ASSETS REALISATION BOARD

Waikato Argus, Volume V, Issue 324, 6 August 1898, Page 2

ASSETS REALISATION BOARD

On Wednesday night, during the discussion of the Banking Bill, several members complained of the delay in realising the properties in the hands of the Realisation Board. Mr Fraser, who is a member of the Board, said they were doing their best in the interests of the colony and the Bank, and were disposing of the properties as quickly as possible without making too great a sacrifice. Many of these large estates could not be sold because buyers feared that after purchasing them, and before they had had any time to make anything out ot them, the Government might step in and compel them to sell at a time when prices were low, and they might perhaps lose £IO,OOO. If a clause had been inserted providing that no estate purchased from the Boird should be taken under the Act for 15 or 30 years, the Board would have sold a good many more estates than they had, Mr B. Thompson stated that some of the estates were going back into a state of nature. Fences and buildings were going to ruin, and every year the carrying capacity of the land was growing le : s. The Board could sell if they were prepared to take the fair market value. It was the intention of Parliament that these estates should be realised as quickly as possible. But if the Board held on to the best aud tried to get rid of the worst, the thing would go on for ever. The Premier said lie took it as an instruction to realise as soon as possible ; but to make as little lo:-s as possible. Mr Stevens hoped the Board would not ask too high a price for Waikato lauds. These lands should not be sold from Wellington ; but the Board should have agents all over the colony. Mr Herries said that the Waikato Estates were not in as good a condition now as when the Board took them over. A cheese-paring policy had been adopted, and the small savings thus made were more than counterbalanced Ly the losses through mismanagement. The sales too were badly managed. He knew of private properties that had been cut up aud sold at prices which had astonished the sellers. The Board was asking too high a price for Waikato lands ; £6 au acre was too much. The Minister for Lauds thought the realisation so far had been very good, full values having been secured. It was quice impossible to sell some of the larger estates at the present time, most of which would have to be sold as a whole, and the Board would have to wait till someone came along able and willing to buy. He knew that the Premier had always been desirous and willing to sell. Mr Lang said the action of the Board was quite different from that which would be taken by private individuals. It seemed to be the policy of the Board to sit still and wait "for offers. The properties should be more extensively advertised. Mr Massey believed the estates within If) or 20 miles of Auckland would turn out very well. He thought the lauded property should be handed over to the Lands Department, and that the businesses should be placed in the market a 3 soon as possible. Mr Monk attributed the enhanced value of land to the cheapness of money.