The Pamphlet Collection of Sir Robert Stout: Volume 62
Application is made first as in the case of cash lands; but 25 per cent, has to be added to the upset cash prices as advertised, to arrive at the deferred-payment prices, and with the application must be deposited the first half-year's instalment and license fee of £1 1s.
If the land is not surveyed the survey fee has to be paid in with the application, and the price of the land is reduced by that amount.
The principal features of the deferred-payment system are: Any person of the age of seventeen years and upwards may become a selector on making the necessary statutory; declaration, and who is not disqualified for certain reasons the chief of which are the holding of land already.
|1.||The size of allotment is, subject to the Land Act, determined by the Governor. If Suburban Land, an allotment must not exceed twenty acres; if Rural Agricultural Land, six hundred and forty acres,—to which area a selection is restricted.|
|2.||The price per acre on deferred payment of suburban land is not less than £4 10s.; of rural land, not less than 18s. 9d. for first-class, and for second-class land generally from 7s. 6d. to £1 an acre.|
The deferred payments are made in equal instalments every six months over which the period extends.page 26
In suburban land this is five years; therefore there are ten instalments, payable one each on the 1st January and the 1st July of each year for five years.
In rural land the period is fourteen years, with twenty-eight equal instalments, payable one each on the 1st January and the 1st July of each year for the fourteen years. Thus, for example, if the land was offered for application at £1 8s. an acre, the selector would have is. per acre to pay every six months for fourteen years. One third of the money as received is paid over to the County Council or Road Board of the district, to be expended on roads and bridges leading to or opening up such lands or for water-supply.
Residence on the land by the purchaser must begin within six months of issue of license, and continue in the case of suburban land for four years, and in rural land for six years. But these periods can be shortened if, on effecting all the improvements, (particulars of which are given later) the purchaser pays up the remaining instalments of the purchase-money. Residence is not compulsory if the purchaser is residing on another deferred-payment section any part of which is within three miles of his subsequent selections. But residence may be dispensed with altogether where land is wholly or mostly covered with bush or swamp, or if the purchaser effects double the value of the improvements prescribed for each year.
Any selector who has complied with all the conditions of his purchase for a period of one year may apply to have the value of the unpaid instalments capitalised, full particulars of which may be obtained at any land office, at the present value of an annuity or annuities of the same amount as the payments required to be made by the selector, and payable for the same period. Interest shall page 27 thereafter be payable at the rate of 5 per cent, per annum by the selector, instead of the half-yearly instalments above referred to. Interest is payable on the 1st January and the 1st July in each year. After the capitalised value has been ascertained, any selector may, on the 1st January or the 1st July, pay any portion of such capitalised value in sums of not less than £10, and thereafter the interest payable shall be proportionately reduced. Any time after effecting improvements, and within eighteen years of the date of his license, the selector shall be entitled to his Crown grant, provided he has paid the whole of the capitalised value, together with interest on the due dates; or he may exchange the deferred-payment license for a perpetual lease, in which case all past payments go to credit of rent.
A license is issued to the selector as soon as may be after selecting the land.