52 



THE WORLD'S MEAT FUTURE 



taken the wrhole of the wool clip of one pastoralist for two years 

 in succession to meel the demands <>f the tax collector, and 

 stock had to be sold to inert working expenses. One correspon- 

 dent writes : " Leaseholders are now taxed as well as the free- 

 holders, and the extraordinary assessments put on leaseholds 

 is reducing their values enormously. One leasehold of 24S 

 miles. 120 miles from a railway, was assessed at the commence- 

 ment of a li* years' lease at £10,000 unimproved value. It 



Stud Shorthorn Bull Baritone, Champioh at Svunkv Royal Show, 1918 



Purchased for 1700 guineas by Mr. John McMaster, Binnia Downs, 

 New South Wales 



should not have been worth £1000 ; yet with 29 years to run 

 it has been assessed at £7790. Four years ago £12,000 was 

 given for it, with 8000 sheep and nearly £5000 of improvements; 

 £3000 worth more of improvements were put on before the 

 assessment. Such assessments will make men hesitate to take 

 up leaseholds. Men will take big risks for fair dividends, but 

 when they are to be taxed heavily on returns made in good 

 years, and get no allowance in bad years, they are not likely to 

 put their money into industries which are so viciously attacked 

 by our Legislatures." 



There is not only the problem of reconstruction to be faced, 





