The Mangaho Leases.

Wairarapa Standard, Volume XVIII, Issue 1764, 27 November 1885, Page 2

The Mangaho Leases.

The sale of leases of the Wellington Corporation endowment in the Mangahao Survey Block, which recently took place at Masterton, has turned out very well, all the lots being bought at an advance on the upset price. We daresay that the purchasers of those leases will do well out of the land, as the timber being valuable they will make money out of that. These leaseholders are to continue in occupation for 21 years. The annual rent for the first seven years is to be the amount offered at the sale by the successful bidder. At the end of the first seven years the rent is to increase 50 per cent, and during the third period of seven years it will be 50 per cent more than during the soveu previous years. For instance, one man bought 175 acres at Is per acre. His annual rent lor the first seven years will be Is an acre. During the next seven years he will pay Is 6d per acre, and for the third seven his annual rent will be 2s 3d an aero. When the 21 years have been completed the land is to be again put up at auction for 14 years, and if the lessee is outbid the incoming tenant will have to pay him the value of all buildings and improvements. Each section is to be submitted for public competition at the end of every fourteen years until the end of all time.