THE FREEHOLD.

Timaru Herald, Volume XIIC, Issue 14057, 15 November 1909, Page 2

THE FREEHOLD.

IN THE BUDGET. Mr Charles Lewis, formerly member for Courtenav. Canterbury, now resident, in Hawke'.s Bay, had some interesting remarks to make to a "Press" reporter (Mr Lewis is down for the show) on the land question as referred to in the Budget- "The question in which 1 take tho greatest interest." Mr Lewis said "is tho socalled' freehold question. After reading some speeches that havo been made this session, and remembering scores of similar speeches in tho past, 1 would congratulate tho Prime Minister upon his statement that the reversionary interest on a 999 years' lease is not* appreciable. But when we come, to tho terms on which it is stated that the. freehold is to ho granted to the Crown tenants, 1 find myself in a difficulty, owing to what I imagine is ambiguous wording. It is stated that the l.i.n. tenant is to have tho opportunity of buying the freehold at half the difference between the original value and the improved value at tho time of purchase. That does not appear to bo any great cateh. To take a case, land round where I live, hush land —was leased to tenants at a valuation of £1 per acre, or a rental of Is. Its present value is £7 or £8 per acre, which would mean that the tenant can acquire the freehold on a payment of £3 or £4 per acre. This seems rather a fancy price to pay lor simplv eliminating a rental of Is. I can hardly believe that the intention of the Government has been stated with sufficient plainness. As for the lands for settlement tenants and the holders of renewable leases getting the chance to complete the freehold in 165 years, I don't think that this will raise any considerable enthusiasm. But on this whole questoin we must wait for legislation, but when legislation is passed we must not forget the clause which gives tho Government power to issue, regulations. In the valuation of land under these proposals I have,no doubt that a good deal will bo heard of the expressions "unimproved value,' 'tenants' improvements,' and the like. Under the Government Valuation of Land Act and its interpreationa, and its regulations and instructions issued to valuers, it is found in practice that there is precious little left to the theory that improvements aro exempt. '