VALUATION OF FARM

Southland Times, Issue 23342, 28 October 1937, Page 3

VALUATION OF FARM

CANDID STATEMENT MADE TO COURT (United Press Association) CHRISTCHURCH, October 21 An objector to the valuation placed on his farm at Ellesmere candidly told the Assessment Court today that he had paid, or promised to pay, more than he considered the property was worth as he intended as soon as the purchase formalities vzere completed to apply for a readjustment under the Mortgagors and Lessees Rehabilitation Act. The objector said he paid £2OOO, of which £l9OO was still owing, for a farm of 70 acres. Twelve months ago it was examined by an officer of the Valuation Department. The objector said he did not consider the property worth more than half of what he had paid for it. “As a matter of fact I did not care whether I paid £2B or £BO an acre,” he said, “as I intended to apply immediately for an adjustment under the Act. Under that Act the Government says I am entitled to £4 a week and I have only taken £265 gross off the farm in a year so I cannot take £4 a week for myself and pay interest on £1900.”

The magistrate (Mr J. G. L. Hewitt, S.M.) commented that the old fashioned idea that when a bargain was made it must be stuck to whether good or bad did not seem to hold now. The court reserved its decision.