FARMERS' QUESTIONS.

Timaru Herald, Volume XIIC, Issue 13917, 31 May 1909, Page 6

FARMERS' QUESTIONS.

LAND —MONEY —V A L CATIONS

" Per Press Association

CHRLSTCHURCH, May '29. Speaking at the annual dinner of llic* North Canterbury A. and P. Association oil Friday night the Hon. -Mr Buddo discussed .several matters of public interest. With regard to North Island lands, he said that a statement would no doubt be made at an early date by the Native Minister giving the results of the legislation of 1900, and last session, which would show that great progress had been made. Ail area of 1,7011,01)0 acres had been put into the hamds of Maori Land Boards to be dealt with, and during the past year 200.000 acres had been purchased by the Government, much of which could be cut up into small areas for those with little capital. "When this was done it would show that real progress had been made in the settlement of nutive lands, and it was to be hoped that this would be added to year by year as fast as settlers could be obtained. Most of the agitation for the settlement of native lands at the' present time was carried on by speculators. For those who really wanted land to farm there was ample at their disposal in the Auckland land district, and there would be more to follow shortlv.

Ho was of opinion that the recent stringency in the money market had been caused by the banks advancing money to make deposits on the purchase of land, very often in the suburbs fit' the large towns'. This had led to a shortage of capital with which to do legitimate banking business, and considerable difficulty had been experienced by traders in really good positions in getting accommodation- .to carry on business. There was not the slightest doubt that the banks had departed from what was legitimate banking business; that is to say, they had invested in land and left their liquid assets insufficient to carry on the business of the country. All this had a considerable bearing on the question of the valuation of land for taxation and rating purposes. It had been frequently asserted that there was a slump in land, but there was no evidence to show that anything of the kind was in existence. Sales were reported from day to day at prices which have been current during the last two or three years, and the thing was to make a fair and reasonable valuation of land, leaving a margin for fluctuations in value that, might lie caused through a stringency in the money market, variations in the price of products and other conditions which might affect values. There liad been an agitation in some parts of the North Island for land to be valued on its productiveness. Speaking at I'almerston North recently at a meeting of the Farmers Union he had pointed out that such a system would lie most unfair. There were farmers who seemed to have luck and farmers who apparently had none, farms that always gave a* good yield, and others that never did, and he was certainly averse to taxing the results of a man's ability. The present sy;-t" >,: . calculated oil the basis of the selling value, was the one which he intended to carry out, leaving as already stated an ample margin to provide for fluctuations. In spite of what had been stated he ventured to say that at the Assessment Courts about to be held throughout the there would be far fewer appeals than at auv previous Assessment Court. Farmers might rest assured that when thev appealed against their valuations everv reasonable opportunity would be given them to state their cases. " With regard to some assertions that had been 'made that a depression existed he would say that from enquiries he had made that day in Christchurcb he believed that business was sound and labour fairly plentiful, and the only thing that militated against the usual turn-over in property was the shortage of capital for mortgage. He believed that there was good reason to hope that money would verv soon lie cheaper. A West J""" Italian loan of a million and a hall had just been Hated at 3'. per cent, on a minimum of 901. This was certainly cheaper than anything raisp( for c 'in'e time, and would put t.l» cost at £3 10s 7d per cent.