LAND VALUES.

Taranaki Daily News, Volume LII, Issue 385, 10 May 1910, Page 7

LAND VALUES.

TOO HIGH IN NEW ZEALAND. A correspondent sends the Dominion •the following remarkable letter which, whether one agrees with the writer's conclusions of not, puts forward some interesting- questions for consideration, am! can hardly fail to attract considerable attention 'throughout the country:— Sir,—ln looking through the advertising pages of the well-known British agricultural paper, "The Farmer and Stockbreeder," this week, I worked out the price per .acre of the different freehold properties advertised for sale. From these it appears that farming land in England, an hour or two distant from London, is worth from £2O to £3O an acre, whereas New Zealand dairy land, forty days distant from its market, is running, in Taranaki, at ; -in £3O to £4O an ucre, and in some more.

These remarkable differences in value have set me thinking, and I have so far not ibeen able to find anything like •sufficient justification for the high prices now ruling in New Zealand. The Englishman has a more severe climate to contend with, but is not this largely made up for by his closeness to his markets? I should much like to hear the view.s on this point of readers ol your paper more conversant that I am with the relative conditions here and in England.

WHAT ENGLISH FARMS FETCH After looking through the Farmer and Stockbreeder advertisements, I turned up recent Australian and American (papers, and I have copied out a number of extracts from their columns. Here is a representative selection from the English list of last month:— '• £I4OO will purchase a very desirable freehold farm of 54 acres, situate one mile from station, 25 miles from London; capital house and ample buildings."—This is equal to £27 per acre. ••Ashford (near). —Rich dairy farm of 150 acres (40 woods, remainder pasture) ; gentleman's residence; excellent buildings, two superior cottages; £4500, including timber." —Equal to £3O an acre. "Adjoining a station, an hour from town. —An excellent well-watered farm of nearly 100 acre's; picturesque residence, pretty grounds, .splendid buildings; bailiff's house, eight cottages; £3750." —Equal to £37 10s per acre. •'Between Ashford and Canterbury.— Good farmhouse and buildings, two cottages, and nearly 400 acres of rich land (half pasture); orchards, woods, and park lands; tithe free; 6000 guineas."— Equal to about £ls per acre.

"■Worcestershire. A valuable grass farm of 350 acres, to he sold at a very low price; superior well-placed hoiise, excellent farm buildings, and three cottages; only £2O an acre; station two miles."

"Berks (adjoining a station, hours from town). —An interesting old manor house, two sets of farm buildings, and nearly 700 acres «f very productive land, the best in the country; £7500." —Equal to £lO 14s roer .acre. "Gloucestershire.—Good house, buildings, and 260 acres of very fertile land, nearly all pasture, hounded by streams. Price, including valuable timber, tenant right, and immediate possession, £6000." —Equal to £23 per acre. SOME AMERICAN PRICES. From American publications I find that the average iprice of farms in the United States wheV belt i» 50 dollars an acre, or almost exactly £lO. This is right in the midst of a 'population of .80 millions. From the advertisements in the American Breeders' Gazette, of March 2, I notice the following properties for sale:—

Virginia.—B4o acres of rich, level land, only 20 miles from the city of Richmond. Nearly a mile of river frontage, affording cheap transportation. Blue grass, clover, wheat, corn and oats make splendid yields; 600 acres in cultivation, 200 in woodland. Fenced into 80-acre naddocks. Twelve-roomed brick residence in beautiful grounds, and numerous other buildings for stock, etc. Price, 45 dollars ( £9) per acre. Hampden District of North Unimproved and improved wheat farma at from 20 dollars ( £4) to 35 dollars (£7) per acre. Franklin, Nebraska.—26s acres, rich loam, all level, adjacent to Franklin, buildings only within corporation, 135 acres alfalfa; springs, timber, blue grass. All fenced 5-foot woven wire; 7 fields; 12 hob and cattle lots; cement walks, citv water, modern dwellings, barns, orchards; 30,000 dollars—equal to £23 per acre. St. Croix Falls, Wisconsin. dairy farm in county having 34 creameries and cheese factories; close to good railroad towns; rural route; telephone in bouse. Rich ciay loam soil, about half under plough, balance splendid hard wood timbered pasture with never-fail-ing springs. Good frame buildings, well and fences; orchard and small fruit. Price, 3000 dollars—equal to about £7 5s ncr acre.

Delaware, 0hi0.—287 acres river bottom and limestone blue-glass land, well located; 12-roomed modern house, tenant house, four barns, abundance of living water; good pikes; close to market; splendid stock farm: 70 dollars ner acre. ■One thousand sugar trees.—Equal to about £l4 ner ucre.

These. T take it, are fairly representative of current values in' North America. I notice in the English wipers that Canadian farms are advertised at from £2 10s to £8 per acre. An acquaintance of mine from South America tells me that he knows nf properties at present Vii sale in the Argentine which earn- five sheep to the acre, and for which only £1 an acre is being asked. These arc all, he says, 'within something under si:: miles from railway stations. AUSTRALIAN VALUES.

Having started on mv quest I nave looked over the property advertisements in the Australian papers. I see from the Sydney newspapers that South Const dairv farms, 'adjoining townsnin and butter factory, are advertised as follows: —

193 acres, well improved, £7 10s per acre.

348 acres, some good flats, all build insrs. £4 10s per acre. 582 acres, house, etc., 3(10 acres cleared. £3 10s per acre.

190 acres, river frontage, house outbuildings, residence to be done. Price £SOO. '

38li acres, close proposed railway station. £3 3s ner acre.

500 acres. C.P., watered, srood house. Price. £2OOO. 14(5 acres. C.P.. splendid soil. Pri-'.'P. £3 -nr acre.

(540 " acres, freehold, <rood position. Price, £5 an acre; suitable subdivision 115 acres, Orara River. Price, £3OO. 120 acres, portion cleared and grassed watered. Price. £2lO.

In tlic liist vmmlier of Dainty's Review T nlsn notice properties as follows in Xew South Wales: Richmond River.—4 800 neres. freehold: pi:it;ib!e t'nv 'vrnziiia'. nM parts n<rri<Mil-lii!-?.l and ;!:'.iry : n?; eijit-rjomcd iicir.e.

barn, stables, etc.; good fencing and nine paddocks; £2 per acre. Barrellan.—2sso acres, has carried over 3000 sheep and a few cattle and horses; about 1000 acres now under cultivation or ready to plough. £2 Is per acre. A SERIOUS QUESTION. In South Australia last month the 'balance of the Canowie Estate was sold at Jamestown. It had been cut up into 29 farms of splendid agricultural and grazing land. The average price paid was £5 lis Od an acre, the record £ll Is. while the 'total sale realised £71,080. At the first divisional sale last December 25.594 acres were disposed of tor £130,000. The highest price then paid was -dPls, and tlie average £(> (is. One might go on quoting figures indefinitely. It is difficult to avoid the conclusion that current values in New Zealand are nothing short of preposterous. How much of all the imaginary unearned increment in "God's Own Country" really exists and would withstand a fall in the prices of our produce? This is a serious question— I am, etc., J.T.K.