THE Wairarapa Age MORNING DAILY FRIDAY, MARCH 26, 1920. THE LAND GAMBLE.

Wairarapa Age, 26 March 1920, Page 4

THE Wairarapa Age MORNING DAILY FRIDAY, MARCH 26, 1920. THE LAND GAMBLE.

The high prices secured for dairying land in the Feilding district at an auction sale on Tuesday arc causing considerable discussion throughout the Dominion. An average of £ll4 per acre for 'a whole estate reads something like a dream. Are such values warranted by the , ruling prices of produce? There is a widespread opinion that these prices "* will remain good for many, years to ■come. But this opinion is based only upon conditions that are immediately visible. May'not something happen in the course of a year or two to restore price's to the pre-war level? Russia, the Argentine, Canada, and other parts of the Avorld have enormous producing capacity. This has not been utilised ii) recent years for reasons that arc obvious. He would be a bold man who would assert with confidence that present dairying prices will bo continued for a longer period than five years. Those who pay over £IOO per acre for land on the expectations of the future are gamblers pure and simple. Certain it is that they are not increasing production. They are, moreover, making it exceedingly difficult for the Government to purchase land for returned soldiers. The cause of the inflation of values can bo attributed chiefly to the plethora of paper money that is in circulation. The price of land, like ■everything else, is forced-. up on account of the reduced purchasing power of the sovereign. What the end of it all will be one shudders to contemplate.. The Government was largely to blame for the present conditions in refusing to commandeer the raw products during the currency of the war. It is too late now to talk of imposing an export tax. The only relief that can, be aiforded is for the Government to immediately throw open all the Crown and native land that is available. Nothing will bring down prices so rapidly as making the supply of land greater than the demand. Meanwhile, one can only view the soaring of prices with apprehension, and express the hope that the inevitable prash will be longdelayed,