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THE BURNS1DE ESTATE.
Ilie Cotranisskmcr of Grown Lands (Hon.
R. Eutler) has asked us to state tbai some
tnisaprehension exists by those inspecting
as to the terms upon which blocks of land
on the Ikirnside Estate can be acquired.
In order to make them clear, he has sup
plied tho following illustration:— -'Taking
tlic purchase money of a blotk at £100, ajid
assuming that trio purchann- did not com
plete the purchase until tlic 60 half-yearly
instalments had been paid, he would pay
in interest and principal £109 5/. If the
purchaser took advantage of his light to
complete: purchase ;it the expiration of
the sixth year of his agreement, he would
have paid in principal and interest £33 17/,
£13 10/ of which wotdd be credited to prin
cipal and the balance (£20 7/), which is
simply 4 per cent on the outstanding capi
tal, would have been taken as interest.
After having made the twelfth, half-yearly
payment, lie could therefore, on paying
£8fl 10/ (the balance of the piirchnwj
money) and the graift fees, obtain the title
to the land in fee pimple. If the improve
ments are paid for b.v instalments payment
is made in a amilar manner. The condi
tions regarding improvements on repurchas
ed Lands token under agreement with cove
nant to purchase are much more liberal
under the existing Act {Ban under previous
Acts. Tli purchaser is now required to
spend during each of the first five years
£3 for every £100 of his purchase money
in effecting improvements. Under tho
first Closer (Settlement Act, under a perpe
tual lease, £6 had to be expended during
a like period. Any amount paid for im
provements on the land at time of allot
ment is set against the amount to be ex
pended in terms of the Act. There is
therefore \rcry little in the contention that
the holder of land under covenant to pur
chase is more heavily burdened than when
the land was let on pcrpetftial lease. Under
our present system the holder makes the
land his own in 30 years by payment an
nually -of £5 12/10 for every £100. Under
the pifevious system he paid annual rental
of not less 'than 4 per cent, on the value of
the land.'
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