WEST COAST LEASES.
THE VALUATION DIFFICDLTSj j|i Judgment' has been givjn in the preme Court by their Honors the Chi(r4 Justice (Sir Robert Stout), Mr. Jugtije'-fl Chapman, and Mr. Justice Hocking, the case of Samuel Thomas Cox, of nake, against the Public Trustee, case was brought under the Judgments Act, and concerned two]aaisrl granted to 'Cox by the Public Trwft&l under the West Coast Settlement Itor'B serves Act. The court was asked a nflmVJ ber of questions.for the purpose of guid-'fl ing the valuators in defining the valtttS of the fee simple of the land as one and the value of existing jmprovemtpwl In the course of a long stad exffijWHgmH judgment the court expressed thesflpjfjHß that in valuing the fee simple tha jwwß with the improvements must be tfß| with as a whole. ''That value capital value, into which' the value opS the improvements enters as an indisoijHMjfl mated part," said the court. "We deaagH from this that in valuing tile iwpwwPM nients for the purposes of those IwuumbM the point of view of the melioration they* effect upon the. laud as land in an at>v9 solutely unimproved state must be eoo*|l sidercd, and that one element or teafcJß of their value may well be what a, |m| tenant would give for them if aayesjfj isting tenant did not renew; for lit tiwifljl .case the new tenant lias to pay over tjufM value of the Improvements as by the arbitrator's valuation, suMwiM only to a deduction tor destruction u£!jl damage. There is no method or prowM Cess laid down by the Acts wbicli, thill arbitrator or valuer must pursue ill term in ing the value whether of tht'w§9 simple or of the improvements, and'lfjH appears to us that the particular or process adopted is immaterial M &!■ matter of law, provided accurate retqdtft/l are thereby obtained. It would be udmWH to hamper the free operation of ■ trators or valuers in the ruling of-'fiflijS and opinion by laying down anytWEM which is not strictly a rule of law. • 7ssm
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Taranaki Daily News, 19 January 1918, Page 5
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338WEST COAST LEASES. Taranaki Daily News, 19 January 1918, Page 5
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