CLOSE SETTLEMENT

Te Awamutu Courier, Volume 53, Issue 3843, 7 December 1936, Page 5

CLOSE SETTLEMENT

WAIKATO DEVELOPMENT SOCIETY’S WORK. Further progress with the preparation of small forms for occupation is reported in the third annual report of the Waikato Land Settlement Society, to be presented at the annual meeting in Hamilton to-day. During the year two additional areas were acquired, 1272 acres at Wharepapa and 384 acres at Kairangi. The propress of the settlement was most satisfactory. The pastures exceeded all expectations, both in quality and quantity of grass produced. There are at present 60 men with their families on the settlements, .not including men working on contracts. Sections for 32 of these men will be ready for occupation next August. Owing to the fact that the original capital was exhausted, the directors proposed to the Government that an amount equal to the present liabilities of the society should be provided, which, with further advances required from time to time, would be secured by a floating debenture bearing interest at 31 per cent, over the whole of the assets of the society. The arrangement was approved by the Government. The value of the live stock owned by the society, at present market rates, was at least equal to the amount of the Government loan which would be used to pay off the present liabilities of the society. Stock bought and sold during the year showed a considerable increase over previous years, the transactions resulting in the substantial gross profit of £8845. Over a period of three years a sum of £27,030 had been spent on developing the Karakariki, Kairangi and Wharepapa areas, and assets, including land, live stock, buildings and development expenses, amounted to £64,118. The present value of livestock was: Cattle £6600, horses £ll5O, sheep £8774. Notice of motion is given that the rules of the society should be altered so that no further alteration or amendment to the rules can be made effective without the consent of the Minister of Finance, and that one member of the board shall be nominated by the Minister of Finance to represent the Government.