The Temuka Leader TUESDAY, FEBRUARY 5, 1884. PASTORAL LEASES.

Temuka Leader, Issue 1135, 5 February 1884, Page 2

The Temuka Leader TUESDAY, FEBRUARY 5, 1884. PASTORAL LEASES.

Amongst the correspondence received from our Agent-General, Sir F. D. Bell, there is one letter of more than ordinary interest, Treating the question why farmers with capital cannot be induced to come to this colony he says : —“ It is the instability of the land law that is the real mischief ; and after a year’s experience and close application, I do not hesitate to say that if there is one thing more than another that deters people of the farmer class here from going out, it is that no one can feel sore of the laud law remaining for two sessions the same, nor can an intending colonist rely upon being able to make an investment which would not be immediately affected by some change. We comp'ain in the Colony that one of the classes we should most like to see making it their homes—namely, hill farmers with small capital—are not induced to come out to us ; but we take care to let them know that, if they do come out, they shall have no security of tenure whatever in the pursuit we invite them to engage in. In the case of leases for subdivided runs, whenever I have had to explain that a hill farmer who should go out with the intention of bidding for one at the Government auction, and laying out bis capital in pastoral pursuits, is liable to be turned out without compensation any day at 12 months’ notice, I have invariably found this provision to act as an absolute deterrent.” While we cannot admit that our land laws are at present so perfect that there must not be any more changes made, we must confess that there seems to us a great deal in

what Sir Dillon Bell says. Above all, the provision in the pastoral leases under which the tenants can be turned out withont compensation at 12 months’ notice should be expunged from the conditions of our leases, and a more secure tenure of the land given to them. It is, in fact, a dead letter, and yet that it deters men from coming out to these colonies is more than feasible. It is quite obvious that no man unacquainted with the state of things in this colony would come out from England to take upland on such terms. He does not nnderotand that the squatters are powerful, and their interests well conserved; he knows nothing of the tricks and schemes and dodges that combine to render the position of the pastoral leaseholders not only fairly secure but highly remunerative. He knows only that land can be leased from the Government under conditions that would render him liable to be evicted at 12 months’ notice without getting any compensation tor any money he might spend on it. Common sense will tell anyone that no map will come to this Colony to take up pastoral land on these terms, and consequently we think that the objectionable provision should be immediately expunged. It is fashionable to indulge in abuse of squatters. They are in the way of progress, and everything else according to some people. These people never think that the rents from pastoral leases contribute largely to the revenue, and relieve to a great extent the burden of taxation, whereas if the land were in the hands of private individuals they Would pay nothing but a little property tax. The land held under pastoral leases still belongs to the public ; it is, in fact, nationalised, and the best thing that can be done now is to cut it up into suitable blocks, fix a fair rent, and give the tenants perpetual leases subject to a revaluation of the land at stated periods. This is the proper way to deal with such land, and if this were done we feel confident that a very desirable class of colonists could be induced to come to this colony and take some of it up. However, we do not think that land fit for agricultural pursuits should be leased in large blocks. It was very well to do that in years gone by, when there was more land than anyone knew what to do with. What should be done now is to declare the land nationalised, and a limit placed to the area that should be given into any man’s possession . THE GOLD SUPPLY. Something like half a million of gold has recently been transferred from London to Australasia for circulation in some of the colonial banks. This has created a considerable amount of surprise, and has induced many people to indulge in speculations as to the why and the wherefore. Some think it is because our exports are getting larger, and some say that it is only natural that the money should come back considering the amount of gold we export. To us there is nothing at all extraordinary in the matter. The business of the Colonial Banks is yearly increasing, while a great portion of their capital is locked up in lands. It is evident, therefore, that they cannot keep pace with the growing demands on their funds, and that it is necessary for them to increase the supply in proportion to the demand. Last harvest time some of the Banks were actually unable to lend money on the security of grain stored in Timaru, for the very reason that they did not have it to spare. The Banks iw this colony have gone altogether beyond legitimate banking business—they have vested their money in land, and that of course must necessarily limit their ability to meet the requirements of legitimate trade. Hence the reason that money is so dear, and the same cause has led to the great depression from which we suffer. Some five or six years ago the Banks had more money than they knew what to do with. During the land fever they urged many a man to speculate in land, for no other purpose than to find investment for their surplus cash. The result was that they went further than they ought to have dom». They found themselves getting short of cash when the Government ceased to borrow ; the ‘‘ Colorado Beetle ” came round, the screw was put on, visits to the sweating room led to the land falling into the hands of the Banks when its owner could not pay and there it has remains! tdneo. Is it not possible that this is a trick of the Banks now to get rid of the land ? If they can bring down the price of money and get 'up another land mania they may possibly he able to dispose of their incubus. At any rate, the bringing of half a million ot gold into these colonies cannot do harm. It may tend to

cheapen money and enable the Banks to assist people better than they did last year.