Land Settlement.

Horowhenua Chronicle, 20 May 1911, Page 4

Land Settlement.

ASSOCIATIONS FORMED. (From Town and Country Life.) Tlie following associations have ■boon formed under the Land Settlement Finance Act of 1909. Waitohi Downs Land Settlement Association, of five members, lias taken 465 acres near Hamilton, the total purchase money being £6520. Koropiko Land Settlement Association, seven members, lias taken up 666 acres near Napier, the total ipurchase money being £16,617. Brookland Land Settlement Association of five members, has taken up 4.00 acres near Teiniika, the total puroiliase money boing £6921. Martiha Laaid Settlement Association, eleven members, has taken up 3096 acres near Waihi, the total purchase money being £11,628. Melrose Land Settlement Association, five members, exclusive of their families, has taken up 815 acres near Te Arohn, the total purchase money being £6319. Hikutaia Land Settlement Association, seven members, has token up 837 acres in To A rob a district, the total purchase money being £7820. Nikau Grange Land Settlement Association, six members, has taken up 672 acres near Pn,lmeii\s:ton N., the total purchase money being £18.830. Komata South Land Settlement Association, five members, has taken up 665 acres near Paeroa, the total purchase money being £9957 and £400, to be expended on mading. Eureka Land Settlement Association, five members, has taken, up 82-i acres near Hamilton, total purchase money being £15,780. MoorfiohT Land Settlement Association, six members, has taken up 807 acres near Palmcrston North, the total purchase money being £16,947. EXPENSES OF TAKING UP LAND. The machinery of the Public Trust Office has been used extensively to make the administration of the Act as cheap as possible to members. The Public Trustee has provided the funds to pay the purchase moneys owing by the Association to the original vendor, taking up the debentures as security for the advance. Owing to the long term of the debentures the. amount thereof and the guarantee of the Crown, he has been abl to advance the moneys at A\ per cent., the debentures having by the Act been made proper investments for trnstes. The function of the public trustee is to stand between the Association and the public, and see that a fair rate of interest is paid. The.preparation of legal documents, and the carrying out of all legal work in connection with the Association, is completed by the solicitor to *he Public Trust Office at nominal fees, thus enabling the expenses to the members to be kept as low as possible.

The settlements with tiro vendors and members are parried (wit by tin 1 district manager of the Public Trust Office under tin , instruction* of the head office, moneys being remitted through tire post office rec of exchange. The members have to agre;among themselves a.s to the cost of the sub-division survey necessary before titles to them can issue, but, ■alter the incorporation, of the association and the advent of the Public Trust Office in the management, the costs can. be definitely ascertained. To a, member taking up an allotment at a price of £2000, the cash outlay to get the title would be : (a) Four per cent, deposit. £80; (b) one-half per cent, contingency account, £10; (c) fee for preparation of transfer to him £2 2s; (d) fee for preparation of mortgage to association, £3 3s; (e) stamp duty on his transfer (7e Gd) .for every£ £500 of consideration, £15 ; (f) registration fee for transfer, 10s; (g) fee for new certificate of title, £1; (h) registration fee for mortgage, 0s; total £112 5s (a), (b)b and: (c) will, of course vary according to the iim-o-unt of consideration money. Die other items will remain stationary. This limitation of expenses is making the Act very popular, and large numbers of people are taking up land. The associations set out above have been completed, but many more are under consideration. Fns cost of the transfer to the association and registration thereof is borne by the contingency fund of rW , Association.