Land Valuation

Dominion, Volume 28, Issue 93, 14 January 1935, Page 11

Land Valuation

Birr-■The letter in Thursday's “Dom» inion” concerning mortgages and land values by Mr. John MdFadden is worthy of very serious consideration, as it discusses one of the main features which would assist .to put this Dominion on the road to prosperity. Last March I wrote on this subject as follows:— “It is abundantly clear that the writing down of land values throughout the Dominion must take place, so why not face up to the position now, and as a‘loss must occur it should be borne equally by the mortgagees as well as the owners. Both values should be written down in proportion to the losses arising from the new valuations. It is unjust that the owners should lose all their equity and the mortgagees become the owners of properties, as they are both victims of circumstances beyond their control and eadh should bear a proportion of the loss.” This is a most important phase of reconstruction. Fixing the values of land on the new valuations so .that the pepole who have contributed millions to help save the industry will be assured of a share in the future prospective value must also receive consideration. It would be unfair indeed to ignore the millions paid to producers by the people of New Zealand, which in ordinary circumstances would _ entitle them to debentures in the industries, and it is unthinkable that the future prospective value of land, preserved to producers in this manner, should be allowed to accrue to anyone but the people, through the Government. New valuations will ensure reduced taxation in the future and the people, their heirs and successors, will share the advantage of the price we taxpayers have paid to rescue the primary producers in their days of distress, which would only be justice and equity of sacrifice. Now is the time for our members of Parliament to give full consideration to these matters and to see that a good job is made of the impending legislation, which should be impartial and for the benefit of Zealand and its people and not for any section or class of the pe<?p o '- E Q^j’ir^ tt_ ’ Wellington. t