THE LAND MANIA.

Manawatu Standard, Volume IX, Issue 93, 23 March 1885, Page 2

THE LAND MANIA.

, A Wellington paper endorses our 1 sentiments when it expresses a hope; thai when depression passes away, and substantial prosperity: for city and country sets m auch will he attended with a minimum of excitement and undue speculation. An improvedselling value for city lands cannot be regarded as an evil, and. may be a true- indication of a healthy legiti-, mate demand. We quit-e agree with pur contemporary that another liind ** spirt " m the country would do nothing for the promotion of settlement. The paper from which we, quote goes on to remark that it is not altogether pleasant to look buck at some part of the process under' which the occupation of the West Coast territory was brought about. At one time land went up to extravagant prices; At the auction sales sections changed' hands at rates which rendered it impossible that a renumer-, ative return could be obtained (out of the land) for the money invested. At the same time the nominal, and m many instances the actually realised, value of improved laud went up rapidly, and the fact waa taken as a sure indication of well-founded prosperity. That value was very often accepted as a ( measure of safe mort-> gage limit, and settlers * entered into engagements which subsequent experience proved to he altogether beyond their means to meet. There was on all sides a charming degree of confidence. It was a certainty from - the lir.st that, sooner or latoi-, a sti-ong reaction would w.t in, though it appears to have been made li«'ht of or 'entirely ignored by a multitude of incellig-eut and experienced jnvestois, both of the class who bought for a subsequent rise and an "advantageous sale, and of those who bought, with the intention of settling down to pastoral au<] agricultural pursuits. Some of the speculators, though they gave more than ilie real value of the land, were, fortunate enough to pass it on at an enhanced figure, but others were Overtaken by (lie fall. The operations of the jobber* U easy of comprehension. Their menKuiv of vrtlne, a* is always the case when ],iu<£ excitement prevails, was fjetiiioutt. ami was Imsed, on calculations as to the probability of prices being further inflated l>y jimd-hunger and jmMie credulity. Many of thorn may have \tyv.u dfifioWnt m <'o^ttßJ|j£ltt,' blit 'thoy" had definHw un<) : ,.4n<icl|ijiif;|M expectations. The case of i he boiia fide settlors who pu> chnsed at, extra vagahlly high prioWis

diifercnt. W« lmve never yet l>eeu able to tind v satisfactory answer to tlio question : How comes it that men, whose cibject is to get a living, and something move, out of the land, purchase, m times of excitement; at' prices which they ought to know well aie far m excess of real value? That is to be determined by the value oi what the soil will produce under judicious management. Tei tlie history of the West Coast of this Island will show that this reasonable consideration has been to a very large extent overlooked. Prices greatly iv excess of real value have been paid m innumerable iustances both to private jobber* 'and m the Government auction rooms. The consequence is thai the Coast hinds are -'dipped" to an extent whioh exercises a seriously dapressing effect far beyond the circle of the agricultural and pastoi'al com munity. A general revival which should bring baok former agricultural land prices is not to bft desired. It might enable some of the present holders to secure themselves by selling at a high figure whilst the inflation lasted ; but that would be only a shifting of the burden, and the new comers would l>e no nearer solid prosperity than were those who ureceded them. In the course of lime, though the present generation may mot live to see it, these matters may, right themselves, and agricultural and pastoral pursuits on the West .Coast be without so large a millstone of mortgage as now weighs em :Uown.