A CURIOUS LAND TRANSACTION. (From Our Own Correspondent.)

Otago Witness, Issue 2299, 24 March 1898, Page 26

A CURIOUS LAND TRANSACTION. (From Our Own Correspondent.)

Wblmngtos, March 15. Thare is a block of land in the north on the west side of the Waikato River called Poukani Mararoa. It has been cut of? from a larger block which was purchased from the Natives, and the area ia upwards of 50,000 acres. The price given by the Government for the whole block was 3a an acre, and fcbe gross amount was between "£7ODO and £8000. The Government, ia selling the lease of the land purchased in that way, usually espscfc a profit of nob le3s than 5 psr cent. This would bring in £400 a year. It was put up, however, at £40 — that is half-a-erown per cent., — and sold at £225. The block leased, accurately stated, is 53,300 acres, and it will carry from 8000 to 10,000 sheep. It is a large area to lease, whea ■ it is considered that the land policy is to limit • the area of lands of that character (5000 acres pastoral and 640 acres of agricultural land being the limits). It has been sold to Mr Cooper Robisoa, who is eaid to be a brother-in-law of the Agent-general. The matter will be un.« doubtedly brought before Parliament. There were 1610 applicants for eight sections in the Tiratu Block, near Danevirke, including bank managers, clerks, tradesmen, and a very large number of women. The reason of the rush is said to be the belief that the timber on sections which are closa to a mill is worth twenty times ihe price put on the lease.