NORTH ISLAND LAND.

Taranaki Daily News, Volume LII, Issue 107, 2 June 1909, Page 4

NORTH ISLAND LAND.

Xt) SLUMP EXISTING. RANKING METHODS CRITICISED. STATEMENT BY lIOX. D. BUDDO. Ohrislchnrch, .May 20. At tille annual dinner of the North Canterbury Agricultural and Pastoral Association on Fridav night the lion, D. Buddo, Minister in Charge of the Valuation Department, spoke on several matters of public interest 'with regard to land in the North Island. A statement, lie said, 'would no doubt be made at an early date by the Native Minister, giving the results of the legislation passed ill lOOli and la*t session. This' would show that great progress had been made. An area of 1,700,000 acres bad been <pnt into the hands of the Maori kind Boards to be dealt with; and during the past year 200,000 acres had been purchased by the Government, much of which could lie cut up into small areas for those with small capital. When this was done it would show that a great deal of -progress had been made in tile

settlement "f unltv.- lands, and it was to lie Imped Hint this would lie added to vear liv i-fiir. as last as settlers could lie obtained. Most of the agitation, for tin- settlement of native lands at the present time wax (carried on by speculators. For those who roally wanted laud to firm there was ample at their disposal in ■tlio .Auckland kind district, and there would 'lie more shortly. Tilt: KI'XKNT STHIS'tJKXCV.

Ifp 'was of opinion that the recent stringency in Hie money market had been, caused by Hie hanks advancing money .to make deposits 1111 the purchase nf land—very often in enbiirlis of large towns. This ikul W to shortage i.f eapitial with whicli In do legitimate banking liiisine*. Considerable dilTicully had ilieen experieneed liy traders in really good positions in getting aceoninioiialion. to carrv on 'laisiness. There was not the slightest doubt that the banks hud departed from what wan legitimate banking business. That was to say, they had invested in land and left their liquid assets insufficient to cam- on lire, business «f the country. All Ibis 1,1.1 considerable bearing on the ipiestioii of the valuation of land for taxation and rating 'purposes. It had been frequently averted that there was a slump in land, but (here was no evidence to show that anvllling of Hie kind was in. existence. Sales were reported from dav 'to dav at prices which had been current during the last two or three years: Hie thing was to make a fair and reasonable ■valuation of land, leaving a inaruin for fluctuations in v.iluc thai might lie caused through stringency in the money market, the price of produce. iand other conditions which mis;ht afreet values. AX INT.UI! SYSTEM.

There had been an agitation in some parts of the North Maud for land to be valued on it- productiveness. Speaking at I'alincrstoii North recently at a meeting of the Farmers" I'liiim. he had pointed out that such a system would he most unfair. There wciy farmers who seemed In have link and farmers who apparently had none; farms that always gave a "ood yield, and oilier* Hint never did; and b,. was certainly averse to taxing the result* of a man's ability. The present system, calculated on the basis of tJie selling value, was 1 bhe one which be intended to carry out, leaving, as already slated, an ample margin to provide for lluctnntkms.

ASSJSSSMKXT COT.TRTS. In spite of wlia-t ilmd 'l.'cvn slated, Inventured to say that nl the Assessment I Court.- about to bo held Ihroiiftlimit tinDiuiiiiiiini. there would lie far fewer appeals than at any previous .sittinsM. farmers aiifjlit rc4 assured Unit wiled tilicy ii]i|ic«li'(l apiiust tdioir valuations everv reasonable wpportiinilv would lie ■riven, them .t'u ■si-''!- llieir eases. Willi regard to some • ' ...in Unit 'liail Itjefn made that fl depression existed. Jie would sav that from enquiries lie had made that day in C'liristeluircli he believed tlffll ■lniiiiiic.ss''W , ns sound and labor fairly plentiful, and the only I'liing that militated against the Usual turnover in property iva« the shortage of capital for mortsawes. He believed thai there was j;ood reason to hope that nionev would verv soon be eheaper. A West Auslra* liau bum of -,i inilliion. and a-l.alf had jiwl lieen lloaled «t V/. ; per cent, on a minimum of itii'/ : . This was certainly cheaper than nnylhinu raked for some time, and would put the cost at £', i llis 7d ]ier will.