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The Pamphlet Collection of Sir Robert Stout: Volume 56

Deferred Payments

Deferred Payments.

Deferred payments.

In the deferred payment system, the payments are spread over a number of years, payments, during which the purchaser must fulfil certain conditions, or, failing to do so, for [unclear: fei] I any payments lie may have made. Under this system, if suburban land, an allotment must not exceed 20 acres; if rural agricultural land, 320 acres. The price per acre of suburban land is £4 10s., and of rural or pastoral land not less than 20s. Suburban and rural agricultural lands are open to, implication, and only go to auction if two or more persons apply for the same allotment, in which case the binding is confined to the applicants. No person is allowed to take up an allotment of more than one class. The deferred payments are made in equal instalments every six months over which the I period extends; in the case of suburban lands this is five years, in that of rural lands ten years.

Residence compulsory.

Residence on the land by the purchaser is compulsory in all cases of its being taken I compulsory, up under the system of deferred payments, unless where the land is wholly or mostly If covered with forest, in which case the Governor may declare residence optional. In page 23 suburban land, residence must begin within six months of the issue of licence, and continue for four years; in rural land, the period is six years.
The holder under the deferred payment system of suburban lands must bring into


cultivation not less than a tenth of the allotment the first year, one-fifth the second year, and within four years have three-fourths cultivated, the whole fenced, and have made substantial improvements to the value of £10 per acre. In the case of rural lands, the holder must bring into cultivation not less than one-twentieth the first year, one-tenth the second year, and within six years must have cultivated one-fifth, and effected permanent improvements to the value of £1 per acre.