Complex sentence: At the time it was believed the land was being under-utilised by land speculators and large agricultural companies and that closer settlement would promote the development of rural districts and solve post-war food shortages.
Split into simpler sentences: At the time it was believed the land was being under-utilised by land speculators and large agricultural companies. It was though that closer settlement would promote the development of rural districts and solve post-war food shortages.