ENCOURAGING SETTLEMENT.
The Wellington City Corporation's endowments m Wairarapa were recently very satisfactorily dealt with. The terms on which the leases have been sold are as follows : — The present holders are to continue m occupation for 21 years. The annual rent for the first seven years is to be the amount offered at -the sale by the successful bidder. At the end of the first seven years the rent is to increase 50 per cent., and during the third period of seven years it will be 50 per cent, more than during the seven previous years. For instance: One man bought 175 acres at Is per acre. His annual rent for the first seven years will be Is an acre. During the next seven years he will pay Is 6d per acre, and for the third seven his annual rental will be 2s 3d an acre. When the 21 years have been completed the land is to be again put up at auction for 14 years, and if the lessee is outbid the incoming tenant will have to pay him the value of all buildings and improvements. Each section is to be submitted for public competition at the end of every 14 years until the end of all time. A Wellington paper is poration is the only other corporainformed that the Dunedin Cortion m the colony which has adopted this system m connection with its endowment.
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Bibliographic details
Manawatu Standard, Volume X, Issue 1567, 27 November 1885, Page 2
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236ENCOURAGING SETTLEMENT. Manawatu Standard, Volume X, Issue 1567, 27 November 1885, Page 2
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