CITY ENDOWMENT

New Zealand Times, Volume XXXVII, Issue 8341, 30 January 1913, Page 7

CITY ENDOWMENT

TENANTS WANT THE FREEHOLD. Close to Pahiatua the city of Wellington has an endowment of some 1500 .acres of land which was given tp it by the old Provincial Government in the early days. At present most of this land is held by tenants under perpetual lease, subject to revaluation every fourteen years. Now the tenants are seeking to convert their leases into freeholds and offer, if this is to by the city, to mortgage to the City Council for the first seven years and pay interest at the rate of 5 per cent.

In order to make themselves personally acquainted with tho property, a party of members of the City Council visited it this week. The party consisted of tho Mayor, Mr D. McLaren, Councillors J. Smith, I' 1 . Cohen, G. Frost, L. McKenzie, and J. Godger, tho city engineer (Mr W. H. Morton), the city valuer (Mr J. Ames), and the chief clerk in tho town clerk’s office (Mr 11. Tait). They returned to town last night, and will make a report to the City Council at its nest meeting. Tho "Mayor informed a “Times” representative that the tenants supported their requests by the plea that it would bo much easier for them to finance their operations if thev had tho freehold. Some of tho land, which is known as tho Mangahao block, is very good in quality, and it brings in a fair revenue to tho city. Mr McLaren said that tho general feeling among the councillors who made the trip seemed to bo that the tenants, having been treated generously by tho city in the past, now desired to get all they possibly could. There had been no discussion on tho merits of the request made, but, in any case, it appeared that tho freehold could not bo parted with save through special legislation. There seemed to bo no provision at present under which a city could part with tho freehold of its endowments.