THE LAND ACT.

Dunstan Times, Issue 1063, 8 September 1882, Page 3

THE LAND ACT.

TO THE EDITOR. Slß.—Tn the Dunedin Daihj Times, dated 2nd September, 1 noticed in the leading article that Che editor cays he has received a copy of the “Land Act, 187.7, Amendment I! 1 ,” and appears to think the clause hat refers to deferred payment settlers is very easy terms of payment and should meet all requirements. I have read the clause myself and fail to understand it the am s way th it ho docs. I understand it to create another hardship on the deferredpayment settlers. I 'V/iS! endeavour to explain how I understand the clause : Suppose a deferred-payment settler have fulfilled his conditions for three years and then finds that he is unable to pay his future engagements, the Act then provides relief by having Ins unpaid payments capitalised for the remaining seven years at 5% ; he will have to pay the Government interest •o i money for seven years—-on money that is not due, because his payments only c une due every six months—so it is plainly to be seen that he will have to pay interest on something that is not in existence. I will suppose a deferred-payment settler has unpaid payments to make amounting 0 £ ;10 ; in seven years he will have to pay 1 he Government £73 10, and then four years longer if ho wished. But he would have to continue to pay the . r i%, together with the principal <nam>-1y (L2l-') before ho could obtain it in foe simple. A deferredpayment settlor that finds himself in such a position as above described would find it much more tn his ad vantage to go to the money-lender and borrow every half-yearly instalment as it became due, because ho would only have to pay interest on his half-yea-ly instalments at di If rent periods as they became due ; and say ho could borrow •at %he would only have to pay tbo money-

lender on nil the unpaid instalments—collective about £33 15 . So lie would actually save £39 15s and obtain tiifi Lr-ohoM in seven years instead of eleven 1 think it is well understood that tho deferred-payment settler pays in tho first instance for h : s accommodation of time-payment because if possitive sale land is £1 per acre tho same land under the deferred-payment is £1 10 per aero, and now he is asked to pay interest on that ten shillings together with the twenty before it is due. What 1 should call fair and easy terms would ho to charge interest, say S%, on part due payments to the end of the term of ten years, then of course all the payments would then bo duo, and I admit it would bo easy terms to capitalize the amount then ran lining unpaid for a term of four years longer at 5%. In conclusion, I must state that the Land Act is getting so complicated that the inhabitants will not be able to ascertain between -the different alterations that they are benefited or not. It seems something like that now. I hope you will publish this, and I a’so hope that I have misunderstood the real meaning of tho Act. —I am e'o., Benjamin Naylor. Clyde, September 5, 1882.