GOVERNMENT ADVANCES TO SETTLERS OFFICE (REPORT BY THE SUPERINTENDENT OF THE, FOR THE YEAR ENDING 31st MARCH, 1898).

Appendix to the Journals of the House of Representatives, 1898 Session I, B-13

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1898. NEW ZEALAND.

GOVERNMENT ADVANCES TO SETTLERS OFFICE (REPORT BY THE SUPERINTENDENT OF THE, FOR THE YEAR ENDING 31st MARCH, 1898).

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

The scheme to provide country settlers with money at a reasonable rate of interest, combined with facilities for repayment, was embodied in " The Government Advances to Settlers Act, 1894." For the purposes of this Act a loan of £1,500,000 was raised in London, discount and flotation charges reducing the amount available for investment to £1,394,102. A large amount of this was not remunerative for some time. In explanation of this it may again 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, and upon these advances interest has been regularly paid. During the last financial year some 3-per-cent. and 3-J-per-cent. securities held in London were sold at a premium, realising a profit of £5,646. This was applied to the reduction of the indebtedness to the Consolidated Fund, which on the 31st March, 1898, stood at £24,500 —viz., the halfyear's interest (£22,500), and £2,000 balance of previous advances. From the statement of that account furnished herewith it will be seen that the department, in addition to having made provision for payment of the year's interest (£45,000) on the loan, has reduced its indebtedness to the Consolidated Fund, which stood at £46,500 on the 31st March, 1897, by £22,000. On the 18th April last the old debit balance of £2,000 above referred to was cleared off, and the amount owing now is for the half-year's interest alone. Before the end of the current financial year the present liability to the Treasury will be wiped off, and the department will at the close of the year have in hand a considerable amount towards meeting the half-year's interest falling due at that date, so that, instead of having to ask for the full amount (£22,500) from the Treasury as at present, it will be necessary to apply for only a portion of that sum, and it is anticipated that from the 31st March, 1901, the department will always have sufficient funds in hand to meet each half-yearly payment of interest without assistance. The proportion of applications declined or loans refused by applicants remains about the same. The exact figures will be gathered from the tables attached. 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, 1898, the Board had authorised 5,837 advances, amounting to £1,736,205, and declined 1,341 applications for £419,433. The total amount asked for by the 5,837 applications granted in full and partially was £2,028,445 ; 698 applicants declined the grants offered them, amounting to £330,240; so that the net advances authorised to the 31st March, 1898, numbered 5,139, and amounted to £1,405,965. The securities for the net authorised advances were valued at £3,151,771; and these are being enhanced by the expenditure in improvements of part of the money borrowed, as well as by the periodical repayments of principal. The number of applications received to the 31st March, 1898, was 7,433, for an aggregate amount of £2,512,648. Sixty-three per cent, of the amount applied for was 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 not been large, the amount being less than !■£■ per cent, of the total advances.

I—B. 13.

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Since the date of last report the provisions contained in " The Government Valuation of Land Act, 1896," affecting this office have been given effect to, and valuations of securities offered are now obtained from the Valuation Department instead of being obtained as heretofore from local valuers direct. The permanent valuers of the Valuation Department are also instructed to make periodical inspections of the securities held by the Advances to Settlers Office. The contribution payable to the Valuation Deparment for these services has, after careful consideration, been fixed at £3,000 a year, the Advances to Settlers Office retaining the valuation-fees payable by applicants for loans. The contribution to the Post Office for assistance rendered by that department and for postages is increased by £200 a year under arrangement between the two departments. The collection of the moneys of the Advances to Settlers Office, and the distribution of forms and affording information, have led to an increase in the postal staff, and the contribution is paid to the department, not to individual officers. The amount outstanding on the 31st March, 1898, in respect of instalments was £3,942 ss. 9d., a little more than double the amount of last year. Of this amount, £2,329 11s. 3d. was due in March, £694 10s. in February, £310 18s. in January, and the balance, £607 6s. 6d., prior to that month. The increase is accounted for by the fact that the department had, at the 30th September, 1897 (the latest date upon which loans could be issued for the instalments to have become overdue at the 31st March last), lent out 50 per cent, more money than wae the case at the 30th September of the previous year, and by the fact that a large number of the small loans have been advanced to persons living in remote districts—the larger volume of business necessarily meaning a larger sum being uncollected on a given date. There is no change to report in the manner in which instalments are met. Of those outstanding on the 31st March, 1897, only £3 3s. was unpaid on the 31st March, 1898. This amount has since been received. So that, in respect of the period ending on the former date, nothing remains unpaid. Of the amount outstanding at 31st March, 1898, the sum of £1,422 7s. 9d. was unpaid at 30th April last, thus reducing the amount in one month by £2,519 18s. The instalments over one month in arrear on the 31st March, 1898, amounted to £922. The department has again enjoyed wonderful immunity from losses in connection with the extensive bush-fires which occurred in the Wairarapa, Pahiatua, and other districts during the summer. About twenty buildings under mortgage to this office were destroyed by the fires, and in all but three cases the money received from the insurance companies has been used in rebuilding. In one of the cases referred to the amount was, with the concurrence of the mortgagor, used to repay the mortgage. In the other two the re-erection of the buildings was postponed, and the money used for buying grass-seed. In five or six instances applications were received for an extension of time in which to pay instalments, and in all but one an extension was granted by the Board, in no case exceeding three months. In several cases small additional loans have been granted, where there has been a margin of security, to help settlers to repair damages. The severe drought in North Otago, and in Canterbury and Nelson, has depreciated for a time some securities in these localities; but, so far as lam aware, no loss need be apprehended. I repeat my reference of last year as to the manner in which instalments are met by mortgagors : the punctuality must be considered most satisfactory to the department, and evidence of the settlers' desire to fulfil their engagements. A small percentage pay before the due dates; 90 per cent, pay within fourteen days after the due date; of the remainder, part are dilatory, the balance troublesome. One hundred and two mortgagors were in arrear one month on the 31st March, 1898, and owed, as previously.stated, £922 out of a total amount collectable for the year of £71,545. Twelve of the number owed balances short-paid, so that only ninety mortgagors out of about 4,500 were more than a month late in paying their instalments. The result of the year's transactions must be regarded as satisfactory, seeing that the position of the department is better by nearly £24,000 than it was at the beginning of the year. It is as well, however, to mention that this net profit includes the profits arising from the sale of debentures before alluded to, and also the refund of the mortgage-tax for 1896-97 (which the Land Tax Department refunded under advice from the Crown Law Officers). The expenses of such an institution as the Advances to Settlers Office at its inception were, it is needless to state, necessarily heavier than now. The moneys in the hands of the Public Trustee in respect of loans repaid were not drawn upon prior to the 31st March, but will very soon have to be utilised in accordance with section 55 of the Act of 1894; and the full amount representing loans repaid will be reinvested before any fresh funds are drawn upon. The 1 per cent, sinking fund will, of course, be left with the Public Trustee. The inspection of securities mentioned in last year's report has been begun by District Valuers, the reports pointing to the fact that great care has been exercised in making advances upon the securities inspected. Up to the present time no actual losses on investments have been made, although in the case of a loan granted in the Waitotara district the statutory margin of security does not apparently exist judging by recent valuations. It is possible that this transaction may turn out unfavourably to the department; but it is premature at this stage to predict what may be the result, as negotiations are still in progress with regard to it. The regulations issued since last year are appended. John McGowan, Government Advances to Settlers Office, Superintendent. Wellington, 10th June, 1898.

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REGULATIONS.

Begulations under " The Government Advances to Settlers Act, 1894."

Eanpuely, Governor. Oedee in Council. At the Government Buildings, at Wellington, this fifteenth day of February, 1898. Present: The Eight Honoueable E. J. Seddon pbesiding in Council. In pursuance and exercise of all powers and authorities vested in him by or under " The Government Advances to Settlers Act, 1894," and its amendments, His Excellency the Governor of the Colony of New Zealand, by and with the advice and consent of the Executive Council of the said colony, doth hereby make the following regulations under and for the purposes of the said Acts, that is to say : — Eegulations. 1. In any case where the Superintendent sells any security in exercise of the power of sale conferred by the mortgage, he may accept from the purchaser a fresh mortgage for the whole or any part of the purchase-money (provided that the amount of such fresh mortgage does not exceed the total amount owing under the original mortgage) without requiring compliance with the provisions of the said Acts and the regulations thereunder relating to the Valuer's report, the valuation, the margin of security, and the payment of the valuation-fees; and in any such case those provisions shall not apply. 2. In any case where a mortgagor sells part of the mortgaged land, and it has been agreed by the General Board— (1.) That the whole or any part of the existing mortgage shall remain on the security of the unsold residue of such land (or a new mortgage in respect thereof be given), and a release be executed of the part so sold ; or (2.) That the existing mortgage shall be discharged, and separate mortgages be given by the mortgagor and purchaser in respect of the residue and part sold respectively ; the Superintendent may waive the payment of the prescribed valuation-fee in respect of the transaction : Provided that with respect to every such mortgage the General Board shall be satisfied that the prescribed margin of security exists. 3. The regulations of the 3rd day of December, 1894, are hereby modified in so far as they conflict with these regulations. Alex. Willis, Clerk of the Executive Council.

Naming the Government Advances to Settlers Office as a Lending Department within the Meaning of " The Native Land Laws Amendment Act, 1897."

Banfuely, Governor. By his Deputy, James Pbendergast. Obdeb in Council. At the Government House, at Wellington, this twenty-first day of April, 1898. Present: His Excellency the Goveenoe in Council. In pursuance and exercise of the power and authority vested in him by subsection three (d) of section six of " The Native Land Laws Amendment Act, 1897," His Excellency the Governor of the Colony of New Zealand, acting by and with the advice and consent of the Executive Council of the said colony, doth hereby name the Government Advances to Settlers Office as a lending department of the Government within the meaning of the aforesaid Act. Alex. Willis, Clerk of the Executive Council.

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PURPOSES for which the Advances appear from the Applications to be required, classified according to Provincial Districts, to 31st March, 1898.

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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. I £ £ £ £ £ £ £ £ £ £ £ £ Auckland 137,261 116,376 7,660 7,520 13,705 23,445 8,125 15,105 98,068 21,048 4,425 452,738 Taranaki 88,585 61,240 7,850 2,050 4,395 22,606 10,326 7,919 46,780 13,655 3,915 269,321 Hawke's Bay 67,060 30,540 1,335 3,320 6,765 9,722 450 2,365 44,153 4,240 2,600 172,550 Wellington 206,773 142,848 5,680 6,300 16,965 38,417 16,910 17,596 125,938 24,105 4,925 606,457 Marlborough 31,070 20,780 935 150 4,275 9,380 150 5,720 14,380 952 945 88,737 Nelson 28,655 14,905 860 3,000 480 2,310 600 1,255 7,100 2,740 650 62,555 Westland .. 15,330 6,480 470 350 230 2,755 250 740 9,300 1,240 350 37,495 . Canterbury 113,461 15,772 1,600 2,777 14,093 30 4,005 33,096 6,093 1,830 192,757 Otago and Southland 306,763 110,655 5,735 2,930 16,690 40,989 8,425 30,111 79,419 18,331 9,990 630,038 . Totals .. 994,958 519,596 32,125 25,620 66,282 163,717 45,266 84,816 458,234 92,404 29,630 2,512,648

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Advances offered which, being less than the Amounts required, were declined by Applicants up to 31st March, 1898, classified according to Provincial Districts.

Applications on which the Board had, up to the 31st day of March, 1898, declined to authorise Advances, classified according to Provincial Districts.

Applications for Loans received to 31st March, 1898, classified according to Provincial Districts.

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Free! .old. Leasehold. Freehold and Leasehold combined. Total. Provincial District. For Loans not exceeding £500. For Loans over £500. For Loans not exceeding £500. For Loans over £500. For Loans not exceedini £500. For Loans over £500. No. Amount. No. Amount. . Amount. No. Amount. No. Amount. No. Amount. No. Amount £ 15,130 11,045 4,535 12,165 2,410 1,265 1.450 4,830 18,765 71,595 £ 15,220 16,250 9,795 61,820 9,300 5,590 600 39,145 60,645 £ 1,270 3,850 1,965 5,955 100 300 225 440 1,680 £ 5,550 4,050 £ £ £ 37,170 35,480 16,295 89,855 11,810 8,855 2,275 45,255 83,245 Auckland Taranaki Hawke's Bay .. Wellington Nelson Marlborough Westland Canterbury Otago and Southland 75 44 13 49 13 5 5 21 73 21 23 12 61 8 5 1 45 78 7 24! 10 38 2 2 2 9 14 5 7 11 8,280 1 '285 1 "l 1,635 l>700 108 99 35 160 23 13 8 80 172 4 5 290 1,090 1 2 550 1,065 Totals.. 298 254 218,365 108 15,785 23 17,880 10 1,665 4,950 698 330,240

On Freeholi Sβ. lurities. On Leaseholi Securities. On Freehold combined with Leasehold. >tals. Provincial Districts. Not exceeding £600. [ceeding £500. Not exceeding £500. Exceeding £500. Not exceeding £500. Exceeding £500. < o Amount. No. Amount.' I No. Amount. No. Amount. No. Amount. No. Amt. No. Amt. Auckland Taranaki Hawke's Bay Wellington .. Marlborough Nelson Canterbury .. Westland Otago and Southland 232 13 22 45 9 26 25 18 138 £ 43,450 5,292 4,092 9,799 960 5,214 4,693 2,328 35,684 45 8 8 27 6 10 11 5 47 £ 56,124 12,879 7,500 35,070 8,400 12,000 15,050 4,925 47,393 113 60 34 143 21 15 83 6 116 £ 15,077 8,409 6,149 16,995 1,644 1,330 7,448 1,568 16,431 5 2 1 3 £ 4,960 1,600 1,000 3,550 9 1 3 2 4 1 1 £ 2,400 50 775 480 800 300 200 2 1 £ 1,800 1,500 406 85 68 220 43 53 122 29 315 £ 123,811 29,730 19,516 65,894 14,404 19,844 30,391 8,821 107,022 1 1,000 3 1 1 2,600 1,000 2,000 750 '7 5^325 6 1,439 1 Totals 528 111,5121 il67 27 6,444 9 9,650 1,341 419,433 199,341 591 75,051 17,43;

Freeholds. For Loans Leaseholds. For Loans Freeholds con with Leaseh' For LoaE abined olds. is Totals. Provincial District of Not exceeding £500. Over £500. Not exceeding £500. Ovi ir £500. Not exceeding £500. Ovi a £500. ' Amount Ss a of ■§ g-S Loans a <) ■§ applied g ° for. No. Amount. No. Amount. No. Amount. No. lount. No. Amt. No. jnount. Auckland Taranaki Hawke's Bay Wellington Nelson Marlborough .. Westland Canterbury .. Otago and Southland .. 1016 356 282 558 82 121 114 183 790 £ 197,133 95,064 61,080 147,093 17,465 24,335 19,730 35,590 199,896 168 87 55 252 26 36 16 88 332 £ 182,360 100,502 57,140 298,097 33,675 43,975 12,775 114,263 343,974 387 320 192 736 41 68 15 406 470 £ 48,280 48,640 31,535 110,752 4,765 8,402 3,390 38,308 61,603 17 19 16 45 4 1 £ 17,750 16,515 19,450 41,135 '3,100 400 16 i 6 4 Q g 4 29 & 3,265 1,100 1,870 1,600 1,350 1,475 600 826 8,015 5 6 2 7 2 7 1 1 7 £ 3,950 7,500 1,475 7,780 2,200 10,150 1,000 2,000 6,550 1,609 792 552 1,6041 159 242 149 684 1,642 £ 452,738 269,321 172,550 606,457 62,555 88,737 37,495 192,757 630,038 '2 14 l,'770 10,000 Totals 3502 797,386 1060 1,186,761 2635 355,675 118 110,120 80 20,101 38 42,605 7,433 2,512,648

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Advances authorised to 31st March, 1898, 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. Not exceeding £500. Amount authorised. Exceeding £600. Amount authorised. Not exceeding £500. Amount authorised. N Amount I required. Exceeding £500. Amount authorised. Not exceeding £300. Exceeding £500. Number ol Applications. Amount Amount of applied Advances for. authorised. No. Amount required. No. Amount required. No. Amount required. No. Amount required. Amount authorised. No. Amount required. Amount authorised. £ £ £ £ £ £ £ £ £ £ £ £ £ Auckland 733 145,246 133,227 118 120,925 100,885 203 29,580 23,128 12 12,800 10,350 8 1,770 1,640 i 3,000 2,600 1,078 313,321 271,830 Taranaki 369 92,759 87,285 81 87,498 68,690! 223 34,060 26,320 i| 12 12,295 10,200 5 1,760 1,570 4 4,500 4,450 694 232,872 198,515 Hawke's Bay .. 264 56,610 52,675 51 51,840 45,445 134 22,155 17,680 8 6,750 5,650 5 1,220 920 1 825 825 463 139,400 123,195 Wellington 505 137,712 125,958 259 275,830 246,030 576 95,195 76,160 I 25 34,430 20,190 9 2,700 2,185 J 4 5,950 4,235 1,378 551,817 474,758 JI arlborougli 102 21,922J 19,990 25 28,730 25,520| 41 5,670 4,875; ' . . 8 1,525 1,500 6 9,450 8,600 182 67,297 60,485 K olson 97j 20,115 18,685 19 22,375 18,600| 13 1,615 1,435 »] . . 2 600 600 131 44,705 39,320 Canterbury 1461 30,712 27,420 69 94,695 76,56o' 291 29,072 20,495 6 683 605 512 155,162 125,080 Westland 65 13,175 12,150 i 2,900 2,700 6 1,070 940; J .. 3 900 745 78 18,045 16,535 O:ago and Southland 687 175,013' 155,665 263 267,863 225,925 334 43,560| 29,442| ii 7 4,850 3,085 23 7,840 6,095 7 6,700 6,275 1,321 505,826 426,487 Totals 2968; 18,998 J 15,860 1,736,205 693,264 633,055 889 952,656 810,355 18211 261,977 200,475 64 71,125 49,475 69 20 30,425 26,985 5,837 2,028,445

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Total amount granted on 5,139 applications, £1,405,965. Total value of securities, £3,151,771.

Advances authorised to 31st March, 1898.

Freehold Security. Leasehold Security. Frei ihold and Leasehol Id combined. No. Amount of Advance. Value of Security. No. Amount of Advance. Value of Security. No. Amount of Advance. Value of Security. £ £ £ £ £ £ £ £ £ £ £ .dvances not exceeding £100 909 67,610 J 189,895 1,320 87,261 227,196 13 1,180 3,356 Less declined 67 5,315 : 15,940 58 4,100 15,409 2 165 530 advances exceeding £100 but not exceeding £300 " 342 62,295 173,955 — i,26a 211,787 11 1,015 2,82< 1,449 449 309,257 ' 759,320 424 86,655 213,684 39 8,175 20,151 Less declined I 201 201 ! 44,700 I 105,019 30 5,820 19,351 8 1,560 4,993 1,248: 1,2 248J 264,557 j 654,301 394 g^ 6,615 15,15! .dvances exceeding £300 but not exceeding £500 694 694 j 289,220 j 631,638 94 40,635 ±y±,ooG 104,789 15 6,185 14,556 Less declined 115 115 1 47,830 100,444 11 4,540 13,472 1 415 714 . 579! Oil *JQO ' P;O-| IQi I 83 — 36,095 91,317 —- 14 5,770 13,845 .dvances exceeding £500 but not exceeding £750 323 323 : 206,035 J 434,139 23 15,229 41,197 11 6,345 11,960 declined 77 77 : 50,555 ; 109,683 1 600 2,142 1 650 2,789 .dvances exceeding £750 but not exceeding £1,000 2 246 155,470 ; 324,456 22 ■ 14,629 — 39,055 — 10 5,695 9,17: 188 188 168,730 J 353,573 12 10,200 22,771 7 6,225 16,414 Less declined .dvances exceeding £1,000 but not exceeding £3,000 i 294 46 294 74 2 46 41,250 ; 91,787 1421 127,480 : 261,786 j 402,558 I 785,563 114,595 I 232,257 220 287,963 j 553,306 3 — 9 12 2,800 — 7,400 9,970 8,970 13,801 27,369 rf 10 6,225 14,735 16,41< 29,959 Less declined 74 1 2,000 6,080 2 3,335 6,179 220: 11 7,970 21,289 8 11,400 23,78(

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Advances authorised on Fixed Loans, classified according to Provincial Districts, to the 31st March, 1898.

Note. —The figures supplied in this return are not to be read as in addition to the preceding tables, being embodied therein.

THE GOVERNMENT ADVANCES TO SETTLERS OFFICE. Statement of the Liabilities and Assets at 31st March, 1898.

Statement of Profit and Loss Account for the Year ending 31st March, 1898.

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Not exceeding £500. Exceeding £500. Total. * N Amount of j Value 1 ' Mortgage, j of Security. „ Amount of Value * ' Mortgage, of Security. •xj Amount of Value Mortgage, of Security. £ 1,450 500 1,750 2,115 £ 4,735 1,436 4,006 6,434 £ £ £ 1,450 2,100 2,450 6,940 £ 4,735 5,931 5,863 18,838 Auckland Taranaki Hawke's Bay Wellington Maryborough Nelson ... Westland Canterbury Otago 11. 2 6 8 4 150 510 393 1,495 2 1 6 1,600 700 4,825 4,495 1,857 12,404 11 4 7 14 2 4 1 24 150 510 550 6,720 393 1,495 1,124 16,323 23 5,720 14,031 "i 1 550 1,000 1,124 2,292 56 12,195 32,530 11 8,675 22,172 67 20,870 54,702

Dr. Liabilities. i-per-cent. loan, redeemable 1st April, 1945 consolidated Fund advances.. Suspense Account .. Loomed interest payable £ s. d. 1,500,009 0 0 24,500 0 0 1,679 5 2 91 10 6 Gr. Assets. £ s. d. Investment Account— Advances on mortgages .. .. £1,357,040 0 0 Less repayments 99,122 4 6 : 1,257,917 15 6 Temporary investments, Government security .. .. .. 4,836 17 0 Sinking Fund Investment Account with Public Trustee .. .. 98,401 9 9 Mortgage instalments receivable—overdue .. .. .. .. 721 5 8 Interest receivable —overdue.. .. 3,221 0 1 „ accrued.. .. 15,768 11 0 Cash in hand and in bank .. .. 34,230 8 5 Loan-flotation charges £105,897 7 5 Profit and Loss Account 5,276 0 10 111,173 8 3 £1,526,270 15 8 £1,526,270 15 8

Dr. To Balance at 31st March, 1897.. Management Expenses Account £ s. d. Cβ. £ s. d. 29,204 11 11 ' By Management Account, intesesfc. gros3 2,368 8 8 profits .. .. .. .. 20,650 14 0 Profits on temporary investments, sale of debentures .. .. .. 5,646 0 9 Balance .. .. .. .. 5,276 0 10 £31,572 15 7 . £31,572 15 7

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Statement of Management Account for the Year ending 31st March, 1898.

Statement of the Total Receipts and Expenditure for the Year ending 31st March, 1898.

2— B. 18.

Dβ. £ s. d. £ s. d. To Valuation-fees paid to Valuers .. .. 1,686 12 7 Valuation-fees refunded 74 16 0 Printing and stationery 286 19 6 Travelling-expenses .. 161 9 3 Advertising .. .. 83 3 8 Law-costs .. .. 12 14 8 Salaries .. .. 2,772 6 i Eent and lighting .. 171 8 i Audit Department .. 75 0 0 Registering mortgages 43 10 0 Unauthorised expenditure .. .. 99 16 3 Post-office services .. 300 0 0 Cables and telegrams .. 257 8 2 Furnishing .. .. 19 9 8 Sundries .. .. 171 5 3 Cβ. £ s. d. £ s. d. By Valuation-fees received 1,839 7 3 Eeceipts for mortgageforms .. .. 151 8 6 Belease and consent fees 65 16 0 Refund of land-tax .. 1,774 3 5 Unauthorised expenditure, 1896-97, refunded 17 0 10 3,847 16 0 Balance of management expenses transferred to Profit and Loss Account .. .. .. .. 2,368 3 8 6,215 19 8 6,215 19 8 Intebest. Intebest. Interest paid on loan, £1,500,000 .. 45,000 0 0 Interest paid on repayments £98 3 1 Less accrued at 31st March, 1897 ..32 16 10 Interest received on £ s. d. mortgages .. .. 52,873, 4 3 Interest received on temporary investments, &o. 11,612 8 1 64,485 12 4 Less accrued at 31st March, 1897 .. 16,974 10 0 65 6 3 Interest on Consolidated Fund advances .. 693 2 8 Interest on repayments accrued at 31st March, 1898 .. .. 91 10 6 47,511 2 4 Interest receivable — overdue .. .. 3,221 0 1 Interest receivable —accrued at 31st March, 1898 .. .. 15,768 11 0 45,849 19 5 52,065 19 1 66,500 13 5 Balance of interest transferred to Profit and Loss Account .. .. 20,650 14 0 £72,716 13 1 £72,716 13 1

Dr. Receipts. 'o Cash in hand at 31st March, 1897 .. Mortgage instalments repaid Proceeds of sale of debentures Advances from Consolidated Fund Valuation-fees Release and consent fees.. Mortgage-forms Interest on mortgages Interest, Bank of New Zealand Interest on temporary investments Interest on Sinking Fund, Public Trustee Suspenee Account Refund of land-tax Unauthorised expenditure, 1896-97, refunded Printing and stationery refunded .. Travelling-expenses refunded Salaries refunded Sundry receipts refunded.. £ s. d. 25,453 13 11 71,187 8 9 334,129 1 9 45,000 0 0 1,839 7 3 65 16 0 151 8 6 52,910 7 10 425 7 9 9,074 15 1 2,112 5 3 4,819 7 11 1,774 3 5 17 0 10 1 15 0 32 5 4 1,321 13 4 49 1 8 Cβ. Expenditure. By Advances on mortgages Public Trustee, Sinking Fund investment Valuers' fees .. .. Valuation-fees refunded Printing and stationery Travelling-expenses Advertising Law-costs .. .. Post Office services Salaries Eent and lighting Audit Department Registering mortgages Unauthorised expenditure Cables and telegrams Furnishing Sundries Interest refunded Interest on advances from Consolidated Fund Interest on repayments Interest on loan.. Refunds to Consolidated Fund Suspense Account Cash in hand at 31st Maroh, 1898.. £ s. d. 320,563 0 0 71,187 19 8 1,686 12 7 74 16 0 288 14 6 193 14 7 83 3 8 12 14 8 300 0 0 4,093 19 8 171 8 4 75 0 043 10 0 99 16 3 257 8 2 19 9 8 220 6 11 37 3 7 693 2 8 98 3 1 45,000 0 0 67,000 0 O 3,934 7 2 34,230 8 5 £550,364 19 7 £550,364 19 7

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10

Statement of Consolidated Fund Account at 31st March, 1898.

Tempoeaey Investment.—Bank of New Zealand guaranteed stock, i per cent., £4,836 17s.

John McGowan, Superintendent. Government Advances to Settlers Office. P. Heyes, f.s.a.a. Bug., Wellington, 27th April, 1898. Accountant. Examined and found correct, J. K. Waebubton, Controller and Auditor-General. Approximate Cost of Paper. —Preparation, not given; printing (1,475 copies), i>B Bs. 6d

By Authority: John Mackay, Government Printer, Wellington.—lB9B.

Price 6d.]

Dβ. 1897. May. To Cash refunded June. „ July. Sept. Nov. „ Deo. 1898. Jan. „ Feb. March. „ 31 Balance £ s. d. 5,500 0 0 8,400 0 0 9,600 0 0 11,000 0 0 4,500 0 0 5,000 0 0 5,500 0 0 4,500 0 0 13,000 0 0 24,500 0 0 1897. March 81. By Balance Sept. Cash advance 1898. March. „ . Cr. £ a. a, 46,500 0 0 '22,500 0 0 22,500 0 0 £91,500 0 0 £91,500 0 0