The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-03

this in view a system of leases in perpet-
uity was established. and areas of the best
and most accessible of the land still unsold
were set apart 10 be dealt with under the
new plan. ANY person, not already the
holder of land in freehold, which, together
with the land applied for under perpetual
lease, would make an area of more than
GAO acres, or one square mile, could apply
for lease of not more than $40 acres on
perpetual lease. Five dollars per acre was
fixed as the price of the land, such being
the average price of first-class freehold
land unimproved in the country, and the
applicant was entitled to a lease for 999
years of the land applied for. subject to
the conditions that he resided upon the
land during the first ten years of the ten
ancN; that he improved ii to the extent of
80 per cent. of its upset value within six
years. and that he paid as annual rental
interest at the rate of per cent on the
price or value of the land
Each lease contained clauses rendering
the land subject TO revaluation at the end
of each period of twenty-one years, on
which the rental would be calculated. If
the new valuation, which 1t was provided
should rigidly exclude all improvements on
the land, was assented to by the tenant
the matter was settled for another twenty
one years: but if he objected to the new
valuation as excessive, it was provided that
he could demand that it should be offered
by public auction Subject to payment Of
the value of his improvements, and that
the amount bid for II either by himself
anybody else at the sale should be
teemed the value on which the rental was
to be calculated during the twenty-one
years next following the sale In case the
present holder of the lease was the highest
bidder, this W IS the only result of the sale;
but in case he was outbid he was bound
to transfer the lease to the best bidder. on
receiving from the government the amount
at which his improvements had been val
ued. This payment might be made in gov
eminent bonds. bearing interest at per
cent, at the option of the government, and
the new holder of the lease was charged as
rent the interest on the value of the land
as bid by himself and also interest at per
cent. upon the former leaseholder's inn
provements. By this means IL was pro-
posed to retain for the community at large
the increased value Of the lands OF the
county which was not due 10 the improve
ments made from time to time by the lease
holder The inducement held out TO the
public TO accept such leases in preference
TO a freehold was the saving of capital in
taken up but only interest on the amount.
This IL was hoped, would suffice to render
ii popular with considerable class of act
uai working settlers as distinguished from
speculative buyers.
It is only fair to say that in spite of every
effort that could be made by the govern
ment the system did not commend itself TO
the Judgment or the prejudices of the per-
sons interested 10 any great extent. What
they wanted-what ii may be taken for
granted Is wanted by nearly everybody in
dealing with land-was a fixed tenure. It
was not enough to know that they had a
lease for 999 years: they wanted TO know
what they had 10 pay for it, not only dur
time during the 500. Eventually this had
to be conceded and as the land law Of
New Zealand now stands the holder of
perpetual lease gets 1t for rental of per
cent upon the original price fixed by the
government on the land. subject still, how
ever TO the conditions as to residence and
improvements on the land during the hrst
ten years.