VALUES OF SECTIONS

Waikato Times, Volume 195, Issue 22513, 23 November 1944, Page 10

VALUES OF SECTIONS

ANOMALY IN TE KUITI The difference between the present value of sections in Te Kuiti and the Crown valuations of 1924 was the subject of comment at a sitting of the South Auckland Land Sales Committee. Expressing regret that it had no power to remedy an injustice, the committee gave consent to the sale of business premises in Kora Street, Te Kuiti, by Holah and Hedies', Ltd., to Progress Holdings, Ltd., on the condition that the price was reduced from £1540 to £llOO. It was stated that the valuation of improvements was agreed upon at £7OO, but the Crown valued the section at £4OO. This section had been taken up from the Crown in 1924 on a valuation of £B4O, payable on deferred payment licence. A sum of £320 had been paid by and Hedley under the licence and a balance of £520 was still owing to the Crown on the section. Mr K. W. Low, appearing for Holah and Hedley, said that as a result of the high values placed upon Te Kuiti sections when the Crown purchased the bulk of them from the Maoris in 1924 a great many were in a similar anomalous position today. The purchasers were agreeable to paying the balance owing on the licence. The chairman, Mr N. A. Ching: While Te Kuiti has this bugbear hanging over its head it cannot make progress. You will have to have special legislation to deal with the problem. Mr Ching said that the committee, although in a somewhat oppressive position, was bound to fix the value on the basis of £4OO for the section.