The New Land Act.

Thames Star, Volume XIV, Issue 4370, 5 January 1883, Page 2

The New Land Act.

Clauses 58 to 64 of the Act contain ail that is of interest to deferred payment settlers. The first provides that, notwithstanding anything to the contrary in the Land Act of 1877, any deferred payment settler who has for two years fulfilled the conditions under which he purchased, may purchase another allotment, provided that his holding does not exceed 320 acres* Any Land Board may dispense with the necessity for residence on land on deferred payments, provided that the selector lives on another section purchased on deferred payments, any part of which is within three miles of the other section. Clause 60 is very important, as it makes an entire change in our dealings with our deferred paymentsettlers. Any selector who has complied with, all the condition of his purchase for three years may havei his unpaid instalments capitalised. That is to say, he can pay his instalments, compound interest at the rate of 5 per cent, per annum being allowed. Or, if more convenient, he need not pay the amount, nor his instalments, but instead he may pay interest on the capitalised value at the rate of 5 per cent, Tliia would be iv the fotms of

renf, and of course would not be • payment from ;the capital. The capital may be paid in one sum or in instalments at any time, not being later than fourteen years after the first purchase. Another provision of the Act is that a Land Board may sell deferred payment lands by tender, Instead of auction, the lot system being resorted to in the event of two or more tenders for one section being of the same amount.