New Zealand in evolution, industrial, economic and political; . THE LAND FOR THE PEOPLE 193 a sixty-six years lease with right of renewal for the sameperiod at rents to be determined by revaluation. In thecase of resumed lands the term of lease (which is alsorenewable) is thirty-three years, and the rent is at 4^ percent, of the cost instead of 5 per cent, as in the case ofthe old leases. In each case the lessee may pay ofif upto 90 per cent, of the capital value of the land, so as tolighten the burden of his rents in the future, but theprinciple of State landlordism is conserved in theremaini
New Zealand in evolution, industrial, economic and political; . THE LAND FOR THE PEOPLE 193 a sixty-six years lease with right of renewal for the sameperiod at rents to be determined by revaluation. In thecase of resumed lands the term of lease (which is alsorenewable) is thirty-three years, and the rent is at 4^ percent, of the cost instead of 5 per cent, as in the case ofthe old leases. In each case the lessee may pay ofif upto 90 per cent, of the capital value of the land, so as tolighten the burden of his rents in the future, but theprinciple of State landlordism is conserved in theremaining tenth. As a result of this controversy it is now again definitelyaffirmed that lands repurchased by the State for closersettlement shall never again be granted in fee to the present feeling of Parliament and thecountry the State must never part with the freeholdof land so acquired. But the freehold tenure is notby any means abolished. Both Crown and private landscan still be so acquired. In 1907 the Hon. R. McNab,who was responsible for th
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Keywords: ., bookcentury1900, bookdecade1900, booksubjectnewzealandeconomicco
