EAST COAST NATIVE TRUST.

Gisborne Times, Volume XXV, Issue 2143, 27 July 1907, Page 2

EAST COAST NATIVE TRUST.

ADJUSTMENT OF ACCOUNTS,

(Special to Times.) WHLiIiiiNOXOiS, lust niglit. Chief Judge l'ahnor, of the Wative Court, has suggested to the Minister .or iNative Aliairs a scheme, by tno Validation Court, of the proposed adjustment. under section 22 oi lno Aluori hand Claims and haws Amendment Act, 1906.” He suggests that the time to complete the scheme be extended from Ist August, 1907 to ' Ist August’, 1908. The scheme refers to the Hast Coast Native Trust hands. It gives a history of the dealings in regard to these lands. Section 16 of the report states that apparently the debt paid to the bank has been approximately £160,000, and other amounts paid, including outstanding dobts, expenses of management and realisation, amounts to rinmdly £40,000, making a total oi., £200,000. This amount has been raised as follows :—By sale of land, £124,400; by sale of stodk and front other sources, £28,750 ; mortgages, £lO 000 ; rebate from bank, £20,000; rents, £12,380, total, £211,530. . The figures given are only approximate. The report goes on to state that as at olsr March last there appears to bo existing liabilities of £26,211, against which there are liquid assets apart from the landed estate of The balance to debit will not, the Court understands, take any great length of time to liquidate out of income. Under the Board’s management the major portion of tlio estate lias been preserved. The Court broadly suggests the lines upon which it would propose to proceed to give effect to an adjustment of Recounts subject to what might bo said before it by the representatives of the beneficiaries. The trustees ask the Boaid (a) to distribute and charge against tJho various blocks so much of the total indebtedness as can bo earmarked as equitably so chargeable; (b) to distribute the balance of the total indebtedness over such of the blocks as the Court after hearing the oartics may decide should, under the circumstances, equitably bear the burden of the same; (c) for the purnose of effecting supli distribution it may he found necessary to order the sale, mortgage or other disposition ot ~ portion of the remaining estate loi the benefit and relief of those beneficiaries whose lands have been already disposed of in the general interests of the trust including 01 nonossary) the rearrangement of presenmortgages.