LEASES IN PERPETUITY.

Dominion, Volume 6, Issue 1573, 17 October 1912, Page 4

LEASES IN PERPETUITY.

WHAT THEY A TIE WORTH TO THE COUNTRY.

A very striking statement in regard te the proposi.l of the present Government to grant Hie lcase-in-perpotuity tenants thft right to acquire the freehold "was made in the House of Representatives last evening by tho Hon. W. P. Mftssey, when he opened the second reading debate, on the Lund Bill. Mr. Massey said that he had obtained a report on tho subject from Mr. Morris Fox. Government Actuary. The ropcrt furnished by the actuary showed that, raiding the total unimproved value of (he land in New Zealand at £\ 84,000,000, nnd supposiiifr that tho whole of this was unearned increment, mid th«t all the land wns held under tho 90!) years' lease, with 089 years to run, the present value of the country's interest (assuming a rate of intoicft of five i>or ccu(.) would bo less tlinn ono ten thousand millionth part of a penny. • In view of this statement, Mr, tiftod. whnt wns the country giviiiß away in allowiiiK leasfl-iii-iieriietnity lennlits to acquire the freehold? Later, Mr. Uassoy recoiled that ill 1905 he had expressed a belief that if the then Prime Minister would refer.to the Government actuaries his (Mr. Massey?) proposal rpgnrdiiifr leases in perpetuity, and the actuaries showed that the ndopHon of his proposals would involve any loss, he would withdraw from the position he had taken up. but he belieyod that there would be not a loss but a.Gain. Mr. Massey concluded by stnting that ho held the same opinion at the present day.