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Gisborne Times, Volume XXVI, Issue 2140, 16 March 1908, Page 1

[Correspondence on public matters is welcomed at all times, but it must bo distinctly understood that this journal is in no way associated with the opinions of its correspondents.]

TE ARAI ESTATE,

(To tho Editor.)

Sir, —Through the medium of your columns I would like the reason why the Government have raised the value of To Arai so much over what they paid for it. 1 always thought the Government were acting in the interests of bona fide settlers, and were to lease them the land at tho price they paid for it, but it now looks as if they were land speculators, and want to make a eonsilerable profit on the transaction. When you look at the sudden drop in the values of wool, sheep and cattle, compared with prices obtaining a year ago, it seems to mo to be quite wrong to put up the values on tenants who may get a section, making it almost impossible to do more than get a bare living out of it. Tho drop of wool, say, 4d per lb. will make a difference alone of os 4d per acre on “two-sheep” country allowing an 81b clip. Then there is a drop of from 3s to 4s per head on store lambs compared with last year’s prices. The only advantage is that wo may be able to store up a- bit cheaper, hut the profits are not to be made out of sheep compared to a year ago, unless the markets improve considerably. > The Minister of Education, speaking up at Auckland recently, on gambling, said ono of the worst features of gambling was in buying land and selling it at a higher price. Well, if this correct, the Government, of which ho is a shining light, must be delinquents in that respect, for we find that they have put on a capital value on To Arai of £120,980, for which they paid £106,000. They certainly don’t place much reliance on their own values, for we find Mr Hislop valuing it at £102,000, Mr. McDonald £103,523, Dr. Findlay £101,076. Mr Johnston’s claim was only £119,229, and tho Government offered him", when times were good, £90,707./ Now, when times are not too good wo arc expected to pay interest on £120,980 at equal to 5 per cent, having to pay the half-year’s rent- in advance, which is equal to another 4 per cent. If the Government insist upon theso high values it will only mean the tenants applying for a reduction in rent later on. There a number of genuine settlers wanting to get a section, but wc want to get it at a price that wo can make a decent living out of it but I fail to see how it can be done at present values.—l am, etc., “FARMER.”