GOVERNMENT ADVANCES TO SETTLERS OFFICE (REPORT BY THE SUPERINTENDENT OF THE, FOR THE YEAR ENDING 31st MARCH, 1897).

Appendix to the Journals of the House of Representatives, 1897 Session II, B-13

8.-13

Sess. 11.—1897. NEW ZEALAND.

GOVERNMENT ADVANCES TO SETTLERS OFFICE (REPORT BY THE SUPERINTENDENT OF THE, FOR THE YEAR ENDING 31st MARCH, 1897).

Presented to both Houses of the General Assembly by Command of His Excellency.

The scheme for providing the country settlers of the colony with money at a reasonable rate of interest, combined with certain facilities for repayment, with which to improve their holdings at a minimum cost, was embodied in "The Government Advances to Settlers Act, 1894." Under that Act a loan of £1,500,000 was raised in London, and of the proceeds of this loan a sum of £1,112,775 had been authorised to be lent on mortgages of land in the colony at 31st March last. Although the amount raised in London was, as stated, £1,500,000, the discount and flotation charges amounted to £105,897, the sum available for lending to settlers being £1,394,102. The balance uninvested in mortgages after the passing of the Act of 1895 was temporarily invested in readily realisable securities bearing about 3-| per cent, interest, which are sold from week to week as funds are required. . . It will be seen by the attached list of these temporary investments what securities were held at the 31st March last. Since that date a portion of the held in London has been sold at a considerable premium, and it is hoped that, when the balance of these securities is realised, the premium received will enable the indebtedness to the Consolidated Fund to be largely reduced. This indebtedness, it will be noted by reference to the statement of accounts attached, stood at £46,500 on the 31st March. In explanation of this it may be necessary to state that at the commencement of lending operations some months elapsed before the department was by law empowered to invest any portion of the loan in temporary securities, and in consequence a large portion of the loan lay in the bank totally unproductive. It then became necessary to borrow from the Consolidated Fund for the purpose of meeting the half-yearly payments of interest. These advances are not in any sense to make good losses, and will ere long be entirely repaid, the interest receivable now being much more than the amount payable each half-year. It will be some years, however, before it can be hoped that the initial notation and discount charges can be recouped out of profits; but the department recognises this as a liability to be provided for, and it will be taken in hand when the Consolidated Fund advances are cleared off. As will be seen from the tables attached hereto, a considerable number of applications were declined by the General Board, and in many instances also the amounts which the Board offered were not accepted by the applicants, through being insufficient for their requirements. This explains the large difference between the amount lent and the amount applied for. Taking the last year by itself 2 687 applications for loans were received and considered by the General Board, representing a sum of £862,179. Of this amount the Board granted £681,638, the balance being represented by securities which the Board did not consider it advisable to accept. The first meeting of the General Board for the purpose of considering applications for loans was held on the 23rd February, 1895, and up to. the 31st March, 1897, the Board had authorised 4,501 advances, amounting to £1,404,065, and declined 1,112 applications for £360,268. The total amount applied for by the 4,501 applications granted in full and partially was £1,654,002. Five hundred and eighty-one applicants declined the partial grants offered them, amounting to £291,290 ; so that the net advances authorised at 31st March, 1897, numbered 3,920, and amounted to £1,112,775. The security for the net authorised advances was valued at £2,566,756. The number of applications received up to the 31st March, 1897, was 5,809, for an aggregate amount of £2,081,633. Sixty-five per cent, of the total amount applied for was wanted for the purpose of paying off existing mortgages at rates of interest higher than 5 per cent. ' The number of applications for " fixed " loans has, so far, been inconsiderable. They are, however, increasing, though great preference is shown for the instalment loans. The transactions of the year can be gleaned from the accounts attached hereto. It will be observed that these are compiled somewhat differently from those of last year. Attention has been given during the year to the question of reducing the cost of administration. The Chief Valuers, whose salaries have hitherto been a charge on the Advances to Settlers Account, will in future be paid by the Valuation Department, as their services will be almost exclusively used in the administration of the Government Valuation of Land Act. The Advances to Settlers Office I—B. 13.

8.—13

2

will, however, be called upon to pay a contribution to the Valuation Department, which, it is believed, will not exceed the fees received from applicants for the valuations required. This alone will mean a reduction in expense of over £2,000 a year. The charges for rent and a variety of other items will be much reduced, as accommodation will shortly be provided in the Government Buildings for the Head Office staff, and the Valuation Department will bear part of the cost of the rent in the various centres. A reduction in the staff has also been effected, through the simplification of the work as the result of experience, and the diminution of much work inseparable from the initiation of such an undertaking. The only new expense will be a contribution to the Post Office for assistance rendered by that department, and for postages. Hitherto nothing has been paid, although the correspondence has been carried free of charge, and valuable assistance has been rendered by the Postal Department in every part of the colony in receiving the instalments from mortgagors, thus saving them the cost of remitting to Wellington. The year ending the 31st March last was free from loss of any kind, and of the amount outstanding at the 31st March for instalments of principal and interest —£1,891 2s. —a considerable sum had been paid, but could not be received from the Post Office till after the 31st March, and the sum of £1,701 3s. 6d. has since been received, leaving the amount now outstanding in respect of sums due at the 31st March £189 18s. 6d. Of this sum, the amount at that date overdue one month was £58 ss. 6d.; overdue two months, £20 3s. ; three months, £13 125.; and four months, £4. The department has had wonderful immunity from losses in connection with the extensive bush-fires which occurred in the Wairarapa and Pahiatua districts during the summer, and the floods which occurred in Hawke's Bay and Rangitikei recently. Only one of the Wairarapa securities was affected in any way by the fires, and that to an inconsiderable extent, the loan being, moreover, a small one ; and in the case of the flooded districts there are only a few properties which have suffered. I believe that permanent injury will not result, and that a little consideration in the matter of payment of instalments will be the only action necessary by the Board. The partial failure of the harvest in some places in Central Otago and Southland through drought has led to the time for paying instalments being extended in a few instances, but in no case beyond a month or two. It may not be out of place to refer to the way in which instalments are met by mortgagors, and it cannot be considered otherwise than highly creditable to the settlers (the great bulk of whom are small farmers), and satisfactory to the department. A considerable percentage pay before the due dates, 90 per cent, pay within a fortnight of the due date ; of the remainder, the greater number are dilatory, and the balance may be classed as troublesome. It may be that losses will fall on the department in the course of time; but, considering that the average loan granted is under £300, and that a large number of the loans have been for the purpose of improvements, thus adding to the value of the securities, and, further, that the liability in each case is being steadily reduced, I do not think that, with care and vigilance in preventing the accumulation of arrears, losses, if they do fall upon the office, will ever be heavy. In conclusion, I venture to say that, by means of a scheme which will shortly be perfected, the accumulation of arrears to any great extent will be prevented, and the necessity for so much correspondence (which is perplexing and therefore somewhat distasteful to most country settlers) removed. An inspection of securities, upon which advances have been made for buildings, fences, bushfelling, or other improvements, will be made at an early date. Recognising that the moneys issued to solicitors for payment to mortgagors are essentially public moneys until they reach those who are entitled to receive them, regulations have been framed for the guidance of solicitors in dealing with these funds, and apprising the department as to their disposal, in a manner somewhat analogous to the mode of accounting by Treasury imprestees. A copy of these regulations is appended to this report. Rigid economy, inspection of securities, prevention of arrears, and consolidation of work and effort will, it is hoped, bring about the success of the scheme which the Government and the Legislature are entitled to expect. Government Advances to Settlers Office, John McGowan, 31st May, 1897. Superintendent.

[Extract from New Zealand Gazette, 20th May, 1897.] Additional Regulations under " The Government Advances to Settlers Act, 1894." Jambs Peendeegast, Administrator of the Government. Oedee in Council. At the Government House, at Wellington, this twenty-second day of May, 1897. Present: His Excellency the Administkatoe op the Goveenment in Council. In pursuance and exercise of the powers and authority vested in him in and by " The Government Advances to Settlers Act, 1894," and of all other powers and authorities enabling him in this behalf, His Excellency the Administrator of the Government of the Colony of New Zealand, acting by and with the advice and consent of the Executive Council of the said colony, doth hereby make the several regulations set forth in the Schedule hereto, and doth declare that such regulations shall come into force and take effect on the date of the publication thereof in the Neiv Zealand Gazette.

3

8.—13

Schedule. 1. " The said Act " means "The Government Advances to Settlers Act, 1894." 2. "The Superintendent" means the Government Advances to Settlers Office Superintendent under the said Act. 3. All moneys issued by the Superintendent for the purpose of making advances on mortgages under the said Act, and placed under the temporary control of any solicitor acting for the Superintendent in connection with such mortgages, shall be lodged by the Superintendent to a special official trust account at the branch of the Bank of New Zealand situate nearest to such solicitor's office ; and all moneys which, at the date of the coining into force of these regulations, are in the hands of any such solicitor for the purposes of any uncompleted mortgage in favour of the Superintendent shall within seven days after such date be lodged by such solicitor to the aforesaid account. 4. Such account shall be styled " [Name of solicitor] Government Advances to Settlers Account," and shall be operated on by the solicitor under that style, and solely for the purpose for which the moneys were lodged as aforesaid. 5. Every cheque drawn by such solicitor on such account shall be made payable to the order of the person beneficially entitled thereto or his duly-authorised agent. 6. Such solicitor shall procure from the bank a pass-book, wherein all transactions on such account shall be recorded by an official of the bank. 7. The Superintendent may at any time direct any officer of the Government Advances to Settlers Office to inspect and report upon such account and pass-book, and any such officer shall have power to examine all accounts, vouchers, papers, or books relating to the moneys lodged in or drawn from such account. 8. On the last day of each month the bank shall prepare and forward to the Superintendent a copy of such account made up to the close of banking business on such day, and certified as correct by an officer of the bank, showing the balance at the beginning of the month, the transactions for the month, and also the unexpended balance at the end of the month. 9. On the first day of each month such solicitor shall prepare and forward to the Superintendent a statement, certified as correct by such solicitor, showing with respect to the unexpended balance of such account at the end of the last-preceding month the purpose to which such balance is to be applied. 10. Forthwith upon lodging any money to such account for the purposes of any mortgage, the Superintendent shall send notice thereof to the mortgagor. 11. Forthwith upon the completion of any mortgage for the purpose whereof money has been lodged as aforesaid to such account, such solicitor shall prepare and forward to the Superintendent a statement, certified as correct by such solicitor, showing, with dates, the total amount so lodged, and the cheques by which the same has been withdrawn, and showing also particulars of all costs and expenses received or charged by such solicitor in connection with the matter. 12. If any solicitor make default in the full and faithful observance of any of these regulations, or receives or charges in respect of any such mortgage as aforesaid any more or other costs or expenses than those authorised by the said Act, or the regulations for the time being in force thereunder, and for the services specified therein, it shall be the duty of the Superintendent to cancel his authority to act as solicitor under the said Act, and to appoint another solicitor in his stead. Alex. Willis, Clerk of the Executive Council.

8.—13

PURPOSES for which the Advances appear from the Applications to be required, classified according to Provincial Districts, to 31st March, 1897.

4

Provincial District. For releasing Mortgage. For releasing Mortgage, and lor Improvements. For releasing Mortgage, and for Stock. For releasing Mortgage, and for Stock and Improvements. For Purchase of other Land. For converting Leasehold into Freehold. For converting Leasehold into Freehold, and for Improvements and Stock. For paying Balance of Purchasemoney, and for Improvements. For Improvements. For Stock and Improvements. Not stated in Application. Totals. £ £ £ £ £ £ £ £ £ £ £ £ Auckland 105,244 94,910 5,140 7,520 10,220 13,885 7,875 14,245 75,120 19,348 3,975 357,482 Taranaki .. 79,475 55,155 7,650 2,050 1,520 16,286 8,676 7,519 32,940 12,020 3,315 226,606 Hawke's Bay 54,855 21,365 1,335 3,320 4,285 7,485 450 1,940 34,008 3,600 2,600 135,243 Wellington 177,706 129,778 5,240 6,300 15,855 22,975 16,910 15,431 99,598 22,015 4,525 516,333 Marlborough 26,790 19,375 935 150 4,125 5,530 150 5,070 9,035 752 945 72,857 Nelson 27,960 14,875 860 3,000 480 1,310 600 1,255 6,840 2,740 400 60,320 Canterbury 106,311 13,867 1,600 2,527 8,168 30 3,675 25,246 5,853 1,830 169,107 Westland .. 11,990 4,830 470 350 230 1,415 550 3,690 1,090 100 24,715 Otago and Southland 259,340 93,652 5,235 2,930 11,140 23,034 8,365 29,471, 60,607 17,606 7,590 518,970 Totals .. 849,671 447,807 28,465 25,620 50,382 100,088 43,056 79,156 347,084 85,024 25,280 2,081,633

8.—13.

Advances offered which, being less than the Amounts required, were declined by Applicants up to 31st March, 1897, classified according to Provincial Districts.

Applications on which the Board had, up to the 31st day of March, 1897, declined to authorise Advances, classified according to Provincial Districts.

Applications for Loans received to 31st March, 1897, classified according to Provincial Districts.

5

.DVANCES OFFERED V up to 3: hich, bem: st March, less that 1897, cla: i the Amounts requin isified according to P: )d, were declined I •ovincial Districts. hy .pplicant: Free: told. Leasehold. Freehold and Leasehold combined. Provincial District. For Loans not exceeding £500. For Loans over £500. For note: g-S. F o°v r el L S lAmount. No. Amount. For Loans not exceeding £500. FO! ov< • Loans >r £500. Total. No. Amount. No. Amount. No. No. Amount. I I No. Amount. No. Amount £ 10,375 9,735 3,935 10,115 2,260 710 800 4,200 15,785 £ 12,440 15,700 8,595 57,335 9,300 5,590 600 39,015 52,025 £ 1,170 2,950 1,025 4,925 100 200 225 445 1,235 £ 5,550 1,150 400 8,280 £ £ £ 29,535 29,535 13,955 82,290 11,660 8,200 1,625 44,500 69,990 Auckland Taranaki Hawke's Bay .. Wellington Nelson Marlborough Westland Canterbury Otago 49 37 8 43 12 3 2 18 62 17 22 10 56 8 5 1 44 67 6 19 7 31 2 1 2 9 9 5 3 1 11 1 1 1,635 l, - 700 77 81 26 142 22 10 5 76 142 1 140 4 2 290 390 1 1 550 415 Totals .. 234 57,915 230 200,600 86 12,275 21 15,520 680 4,300 581 291,290 Applications on which authorise ;he Board had, up to the 31st day of March, 1897, declined to Advances, classified according to Provincial Districts. On Freeholi Securities. On Leasehold Securities. On Freehold combined with Leasehold. Totals. Provincial Districts. Not exceeding £500. Exceeding £500. Not exceeding £500. Exceeding £500. Not exceeding £500. Exceeding £500. 13 "S Amount, No. Amount. I No.j Amount. No. Amount. No. Amount. No. Amt: No. Amt. Auckland Taranaki Hawke's Bay Wellington .. Marlborough Nelson Canterbury .. Westland Otago 181 9 18 37 7 22 21 10 121 £ 29,830 3,595 3,045 7,025 800 4,600 3,808 900 32,525 41 6 7 25 5 9 11 2 45 £ 46,940 10,279 6,900 33,720 7,800 11,000 15,050 3,150 45,295 85 52 28 117 17 14 77 2 99 £ 10,733 7,536 4,938 14,280 1,325 1,280 7,142 550 15,227 5 2 1 3 £ 4,960 1,600 1,000 3,550 5 1 2 1 3 1 1 £ 1,600 50 700 330 450 300 200 2 1 £ 1,800 1,500 319 71 56 183 35 47 112 14 275 £ 95,863 24,560 16,583 58,905 12,975 18,180 29,200 4,600 99,402 i 1,000 3 1 1 2,600 1,000 2,000 7 5,'325 3 1,030 Totals 426 86,128 151 180,134 491 63,011 17 4,660 8 8,900 1,112 360,268 19 17,435 Applications for Loans received to 31 1st March, 1897, clas Districts. ssified according t< Provincial Freeholds. For Loans Leaseholds. For Loans Freehold; with Le! For] combined Lseholds. joans Totals. Provincial District of Not exceeding £500. Over £500. Not exceeding £500. Over i<3500. Not exceeding £500. Over £500. O Sa a g<! g Zi Amount of Loans applied for. No. Amount. No. Amount. No. Amount. No. Amount. No. Aint. No. Amount. lUckland 'aranaki lawke's Bay Wellington .. lelson larlborough .. Vestland lanterbury .. ■ .. )tago and Southland .. 763 292 215 436 79 101 79 146 624 £ 148,460 80,379 45,500 116,788 16,745 20,310 14,745 29,405 164,765 139 76 46 221 25 32 7 81 274 £ 153,360 89,152 49,190 267,440 32,675 37,775 6,350 105,583 280,440 281 226 136 539 36 46 10 328 374 £ 37,522 36,505 24,508 85,690 4,250 5,297 2,120 30,693 51,920 18 14 12 41 i 1 £ 12,800 11,970 12,700 37,735 3,100 400 12 4 5 3 4 7 2 4 23 £ 2,290 1,100 1,870 900 1,350 1,175 500 826 6,595 4 6 2 7 2 5 1 1 6 £ 3,050 7,500 1,475 7,780 2,200 7,900 1,000 2,000 5,800 1,212 618 416 1,247 150 192 99 561 1,314 £ 357,482 226,606 135,243 516,333 60,320 72,857 24,715 169,107 518,970 1 13 600 9,450 Totals 2735 637,097 901 1,021,965 1976 278,505 99 88,755 64 16,606 34 38,705 5,809 2,081,633

On Freeholi Securities. On Leaseholi Securities. On Freehold combined with Leasehold. Totals. Provincial Districts. Not exceeding £500. Exceeding £500. Not exceeding £500. Exceeding £500. Not exceeding £500. Exceeding £500. Amount. e>. 2 No. Amount. I No.j Amount. No. Amount. No. Amount. No. Amtr No. Amt. Auckland Taranaki Hawke's Bay Wellington .. Marlborough Nelson Canterbury .. Westland Otago 181 9 18 37 7 22 21 10 121 £ 29,830 3,595 3,045 7,025 800 4,600 3,808 900 32,525 41 6 7 25 5 9 11 2 45 £ 46,940 10,279 6,900 33,720 7,800 11,000 15,050 3,150 45,295 85 52 28 117 17 14 77 2 99 £ 10,733 7,536 4,938 14,280 1,325 1,280 7,142 550 15,227 5 2 1 3 £ 4,960 1,600 1,000 3,550 5 1 2 1 3 1 1 £ 1,600 50 700 330 450 300 200 2 1 £ 1,800 1,500 319 71 56 183 35 47 112 14 275 s 95,863 24,560 16,583 58,905 12,975 18,180 29,200 4,600 99,402 360,268 1 1,000 3 1 1 2,600 1,000 2,000 7 5,'325 3 1,030 Totals 426 86,128 151 17 4,660 8 8,900 1,112 180,134 491 63,011 19 17,435

.DVANCES OFFERED V up to 3: hich, bem: st March, less that 1897, cla: i the Amounts requin isified according to P: )d, were declined I •ovincial Districts. hy .pplicant: Free: told. Leasehold. Freehold and Leasehold combined. Provincial District. For Loans not exceeding £500. For Loans over £500. For note: g-S. F o°v r el L S lAmount. No. Amount. For Loans not exceeding £500. FO! ov< • Loans >r £500. Total. No. Amount. No. Amount. No. No. Amount. I I No. Amount. No. Amount £ 10,375 9,735 3,935 10,115 2,260 710 800 4,200 15,785 £ 12,440 15,700 8,595 57,335 9,300 5,590 600 39,015 52,025 £ 1,170 2,950 1,025 4,925 100 200 225 445 1,235 £ 5,550 1,150 400 8,280 £ £ £ 29,535 29,535 13,955 82,290 11,660 8,200 1,625 44,500 69,990 Auckland Taranaki Hawke's Bay .. Wellington Nelson Marlborough Westland Canterbury Otago 49 37 8 43 12 3 2 18 62 17 22 10 56 8 5 1 44 67 6 19 7 31 2 1 2 9 9 5 3 1 11 1 1 1,635 l, - 700 77 81 26 142 22 10 5 76 142 1 140 4 2 290 390 1 1 550 415 Totals .. 234 57,915 230 200,600 86 12,275 21 15,520 680 4,300 581 291,290 Applications on which authorise ;he Board had, up to the 31st day of March, 1897, declined to Advances, classified according to Provincial Districts. On Freeholi Securities. On Leasehold Securities. On Freehold combined with Leasehold. Totals. Provincial Districts. Not exceeding £500. Exceeding £500. Not exceeding £500. Exceeding £500. Not exceeding £500. Exceeding £500. 13 "S Amount, No. Amount. I No.j Amount. No. Amount. No. Amount. No. Amt: No. Amt. Auckland Taranaki Hawke's Bay Wellington .. Marlborough Nelson Canterbury .. Westland Otago 181 9 18 37 7 22 21 10 121 £ 29,830 3,595 3,045 7,025 800 4,600 3,808 900 32,525 41 6 7 25 5 9 11 2 45 £ 46,940 10,279 6,900 33,720 7,800 11,000 15,050 3,150 45,295 85 52 28 117 17 14 77 2 99 £ 10,733 7,536 4,938 14,280 1,325 1,280 7,142 550 15,227 5 2 1 3 £ 4,960 1,600 1,000 3,550 5 1 2 1 3 1 1 £ 1,600 50 700 330 450 300 200 2 1 £ 1,800 1,500 319 71 56 183 35 47 112 14 275 £ 95,863 24,560 16,583 58,905 12,975 18,180 29,200 4,600 99,402 i 1,000 3 1 1 2,600 1,000 2,000 7 5,'325 3 1,030 Totals 426 86,128 151 180,134 491 63,011 17 4,660 8 8,900 1,112 360,268 19 17,435 Applications for Loans received to 31 1st March, 1897, clas Districts. ssified according t< Provincial Freeholds. For Loans Leaseholds. For Loans Freehold; with Le! For] combined Lseholds. joans Totals. Provincial District of Not exceeding £500. Over £500. Not exceeding £500. Over i<3500. Not exceeding £500. Over £500. O Sa a g<! g Zi Amount of Loans applied for. No. Amount. No. Amount. No. Amount. No. Amount. No. Aint. No. Amount. lUckland 'aranaki lawke's Bay Wellington .. lelson larlborough .. Vestland lanterbury .. ■ .. )tago and Southland .. 763 292 215 436 79 101 79 146 624 £ 148,460 80,379 45,500 116,788 16,745 20,310 14,745 29,405 164,765 139 76 46 221 25 32 7 81 274 £ 153,360 89,152 49,190 267,440 32,675 37,775 6,350 105,583 280,440 281 226 136 539 36 46 10 328 374 £ 37,522 36,505 24,508 85,690 4,250 5,297 2,120 30,693 51,920 18 14 12 41 i 1 £ 12,800 11,970 12,700 37,735 3,100 400 12 4 5 3 4 7 2 4 23 £ 2,290 1,100 1,870 900 1,350 1,175 500 826 6,595 4 6 2 7 2 5 1 1 6 £ 3,050 7,500 1,475 7,780 2,200 7,900 1,000 2,000 5,800 1,212 618 416 1,247 150 192 99 561 1,314 £ 357,482 226,606 135,243 516,333 60,320 72,857 24,715 169,107 518,970 1 13 600 9,450 Totals 2735 637,097 901 1,021,965 1976 278,505 99 88,755 64 16,606 34 38,705 5,809 2,081,633

8.—13

6

Advances authorised to 31st March, 1897, classified according to Provincial Districts.

Authorised on Freehold Securities on Applications. Authorised on Leasehold Securities on Applications. Authorised on combined Freehold and Leasehold Securities on Applications. Totals. Provincial Districts. N A mount ' required Not exceeding £500. Exceeding £500. Not exceeding £500. Amount authorised. w _ Amount ™°- required. Exceeding ioOO. Amount authorised. Nn Amount i Amount No - required., »<£• Not exceeding £500. Exceeding £500. Number of Applications. Amount Amount of applied Advances for. authorised. Amount authorised. No. Amount required. Amount authorised. Xo. Amount required. No. Amount required. Amount authorised. £ £ £ £ £ £ £ £ £ £ £ £ £ £ Auckland 554 110,8311 102,377 92 98,620 81,725, 155 23,655! 18,158 10 11,150 8,850 3 900 870 3 2,450 2,050 ! 817 247,606 214,03( Taranaki 298 77,824 72,785 63 76,148 57,295| 165 26,535 19,855 9 9,620 8,350 3 1,050 925 4 4,500 4,450 542 195,677 163,66( Hawke's Bay .. 195 41,295 38,095 42 44,290 38,340 92 15,810; 12,355 5 4,200 3,400 5 1,220 920 1 825 825 340 107, 640' 93,93! Wellington 402 112,252 102,858 212 233,670 204,840 408 70,990 57,895' 21 30,830 17,490 7 2,100 1,635 4 5,950 4,235 1,054 455,792 388,95; Marlborough .. QQ 17,472 15,925 -1 25,330 22,140i 25 3,290i 2,720 .. 5 1,025 1,000 5 7,850 7,200 ■ 139 54,967 48,98! Nelson 79 16,655 15,625 17 20,825 17,100| 10 1,430 1,255 .. 1 400 400 107 39,310 34,38( Canterbury 111 25,097 22,090 62 86,495 69,670 232 22,847' 15,315 .. 5 613 535 .. 410 j 135,052 107,61( Westland 47 10,150 9,300 2 1,600 1,600 5 670 540| .. 3 900 745 57 13,320 12,18! Otago and Southland 537 141,1431 125,280 206 213,155 179,385 266 35,570 23,732: 6 4,300 2,625 15 5,370 4,340 5 5,100 4,965 1,035 404,638 340,32' Totals 2305 552,719 504,335 718 800,133 672,095; ;1358 200,797 151,825 51 60,100 40,715 47 13,578 23,725 4,501 1,654,002 l,404,06i 11,370 22 26,675

8.—13

7

Total amount granted on 3,920 applications, £1,112,775. Total value of securities, £2,566,756.

Advances authorised to 31st March, 1897.

Freehold Security. Leasehold Security. Frei ihold and Leasehold combined. No. Amount of Advance. Value of Security. No. Amount of Advance. Value of Security. No. Amount of Advance. Value of Security. £ £ £ £ 5b 5t £ £ £ £ £ & ■ 760 2,344 Advances not exceeding £100 666 49,185 145,777 977 64,771 176,796 8 Less declined 46 3,735 11,010 46 3,235 10,034 2 165 530 620 45,450 134,767 931 61,536 1 166,762 — 6 595 1 314 Advances exceeding £100 but not exceeding £300 1,145 246,517 618,760 321 67,645 174,906 26 5,625 14,649 Less declined 169 ! 37,805 88,865 24 4,555 13,476 4 575 1,896 976 208,712 529,895 297 63,090 161,430 ; 22 5,050 ' 12,755 Advances exceeding £300 but not exceeding £500 546 231,510 515,140 72 31,075 83,585 11 4,665 11,365 Less declined 100 41,745 89,816 8 j 3,200 7,578 1 415 714 446 189,765 425,324 g4 27,875 76,007 10 4,250 10,651 Advances exceeding £500 but not exceeding £750 261 165,915 354,753 20 13,279 36,709 ! 8 4,485 8,135 Less declined 68 ■ 45,190 \ 96,890 .. Advances exceeding £750 but not exceeding £1,000 193 120,725 257,863* 20 13,279 36,709 — 8 4,485 8,13£ 143 130,505 286,572 7 5,800 12,734 7 6,225 \ 16,414 Less declined 39 35,040 81,363 1 1,000 3,360 ■• Advances exceeding £1,000 but not exceeding £3,000 104 95^465 205,209 6 4,800 9,374 7 6,225 I 16,414 262 352,798 694,226 12 9,970 27,369 9 13,335 27,520 Less declined 70 109,295 223,207 1 2,000 6,080 2 j 3,335 6,179 192 243,503 i 471,019 11 7,970 21,289 - 7 10,000 21,341

8.—13

8

THE GOVERNMENT ADVANCES TO SETTLERS OFFICE. Statement of the Liabilities and Assets at 31st March, 1897. Dβ. ■ Liabilities. £ s. d. Cβ. Assets. £ s. d. 3-per-oent. loan, redeemable Ist April, Investment Account— 1945 .. .. .. .. 1,500,000 0 0 Advances on mortConsolidated Fund advances.. .. 46,500 0 0 gage .. ..£1,036,477 0 0 Suspense Account, sundry receipts .. 794 4 5 Leas repayments 27,546 10 3 Accrued interest payable .. .. 32 16 10 1,008,930 9 9 Temporary investments, Government securities .. .. .. 333,319 18 0 Debenture Sinking Fund Investment Account, Public Trustee .. .. 27,213 10 1 Mortgage instalments receivable —overdue .. .. .. .. 333 0 2 Interest receivable —overdue.. .. 1,558 1 10 accrued.. .. 15,416 8 2 Cash in hand and in bank .. .. 25,453 13 11 Loan floatation charges £105,897 7 5 Profit and Loss Account 29,204 11 11 . 135,101 19 4 £1,547,327 1 3 £1,547,327 1 3

Statement of Management Account for the Year ending 31st March, 1897. Dβ. £ s. d. £ s. d. Cβ. £ s. d. £ s. d. To Valuation-fees paid to By Valuation-fees received 2,966 111 Valuers .. .. 3,170 8 0 Eeceipts for mortgage-Valuation-fees refunded 141 17 0 forms .. .. 217 6 0 Printing and stationery 296 12 6 Eelease and consent fees 18 16 1 Travelling-expenses .. 426 14 0 3,202 4 0 Advertising .. .. 201 13 2 Balance of management expenses Law-costs .. .. 0 5 2 transferred to Profit and Loss AcFurnishing .. .. 50 4 6 count .. .. .. .. 8,092 111 Salaries .. .. 4,496 0 4 Eent, fire, and light .. 298 11 6 Contribution for services of Public Trust Office 125 0 0 Audit Department .. 75 0 0 Registering mortgages 17 10 0 Land-tax .. .. 1,774 3 5 Sundries .. .. 203 5 6 Unauthorised expenditure .. .. 17 0 10 11,294 5 11 11,294 5 11 Interest paid on loan, Interest received on £ s. d. £1,500,000 .. 67,500 0 0 mortgages .. .. 29,848 12 2 Less accrued at 31st Interest received on inMarch, 1896 .. 22,376 14 3 vestments .. .. 15,278 4 4 45,123 5 9 45,126 16 6 Interest paid on Less accrued at 31st repayments £5 13 4 March, 1896 .. 6,318 310 Less accrued at ■ 31st March, 38,808 12 8 1896 .. 0 15 2 Interest receivable — 418 2 ■ overdue .. .. 1,558 110 Interest on Consolidated Interest receivable—acPund advances .. 919 16 11 crued at 31st March, Interest on repayments 1897 .. .. 15,416 8 2 accrued at 31st March, : 55,783 2 8 1897 .. . • 32 16 10 46,080 17 8 57,375 3 7 Balance of interest transferred to Profit and Loss Account .. .. 9,702 5 0 £67,077 8 7 £67,077 8 7

9

8.—13

Statement of Peofit and Loss Account to 31st March, 1897. Dβ. . £ s. d. Gr. £ g, d. To Balance at 31st March, 1896.. .. 31,159 0 6 By Management Account, balance of inManagement Account, expenses .. 8,092 111 teiest .. .. .. .. 9,702 5 0 Profits on sale of debentures 344 5 6 Balance .. .. .. .. 29,204 11 11 £39,251 2 5 £39,251 2 5

Statement of the Total Ebcbipts and Expenditubb for the Year ending 31st March, 1897. Dβ. Receipts. £ s. (5. Ck. Expenditure. £ s. d. To Gash in hand, 31st March, 1896 .. 657,576 13 8 By Advances on mortgages .. .. 607,305 0 0 Instalments repaid .. . .. 23,843 3 0 Public Trustee, Debenture Sinking Proceeds of sale of debentures .. 285,194 6 6 Fund investments .. .. 23,843 17 6 Advances from Consolidated Fund 55,200 0 0 Temporary investments, Govern-Valuation-fees .. .. .. 2,966 1 11 ment securities .. .. 305,125 0 0 Mortgage-forms .. .. .. 217 6 0 Pees and disbursements on debenKeleaso and consent fees.. .. 18 16 1 ture loan .. .. .. 14 0 6 Interest on mortgages .. .. 29,848 12 2 Valuers'fees .. .. .. 3,170 8 0 Interest from Bank of New Zealand, Valuation-fees refunded .. .. 141 17 0 London .. 433 19 8 Printing and stationery .. .. 296 12 6 Interest from Bank of New Zealand, Travelling-expenses .. .. 426 14 0 Wellington .. .. .. 1,287 19 8 Advertising .. .. .. 201 13 2 Interest on debentures, temporary . Law-costs .. .. .. 0 5 2 investments .. .. .. 13,121 3 5 Furnishing .. .. .. 50 4 6 Interest on Debenture Sinking Fund Salaries .. .. .. 4,496 0 4 investments, Public Trustee .. 435 1 7 Rent, fire, and light .. .. 298 11 6 Suspense Account, sundry receipts 2,444 0 4 Contribution for services of Public Trust Office .. .. .. 125 0 0 Audit Department .. .. 75 0 0 Registering mortgages .. .. 17 10 0 Land-tax .. .. .. 1,774 3 5 Sundries .. .. .. 203 5 6 Unauthorised expenditure .. 17 0 10 Interest on advances from Consolidated Fund .. .. .. 919 16 11 Interest on repayments .. .. 5 13 4 Interest on loan, one year and a half to Ist April, 1897 .. 67,500 0 0 Refund of Treasury advances .. 29,200 0 0 Suspense Account, sundry payments 1,925 15 11 Gash in hand and at bank at 31st March, 1897 .. .. .. 25,453 13 11 £1,072,587 4 0 £1,072,587 4 0

Statement of Advances from, and Bepayments to, the Consolidated Fund for the Year ending 31st March, 1897. Dβ. Or. 1896. £ s. a. j 1896. £ s. d. May 19. To Cash refunded .. .. 1,000 0 0 ! March 31. By Balance .. .. 20,500 0 0 June 9. „ .. 1,500 00 J April 15. Gash advance .. .. 17,500 0 0 29. „ .. .. 1,500 0 0 ! Oct. 8. „ .. .. 15,200 0 0 July 24. , .. .. 1,000 0 0 1897. Aug. 27. „ .. .. 2,000 0 0 March 30. „ .. .. 22,500 0 0 Nov. 3. „ .. .. 4,200 0 0 26. „ .. .. 2,000 0 0 28. , .. .. 1,000 0 0 Dec. 17. „ •• •■ 1,000 0 0 23. . -. .. 1,500 0 0 1897. Jan. 26. , .. .. 2,000 0 0 Feb. 3. „ .. .- 2,000 0 0 March 1. „ .. .. 3,500 0 0 March 31. , .. -. 5,000 0 0 Balance.. .. .. 46,500 0 0 £75,700 0 0 £75,700 0 0

2—B. 13.

8.—13

10

Temporary Investments —Securities held at 31st March, 1897.

John McGowan, Superintendent. Government Advances to Settlers Office, P. Heyes, 11th May, 1897. Accountant. Examined and found correct. J. K. Waebueton, Controller and Auditor-General. Approximate Cost of Paper. —Preparation, not given; printing (1,475 copies), £S 16s.

By Authority : Johh Maokay, Government Printer, Wellington.—lB97. Price 6dA

Cost Price. lebenfcures under " The Lands Improvement and Native Lands Acquisition Act, 1894," 3| per cent. lebentures under "The Consolidated Stock Act, 1884," 3J per cent, lebentures under " The Land for Settlements Act, 1894," 3J per cent, few Zealand stock, 3 per cent. lew Zealand stock, 3J per cent, lank of New Zealand guaranteed stock, 4 per cent. £ s. d. 12,000 0 0 104,500 0 0 76,000 0 0 14,850 1 0 121,133 0 0 4,836 17 0 £333,319 18 0