THE LIMITATION PROPOSALS.

Star (Christchurch), Issue 8984, 18 July 1907, Page 1

THE LIMITATION PROPOSALS.

DRASTIC MODIFICATION OF ORIGINAL SCHEME. The drastic modifications that have been made in the Government's original proposals tor the limitation ol private estates in land are the subject of surpriiseu comment from all parts of the iaouse. Last year, as has been impressed upon most people in tiie colony, tlie Government proposed that no person who owned land of the unimproved value of £15,000 should be allowed to purchase more, and tnat any person ] wiio owned land valued at more than | £50,000 should be required to dispose of the excess within ten years. The first of these proposals, which would have had the effect of keeping the big landowner out of the land market, has been dropped altogether, and for the second there has been substituted a graduated tax commencing at an unimproved value of £40,000, and rising I steadily till a, value of £200,000 is I reached. "In effect, the Government has abandoned its limitation proposals, and although I am a freeholder and represent a freehold district, 1 am sorry," said one member to-cay. " The most popular propcsal put forward by the Government was to keep the big landowners out of the land market. The great mass of the farmers and the city people approved of that, and i heaven only knows why it has been dropped. The Ministers a<3mit it is gone, however. The new graduated tax starts at £40.000. but as homesteads, minerals, standing timber and growing flax have been excluded, the new limitation may be said to commence where the old limitation became prohibitive. Moreover, at no stage, not even when the enormous value of [ £200 000 is reached, does the proposed j tax become prohibitive. A man holding £200.000 worth of land is to pay £5000 tax. Supposing his profits from the land are about 6 per cent on the value, a very moderate estimate in mnnv eases, the man's income is £12 000. His land tax will leave him £7000. or about 3£ per cent on his valuation. A man who has the land hune°r will hold every acre under tho6e conditions."