefore, although so credited, the Trustees have as yet .'received no authority to select these GOj acres. • From the same return it will be seen that for the 23 properties thus credited, the eventual price of 40s. an acre will be £2771 10s.; but that the proportion thereof, imraediatejjtpayable, has been taken to be (omitting] fractions). (Continued in the Fourth Page.) .v v **