For Breeder and Dealer
High-priced Land. —"ls that what you call purchasing - land?” asked Mr. Justice McGregor in the Supreme Court at New Plymouth, when counsel in an application for discharge in bankruptcy stated that the bankrupt had purchased a large block of 50,000 acres of land for £II,OOO (states an exchange). No cash passed, and the whole of the purchase money was allowed by the vendor to remain on mortgage at a very low rate of interest. It was subsequently stated that the land in question was valued by the Government Valuation Department at £22,000. That valuation had since been reduced to £14,000, and the land could now be bought for £7,000. It was therefore suggested that the bankrupt had been led into this rash speculation by the high Government assessment.
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Bibliographic details
Sun (Auckland), Volume I, Issue 158, 24 September 1927, Page 25 (Supplement)
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132For Breeder and Dealer Sun (Auckland), Volume I, Issue 158, 24 September 1927, Page 25 (Supplement)
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