BELMONT LAND SYNDICATE.

Dominion, Volume 6, Issue 1857, 17 September 1913, Page 7

BELMONT LAND SYNDICATE.

IN BANKRUPTCY. (By Telegraph—Press Association.) Auckland, September 16. Some timo ini 1907, when land values wcro high in Wellington, the Belmont Land Syndicate bought 975 acres on the Hutt Road, eleven and a half miles from Wellington, for £20,000. The property was puroliased from a Wellington solicitor, who had paid £15,000 for it to anoiihe.r syndicate. A meeting of creditors in tiho bankrupt estate of tlio Belmont Land Syndicate was held at tho Offioial Assignee's Office, Auckland. It was aiuiowiced that tho liabilities amounted to £2206. Tho opinion was expressed that tlio company had been \mdor-capitalised, and that the estate would havo been a good investment had tho money beert raised to open it up properly. One agent had valued it at £12 an acre, another at £6 an acre, whiln a third said it would probably bring £8 an acre. One creditor said tho land adjoining the Bolmont property with same approach, and further away from Wellington, had brought £40 an acre. It was arranged that, provided tho Assign.es could lie guaranteed the necessary _ costs, tenders be invited in ilio Wellington, Cliristchvrcli, and Dunedin papers for the purchase of tho property.