CITY'S ENDOWMENT LANDS.

Dominion, Volume 7, Issue 1989, 20 February 1914, Page 8

CITY'S ENDOWMENT LANDS.

tftOPOSED SALE OF RURAL FREEHOLD

DEBATE IN THE COUNCIL,

A chorus of objection and disapproval greeted a report ■ laid ' before the" City .'•■■ Co.un«il last evening by tho Legislation and Leaseholders' Committee. to the effect that it had carefully considered tho question of the Mangaliao endow-, incut.".(hear Palliatua), and approved.of the freehold .being'.sold to tho lessees, and- recommended that the matter bo referred to the Finance-Committee,, "for the purpose of completing the financial aspects .'of the question."'. ■'.Councillor Buddie explained that it was proposed to'consider .tho sale., of this endowment to the lessees because 1 the land w'as'.unlikely to increase in .Value. The capital of the) council was tied up, producing a return of only, four per.cent., and it was considered that k larger rate could bo obtained. ! . Councillor A. H. Hindmarsh objected strongly to tho endowment being parted : with', and co'ntended'that no step should ie takon in' the matter until the electors had been consulted,-a view which >'as"endorsed by' Councillor Fletcher. ■ ' ■ Councillor Thompson-said that the , , land had increased iiv value by £1655 ' 'during the last twelve months. He considered that tho clause should be re- ■ . i'errcd back. ' ' . '' . ■ Councillor Luckie'said that it was farcical ,to, Suggest that this, farming 'land would not increase in value. It would increase enormously in value in , the next ten years. The eagerness of the settlers to acquire the freehold sup- ! plied the .council with the-best possible reason for retaining the endowment. Councillor Frost-said that as one of ■ iho councillors who had inspected this endowment, ho had at'fifst been- inclined to support; the :alionation proposal om account fof- the neglected -state' of the. ; land, but he had changed hismind. One . B-eason influencing him was that ridiculously low rentals had. been fixed by the , . assessors. .for. the council's city.'/ leaseliolds'/' iii'his 6pinion"the revenue .'from' country endowments ■ was likely to increase more'rapidly than that from city ■ . endowments. He moved that consideration of tho matter should be postponed to. a future meeting, and that the information, on the subject supplied to a former council should be laid before present council. ../..'.'••'. . . Councillor Barber supported this'pro- . posaL„but said that ill ,his,.qpinidn .the >■ matter of exchanging' this'" endowment

for another deserved,consideration. It liad. to be recollected that/some of the. latter-.areas had only been partly paid for. As Councillor Frost had said, the leasehold-1 area in. question-was being '■heglected by tho tenants, while adjoining freeholds • were ■ being rapidly improved. ■' _ ' - , ~,,■■ i Councillor Fitzgerald opposed tho view expressed by Councillors Frost and Barber: " "Tlid'endowment; he said,' was 1 a. splendid'one, and would rapidly increase in value. Members' who did not know the property should, visit and insoect it. Councillor Fuller expressed the Opinion that the-- term of tUe-.'-leases irt this endowment should be increased From 14 to 21 years..

iCouncillor'M'Kenzio pointed out that ■' the lands were Tield in perpetuity, with revaluatioh,overy 14 years. Councillor .Wright supported the amendment. He asked whether the council-had not already sold land in-tlie Pahiatua district;;;-) :|(I(JJ!V The Mayor: Only au easement • for '.drainage:.;-;• .'•.'';:<:.':/ .•',■.: .;' "'-, I Councillor Wright said that-as no precedent had been established, the council was free to do what it pleased. The tenßn't¥,"ho'*al'd;-"did , no% wish to pay cash for the land.- -How,.then, could nnother endowment be purchased? The thing was impossible. Cpirncillor Hislop submitted .that the ■ maf.tef;;should be;sent Finance Committee,''in order that a detailed proposal mi<*ht:be laid- before the council. Councillor Hindmarsh had informed him ihat--his ; great object 7 was to. help this thing-from getting on-to'the. floor of the House," became'he. was'afraid to, trust the "representatives of tli'e;'people., Councillor Hindmarsh: Mis-reprcsen-, tatives! ..-.':.'. X ■ ' ' The.Mayor said that he was in favour of .the matter going back. Personally he- would- not approvo of selling this eiidbwmehtunle'ss its value were at oiice -mado available for\the purchase of another findoiymcut. ' Tho question of ■leasehold, or freehold was riot raised. 'All that the committee desired to do Was to secure a profitable endowment. Councillor Buddie said that ho' was. suite ' satisfied that when' councillors jiad read tho reports oh the subject they Would take'the same, viejy as'the com-mitteo.'-'.'Tlip reports showed that value*, in the.district were riot increasing, and that the value of this land, if anything, would go back. The figures showed that the carjital invested' in this endowment could be made to produce at least 6116 per cent. more. There was no imnroveTncnt clause in the leases, and the lessees could not be made to improve their properties. Tho reports showed that they were not doing so, and that ,+he properties were going back. Councillor Thompson's statement about an increase In valuo was based .upon a- special valuation made at the l request of a committee. The Government valuation of the ' property i'or':tasatioir purposes remained Unaltered.. .; ■/ Councillor.,' Frost's 'proposal .to • post-, folio furtherconsideration of'the matter was agreed to.