THE NEW LAND BILL.

Patea Mail, 5 July 1882, Page 3

THE NEW LAND BILL.

The Wellington correspondent of a contemporary summarises the provisions of the new Land Bill as follows: The chief feature in the new Land Bill is the leasing system: the object is to lease lands instead of selling. This, i 1 however, does not do away with the selling of lands for cash or on deferred payment. The rental is based on the value of the land; the Board fixes the value, not to be less than the upset price by the Act for cash. It is then offered by tender, and the highest tender is accepted, the rent being five per cent, per annum on the price tendered. For instance, suppose 500 acres are offered, and the Board values it at £SOO, and the highest tender is £6OO, then the rent would be £3O per annum for 21 years.

Three years before the term expires, the land and the improvements are valued as a whole, and the permanent improvements are valued separately, The differenc ebetween these two values forms the basis of .the new rent—that is, five per cent, on it. For instance, suppose the 500 acres are valued, with improvements, at the end of 17 years Vat £2OOO, and the ■ permanent improvements made by the tenant are valued at £IOOO, the interest for the term would be £SO a year. If the tenant refuses these terms it is offered by tender at the expiration of the lease at a rental not greater than that offered to the tenant, the compilation being on the value given for the improvements, such value going to the late tenant. II no sale,takes place, and the tenant will not accept the new rent, the whole goes to the Crown. The same principle is to be applied to educational and other reserves, provided that other reserves not being primary education reserves, shall not be dealt with until requested by the local body interested in the reserves, the object being that all public reserves be leased on the same terms and by one land officer.

Holders of deferred payment lands who have paid up three years’, instalments, may convert their holdings to leasholds, the price being the price sold on deferred payment, and the rent five per cent. The past transaction to date back, and all past payments counted as rent. No person who holds 620 acres of either freehold or on lease, or both, is to be eligible to lease under the Act. Educational reserves may be sold and the proceeds vested in other lands or in mortgages and approved securities. Residence ( and improvements required. The Board may postpone residence for two years. Lease may be mortgaged, but not transferred without the consent of the Board. The lease is to be issued under the Land Transfer Act, at a cost of one pound. These are the most novel provisions of the Bill. As a whole, it is a step in advance, but defective in details, which may be amended in Committee.