NATIONAL ENDOWMENT

Dominion, Volume 7, Issue 2211, 25 July 1914, Page 5

NATIONAL ENDOWMENT

FARMERS' UNION AND THE ACT.

; At the Now Zealand Farmers': Union Conference yesterday, Mr. J. M'Queen (Southland) brought down a proposal that the National Endowment Act, 1907, should be amended as follows:— * -■■•-: -'Section 3 of the principal Act to be repealed. All national endowment lands held at the date of the passing of this Amendment Act- shall, as suitable opportunity; offers, be sold for .cash, or leased with the .option of purchase. Wliere lands are already leased; the option to. purchase, to be offered to .the present lessee at tho actuarial valuation of the' State's interest in the, land, and. the payments by way of purchase to be made by instalments of not less than! 10 per cent, of tho ascertained value. .. -. .■..:..

"All monies arising from the sale of, endowment lands shall be paid into''a ; separate account, to he_ called the Nar tional Endowment Reinvestment Account. The Colonial Treasurer, or other officers appointed for the purpose, shall from time.to time as monies accumulate, reinvest tho eanio, by the purchase .of city or town properties, which shall become a ■ part' of tno national endowment lands, but must be disposed of by leasehold for.a torm of years;" The proposal to amend the Act as suggested was referred to the branches of the union, and it should come bofo're the next Dominion Committee, accompanied by the opinions of the provincial conferences. - , . .