UNUSUAL LAND SALES APPLICATION HEARING IN WANGANUI

Wanganui Chronicle, 28 January 1948, Page 2

UNUSUAL LAND SALES APPLICATION HEARING IN WANGANUI

The Wellington District Rural Land Sales Committee, which sat in Wanganui yesterday, had belore it a peculiar application for the sale of property and a business where. the vendor was also the purchaser. Before the committee was the unusual sight of the same group of people represented by two solicitors, one acting for them as the vendors and the other appearing on their behalf as the purchasers. The apparent anomaly was explained by Mr. R. S. Withers, appearing for the vendors. The land and business, he said, were the estate of the late F. Bristol which F. N. S. Bristol and C. S. Bristol, who were trustees of the estate, now disired to purchase. To do this. It had been necessary to petition the Supreme Court and the application had been made to enable the committee to fix a price which would then be given to the court. He added that he appeared on behalf of the trustees as vendors and’ and aiso for a number of other beneficiaries, some »f whom were minors. Appearing for the purchasers, Mr. C. N. Armstrong reminded the com. mittee that trustees were unable to purchase property under their care except in exceptional circumstances. Since some of the beneficiaries were minors and the purchasers desired to find the fairest possible price, the consideration Involved had been set at a comparatively high level to enable the committee to set their price. Consideration asked was £3OOO for the land, 12000 for the goodwill and £2730 for chattels. For the Crown, Mr. W. J. Bevidge objected to the valuation of the land and the amount of goodwill. He offered the alternative figure of £2239 for the land. There was another unusual note in the hearing. It occurred when the Crown submitted a valuation on the leasehold sections of the land which was £269 in excess of the vendors' valuation. Explaining that normally a vendor would be willing to accept the higher valuation, Mr. Withers said that he questioned the Crown’s figure in this case since he wished all possible information to be presented to the committee. The committee reserved its decision.