CLOSE SETTLEMENT.

Taranaki Daily News, Volume LII, Issue 215, 16 October 1909, Page 1

CLOSE SETTLEMENT.

LAST YEAR'S STATE OPERATION'S. i'ive new estates were purchased for land for settlement purposes by the Government last year. 'These, together with small areas added to estates previously acquired, ablegate 73,150 acres, for which £339,029 19s 3d was paid, and a sum of £42,795 10s 3d was expended on roads, workers' dwellings, and other things incidental to the acquisition of these and estates formerly purchased. The total expenditure out of the land for settlements account for the year 1008-9 in £382,425 15s Oil, and brings the expenditure to date to £5,599,080. This represents the capital value of 1,195,250 acre-. Agreements have been made since 31st ilarch for the purchase of three other estates containing 27,180 acres, which will cost about .£176,2-10. 'The year's operations show a credit oalance of 0-1,705 after meeting interest pa;\ incuts. A new item of revenue appears in the accounts of last .year and this year. Holders of leases in perpetuity under the Land Act may now convert their leaseholds into freeholds at a value agreed on at the time of conversion. Under this authority £12,162 Cs Od was paid into the Land for Settlement Account in 1908-9 and £1032 in 1007-S, and these sums are contributions by tlie Land Fund. Holders of renewable leases may also pay up to 00 per cent, of the capital value of their leaseholds, and receive a relative reduction in rent. For this object £2407 18s is now in the account, and is a debt owing to the leaseholders.