AN EXTENSIVE NORTH ISLAND PAOPERTY SALS.

Otago Witness, Issue 1585, 8 April 1882, Page 14

AN EXTENSIVE NORTH ISLAND PAOPERTY SALS.

, An advertisement has appeared in our columns for some weeks past announcing the sale of what we believe is the largest block of freehold country, either Crown lands or private property, yet offered for sale at one time in Hawke's Bay, if not in the North Island, in I the shape of the Rissington* Estate. The sale is to be held by Mr M. R. Miller, at Napier, on the 13th inst., and its extent may be judged from the following particulars', for which we are' indebted to the Hawke's Bay Herald:— The total area is 55,000 acres, or,, about 860 square miles, and the boundaries, marked by creeks or fences, extend about 400 miles. >» Of course, in such a large piece of country, almost equal to some counties, there must 'be ' great variety in quality. Some parts are rough and, broken, other .undulating, and- others gentle slopes or .flats which, in ;the not far distant future, may be utilised for agricultural pursuits. The area has been subdivided into 28 sections, varying from 300 to 5500 ' acres. One point of consideration by buyers is that, when such a large block is put upon the market at one time, prices must almost inevitably rule low, for there will be enough to satisfy a large demand, and that will prevent competition raising the prices to " fancy " level. The proprietors of the estate must have recegnised this, for the reserves fixed are far lower than the reserves put on similar properties here for years past. We aro informed that these prices have been arrived at by taking the actual production of the different sections at the present time, and fixing such a price that that production would pay fair interest on the money. Now, though Rissington has been much improved 'for a large property, every tyro knows that land held in small areas is far better worked than large runs, and yields proportionately better returns. It is not speaking wildly to prophesy that within five years the produce of the whole will ha at least four times the present produce. The future progress of the province, in fact, to a large extent depends upon this subdivision of the larger estates, and the consequent better returns obtained. While, from ■ the nature of j things, it is practically certain that very high j prices will not be realised, wo hope to see the Rissington sale sxich a success that other large ruus will be put into tbe market in small . blocks.