LABOR’S LAND BILL

Hokitika Guardian, 20 May 1921, Page 4

LABOR’S LAND BILL

MR STOREY PAYS THE PRICE. SYDNEY, May 3 There has been an interesting deve- r lopment in connexion with the confiscatory Land Bill ,of the New South Wales Labour Government and the Premier’s trip to London to raise loans for the carrying on of the State’s business. The Land Ball, as introduced last session, had three features which distinguished it from the existing legislation, under which the State Government had the power to take land for closer settlement. The three features were: —l. No person or company was to be allowed to hold more than £20,000 worth of land ; 2. The land to be taken was to be valued as on an arbitrary date.—practically the date on which the Bill became law; 3. The owners of the land taken were to be paid in special debentures, with a currency of 38 years, and bearing interest at 4.J per cent. These proposals raised a, tremendous howl from all the big financial institutions, as well as from individual landowners. The market value of the 38 years debenture, it was pointed out, would be £68 —which meant practically that the value of all land affected by the Bill would be depreciated by one-third. The clamour, and the very apparent difficulty of finance induced the Government to drop the measure. It was repeatedly announced, however, that the Bill would be reintroduced in the coming session, and that it would lie an even more drastic measure. Nothing was to he withdrawn.

Then Mr Storey went to London to raise loans. Every Minister for weeks before lie left refused to mention the Land Bill. “Don’t wake it up” they said, and hoped that the London financiers would have forgotten all about it. Biut the London financiers were waiting for the New South Wales Premier, with copies of the Bill sticking out of their pockets. Mr Storey lias obtained the money lie wanted—though the price has carefully not been mentioned—and at the same time, with elaborate cnsualness, it is announced that the Land Bill, in view of the great fall in values in the country, and the “easier” money market, will be amended. The valuation of the estate will be as at tlit time of purchase instead of as at an arbitrary date ; and the seller will, as far as possible, be allowed to take cash instead of king dated debentures.