OFFICIAL SYNOPSIS.

Taranaki Herald, Volume LIV, Issue 13480, 20 July 1907, Page 5

OFFICIAL SYNOPSIS.

(Telegraphed by Our Parliamentary Reporter.) WELLINGTON, July 19. The following official synopsis of the Land Bill is telegraphed by our Parliamentary correspondent : *— The measure deals not only with Crown larids, but also with Laud- for Settlements land. After the passing of the Act the renewable lease takes the place of the lease-in-perpetuity. The renewable lease is for 66 years, with perpetual rights of renewal, at a rental of 4 per cent, per annum. A provision is contained in the Bill for the valuation of improvements at the end of successive terms of the fee simple and yearly rental by arbitrators appointed by the parties. If they fail to agree as. to amounts, or if the lessee does not accept a renewal, the Crown pays the value of improvements. A tenant in the case of a renewable lease or a'lease-in-perpetuity can pay up to 90 per cent.of the capital value, when the rent will be proportionately reduced. When 50 per cent, has been paid the tenant holds the land free of covenants and conditions of lease other than payment of rent, residence, or property tax, and liability for commission of waste. Any amount paid over 50 per cent, will be refunded on application. Moneys paid under the last-named provisions are to be paid into the Land for Settlements account. The general provisions of the lease-in-perpetuity apply to renewable lease, and owners of leases-in-perpetuity may surrender their leases and obtain renewable leases if such surronder takes place within two years. Terms can 4 be made to commence from the date of/tlie original taking up of a lease. The owner of a lease-in-perpetuity, if he wishes, may purchase the freehold at a price equal to the capital value of the land at the time of the purchase. Machinery is sot up for giving effect to this provision, and the value of the land is to be determined by arbitration. On such purchase the lease naturally determines. The limitation of area* provisions apply to land purchased under this class.

In order to facilitate settlement power is given to the Board, with the consent of the Minister, to provide that

for any number of years not exceeding ten no rent shall be payable under renewable lease. . in, the classification of land a third class » added 3 , in^which a tenant is allowed td told up: to 3000 acres. In cases of aUaUot thte landless shall have preference .over those who have land. The Board may examine applicants before a ballot.. A successful applicant who has disposed of his land shall be ineligible for five years after sUch disposal. ' '/\ A clause dealing, xyith Crown lands is to provide for case's; where in the past I land has been -bought for cash and improvements not' having been made within the limit of thne, no title has been issued. Further time of seven years is granted to enable the tenant to fulfil conditions,' otherwise the land will be forfeited. Torfeiture for noncompliance, is {-provided for future buyers. » In connection with Part 11., which deals with Land for Settlements land, such lands' are disposed of by way of renewable lease. In these cases, however, the term of lease is 33 years* with perpetual right of renewal as before, the rental of the first leaso to be not less than 5 per cent, on the capital value. At the end of each- ternp-a new rental is assessed a,s in the case of a 66 years lease. Where Land for Settlements lands are disposed of they will be dis- . posed of by way of public tender to the highest tenderer, subject to provisions as' to minimum rental. In ,the case of tenderers for the same amount, the successful one is determined by ballot.

In taking land compulsorily under the Act its value is assessed as on the valuation roll in force at the time when the requisition is gazetted, provided that any increase in value since the date of the valuation can be ascertained and added. There shall be paid as compensation, in addition to the value, the following > sums : — If the property exceeds £50,000, 2J per cent. ; if under £50,000 and over £25,000, 5 per cent. ; under £25,000, 10 per cent.