VEALE ESTATE PURCHASE SYSTEM.

Taranaki Daily News, Volume XXXXV, Issue 156, 6 July 1903, Page 2

VEALE ESTATE PURCHASE SYSTEM.

AN AGENT'S OPINION. OALLAGHAN AND 00. INTERVIEWED. So exceptional are the terms oS red by the vendors to purchasers of tactions in the estate in D:von-street recently ecquired from Mr T. Yeale that the following will be cf interest to a large sect:oa of the public. Ia the course of an interview Mr Oallaghan of the enterprising form of Calk'ghan and Co. stated to a Daily News representative that he considers the system adopted to facilitate the acquisition of sections in the Veale Estate is the bsi he bas yet seen. Personally he would prefer being a buyer rather than a seller at the present upsets as he has great confidenoa in the upward tendency of property in such a favouiable locaii y. In reply to an inquiry as to his reasons, he said, '■ You must remember that this property has for many years blocked the progress of the main thoroughfare of tha town (Devon-street) westwards, The situation of the land buing only 75 chains from tha Post Office, biiogs it into the area of town property. Th-:r, again, it has a frontage < f 35 ehaius to Devon s cont lias 84 acres of lar.d bb level as a table and has a cutlet to the Harbour. He understands that the Barrett Road Board is taking s'eps towards continuing Djvon-street through to the Souh-road, instead of having its present blind end, atd the effect of this will be to plaoa the estate in a busy thoroughfare as the bulk of the Wrst Ooa6t traffic will, no doub* 1 , eventually coma into town by way of Devons'raet instead of via the South-road." What h-iva you to say about the terms on which the s ctions are ottered ? Ia ths first place, said Mr. Callaghan, there is the price. Now, other agents with ourselves are quoting the Djvonstreet sections at £45, and I am convinced that similar seotioos could net be purchased on the same streat and within the same distance from the Post Office at £2OO, and I doubt even if they could be obtained for £3OO. Then as to the terms. Only a nominal deposit of £2 5s is asked for a&d the balance can be pai i by monthly instalment of 16s. Bat that is not all, for the vendors pay a'l rates and taxes, so that the purchaser has only his monthly paj ments to make. He is not bouad to build nor is he restricted from selling, and should he bo desire he oan at any time pay up the remainder of the purchase money and obtain a e'ear title to hi* sections and become a freeholder. Was there any special reason for fixing such liberal terms ? There were several reasons, replied Mr OallaghaD, but I would lay special emphasis on one of the benefits of the system, namely, that it will enable parents to enciurage their children, wha are starting to earn a living, to advacce tfcuir welfare, and at the sjmo time make good use of their money. Lcok at the incemive to thrift which such a system gives. Many a ycuth of 15 or bo, who now thinks nothing of wasting money in gambling or other ways, bscause he thinks that a few shillings a week can do little good if saved, can now spend those few shillings to very great advantage in this estate, and find in a little whil?, pro■ babiy just when be ne?ds it most, that he has a freehold on which he can sett la down. Or the fact of having made a start to acquire property will spur him on to other effor's in the same; direction, and instead of being a sourcei cf trouble and anxiety to his ptrents he would be tha pride of their advancing years. That, however, is only! one cf the many aspects cf the mat'er, it being patens to everyone tha*-. with such a very email outlay, well within tha reach of all, a town freehold can be j bought.. j I How did the schema originate?

I really cmnot say, replied MrOallaghaD, but I know Mr Homy Weston has given a similar scheme great thought for a considerable time, Mr Thos. Furlong, junr., also recommended a scheme on somewhat similar lines to a client of ours, and no doubt it has occurred to others, but of course it requires capital. j In reply to a question as to whether this was an expariment or likoly to] tecime a fixed system, Mr Onl'aghan intimated that he could cos say whether such another opportunity would be offered, but he would much like to see the system become permanently in vogue as it appealed to sich a Urge clapsand me 1 ; what should be a large and ever increasing number of cases that could never be benefitted except in this way. j _ .