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il. ST. J. feJSBKE,]

64. And that was in June, you say ? —Somewhere between June and the end of last year. 65. Hon. Mr. Buddo.] You have been all over the property? —Y T es. 66. Assuming you were the owner of that block of Runanga which at that time belonged to Mr. Ballan, and which you said was a narrow block, would you consider it was benefited or otherwise by the sale of that piece of flat land on the frontage? —Well, that is part of the best of the block that is gone. 67. If it belonged to you would you care to part with it unless you received some substantial consideration —I mean substantial consideration in addition to its actual intrinsic value for farming purposes? —I do not think it would make much difference. The flat land is only good in the winter-time, and the cattle go into the bush and valley in the dry season, and it is of extra value then, I suppose, for that purpose. 68. Assuming that you owned that block of land and intended to cut it up, as a business man would you care to part with this piece of flat land, which 1 understand you to say is the only piece of flat land, or would it be any advantage for cutting-up purposes? —It would be of no advantage at all —it is on the wrong side. The valley is on that side. 69. In your opinion is Runanga Block not affected at all by that sale? —No, I do not think so. 70. Very well, take the opjjosite side. Assuming that you owned the Pohokura Block, which the Government are now proposing to settle, would it be of any advantage to you to purchase the adjoining land, which you say is the only piece of fiat land in the district?—Yes, because there is no chance of putting a road up —it is on a high hill. They would have to have portion of this Runanga land to put a road there. 71. Would it be of any other advantage to the Pohokura Block? —Yes, it would. It would be useful until the other land is cleared for any one buying this land to have a paddock in front. 72. The advantage would be very considerable, would it not?—Yes, 1 think it is a great benefit to the block. 73. Of course, you are not a land-valuer? —No. 74. But in your opinion as a business man the advantage would be very considerable? —1 do not know what " very considerable " means. 75. It would be worth more than the adjoining land?—Y T es, more than the actual value of the land as so much farming land. 76. As a matter of fact, as a business man you would be a purchaser of that block if you were a settler there?—lf I had one piece I would want to buy the other piece down there. 77. In your opinion, if you owned that Pohokura Block, you would be anxious to acquire the only piece of open land in the neighbourhood I—Yes.1—Yes. 78'. Mr. Nosworthy.] Do you not consider that-it would pay to sell all this piece of Runanga fiat to the Government if the advantage was counterbalanced in getting the road put on the Runanga side? Would it not be of more value to Runanga than taking it where it was proposed to take it?—l think it would. 79. It would pay the proprietor of Runanga to sell that land to the Crown, providing he could get that road on. the face of his property? —If he wished to subdivide the bush country. 80. It gives an easy access to the remaining portion of the property?- Yes. Ido not" know whether the road is actually formed now. 81. It is to be the road, and therefore it skirts what is known as the Runanga property now, or will skirt it?—Y r es. 82. The Chairman.] If you were the owner of Runanga No. la, and the Government were taking this road up and cutting off the 1,400 acres, would you consider that an injury to your property? —No. 83. AVould this 1,400 acres be of value cut oh from the rest of the land bv the road?—lt would make useful paddocks. 84. When did you visit this property? —Several times in .1.908 and 1909. 85. Have you been there since? —Not since Air. Keene sold it. 86. What" did you consider a fair value for the 1,400 acres?—l would not hazard a value. 87. Y"ou have expressed an opinion of the value of all the other blocks? —I have given you the sale value—the transactions that have passed that I know of. 88. Your value of Runanga was about 10s. an acre? —Yes. 89. And of Runanga No. in 2s. 6d. per acre?—Yes. 90. And of Pukahunui? —I said about half a crown. The bush is useful, but I would not hazard an opinion about that. 91. Mr. Statham,.] Mr. Keene, as mortgagee for £7,000, has a very substantial interest in the property, has he not? —Yes, £7,000 worth. 92. He would not be likely to agree to release any portion of the property if it was going to affect the value of what was left?—No. That is what he would have to see to, that the value left was worth the amount of the mortgage. 93. How was it he did not discuss that with you? —He may have with my brother, but not with me. 94. As solicitor you would naturally take an interest in your client and ask him whether he was impairing his security. From your knowledge of Mr. Keene, do you think he was likely to part with portion of the property and thereby impair the value of the remainder? No, he certainly would not. 95. So that the conclusion you came to would be that his selling this portion would not impair the value of the Runanga Estate. In your opinion did the release of this portion impair the value of the Runanga Estate? —All I can say is that Mr. Keene would be quite certain that the balance of the land left would be more .than the value of the mortgage--namely, £6,000-odd.