THE MOUTOA BONANZA.

Manawatu Herald, Volume XXVII, Issue 3733, 20 December 1906, Page 2

THE MOUTOA BONANZA.

A Few Details.

One of the best land investments of recent years in the colony is the Moutoa Estate. A little over four years ago this property of 9000 acres was begging in the market. It was offered by the Assets Board to several local millers at £6 15s per acre; down and the balance to remain on mortgage for 7 years at per cent. The millers—several of whom were in fairly comfortable circumstances, were afraid to risk their money because at that time the hemp industry was not so firmly established as it is now—and the opportunity to purchase was allowed to pass. Messrs Stevens (member for the district), Easton, and the late H. Austin took it up and it has turned out a regular Bonanza. They have practically carried out no improvements, as the estate was surveyed in blocks, fenced and drained. A beneficient Providence provided the flax— 2,000 acres of it —after a large area had been destroyed . The syndicate sold part of the estate at from £ls to -£is per acre, and are now drawing revenue at the rate of £1 per toh’Moyalty for the green blade and Shgjitying seven mills each putting through an average of 10 tons of flax per day. The green flax is worth to the owners from £2s to per acre. Here is another point: each milkr has to pay to the syndicate for the right to cut flax off the estate.

The millers who let the golden opportunity to purchase the estate pass them by have thought some very hard things since. We regret to state that a noxious weed curse giant fescue flourishes over the property and a large area now idle could be put under flax cultivation.

Since the above was in print, we understand that the royalty is to be raised another 2s 6d per ton, and that the late Mr Austin’s share in the es;. tate is to be bought by Messrs Stevens and Easton.