Board of Reviewers.

Waipawa Mail, Volume XVI, Issue 2823, 6 October 1892, Page 2

Board of Reviewers.

The Board of Reviewers met yesterday to hoar the appeal by the attorneys in the Woburn estate agairiHt the valuation made by the Commissioner of Taxes. Messrs Harding (chairman), Bridge, anl ltoss constituted the Bourd.

Mr Logan appoard on behalf of Mr Russel I, and Mr Kennedy for Mr M‘Gowan, Deputy Tax Commissioner. Mr Logan said tho proceedings wore taken on behalf of Mr Russell, the proprietor of Woburn under section 30 of the Act. On tho 3rd Juno Mr RmseU’s attorney received notice, asking his consent to the valuation made by the Commissioner, viz., £4 17s fid per acre. On tho 9th June tho attorney sent agrooing to the valuation ; but claiming the right of appeal under tho Act against the üßsot-Hinent of £4 17s fid. The Commit* uioner now sought to raise tho valuation to £ss 7h fid per acre, and he thought this action most extraordinary.

Mr McGowan, Deputy Tax Commissioner, in reply to Mr Logan’s remarks said tho department had received opinious that the property wus undervalued, and had been informed that tho estute was valued at £5 10s an acre all rouud. In order to settle tho vexed question once and for all, tho assessinout had been raised to £5 7s fid.

Mr A. Crawford, manager of Woburn estute, gave evidence—Lust year tho run was stocked with 39,720 sheep, und ho considered it fully stocked. He thought tho valuation of £3 per sheep too high, £2 10a being nearer tho mark. The usual system wus to calculate at per sheep per aero in estimating the value of a run. He produced a statement showing receipts for twelve months £14,491 18s fid and expenditure £SBOI 2s 4d. Ho estimated the unimproved value at £3 4s per acre. Did not consider G per cent a fair return for money invested in land with all the risks taken into account. Only 7000 surplus stock wore sold lust year, lie knew the country around Kaikora and Patangata. There was no comparison with Woburn land, tho latter being poorer. Mr Collins’ property is a well improved one. Ho was surprised to hoar that the unimproved value wus estimated at £7 per acre. There was not much unim proved land at Woburn. There was 13,800 of an increase lust your. Mr T. Crosse, shoopfarmor, stated he had inspected Woburn, and estimated the actual value of* tho estate as a sheep-run at £4 lGs per ucro. He based his valua tion on £3 per sheop. Ho did not consider that tho fact of the railway running through or tho proximity of tho lako increased the value of the estate, as it cost more to take tho wool to and ship it than it did thoso on tho coast. Mado an estimate of ruuniug the CHtate and put it at £SOOO per annum. The unimproved value ho put at £3 per acre. His ostirnato of tho value of the Woburn estate wus from a pastoral point of view. Mr Maokerßoy gave similar evidence. Mr Kennedy for the Depnty-Commis sioner, called

Mr Dillou.—Had been sheep-fanning for2sjears. Kuow Woburn estate, anil hud been all over it. He considered that quite 70 per cent of it could be ploughed, and should carrry 40,000 sheep ; it woi.lu carry moro if improved ; was capable of carrying two sheep to the acre. He valued Wobum at £5 7h Gd per, acre from what it is now carrying, nel lie averaged tho value of the sheep at 8a all round ; cattle 20s per head ; allowed for 40,000 sheep being shorn at 30a por 100; altogether with other expenses would I.ring the working « xpouses up to £2995. He did not consider tho stock on Woburn required turnips ua there was

plenty of grass. He considered the basis of valuing sheep at £3 per head a wrong one; as the value all depends on tho management and kind of sheep bred. When the estate was first purc-husod it was bought at ten shillings per acre, and at that time full value was given. If it was in its natural unimproved state at tho present time with all the present facilities for reaching it such as roads and the railway, it was worth over £4 an sore, and considered if sold would fetch that price. He thought from 25s to 30s por acre would cover the improved value. The unimproved portion of Woburn estate adjoined a piece of land which was recently sold for pearly £6 per acre, and has slnoe been bought by Mr Rathbone. The Woburn laud is far superior to that at Wunstead.

Mr Fitzroy stated he had valued the Woburn estute abont May last at about £5 4s per acre on the basis of carrying 40,000 sheep sheep. With improvements would easily carry another 16,000. He thought £5 4h fid per acre would be realised if tho estato was put into the market. In bis opinion there would be no difficulty in getting £4 an acre it it was in an unimproved state, as it was all limestone country. It was fully stocked in its present condition. He valued the property ut £137,700 ; he valued tbe improvements at £21,423. \ The Board sustained their previous valuation of £4 17s Gd per acre.