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2327. Have you any idea how the costs of the arbitrators' expenses were made up?— No. 2328. Here is the case of Riddiford: the rent was £60, £80, and £100 for the last period of seven years; it is reduced to £18, and the costs of the award are £8 ? —I think you will find that the principal cost of the awards was the expense of serving the notices on the Natives ; the arbitrators were obliged to give notice. 2329. Mr. Stewart.] What did you get: £5 a day, or so much per case ? —I did not know what I was going to get; I took what they gave me. 2330. What was it based on —so much per- day ?—I do not know ; I suppose so. 2331. Mr. Bell] Do you not know what you got altogether?— The money was paid into the bank to my account, and I cannot now tell the actual amount. The arbitrators' bank-book will show it. 2332. How many cases did you decide per day ? —Not being called on to decide as umpire, I did not fix these things in my memory. I know I sat three days, and was out on the land four days; that was seven days altogether. 2333. Mr. Levi.] Did you yourself work out those cases in which you consider the awards fixed fair rents?—l took notes. I waited for the arbitrators to decide. I did not go into figures; I formed my own opinion from my notes. 2334. You could not say whether your way of looking at it would be the same as the arbitrators'; you simply took a general view ?—I took a general view as to whether the rents were fair. 2335. That is, considering the land unimproved?—l considered the quality of the land—what portions had been improved, and w 7 hat waste lands. There was a survey of the land showing the portions improved and unimproved—there was a map. 2336. Did you know the rent was to be fixed on the value of the laud less improvements ?— Yes. 2337. When you say you considered the rent fair you mean considering the land unimproved ? —Yes ; less improvements. 2338. You say you formed a general idea: is it not the fact that all the questions that were asked —all the evidence given at the arbitration sittings —had reference to the capital value of the land ?—Yes ; there were questions asked as to the capital value. 2339. Any questions as to the letting-value ? —Yes. 2340. Both kinds of questions were asked ?—Yes. 2341. Did you form the idea that this was fair letting, and an idea of the percentage on the capital value less improvements ?—Yes; I formed my own idea at the time. 2342. What were your ideas ? —lf you will ask me as to any particular property I will tell you. I cannot tell you as to the whole of them. 2343. Suppose you have the capital value of the land and the capital value of the improvements, in what way would you go about getting at the fair rental ?—Subtract the improvements from the capital value ; then charge about 5 per cent, as a fair amount : that would be fair. The Government allowance is 5 per cent. 2344. Did you discuss that with the arbitrators? —It was talked about. 2345. Had you anything before you to show that?— There was a copy of the Act and the regulations given to me. 2346. Had you any conversation with the arbitrators as to the basis you would go on ?—No ; I merely got-the Act. 2347. Did you have any conversation with them as to how the proceedings were to be conducted?— No. 2348. You say you considered the rents fair rents. In saying that, did you consider the fact that the leases were being granted for thirty years ? Suppose you owned the land yourself, would you let it on a thirty years' lease ? —I would consider them fair rents, taking into account the present market-value of stock. 2349. Would you consider it a fair rent for a lease of thirty years—that is the point?— Yes ; I would, taking into account the amount of improvements that were made by the tenant. 2350. When you consider that all substantial improvements had to be given up at the end of the term, would you still consider them fair rents? Suppose you were letting like land, and you had to give the tenant full compensation at the end of the term, would you let the land on those conditions ? —I might consider whether I could use the land myself or not. I would, in that case, see what portion I could use. If I had to let it myself I would let at this rent. I do not believe in high rents : a farmer might not be able to pay them. 2351. Do you know Lysaght's places [Nos. 14, 15 ; acreage, one lease 2,000 acres, the other 190 acres] ?—Yes. 2352. If. you owned that property yourself, what would you consider a fair letting-price on a lease for thirty years?— Just as it stands, I think the fair letting-value would be about Bs. an acre— that is, to alloyv a man something to live on and not to crush him. 2353. Do you know the value of the improvements ?—No, Ido not know. '2354. Do you know the place well ?—Yes. 2355. Could you form an idea of the value of the improvements at per acre? —That is a question too large for me to make a calculation upon at the moment. It would be necessary to consider the amount of acres fenced and laid down in grass, and the number of acres of bush fallen and grassed. I would have to know all these things before I could give you a definite answer. 2356. Can you say approximately ?—Thirty shillings, I suppose, would be fair for fencing and grassing ; for bushing it would be more. 2357. Mr. Stewart.] Is there any dwelling on it ?—No ; most, if not all, of his buildings are on his freehold. 2358. Suppose you owned this property of Lysaghts, and you were letting it under these terms—