The Wairarapa Daily. SATURDAY, MARCH 1, 1879.

Wairarapa Daily Times, Volume 2, Issue 97, 1 March 1879, Page 2

The Wairarapa Daily. SATURDAY, MARCH 1, 1879.

From one end of the Colony to the other prices of freehold property in both town and country Imvo receded from the inability of persons to find money for purchasing, and the necessity which always exists in times like the present for a certain amount of sales to be effected, The Patea Mail, com' menting on the lesson which is taught by our late reverses, expresses a hope that it is not too late for its district to profit by the experience of other parts of the Colony, where freeholds have been mortgaged, hovels inhabited, candles lit in the morning, children kept from school, daughters put to the plough, constitutions brokon up, backs and stomaohs stinted, in order that field might be added to field, at a price that could only bo warranted by a guaranteed continuance of the most favorable weather, and the most favorable market. As, however, neither hope nor faith has been able to secure these conditions, the money lender is lord of all he surveys, and many of our best colonists experience his pioverbial tender mercies. Very few of the small holders who thus "grunt and sweat under a weary life," upon whom the burden of taxation must fall, and who are the foundation stones of our national wealth have any idea, that in stretching their resources in the manner we have ties-

cribed, they are rashly speculating.

Yet, while the disproportion betweei the selling and the letting price of lnn< is so great, it is certain they are tloiiij no less. Many people in Canterbury

and elsewhere have paid from £2O to

£3O per acre for land for which they would not have given a yearly rental

of £1 ss. per acre, If they could borrow at four or five per cent., they did the right thing; but as they had to pay eight or ten per cent,, clearly they

were speculating, That is, they were led to pay more for their land than it would yield a fair interest upon, when the cost of working it was covered, by tho hope that in the not remote future the market would change greatly in their favor. It is not in Canterbury alone, but in the North Island also that men have been paying high prices for small quantities of inferior land, ont of: which they cannot, when times fail, to

be prosperous, get a bare living. Tho conclusion arrived at by our contemporary is that those who liavo bought land at high prices have practically invested their money in pcrpctuo at the small rate of interest that the land will yield them now; those who have paid cash are paying a rack rent tn loss of interest, and have practically thrown away a certain portion of their capital; those who have borrowed at current rates are in a still worse position, as as having no capital to throw away, and having to pay the rack-rent directly out oi the land to the money-lender, who stand to them in the room of the landlord, What this rack-rent means we all know, It means that the most useful class of citizens—thp farmersshall have their noses continually hard upon the grindstone; that there shall be no elasticity in their resources, no room for enterprise, Ever since the Crimean war rents have been rising in Scotland. The result is, that nearly all

the farms recently in the market have seen the old tenants leave in beggary and ruin, and Jjave been re-let at a. reduced rate. This is in a country comparatively well-peopled j whaji Jhen may be expected of the rack-rent system °,re? We can'understand high rents ""intry like Belgium, where every

incli, of ground is worked with care, and where the Spade take's the place of the plough; but in New Zealand, where millions of acres are lying waste, we think they are premature, Wo hopo therefore, that our fanners will make up their minds, that as for many years after they have returned to the dust, the price of beef, mutton, flour, and oats will not be very dffferent from what it is now, the selling price of land should not be greatly above the sum on which its rental value would be a fair interest, and that they will resolutely refuse to invest their.hard and honestly got money, at ruinously low rates, for the benefit of .land sharks and moneylenders, •

Wo hear that there is an excellent slato quarry about 10 miles from Masterton. The timber for Sellarand Hales' new store is now on the ground. Tenders for two acres of potatoes and carrots at Mastorton close this evening. This is pay day for the Building Society at Masterton, and for the Permanent Investment Socioty at Greytown.

Blaker and Co. hold their land salo today at 11 a.m., their sale of merchandize at2p,m, At 2 p.m. to-day Messrs lurns and Forgusson sell the ''carrying' plant and premises of Messrs J, -Vile and Co. Mr Thomas William Shute announces that he has resumed his old work at bill posting and bell-ringing. We are informed that Miss Lyons will arrive at Masterton on' Saturday next to take up her duties as custodian at tho Hospital. We are glad to learn that tho County is authorised to contract the bridge at Glad, stono Tenders will be called for without delay. It is rather a disgrace to us that the bulk of the fruit vended in Masterton lias to be bought in the Wellington market. Settlers seem too lazy to plant fruit trees,

We understand that Mr Eichard Barton, of Fernside, intends taking up his residence in Masterton for a time, in order to be more conveniently attended by Dr Hosking. Wo loarn that the total value of properties under the Land Tax valuation of the Wainuioru Riding is £291,710 103, and the rateable value £264,90!) 10s, the amount of the rate will therefore be at -Jd in tho £ £55118s 10|d. I'hero are 81 properties in the Riding, 45 only of which are rateable,

Last night a stack of straw, valued at £2OO, belonging to Hastwoll, Macara and Co., and situated on Mr Donald Donald's estate, at Manaia, was burnt. Incen-

diarism is suspected, and it is hoped that Mr Ingram, the night-watchman, who was as usual about and active, will be able to to assist tho police by giving a cluo to the

incendiary. Mr Ingram was tho first on tho spot after the fire broko out. Wo are informed that the Black Bridge is in a most perilous condition, and that although it is being partly stored up, the transit of loads, even of a light character,

is attended with great danger. Tho opinion of the County Engineer is that tho structure is beyond repair, and that anew bridge, the estimated cost of which is LIO,OOO, is absolutely required. We understand that tho whole question will be brovght beforo the West County Council at once.

Messrs Blyth Bros, hold their opening sale in their new warehouse this day. The public will here be likely to meet with many bargains, there being a largo and entirely new stock to choose from. The band will play in the balcony of the Empiro Hotel during the evening, The

handsome proportions of the new buildini alono are sufficient to attract visitors combined with new goods and music, the; are pretty certain to fetch tho public,

TheMastertonMaleandFcmalcServants' Registry Office reports that the demand for good female servants is very active, but the supply small. Females in other districts seeking employment would do well to come to Masterton, where they can get engagements at once at wages from L2sto L 52 per year, The malo department has been rather quiet, bush hands being mostly in demand; farm hands, 20s to 255; bush-fellers, 2os to 30s; married couples, L 75 to L9O,

A rather.serious accident writes the Post occurred ii day or two ago on the Rimutaka to Mr Schwabe, architect, and Major Edwards, who were driving in a dogcart over the mountain by the coach road. A strong gale was blowing at the time, and a sudden gust catching the vehicle, fairly huilod it over the precipitous bank at the side. The cscapo of botli gentlemen from instantaneous death is almost miraculous, but fortunately they came off with no worse injuries than some severe cuts and bruises, and a tremen-

bus shaking. Tho Featherston Highway Board was to

have met at their offices, Featherston, on Thursday last; as, however, only Messrs Jackson, Matthews, and Donald put in an appearance, the meeting became an informal one, and only the most urgent

business was dealt with. The tender of Messrs J, apd W. Hart for metalling the road across Mr Pharazjn's was accepted at L2 9s 7d per chain, and Mr Tlios, Bennett's tender for tho lease of the Waihcnga Tollgate for one year, at IM): was accepted, the condition being that the lessee is to keep the bridge in repair. It was resolved that at the next ordinary meet-

ing of the Board a general rate of Is in the £ bo made payable Ist April next. The Clerk was instructed to write to the Chairman of the East County, asking that the money available for East Coast works be paid over at once, The Engineer was instructed,to. re-metal, tho road from Tauhereniknu Bridge to Featherston, employing the present Overseer, and it was ordered to give Mr Wilkinson notice at once to remove all obstaples from the Government road leading through his land up the gully. Some accounts were passed for payment and the meeting adjourned,