The Temuka Leader THURSDAY, OCTOBER 11, 1888. LAND SALES.

Temuka Leader, Issue 1801, 11 October 1888, Page 2

The Temuka Leader THURSDAY, OCTOBER 11, 1888. LAND SALES.

Ip anything could induce the banks and mortgage companies to part with their large estates, the unparalleled prices realised by the Paterson estate recently ought to do so. For the last ten years a more euccesssful sale has not been held in South Canterbury, and indeed we believe we are perfectly right in saying that it beat the record of prices obtained in 1878, when the land fever raged at its fullest intensity. Twenty nine pounds per acre is more than was paid for similar land, situated equally distant from arge centres of population at any period of the history of the colony. It was raised to this by five shilling bids, so there were others ready to give pretty nearly the same amount for it, and doubtless would now give it for equally good land. Those who ran the prices up so high are well known and very successful farmers, who must be allowed to be excellent judges of the value of land. They were besides local men, who had a thorough knowledge of the land’s capabilities, and could not under any circumstances be looked upon aa otherwise than experts as regards its value. That they were ready to give such a high price for the land, therefore, is a pretty sa'a indication as to its value, and if the price it realised would not satisfy the hanks and mortgage companies, all we can say is that they are difficult to please. But this is not the only evidence we have that goes to show that a desire has seized people to secure laud at the f present time. For the past six months numerous inquiries have been made for land, and there is not an agent doing business in that line, who has not many applications on his books, and who is not on the look out for farms to suit his clients. In this morning’s issue we publish a telegram from Invercargill, showing that down in that district 400 applications were put in for twenty-nine small farms, which were offered for sale on deferred payment by the school commissioners. This, together with other evidence, shows that the earth hunger has once more seized the people, and that they are ready to pay high prices for its gratification, if they only get an opportunity. It is within the means of companies and banks to gratify this hunger on terms satisfactory to themselves and advantageous to the colony at large. It is useless to expect any decided improve- 1

ment in the condition of the colony if iettlement ia not extended, production increased, and our resources developed. We must have elbow room, else it will be impossible to increase population, and without population progress must be slow. Our indebtedness is too heavy for our present population; we want more people to bear a .-hare of it, but unless we make room for them it ia nonsense to expect them to come. How can they be expected to come to a land where there are hun dreda seeking for investments in land already, yet unable to get it at any price ? It is hopeless to do so, and so long as that is the cane, our progress must be slow. The banks and mortgage companies could help themselves and help the colony now by affording opportunities to people to settle on the land, but so far they showno intention of doingso. We have all along supported a property tax, as it appeared to be the fairest and most equitable impost that could be levied, but we warn the large land companies that if they pers'st in resisting the desires of the people, that is, that they should cut up and sell their estates, the probabilities are that before long they will be compelled to sell by means of a burstingup land tax, We have always opposed a bursting-up land tax, but if the land companies do not take advantage of present opportunities, we shall not regret any moans which may be employed to wrench from them that which the people are so ready to buy, and which alone can raise the financial position of the colony.