SOLDIER SETTLERS

Evening Star, Issue 19327, 13 August 1926, Page 11

SOLDIER SETTLERS

LOSSES OR ABAMOHED FARMS A CANDID BALANCE SHEET ‘F'uosi Oun Parliamentary Reporter] WELLINGTON, August 12. ! fpnvy losses on the realisations of unoccupied iarms formerly held by discharged soldiers are disclosed in the annual report on discharged soldier settlement, while arrears of rent, interest, and principal total £52(3,128, and rents, instalments, interest, jind principal postponed amount to £279,137. “ft seems inevitable,” states the Under-Secretary .for Lands, “that losses should have resulted on tho repatriation of discharged soldiers, and, while it is unfortunate that the losses are so .high, it is submitted that tho position in New Zealand compares more than favorably with the experience of other countries where repatriation of discharged soldiers was undertaken on a largo scale. Tho total income account for the year was £871,110, mainly made up of accrued interest on advnaces. Tho year’s operations resulted in a net lo.ss of £371,986, and the total loss on the discharged soldiers’ settlement account to tho end of the year is £781,208. The accrued interest on advances was insufficient to meet Interest on debentures, there being a deficit cf approximately £45,000. The reason for this is not far to seek. The Dominion Revaluation Board'reduced mortgages by £767,928, which is a dead loss to Die account. Furthermore, properties which have been brought in by the Crown through the exorcise of the power of sale, and those in course of realisation, appear in tho balance-sheet at not less than £1,492,955, and this asset also results in a largo loss of interest. It therefore follow’s that tho department, while it must pay interest on tho total capital borrowed, is in tho unfortunate position of not being able to collect interest on capita! to the extent of £2,260,883. This_ more than explains the deficiency in itnerest. “Added to tho above, tho revenue account bears a charge for management ■expenses amounting to £38,768, rebates £42,940, charges and expenses ■il' raising loans £11,782, and losses. The decisions of the Dominion Revalualinn Board have been finalised in the books of tho department, and the total hiss definitely ascertained. It will doubtless ho possible to relievo the discharged soldiers’ settlement account of the • necessity for paying interest on the capital loss to the account. This will he taken up with the Treasury. IMPROVED CONDITIONS EXPECTED. “Tho department intends to convert current account loans, now totalling £3,042,000, into table mortgages, thus securing a gradual reduction, and it is of the opinion that now that settlers have had the benefit of revaluation of their properties by the Dominion Revaluation Board they should be in a position to withstand any temporary depressions which might eventuate, and with reasonably stable prices, the department expects a profit. “On tbs credit side the report can point to 5,511 farms purchased, 7,535 dwellings purchased, 4,420 dwellings erected, benefiting 27,877 discharged soldiers, for an outlay of £22,490,303.” CONDITIONS IN OTAGO Mr Galbraith, Commissioner of Crown Lands in Otago, is of opinion that soldier settlers throughout the district may now be said, speaking generally, to be in fairly sound position. Concessions made them by way of revaluations, adjustments, remissions, and postponements have been of very real benefit, and have put fresh ; heart into many men who were struggling bravely with*impossible propositions. There are still some who will require careful watching, and possibly further _ help. A difficult type to deal with is the man who works hard with his hands, hut lacks understanding—the man who is an excellent servant, but appears to require someone to lean on. The recent ballet for tho Wilden Runs attracted fewer applicants than the Mount Pisa and Teviot Runs, and it can now bo said that there is no longer any need to offer any land for selection by" discharged soldiers only.