CLOSE SETTLEMENT

Waikato Times, Volume 94, Issue 14818, 5 December 1921, Page 2

CLOSE SETTLEMENT

N.S.W. LAND LEGISLATION. A BURSTING-UP SCHEME. (United Press Association.) ! SYDNEY, Dec. 2. The Assembly read a second time a Bill introduced by the Mmisliy- of Lands for 'the subdivision of large holdings, with a view lo expediting closer settlement. The Bill is largely similar to one which failed to pass last session, and_which caused a flutter here and in London financial circles owing to its being of an allegedly confiscatory character. The essence, of the measure is a clause providing that a tax shall be levied on land held beyond the value of £2o.ooo—for the first years a tax of 3d, second year 6d, third year 9d, and fourth and every succeeding year Is in the £l, provided that for the first year not less than one-fourth, the second year not less than one-half, the third and following years not less than three-fourths of the cultivatable land in the surplus area is cultivated. The Western land division and some other sections are exempted. The Bill, particularly the penalty taxes, is strongly opposed.