WORKING MEN'S POLITICAL ASSCCIATION.

Star (Christchurch), Issue 4686, 7 May 1883, Page 3

WORKING MEN'S POLITICAL ASSCCIATION.

A meeting of the Working Men's Political Association was held at tho Freethought Hall on Friday evening, for tho purpose cf discussing the qutetion of tho NationaliN-tion of the Land. The chair was taken by Mr Jcbscn, in the abeenco of Mr Guinness.

Mr Joyce attended to explain his views upon tho iubject, bb puWiehed in his pamphlet, " Land Ko." Ke stated that on the prinoiple ef national o-p-nership of land the Association and hiim-elf were agrood. The only quMtwn wm, as to how the national owneribip should be brought about. Uuder tho present sjstem tho whole progress of tho Colony results in increasing the wealth of the holders of freohold land. Wages and interest of money do not increase— irdeedo, thoy havo both a tendency to decrease j but the value cf land increases with increaso cf population and improved means of communication. Tho t'ublio Works polioy h&d earned a very great inoroaee in tho value of land, s/.id while the whole Colony had b»en Mixed to pay the interest on loans, the landowner had been enabled to reap tho wkolc b«n»fit. J.n tho speaker's opinion there were two essential points to be considered in any alteration of land tenures, namely, fairn»eß and finr.lity. Unjust as ho held the preseut system to be, it would be wrong to attempt to cure the evil by doing any iojuatioe to tho praseutkndewners. They had &cac*\ within tho right as jjjiven thorn by tho laws of the country. Land was held subject to its Meum^tion by tho State when its national interest required it, and tho only praotioal solution of tbo problem w.«a the repurchase by the Slate r.t a fair vsluatioH, wy amount returned as value for the Property (ax purposes. Finality could only bo attained by entirely cancelling freehold tenure, and tlie npeaker cou-jidered that a system of leasehold tenure might be substituted, which would 6ocore the occupier all improvements mado by him, and would at the same timo seeuro to the State the increate in vc.l-ko which was the result of the progress of the Colony. Tho details were of course open to discuseioc, but he considered that the following scheme of tenure would be found practicable : — lhe land to be purchased by the Bt»te; leases for 21 years granted to tho occupier at a rental of eight per cent upon the purchase money ; on the expiration of a lease the old tenant should havo priority of claim for a n«w leaso, secured by a margin of 10 por cent ia his favour and a valuation for improvements, purposely calculated at more than their nwket value. Theso advantages, ho contended, would be sufficient to ensure the holder a perpetual tenure, provided that the purpose for which he required tbo land was tho beat to which it could be applied. On agricultural lands these p»*oviBior>B would certainly ensuro a perpetual tenure, and all futuro inoreaso in value would be secured to the State. Tho present position of the landed ostite of the Colony is that out of a total of 64,000,000 ncres, 18,000,000 have been alienated, and 10,000.000 acres remain wholly unimproved, but practically locked up from settlement by tho action of the freeholders. The opening up of this laud for occupation would enable she State to initiate and carry out a comprehensive system of immigration, and increaso the productive power o£ the Colony to sn enormous extent. The value of the land, ncoirdkig to tho Property tax returns, which the speaker considered would be assumed to be a fair valuation, is abouft £70,000,000, but against this there is a mortgage debt of £60,000,000. '(he d-jbenturt. proposed to bo issued would bear 6 per cent; interest, and would be applied to tho extinction of the mortgage debt. Mortgagors would probably bs quite willing to exchange their mortgageu fcr 6 por cent debenture*, ao, considering charges for investment and collection of interest, and taking int.* consideration that money often lies idle for want of d-u opening for investment, the not interest receivod by the mortgagees did not exceed 6 per oent. Where the mortgagee insisted upon reooiving cash, the debentures could be Taott cortainly placed on tho Euglioh in_rkct at a high premium, as at tho prevent timo the Hew Zealand four per coot debentures wei-e above par. Several members joined in the discussion which ensued, putting various questions a* to details ; and it was ultimately ro'olvsd to postpono the digcussion to a ' future occasion, which will be duly advertised. Mr Joyce intimated his willingness to attend if it waa tho wish of tho Association. A hearty vote of thanks was nccorded to Mr Joyce, after which the meeting closed.