DEPARTMENT OF LANDS AND SURVEY. DISCHARGED SOLDIERS SETTLEMENT. REPORT FOR THE YEAR ENDED 31st MARCH, 1929.

Appendix to the Journals of the House of Representatives, 1929 Session I, C-09

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1929. NEW ZEALAND

DEPARTMENT OF LANDS AND SURVEY. DISCHARGED SOLDIERS SETTLEMENT. REPORT FOR THE YEAR ENDED 31st MARCH, 1929.

Presented to both Houses of the General Assembly pursuant to Section 14 of the Discharged Soldiers Settlement Act, 1915.

CONTENTS. Genebal Repotjt :— page Appendix—continued. Dominion Revaluation Board (Report of Chairman) 1 Tables—continued. paoe Financial Review .. .. .. ..6 Table 2. —Statement of Mortgage Transactions 14 Lands proclaimed .. .. .. 8 Discharged Soldiers Settlement Account— Applications received and Lands allotted .. 8 Transactions for Year .. .. 16 Balance-sheet .. .. .. 17 Appendix :— Land for Settlements Account (Discharged Reports of Commissioners of Crown Lands .. 9 Soldiers Settlement Account) Tables- Transactions for Year .. .. ' 19 Table I.—Total Lands acquired by Discharged Balance-sheet .. .. .. 19 Soldiers.. .. .. .. 13

i Sir, — Department of Lands and Survey, Wellington, Ist July, 1929. In accordance with the provisions of the Discharged Soldiers Settlement Act, 1915, I have the honour to submit herewith the report of the operations under the Act for the year ended 31st March, 1929. I have,- &c., J. B. Thompson, The Hon. G. W. Forbes, Minister of Lands. Under-Secretary.

REPORT OF CHAIRMAN OF THE DOMINION REVALUATION BOARD. THE DISCHARGED SOLDIERS SETTLEMENT AMENDMENT ACTS, 1923 AND 1924. Revaluation or Soldier Settlers' Farms and Investigation of Current Account Advances. The work carried out by the Dominion Revaluation Board throughout the past year has consisted chiefly of a review of its previous determinations in those cases where it has been found that the relief formerly granted was insufficient to place the settlers concerned in a position to make a success of their holdings. The Board has proceeded on the lines outlined in the last annual report, and that its work could not be regarded as having been completed at the close of the previous year is evidenced by the fact that some 215 cases have since then been reviewed. With regard to the cases investigated during the year, it is considered that the concessions granted by the Board will be reflected in the improved position of the settlers and better condition of the properties concerned. In common with other farmers, discharged soldier settlers generally have shared in the benefits resulting from favourable conditions and a high standard of production, and the great majority are steadily gaining ground. Accounts are in a much better position, payments of rent and instalments are becoming more regular, and in numerous cases outstanding arrears are being satisfactorily reduced. There are, of course, a few cases where success is still doubtful, but this is only to be expected in any scheme involving the placing of several thousand settlers on the land.

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It is again pleasing to place on record the assistance rendered by the various District Land Offices in supplying necessary reports and other information to enable the Board to give the fullest possible consideration to the various matters requiring its attention. The schedules here following show the operations of the Board 011 the various accounts as at the 31st March, 1929. J. B. Thompson, Chairman. Summary of Operations as at 31st March, 1929. Applications for Revaluation. Number of applications for revaluation received . . . . . . .. . . 5,347 Number of cases dealt with and determinations issued by the Dominion Revaluation Board 5,284 Number of cases not dealt with due to forfeiture or abandonment .. . . .. 63 The above result is very satisfactory, as showing so few settlers having to drop out during practically twelve months subsequent to lodging applications. Total capital invested (comprising capital values of Crown leaseholds and advances under £ section 2, Discharged Soldiers Settlement Amendment Act, 1917) .. .. 17,241,736 Capital dealt with by Dominion Revaluation Board .. .. . . 12,528,835 Reduction in capital by Dominion Revaluation Board .. .. .. .. 2,745,244 Reduction in Land and Crown Mortgage Values. £ Reduction in capital value of leaseholds .. .. .. .. .. .. 1,920,562 Reduction in Crown's mortgage (under section 2) . . . . .. . . , . 824,682 Total .. .. .. .. .. .. .. £2,745,244 Private Mortgages and Debts. Mortgages and debts of various descriptions owing by soldier settlers to persons other £ than the Crown .. .. .. .. .. .. .. .. 164,365 Reduction obtained in the above by efforts of Dominion Board .. .. .. 123,409 Percentage of reduction to original debt .. .. .. . . . . . . 75 per cent. Private Mortgages and Debts purchased. £ Original value of mortgages and debts purchased by the Crown .. .. .. 71,761 Price paid by Crown after negotiation . . . . . . . . . . . . 33,936 Discount obtained and which is credited to settlers.. .. . . .. . . 29,560 Percentage of discount .. .. . . .. .. .. .. . . 41 per cent. The difference represents the amount paid by the settlers themselves to successfully complete the negotiations. Remission of Instalment Interest and Rent. £ Granted by Dominion Revaluation Board in respect of arrears at 30th June, 1923 . . 186,193 Granted by Land Boards on recommendation of Dominion Revaluation Board with respect to payments accruing subsequent to 30th June, 1923 . . . . .. .. 241,840 Total remissions .. .. .. .. .. .. £428,033 Mortgage instalments, rents, &c., automatically written off, due to reduction being retrospective to Ist July, 1921, or date of title, &c. .. ~ .. .. £434,046 Postponements of Arrears as at 30th June, 1923, granted by Dominion Revaluation Board. £ Rent, principal, and instalment interest for periods up to ten years .. .. .. 318,930 Instalments to end of mortgage term .. .. .. .. .. .. 127,303 Total postponements granted by Dominion Revaluation Board . . £446,233 Postponements of payments accruing subsequent to 30th June, 1923, granted by Land Boards on recommendation of Dominion Revaluation Board .. .. .. £148,477 An extended schedule gives particulars for each land district under all headings. Investigation of Current Accounts under the Discharged Soldiers Settlement Amendment Act, 1924. Number of accounts subject to investigation (approximate) .. .. .. .. 4,915 Current Accounts sustained .. . . .. .. .. .. . . 3,968 Reductions in Current Accounts (in some of these cases transfers were also made to Suspense Account) . . .. . . .. .. .. . . . . . . 863 Transfers to Suspense Account (apart from those cases where reductions were also made) 84 4,915

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Revaluation of Soldiers' Farms in Terms of the Discharged Soldiers Settlement Amendment Act, 1923.-Report as at 31st March, 1929.

nff Postponements made Total Capital invested or consequent upon ' llemissiom g rante d cm Postponements Instalment resnecfof Monevs^ue DiStriCt - deduction of Capital, Dominion g Board . of panted up to Ten Poatponemente made 8 J e 30th June f 1923; under eacn Heading. DacK to 1st July ljzi, Dominion Board. lears ' to unc or lerm. on Recommendation or other Da?e ' oi D ° minion Board ' Discharged Soldiers Settlement Account, £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. North Auckland .. .. 1,689,300 0 0 138.320 13 8 25,402 14 6 13,449 6 4 41,555 1 5 33,483 3 2 26,718 4 7 25,971 7 6 Auckland .. .. .. 1,268,499 0 0 194,970 0 11 27,180 8 2 16,964 0 5 40,408 13 7 23,147 5 2 24,661 4 7 19,213 9 1 Gisborne .. .. .. .. 141,174 0 0 11,159 5 3 2,552 4 2 1,030 3 3 130 14 9 4,726 15 7 255 12 4 377 6 11 Hawke's Bay .. .. .. 258,232 10 0 28,168 3 1 8,390 13 10 2,362 8 1 7,745 19 2 12,286 16 7 7,146 7 10 6,651 11 6 Taranaki .. .. .. .. 858,360 17 2 133,978 19 4 28,176 5 4 9,628 1 5 8,198 11 4 15,769 12 6 11,558 15 0 9,669 18 8 Wellington .. .. .. .. 1,781,002 0 0 149,707 0 0 23,565 12 9 11.109 0 5 20,309 14 11 30,339 18 3 20,523 16 10 4,758 14 1 Marlborough .. .. .. 231,869 16 6 24,045 7 5 5,139 0 2 1,689 4 4 4,290 6 7 5,540 8 5 2,702 18 4 3,444 1 3 Nelson .. .. .. .. 459,768 18 9 74.749 8 4 21.249 2 5 : 1,098 5 3 6.643 13 5 15,276 9 11 15,757 15 0 6,904 12 9 West land .. .. .. .. 51,631 0 0 6,901 10 3 2,761 10 4 I 433 19 5 1.806 1 9 1,039 2 9 3,985 9 1 1,869 10 7 Canterbury .. .. .. .. 1,066,182 0 0 33,158 12 5 4,554 14 8 2,278 6 8 3,724 4 8 19,171 6 5 7,063 8 0 12,377 4 3 Otago .. .. .. .. 314.108 15 2 11,430 10 0 I 1,208 16 8 524 1 0 3,834 12 5 4,960 15 6 2,569 1 0 2,893 15 6 Southland .. .. .. .. 432,720 0 0 18,093 4 9 7,050 5 9 : 3,503 0 9 4,719 13 6 9,979 3 2 4,361 4 0 2,915 7 11 Totals .. .. .. 8,552,848 17 7 ! 824,682 15 5 157,231 8 9 64,069 17 4 ! 143,367 7 6 175,720 17 5 127,303 16 7 j 97,047 0 0 , ' ■ i Land for Settlements Account. North Auckland .. .. .. 179,701 0 0 49,098 8 9 7,746 9 0 1,889 9 6 2,833 3 0 J 2,465 1 4 .. 1,398 16 3 Auckland .. .. .. .. 358,321 17 0 102,694 10 9 16,450 10 0 12,517 7 1 9,820 6 1 7,530 6 5 .. 4,900 18 3 Gisborne .. .. .. .. 39,320 1 5 7.131 3 3 645 5 8 22 17 5 27 17 6 955 18 10 .. 352 3 4 Hawke's Bay .. .. .. 221,646 0 0 31.210 9 0 4,082 13 9 8,181 10 0 3,884 12 10 5,450 0 0 .. 915 0 0 Taranaki .. .. .. .. 77,836 19 3 17,820 0 0 2,069 10 0 892 18 1 133 2 8 1.913 5 4 .. 97 13 0 Wellington .. .. .. .. 843,186 0 0 269,599 0 0 46,488 11 3 14,674 0 10 4,915 0 9 19,747 6 7 .. 5,904 5 11 Marlborough .. .. .. 54,151 13 9 4,540 13 6 1,688 8 4 880 17 7 503 1 4 2,130 0 7 .. 455 17 6 Nelson .. .. .. .. 66,135 16 9 10,994 0 0 1,675 13 4 304 7 6 473 9 10 1,255 11 7 .. 195 13 6 Westland .. .. .. .. 1,177 13 0 .. .. .. .. 112 5 11 .. 12 10 0 Canterbury .. .. .. .. 816,013 4 4 72,513 0 0 9,726 10 0 10,837 5 7 3.986 13 4 22,467 1 2 .. 9,467 11 10 Otago .. .. .. .. 218,149 0 0 55,858 6 8 4,310 2 1 2,375 6 6 5,080 7 7 3,908 4 0 .. 2,041 2 2 Southland .. .. .. .. 109,630 12 10 15,939 1 1 2,486 10 1 1,567 19 3 1,306 15 1 927 7 3 .. 1,333 9 5 Totals .. .. .. 2,985,269 18 4 : 637,398 13 0 97,370 3 6 : 54,143 19 4 32,964 10 0 6S,862 9 0 .. 27,075 1 2 Land for Se'tle.ments. —Discharged Soldiers Settlement Account. North Auckland .. .. .. 93,405 0 0 31,450 0 0 5,115 10 9 1,576 13 9 2,731 4 9 76 5 6 Auckland .. .. .. .. 265,285 0 0 120,226 9 5 18,125 19 4 2,536 11 11 3,673 4 9 672 18 8 .. 1,029 0 0 Gisborne .. .. .. .. 366,405 19 4 .139,906 0 0 18,613 19 5 11,779 11 2 .. 6,512 5 3 .. 317 14 0 Hawke's Bay .. .. .. 303,227 0 0 1 108,247 0 0 18.524 10 7 4,289 15 0 302 15 4 5,006 0 0 .. 4,720 0 0 Taranaki .. .. .. .. 239,782 10 0 | 54.297 10 10 7,047 1 4 4,206 16 1 1,187 12 2 2,232 15 1 .. 445 6 2 Wellington .. .. .. .. 722,693 0 0 302,663 0 0 1 51,917 14 8 5,831 19 3 6,875 9 9 11,431 7 3 .. 2,982 8 11 Marlborough .. .. .. 89,251 0 0 23,396 0 0 2,687 1 6 2,534 19 8 1,357 15 2 1,747 14 10 .. 534 16 3 Nelson .. .. .. .. 98,815 0 0 5,002 0 0 697 11 8 .. .. 1,239 18 5 .. 204 6 1 Westlartd .... Canterbury .. .. .. •• 333,000 0 0 83,997 19 10 10,624 17 2 7,113 6 7 1,857 16 9 5,682 6 6 .. 3,827 7 7 Otago ' .. .. ■■ .. I 241,814 0 0 53,372 0 0 4,896 11 7 962 4 11 3,202 18 10 6,149 12 7 .. 1,618 4 5 Southland .. .. .. 38,055 0 0 7,045 0 0 1,109 11 9 379 15 9 382 16 0 162 16 5 .. 48 10 8 Totals .. •• •• 2,791,733 9 4 929,603 0 1 139,360 9 9 41,211 14 1 21,571 13 6 40,914 0 6 .. 15,727 14 1

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Revaluation of Soldiers' Farms in Terms of the Discharged Soldiers Settlement Amendment Act, 1923.-Report as at 31st March, 1929-continued.

Rent, Interest, or j ! „ + Instalment written off J Postponements made Total Capital invested or consequent upon • , ■, Remissions granted Postponements Instalment I 1^ District. Total Capital Value Reduction of Capital. Revaluation dating Remissions granted by Land Board on granted up to Ten Postponements made respect of Moneys due under each Heading. back to 1st July, 1921, *>y Dominion Board. Recommendation of Years. to End of Term. 1 since 30th June, 1923, or Date of Title Dominion Board. on Recommendation or other Date.' | | of Dominion Board. Native Land Settlement Account. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. North Auckland .. .. .. 2,340 0 0 250 0 0 34 8 0 Auckland .. .. .. .. 103,550 0 0 34,132 0 0 1,853 15 1 243 3 1 4,173 13 6 427 7 3 .. 384 12 0 Gisborne .. .. .. .. 124,865 0 0 15,005 0 0 1,701 18 4 .. .. 1,642 3 0 .. 67 10 0 Hawke'sBay .. .. .. 506,651 0 0 62,076 10 4 9.426 0 0 14,246 10 7 6,877 13 11 9,481 18 7 .. 1,950 15 3 Taranaki .. .. .. 43,394 8 2 7,835 0 0 224 3 6 215 14 9 233 3 8 123 12 0 Wellington .. .. .. .. 48,039 0 0 7,784 0 0 577 16 0 78 0 6 1,167 19 11 1,217 7 4 Marlborough ...... Nelson ........ Westland ........ Canterbury ........ Otago ........ Southland ........ .. .. ,. Totals .. .. .. 828,839 8 2 127,082 10 4 13,818 0 11 14,783 8 11 12,452 11 0 12,892 8 2 .. 2,402 17 3 National Endowment Account. North Auckland .. .. ..I 80,185 0 0 1 18,155 16 0 2,089 4 11 281 10 8 3,559 9 5 408 19 4 Auckland .. .. .. • .. 50,691 0 0 j 4.190 0 0 577 1 0 294 4 0 2,059 13 1 114 0 0 .. 88 0 0 Gisborne .. .. .. .. j .. ! .. .. .. .. 171 2 2 Hawke'sBay .. .. .. j 14,714 0 0 .. ■■ .. 48 0 0 228 14 0 Taranaki .. .. .. .. I 45,469 10 0 2,010 0 0 229 16 0 107 13 2 672 6 8 160 6 3 Wellington .. .. .. .. 15,276 0 0 4,497 0 0 453 16 0 .. 272 0 0 50 16 0 Marlborough .. .. .. 44,243 0 0 .. .. 315 10 0 5 18 0 474 19 2 .. 201 0 2 Nelson .. .. .. .. 157,054 19 0 5,493 15 6 564 4 2 189 1 4 75 18 4 349 7 4 .. 46 1 7 Westland .. .. .. .. 4,448 5 0 60 0 0 4 5 4 .. 100 4 2 37 3 6 .. 49 4 0 Canterbury .. .. .. .. 184,359 1 3 19,360 0 0 2,894 5 0 1,878 3 4 .. 4,338 16 3 .. 1,126 10 0 Otago .. .. .. .. 121.835 0 0 475 0 0 30 16 0 32 2 4 25 4 2 621 3 6 Southland .. .. .. .. 14,194 17 6 250 0 0 45 0 0 32 16 0 138 7 0 .. : .. 32 11 0 Totals .. .. .. 732,470 12 9 54,491 11 6 6,888 8 5 3,131 0 10 6,957 0 10 1 6,955 7 6 .. 1,543 6 9 1 !_ ■

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Grown Lands. North Auckland .. .. .. 73,221 0 0 , 5,525 0 0 718 12 1 560 16 10 1,764 13 10 i 509 13 0 .. 282 13 10 Auckland .. .. .. .. 109,780 0 0 32,027 7 0 4,062 14 0 2,037 6 10 9,004 13 7 1,506 11 3 .. 518 4 6 Gisborne .. .. .. .. 25,954 0 0 5,862 2 6 639 9 7 679 19 7 .. 325 14 3 Hawke's Bay .. .. .. 13,346 0 0 .. .. 9 4 0 18 9 2 205 6 0 Taranaki .. .. .. .. 75,682 11 11 14,047 6 4 1,191 0 1 1,126 9 1 979 15 2 1,295 5 2 .. 66 12 0 Wellington .. .. .. .. 110,213 0 0 48,328 0 0 3,326 11 0 2,194 I 8 5,280 19 1 2,816 8 3 .. 916 6 0 Marlborough .. .. .. 35,629 0 0 851 15 0 745 15 0 31 3 8 34 9 7 510 6 0 .. 60 10 0 Nelson .. .. .. .. 270,238 10 6 965 0 0 73 4 1 61 9 4 122 3 10 302 19 0 .. 35 15 3 Westland .. .. .. .. 2,075 14 7 .. .. 43 18 0 92 1 4 23 2 11 Canterbury .. .. .. .. 18,035 3 1 280 0 0 37 16 0 .. .. 78 12 6 ©tago .. .. .. .. 179,301 0 0 4,478 15 0 480 19 2 23 17 6 .. 241 1 8 .. 215 9 2 Southland .. .. .. .. 31,178 4 1 2,310 0 0 321 5 0 194 15 5 1,302 2 8 107 11 0 .. 73 0 0 Totals .. .. .. 944,654 4 2 114,675 5 10 11,597 6 0 6,963 1 11 18,599 8 3 7,922 11 0 .. 2,168 10 9 Any othzf Account. North Auckland .. .. .. 1,107 0 0 .. .. .. .. 250 5 0 .. j Auckland .. .. .. .. 96,812 0 0 48,785 0 0 6,880 ] 8 1,399 9 8 5,502 16 7 246 6 6 .. 69 0 0 Gisborne .. .. .. .. 47,555 0 0 3,400 0 0 416 0 0 328 0 0 .. 692 8 4 .. 546 16 0 Hawke's Bay .. .. .. 24,540 0 0 .. .. .. .. 542 6 0 .. 268 10 0 Taranaki .. .. .. .. 13,803 16 8 .. .. 62 18 1 .. 73 18 7 Wellington .. .. .. .. 29,901 0 0 1,951 0 0 40 1 4 .. 425 12 0 490 9 11 Marlborough .. .. .. .. .. .. * .. .. | Nelson ........ Westland . . .. .. .. 300 0 0 .. .. .. .. 30 0 0 Canterbury .. .. .. 119,654 3 5 1,310 0 0 183 0 0 .. .. 2,676 12 0 .. 1,371 12 4 Otasro .. .. .. .. 39.264 0 0 .. .. .. .. 28 13 0 Southland .. .. .. .. 32,983 0 0 1,865 0 0 261 2 0 99 14 1 .. 631 10 6 .. 256 17 10 j Totals .. .. .. 405,920 0 1 57,311 0 0 7,780 5 0 1,890 1 10 5.928 8 7 5,662 9 10 .. 2,512 16 2 Grand tota.s .. 17,241,736 10 5 2,745.244 16 2 j 434,046 2 4 186,193 4 3 241,840 19 8 318,930 3 5 127,303 16 7 148,477 6 2

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Adjustments by Dominion Revaluation Board in Terms of the Discharged Soldiers Settlement Amendment Act, 1924, as at 31st March, 1929.

FINANCIAL REVIEW. Discharged Soldiers Settlement Account. During the year loans amounting to £130,546, as shown in the table below, have been authorized. Number of First-time ~A nf ° a^ h °n zed Advances authorized (including Additional Discharged Soldiers Settlement Act, 1915, section 6— during Year. £ Advances on Current Account .. .. .. ..61 90,391 Discharged Soldiers Settlement Amendment Act, 1917, section 2— Advances on farms, &c... .. .. .. ..4 13,756 Erection of dwellings, &c. .. .. .. ..21 26,399 86 £130,546 As in previous recent years, the bulk of the lending has been confined to Current Account, where, besides the granting of further accommodation to settlers for extending their finance coincident with the development of their properites, the opening of sixty-one new accounts has been approved. Advances under section 2 of the Discharged Soldiers Settlement Act, 1917, as disclosed in the table above, include £9,351 further loans on farms in connection with adjustments on renewal of mortgages, and £10,379 to enable mortgagors of residential properties to extend or improve their dwellings. Current Account Advances. —The summarized statement of mortgage transactions attached to this report discloses a reduction in the amount outstanding on Current Account as compared with last year of £326,580. Much of this reduction is only of a temporary nature, as in many instances the account is made use of by farmers as a banking account, into which is paid the revenues from their properties, and upon which they draw to meet seasonal or other occasional needs. This floating movement is illustrated by the fact that deposits into the account during the year totalled £694,015, while £657,836 was paid out by way of re-advances and new loans. The reduction in the total advances under this heading includes a sum of £223,460, representing conversions of the floating Current Account loans to instalment mortgage, this system of conversion being followed wherever the settler's equity in land and improvements is sufficient and other conditions are satisfactory.. It is a pleasing feature of the year's working to note that the cash receipts for interest payable on these accounts (£128,239) has exceeded the amount accrued due (£121,125) in the same period by more than £7,000 ; and, though the mortgagors still have a considerable amount of leeway to make up, it is apparent that the stabilizing work of the Revaluation Board is making itself felt. Receipts and Payments Account. —It is to be noted that the receipts have exceeded the record of last year, the total incomings (not including certain internal transfers) amounting to £1,961,653. Of this total capital receipts represent £1,205,892, while £757,761 is derived from interest on mortgage investments and other revenue sources. Among the payments the principal items are £697,722, representing advances to mortgagors, including ordinary Current Account drawings ; £680,250 utilized for repayment of loan capital; and £711,050 paid towards interest accrued on the loan capital. The following comparative statement shows receipts on Capital and Revenue Accounts for the last five years : — 1924-25. 1925-26. 1926-27. 1927-28. 1928-29. £ £ £ £ £ Capital .. .. 978,808 954,441 945,293 1,067,392 1,205,892 Revenue.. .. 638,259 686,546 708,391 755,586 757,761

Adjustments in Current Account. Adjustments in Buildings un er 1 Land for Settlements Act. Districts. Total Capital ' Reductions of Transferred to t> , A , | invested. \ Capital. Suspense Account. 0rl S inal Value ' Educed by I I £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. North Auckland .. .. 500,072 0 0 43,442 9 3 2,570 0 0 14,210 0 0 2,173 2 2 Auckland .. .. .. 802,751 6 1 39,321 4 0 13,830 0 0 16,959 0 0 1,406 17 1 Gisborne .. .. .. 116,010 0 0 850 0 0 .. 7,114 0 0 114 0 9 Hawke'sBay .. .. .. 213,162 19 I 6,008 7 11 380 0 0 9,990 0 0 1,507 11 2 Taranaki .. .. .. 297,530 12 9 25,164 0 8 850 0 0 5,030 0 0 1,941 10 2 Wellington .. .. .. 633,405 0 0 48,919 0 0 2,040 0 0 17,375 0 0 8,092 0 0 Marlborough .. .. .. 58,280 0 0 1,235 18 8 200 0 0 200 0 0 56 10 7 Nelson .. .. .. 106,184 13 3 2,356 14 0 762 0 0 4,610 0 0 Westland .. .. .. 34,176 9 8 1,735 0 0 Canterbury .. .. .. 250,967 8 6 3,992 6 2 2,035 0 0 38,712 8 10 1,931 5 10 Otago .. .. .. 127,808 8 2 3.509 1 0 90 0 0 11,080 2 1 828 0 7 Southland .. .. .. 111,080 8 10 2,653 16 10 300 0 0 6,080 0 0 689 0 7 Totals .. .. 3,251,429 6 4 1.79,187 18 6 23,057 0 0 131,360 10 11 18,739 18 11

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Revenue Account. —As foreshadowed in the report of last year, Treasury has been approached in the matter of reducing capital by the large balance on the Revenue Account brought forward at the Ist April, 1928, and as a consequence reduction of capital in addition to the amount of £2,670,757 7s. 3d. already disposed of under the authority of section 22 of the Finance Act, 1927 (No. 2), has been effected, thus clearing the balance of £1,212,106 lis. sd. referred to. This balance included a sum of £750,000 transferred to Reserve Account to meet future losses on revaluation and realization of properties. Coming to the operations for the year under review it will be seen that the loss on the Revenue Account is £413,527 13s. sd. There is unfortunately a considerable amount of capital locked up in vacant properties, and losses on resale of these are anticipated ; in fact, as shown below, the main items composing the losses relate to these properties : — £ Capital losses on realization of securities .. .. .. .. 294,485 Expenses incidental to sale .. .. .. .. .. 3,082 Capital redactions on revaluations, including expenses .. .. 69,666 Remissions of interest and rents by Revaluation and Land Boards .. 37,787 £405,020 Were it not for the above items the account would be much nearer self-supporting, and the main obstacle to a permanently improved position is the depreciation in connection with the properties falling on the Department's hands through default and abandonment and the inability to realize book value for them. The majority of these properties are within the deteriorated areas. Balance-sheet.—ln the last report the manner in which the accumulated losses to the 31st March, 1927 (£2,670,757 7s. 3d.), had been dealt with was revealed, and this figure has been increased by the addition of further irrecoverable charges on account of reductions authorized by the Dominion Revaluation Board during the year 1927-28 (£86,895 12s. 3d.), and the balance on the Revenue Account brought forward on the Ist April, 1928 (£1,212,106 lis. 5d,). With these additions liabilities have now been reduced by the total amount of £3,969,759 10s. lid., as per the details shown in the balance-sheet. The amount of loan capital upon which interest is payable is now £16,106,765 16s. Bd. Turning to the assets, it may be observed that the mortgage investments are less by some £585,000. This reduction has been caused chiefly by the usual process of repayment under the table-mortgage system, which is in operation in regard to the advances for farms and dwellings. Decreases are apparent under the headings of " Current Account " and " Dwellings, &c.," but an increase is observable in the figures against " Farms." This is due to conversions to table mortgages of Current Account loans to the extent of some £223,000, this having the effect of offsetting the reduction which ordinarily might have taken place through instalment repayments. One of the great problems in connection with the account is properties on hand, and it will be seen under the two headings of " Realization " and " Properties " Accounts there is an aggregate value of £855,762. Though appearing as assets, these properties represent unproductive capital, and are something of a handicap in that they are for the most part unoccupied and so do not contribute their fair proportion of revenue to meet the interest bill. The figures given represent book value only ; but the properties involved have generally been reoffered, and are available for sale at bedrock prices, and the Department will give consideration to any fair offer which may be made in individual cases. It may be admitted that many of the farms on hand are not of an attractive nature, and they are offered for sale on the easiest terms possible. At the close of the year there were on hand 167 freehold and leasehold farms, containing 87,078 acres, a total value of £146,922, and the undermentioned were disposed of by sale and lease : — Sale. Lease. Number of farms disposed of during year 1928-29 . . . . 135 81 Area (acres) .. .. .. .. .. .. 37,095 30,119 Price realized for Discharged Soldiers Settlement equity .. £158,575 £60,168 Sundry Debtors. —The total debtors' accounts (including postponements) amounts to £398,616, which is over £84,000 less than shown in the previous year's balance-sheet. Remissions, reductions, and rearrangement of finances have largely contributed to this result, but considering the vicissitudes which most of the settlers have passed through it is something to be able to say that the cash receipts for interest approximately equal the yearly charge for interest accrued. Land fob Settlements (Discharged Soldiers Settlement) Account. The capital of this account was raised under the authority of the Discharged Soldiers Settlement Loans Act, 1919, in order to provide money for the acquisition of estates under the Land for Settlements Act for allotment to discharged soldiers. The account is really subsidiary to the ordinary Land for Settlements Account; and, as the necessity for a separate account has now passed, the two, as from the Ist April, 1929, will be amalgamated. Notwithstanding the writing-down of capital, it would seem that the account is still not in a position to meet the full amount of the interest bill oil loan capital. The total revenue accrued during the year was £83,697 19s. sd. ; the amount of revenue received in cash was £82,419 15s. 7d. ; while the interest falling due on loans raised for the purposes of the account was £79,242 Is. 7d. It will therefore be seen that there is very little margin in the Revenue and Cash Accounts to provide for expenses of administration and management, to say nothing of rebates and other debit charges and losses of a special nature arising from time to time. There was an adverse Revenue Account balance for the year of £16,406 7s. Id.

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General. , The past year has been a good one from the point of view of farmers. Weather and market conditions have been fair, and there have been no undue influences to offset the general good effect which fair seasons and prices bring about. Soldier settlers generally have shared in the benefits which these conditions promote, and an increased number of them have now reached that desirable point when they may look forward to a more enjoyable prospect and an increased measure of merited reward. Nevertheless it must be admitted that there is a small proportion of settlers who for various reasons cannot be classed in this category, and such cases will require careful nursing for a time. In many cases in the past the Department has been obliged to postpone or remit interest charges in order to assist occupiers to bring their properties up to that stage of development where the productive capacity will be sufficient to support the settler. Assistance in this way, combined with a prudent system of advances on mortgage, has in most cases been effective in achieving successful results. LANDS PROCLAIMED. The lands set apart for selection by discharged soldiers during the year totalled 3,091 acres, making a grand total of 1,437,628 acres proclaimed since the inception of the scheme. This large area is made up as follows : — Class of Land. Area (Acres). Ordinary Crown land .. .. . . . . . . . . 602,531 Land-for-settlements land .. .. .. .. .. 400,490 National-endowment land .. .. .. .. 431,251 Cheviot Estate land . . . . . . . . . . .. 3,356 1,437,628 Proclamations have been issued revoking the setting-apart of 220,316 acres of Crown land and 95,723 acres of land-for-settlements land. APPLICATIONS FOR LAND. Applications for land under the Discharged Soldiers Settlement Act, 1915, to the number of ninety were received during the year. The following table gives the number of applications and the area allotted for each year from the inception of the soldier-settlement scheme :—

J. B. Thompson, Under-Secretary.

. .. Allotments made. Year ending Applications ,eceive • Number. j Area (Acres). ' I 31st March, 1916 . . . . . . 272 2 629 1917 .. 522 319 143,524 1918 . .. 513 313 103,362 1919 1,379 348 117,018 1920 .. .. .. 5,041 932 403,891 1921 .. .. .. 5,396 1,087 414,867 1922 878 403 97,972 1923 .. .. 284 146 25,113 1924 .. .. .. 216 79 16,910 1925 .. 123 47 9,014 1926 .. 109 86 20,500 1927 .. 78 66 17,412 1928 .. .. 96 60 "15,695 1929 .. .. .. .. 90 77 13,275 Totals for fourteen years, .. .. 14,997 3,965 1,399,182

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APPENDIX. REPORTS OF COMMISSIONERS OP CROWN LANDS. NORTH AUCKLAND. (0. N. Campbell, Commissioner of Crown Lands.) The position with regard to the soldier settler has improved, due principally to the good season and the financial assistance granted in further improving and stocking his holding. The result of the Dominion Revaluation Board's adjustments of land and mortgage values has tended.to stability and has encouraged the soldier to further application to ensure success. Many of the men are now sufficiently established to warrant action being taken to transfer advances already made in Current Account for the purchase of stock and other chattels to an instalment mortgage chargeable against the land interest only. This will give the settler unrestricted control of his stock, &c., a concession which will encourage a policy of self-reliance in the management of his farm. The consolidation of charges in some seventy cases is nearly completed, and the work is being proceeded with as rapidly as possible. Many cases are not yet sufficiently strong to warrant the stock being freed, but, where possible, land and stock charges are being separated, and advances for improvements transferred to a new mortgage on a sinking-fund basis. The mortgagor is then placed in a position where every incentive is given him to strive to secure full control of his stock and chattel securities. An analysis of the receipts for the year shows that the soldier farmers have held their own, while on house properties receipts have declined —reflecting the unemployment in the city. Pewer transfers of houses and farms have been dealt with, these being principally in cases where financial necessity compelled the mortgagor to sell. Abandoned Properties.—This year has been a very good one so far as farms are concerned, fewer having reverted to the Crown than in previous years. A steady demand for these properties has been maintained, and at the close of the year only ten farms remain on our hands. As a good proportion of these are, from their quality and means of access, almost valueless, the position is most satisfactory. With regard to house properties the position is not so satisfactory. During the year fifty-four reverted to the Department and thirty-seven were redisposed of. Most of these houses are in Auckland and environs, but a few are spread over the country towns. The total number of farms abandoned to date is 286, of which 276 have been reselected. The number of houses which have reverted to the Department is 194, of which 148 have been disposed of, leaving at present 46 on hand for sale. Applications under the Discharged Soldiers Settlement Act.—During the year the applications received totalled 446, which were made up of remissions and postponements, 65 ; transfer of farms, 45 ; additional advances, erection of houses, 22 ; transfer of houses, 57 ; Current Account, 285 ; miscellaneous, 72. The amount recommended on Current Account was £31,514. AUCKLAND. (K. M. Graham, Commissioner of Crown Lands.) With the exception of a very limited number of settlers who will apparently never make good, although every inducement is still being held out to them, there is a very optimistic feeling that the administration of the Discharged Soldiers Settlement Act has proved successful, and the appreciative reports from the settlers themselves is a good indication for the future. The season has been an excellent one for both dairy and sheep farming, and there is every indication that present prices will be maintained. In a considerable number of cases fairly large outside debts have been contracted in the purchase of grass-seed, manures, and fencing-materials ; but where the valuation of the property, together with the personal element, has justified it, the Department has been enabled to make further advances on Current Account and taken over those liabilities at, in most cases, a considerable discount. This action has resulted in a considerable saving of interest charges to the settler. With the expiration of the original period of Current Account mortgages —i.e., seven years— arrangements are now well in hand for the conversion of a portion, if not the whole, of the advance to an instalment mortgage bearing interest at the rate of 5| per cent., subject to rebate for prompt payment; and where the valuation does not warrant it, any balance is left on Current Account at 6 per cent., payable "on demand." Where the whole amount is so transferred the bill of sale over live and dead stock, where held, is being released. This action of the Department is very much appreciated, and is an inducement to hard work and close attention to farming operations. By the time the next report is presented I anticipate this work will have been satisfactorily completed. The number and amount dealt with as at the 31st. March, 1929, are as follows : Sixty-nine cases, £50,409. With the exception of the few previously mentioned there should be no retrogression, although it will still be necessary to submit a few cases to the Dominion Revaluation Board for review of existing capital charges. The several amounts of loans and advances outstanding as at the end of the financial year are : Farms, £877,928 ; Current Account, £553,620 ; dwellings, £370,884.

2—C. 9.

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GISBORNE. (E. H. Farnie, Commissioner of Crown Lands.) On account of the very favourable season the majority of soldier settlers in this district have done well. Forfeiture was found to be necessary in one or two cases, and will probably be necessary in a few more. The Poverty Bay Settlements—Repongaere, Homebush, and Glencoe —being dairying propositions, had a very favourable season, the increased production averaging about 20 per cent. During January and February a long spell of dry weather reduced this average, and there was practically little rainfall until the end of the year. The prospects of these settlements for the coming season are good, but as they are subject to flood after heavy rain, prospects depend greatly on the weather conditions. In the Wairoa part of the district, Ardkeen, Ohuka, and Clydebank Settlements, and Putere Block, the season was exceptionally good. There was plenty of feed, and the wool was in superior condition. The prices obtained were high. Stock-prices remained firm. Generally speaking, soldier settlers in this part of the district had a splendid year, and their prospects for next season appear to be good. Two or three holdings at Ardkeen forfeited last year have not yet been reallotted pending a revaluation of the settlement. The final revaluation of Ohuka Settlement is also being undertaken. East Coast —Paremata and Wharekaka Settlements : These settlements are dairying propositions. The season opened favourably, but owing to the dry spell in the last three months of the year the supply of cream was affected. lam glad to report that most of the settlers went in for top-dressing, with the result that there was not a shortage of feed. Prices realized for butterfat was the best for some years. Bay of Plenty —Hukutaia Settlement: This settlement had a much longer dairying season than usual, and one of the most successful experienced. Prices for butterfat were good, and those farmers who carried sheep experienced a most favourable season, with a good lambing percentage and a satisfactory price for wool. HAWKE'S BAY. (J. D. Thomson, Commissioner of Crown Lands.) With few exceptions the soldier settlers in this district have done well in the past year ; and now that, in most cases, owing to liberal concessions granted by the Dominion Board, settlers are holding their lands at a reasonable rate, there is no reason why they should not be successful. The few exceptions are those whose cases are still under review, or where the settler himself lacks the experience, energy, or capacity to make a successful farmer. These cases are all receiving special attention, and where a man is doing his level best to succeed every allowance possible is made. From a productive point of view a very favourable year for the farmers has been experienced. Looking back over the last two years, I cannot remember any two consecutive years having such similar weather conditions, especially through the summer season —and the advantage, if any, was in favour of the year just ended. The winter was mild, with ample feed for stock. The frosts were not heavy, and pasture continued to grow well into May. From then there were intermittent periods of frost, wet and fine weather. For a short period during the spring, strong westerly winds ruled, with a hint of a dry summer. This, however, gave way to good weather, with a well-distributed rainfall up to the first week in January. From then to the end of February hot weather with very little rain was experienced, and there were grass-fires at Takapau and other parts. Normal rain fell in March and quickly restored the pastures. Stock has done remarkably well, although a few isolated cases of heavy losses among hoggets during the wet in winter, and liver-fluke among breeding-ewes, have occurred, whilst among the dairyfarmers cases of sterility with cows are reported, not, however, to any alarming extent. This trouble will always occur on farms unless a lot of care and attention is given to the cows at the proper time, and I feel sure the remedy is in the settler's own hands, assisted as he is by the capable officers of the Veterinary Division of the Department of Agriculture. Feed has been so abundant that complaints have been made that the pasture could not be kept in proper order. The grass became so long that the sheep's feet suffered with scald, which turned into footrot through the long grass getting between the cloven feet. Some farmers have turned the surplus of feed to account by making hay, and some very heavy crops have been harvested. The prices realized for fat stock have been high; in particular, fat lambs have fetched higher prices than last year. Wool was a little lower than last season, but the average price was quite a good one. Butterfat should average about Is. 6d. per pound. There has been a substantial increase in the output of butter for the year —probably 20 per cent. The orchardist's season was marred by an exceedingly heavy hailstorm early in December, which did tremendous damage to orchards which unfortunately were in the path of the storm. Some orchards were completely stripped of fruit, and in those cases where the damage was not so serious the fruit was so marked as to render it unfit for export, and the growers would have to take what they could get in the local market. It is estimated that at least forty thousand cases of apples and pears were lost to the export trade. A splendid season for tomatoes was experienced, although some growers were affected by the hailstorm. This did not appreciably affect the output, which was so heavy as to glut the market at the height of the season.

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During the past twelve months eight farms were abandoned or forfeited, of these six have been disposed of, and the others are now available. These comprise sheep-farms of 1,100 acres and 1,700 acres in the high country, and will be difficult to dispose of. Hunter Soldiers Assistance Trust.—Regulations under the Act were gazetted during the year, and the Board, which was constituted in 1927, is now in a position to consider applications. Up to date none have been received. TARANAKI. (W. D. Armit, Commissioner of Crown Lands.) Steady progress has been maintained by the majority of soldier settlers in this district. Markets have been favourable, particularly for lambs and young ewes. Cattle have also realized prices far in excess of values existing over the past few years. The spring demand for cattle for crushing on backcountry farms is largely responsible for the keen demand for stores in this district, and operates to the advantage of the breeder. A number of grazier soldier settlers have also disposed of in-calf heifers to advantage this season owing to the keen demand for dairy stock. Dairymen have had a successful year ; and owing to the abnormal flush of feed very good provision by way of hay and ensilage has been made for the winter. The factory payments during the opening months of the season for both butter and cheese indicated a very satisfactory sale of produce, particularly for cheese. These prices have not been maintained throughout the season, but on the average the prices must be considered as satisfactory. In various parts of this district a number of soldier settlers are experiencing serious trouble with the spread of ragwort. Closer subdivision and stocking with sheep is being encouraged to assist in coping with this pest, which is much in evidence on the lighter soils throughout the district. The great majority of the soldier settlers are fairly well established, and the others are receiving every assistance possible to enable them to attain the same position. The benefits of concessions under the Deteriorated Lands Act are becoming evident, and have undoubtedly assisted a number of backcountry soldier settlers whose properties have required special treatment. During the past year fourteen soldier properties have been abandoned or made subject to foreclosure or forfeiture, while fourteen farm properties have been disposed of. There has been a fairly steady inquiry during the year for abandoned properties, especially for dairying propositions. There are 420 soldiers on farm properties who have received assistance under section 2 of the Discharged Soldiers Settlement Amendment Act, 1917, while 490 have been financed for house properties. Including Current Account advances, a total sum of £1,168,452 2s. sd. is outstanding, as follows : Advances on Current Account, £183,932 9s. lOd. ; advances on dwellings, £310,645 13s. Id. ; advances on farms, £673,832 19s. 2d. ; miscellaneous, £41 os. 4d.. During the year the revenue amounted to £202,832 lis., while advances made totalled £112,494 13s. 6d. The arrears under each heading have been reduced fairly well during the year, and at present stand as follows : Farm properties, £8,455 3s. Id. ; house properties, £1,987 os. 4d. ; interest on Current Account, £1,391 9s. sd. The reduction in the arrears is mainly the result of the good season experienced by the farming community generally. During the year it was found necessary to exercise powers of sale in six cases of house properties, and thirteen resales were effected. Of late months there has been a slightly better demand for house properties, but there are still eight houses on hand. WELLINGTON. (H. W. C. Mackintosh, Commissioner of Crown Lands.) The observations made as to settlement generally in the Wellington Land District apply equally to discharged soldiers settlements, as these settlers are to be found in all parts of the district. Soldier settlers, generally speaking, are now on a fair footing, and by the adoption of common-sense methods of farming combined with personal energy are establishing themselves in reasonable comfort. Some cases are still to be reviewed, and adjustments to be made in regard to both areas and values, but these are not many. Those soldier settlers who follow dairying have had a good year and have increased their outputs considerably. This has been accomplished mainly by top-dressing their pastures, and culling their herds where possible and replacing with better cows or by heifers reared from cows of tried worth. Those who follow sheep-farming have.also had a good year, and with prices remaining at last year's standard should have no difficulty in making good. These settlers are now feeling the benefits of the liberal concessions made by the Dominion Revaluation Board, and there appears to be no reason why the large majority of them should not become permanently established as successful farmers. The amount received during the year by way of payments of interest and principal, &c., was £378,145 4s. 10d., a considerable increase over last year's figures. NELSON. (A. F. Watebs, Commissioner of Crown Lands.) The soldier settlers in the Nelson District continue to make steady progress. It is gratifying to note that nearly all the doubtful cases of a few years back are now on a fairly satisfactory basis as a result of various concessions, and should give little trouble in the future. Wool cheques this year have been smaller than in the preceding year, but the difference has been made up by better prices obtained for surplus stock. No settler has had to retain aged or

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inferior stock, as the demand for sheep of all classes has assured a satisfactory sale. Dairy-farmers have had a profitable season. The factory returns have shown a marked improvement, principally on account of the favourable season and partly through increased prices paid by the various dairy companies. All Current Accounts throughout the district have been investigated with a view to placing improvement advances on instalment mortgage, and renewing stock advances at an increased rate of interest. In a number of cases where the soldier's financial position renders him unable to meet increased charges the question of readjustment has been deferred until some future date. MARLBOROUGH. (P. R, Wilkinson, Commissioner of Crown Lands.) The past year has been a satisfactory one to soldier settlers on grazing properties, notwithstanding the drop in wool-prices, which was to a certain extent off-set by improved quality and greater weight per sheep. The climatic conditions were generally very favourable to the sheep men, the stock coming through a mild winter in good heart, and prices have maintained a high level. The dairy-farmer has also experienced a good year, particularly those on the better-class lands. Unfortunately, a fair proportion are farming inferior lands, and these have a harder task to make revenue and expenditure balance. Investigation of these border - line cases was held up during the late Commissioner's absence in Nelson District on Deteriorated Lands Committee investigations, but all cases are being taken in hand with a view to reports being submitted for consideration by the Dominion Revaluation Board, so that, where it is found necessary, relief may be granted to the conscientious settler. The agricultural soldier settler has not fared so satisfactorily, the climatic conditions having been adverse at time of sowing and again round about harvest-time. Generally, returns are not up to average. Dwellings : Soldiers who have been assisted in purchasing homes are generally in good position, but on account of lack of employment a number of tradesmen and labourers have found the times difficult, with the result that arrears on dwellings are larger than they should be where assistance granted is for the purpose of acquiring homes. The following is the position of accounts under the Discharged Soldiers Settlement Act: — Current Account advances, £41,536 7s. sd. ; instalment mortgage advances on farms, £84,668 17s. 3d. ; instalment mortgage advances on dwellings, £212,281 2s. lOd. : total, £338,486 7s. 6d. Receipts during the year, £38,764 55.; Arrears: Interest on Current Account, £1,606 10s. Bd.; instalments on farms, £5,460 15s. Bd. ; instalments on dwellings, £307 19s. 4d. Postponements of principal and interest at the end of the year amounted to —Farms, £5,558 7s. 6d. ; dwellings, £128 16s. ; Current Account, £220 6s. 2d. AVESTLAND. (W. T. Moepetii, Commissioner of Crown Lands.) With one or two exceptions the soldier settlers in this district are firmly established. There are now no outstanding problems, and it may be mentioned here that the drainage of Raft Creek, carried out under the supervision of "the District Engineer of the Public Works Department, has taken thousands of tons of water from the farms of three returned men, and materially enhanced the value of their properties. CANTERBURY. (W. Stewart, Commissioner of Crown Lands.) With very few exceptions, soldier settlement in this district is now on a sound basis. In these few cases subdivision has been carried too far, and settlers have not sufficient scope to keep them fully occupied and to provide reasonable standards of living. In these cases the Land Board is recommending increasing the areas whenever opportunity offers. There are, of course, a few individual cases where the men are not suitable and should be in some other walks of life ; but it is only a matter of time when more suitable men will be taking their places. Current Account advances for improvements are gradually being converted into instalment mortgages, and all weak Current Account advances against stock and implements are being carefully controlled, and the settlers encouraged to work systematically, and to discuss their farming programmes with the Field Inspectors to make sure that their methods of farming have a reasonable chance of showing a credit balance. The last few favourable seasons, combined with the concessions granted by the Dominion Revaluation Board, has placed the discharged soldier in such a position that he can look to the future with every confidence. OTAGO. (R. S. Galbraith, Commissioner of Crown Lands.) Practically all the soldier settlers on the land in this district are now fairly well established as a result of the liberal concessions and assistance given them in the shape of revaluations, remissions, postponements, and adjustments of Current Account mortgages. A few good men are not yet out of the financial wood, but the number is negligible, and, given good seasons and fair prices, they also

C. —9.

should, in the near future, be in a fair way towards prosperity. The complaints about too-dear land and too-heavy charges are seldom heard now, and the feeling is growing among the men themselves that they wish to be regarded not as soldier settlers distinctively, but as primary producers with the other landholders. Speaking generally, it can be said with the utmost confidence that the soldier settlers in Otago have made good. Only one abandoned soldier's farm is on the hands of the Department, and the reason for this is that the area is too small to provide a living in itself. SOUTHLAND. (N. C. Kensington, Commissioner of Crown Lands.) There has been a steady improvement in the position of soldier settlement in this district during the past year. This can be largely attributed to the satisfactory prices of the past two years, added to the encouragement given to the settler by the general decisions of the Dominion Revaluation Board. There are still a few settlers who will require some concessions, but the majority are on a sound footing. The result of indifferent success in some cases has been caused by insufficient stocking, and the endeavour to dairy extensively on a property that was more suitable to a limited herd, and a certain number of sheep. Many settlers now realize the necessity of running a few sheep with their dairy herd, as a means of dealing with ragwort and generally cleaning up the farm. The general position of the soldier settler can be regarded as now on sound lines, and the revenue received in this office during the past year for principal and interest under the Discharged Soldiers Settlement Act must be regarded as very satisfactory. Three soldier settlers on indifferent farms abandoned their holdings during the year, but these properties have since been taken up. Two town houses fell back on the hands of the Crown as mortgagee and have been sold. There are no soldier farms or town houses on the hands of the Department in this district..

TABLE 1. Total Lands acquired from the Crown by Discharged Soldiers and held at the 31st March, 1929.

13

Sale (including Deferred Payment). Lease and License. Grand Totals. Number of Land District. Disced- Area Annua, » ~ Area Purchasers noidlngs. Tenants. — H oM°U. Licensees. Under the Discharged Soldiers Settlement Act, 1915, and Amendments. Acres £ Acrcs £ .A.cres North Auckland .. 15 14 2,625 3,435 297 295 53,952 9,879 312 309 56,577 Auckland .. 45 45 1,330 15,690 539 532 . 86,442 25,255 584 577 87,772 Gisborne .. .. 1 1 29 15 120 118 56,930 13,231 121 119 56,959 Hawke's Bay .. .. .. .. .. 232 241 91,985 30,409 232 241 91,985 Taranaki .. 1 1 2 310 136 132 30,318 8,419 137 133 30,320 Wellington .. 15 15 87 5,543 720 697 162,584 75,349 735 712 162,671 Nelson .. .. 3 3 1,216 1,292 23 23 14,279 1,615 26 26 15,495 Marlborough .. .. .. .. .. 54 53 17,157 5,173 54 53 17,157 WestJand.. .. 1 1 148 150 17 17 19,645 193 18 18 19,793 Canterbury .. 25 25 317 8,886 372 371 218,429 40,749 397 396 218,746 Otago .. .. 4 4 281 1,320 132 126 205,840 13.775 136 130 206.121 Southland .. 12 12 1,582 7,545 74 81 11,373 3,964 86 93 12,955 Totals .. 122 121 44,186 2,716 2,686 968,934 228,011 2,838 2,807 976,551 -Under other Acts. (This includes lands selected at ordinary ballots, leases and licenses purchased at auction, and holdings acquired by transfer or otherwise.) North Auckland .. 11 11 1,168 1,304 93 90 21,019 3,309 104 i 101 22,187 Auckland .. 49 47 22,754 20,503 339 310 145,646 7,261 388 I 357 168,400 Gisborne .... 1 1 3 85 42 39 34,803 4,392 43 40 34,806 Hawke's Bay .. .. .. .. .. 44 45 14,807 3,795 44 45 14,807 Taranaki .. .. 3 2 272 510 169 152 54,121 3,054 172 154 54,393 Wellington .. .. .. .. .. 145 140 53.950 32,550 145 140 53,950 Nelson .. .. 3 3 1,099 586 95 90 51,512 1.491 98 93 52,611 Marlborough .. .. .. .. .. 126 117 267,969 7,104 126 117 267,969 Westland .. .. 1 1 200 168 68 64 17,442 371 69 65 17,642 Canterbury .. 3 3 56 386 217 226 157,410 23,231 220 229 157,466 Otago .. .. 1 1 53 177 225 218 914,924 21,734 226 219 914,977 Southland .. 1 1 127 40 44 45 77,852 2,210 45 46 77,979 Totals .. 73 70 25,732 23,759 1,607 1,536 1,811,455 110,502 1,680 ' 1,606 1,837,187 Grand totals 195 191 33,349 67,945 4,323 4,222 2,780,389 338,513 4,518 , 4,413 2,813,738

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TABLE 2. Statement of Mortgage Transactions, Financial Year ended 31st March, 1929.

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Principal. Interest. District Balance at i Tranfprs tn Balance on Mortgage Balance at Losses, Rebates, Balance at 31st March, 1928, I Advances | Repayments km hm <■ innrt at 31st March, 1929, 31st March, 1928, Charges Receipts Remissions, 31st March, 1929, including Instal- I daring Year. during Year. including Post- including Post- during Year. during Year. and Transfer* to including meats postponed. ! ponements. ponements. other Accounts. Postponements. | North Auckland — £ s. d. £ a. d. £ s. d. £ s. d. £ s. d. £ s. d. | £ s. d. £ s. d. £ s. d. £ s. d. Current Account .. .. 443,973 5 11 59,828 19 3 61,844 18 0 37,975 14 0 403,981 13 2 21,239 5 0 | 21,042 11 5 21,115 19 7 3,228 12 6 17,937 4 4 Farms, orchards, &c. .. .. 1,205,112 7 7 1,784 Oil 16.417 4 2 9,472 4 10 1,181,006 19 6 61,500 4 0 I 59.717 9 4 51,414 16 11 19,209 11 8 50,593 4 9 Dwellings, business premises, &c. 1,896,369 11 11 4,805 0 0 67,075 1 8 28,543 14 0 1,805,555 16 3 7,558 3 11 94,716 3 10 85,798 6 10 9,443 12 3 7,032 8 8 Totals .. .. 3,545,455 5 5 | 66,418 0 2 145,337 3 10 75,991 12 10 3,390,544 8 11 90,297 12 11 j!75,476 4 7 158,329 3 4 31,881 16 5 75,562 17 9 Auckland — Current Account .. .. 614,553 7 0 71,596 9 8 74,445 18 2 58,083 18 7 553,619 19 11 20,325 5 7,28,746 17 1 31,649 4 6 3,555 17 7 13,867 0 7 Farms, orchards, &c. .. .. 888,579 7 7 199 2 11 15,207 14 3 Dr.22,477 13 8 896.048 9 11 31,349 6 10 ! 45.375 0 10 42,545 13 3; 9,709 17 9 24,468 16 8 Dwellings, business premises, &c. 389,740 18 9, 68 18 4 13,756 7 7 1,195 13 2 374,857 16 4 1,958 17 2 | 19,912 14 9 : 18,247 15 1 1,811 2 9 1,812 14 1 Totals .. .. 1,892,873 13 4 ! 71,864 10 11 jl03,410 0 0 I 36,801 18 1 1,824,526 6 2 53,633 9 7 94,034 12 8 ! 92,442 12 ]0 15,076 18 1 40,148 11 4 i I 1 I Hawke's Bay — Current Account .. .. 213,162 19 1 88,804 11 2 1 91,869 14 11 25,714 14 0 184.383 1 4 7,442 19 4 10,068 14 2 11,798 10 1 724 1 4 4,989 2 1 Farms, orchards, &c. .. .. 291.792 15 7 2,498 18 1 11,034 0 6 -Dr.16,442 5 1 299,699 18 3 10,359 14 10 15,229 6 1 15,358 1 1 4,666 16 6 5,564 3 4 Dwellings, business premises, &c. 362,724 13 3 400 0 0 , 16,024 5 4 Dr. 1,026 7 10 348,126 15 9 2,180 19 2 18,856 13 7 j 17,282 12 4 2,514 1 6 | 1,240 18 11 Totals .. .. 867,680 7 11 91,703 9 3 118,928 0 9 8,246 1 1 832,209 15 4 19,983 13 4 I 44,154 13 10 j 44,439 3 6 7,904 19 4 11,794 4 4 Gisborne — Current Account .. .. 103,289 0 8 18,208 7 9 16.760 17 7 60,681 5 8 44,055 5 2 2,427 8 2 j 3,084 9 9 4,432 18 7 263 12 3 815 7 1 Farms, orchards, &c. .. .. 110,003 9 4 175 0 0 2,618 10 11 -Dr.60.701 0 5 168.260 18 10 4,277 8 8 I 7.969 10 9 7,055 4 9| 2,436 1 6 2,755 13 2 Dwellings, business premises, &c. 152,646 11 0 372 17 6 5,496 5 0 488 17 9. 147,034 5 9 479 3 11 7,002 10 3 j 7,029 1 5 Dr. 124 0 5 I 576 13 2 Totals .. .. 365,939 1 0 18,756 5 3 24,875 13 6 469 3 0 359,350 9 9 7,184 0 9 18,056 10 9 j 18,517 4 9 j 2,575 13 4 4,147 13 5 T Current Account .. .. 206,437 13 4' 104,652 0 0 113,273 7 5 14,283 16 1 183,532 9 10 6,656 3 5 10,402 5 4 I 12,215 19 1 902 0 2 3,940 9 6 Farms, orchards, &c. .. .. 682,345 5 9 2,500 0 0 10,362 16 0 Dr. 5,082 11 1 679,565 0 10 15,865 17 1 34,151 7 1 ! 31,094 15 6 5,837 3 5 , 13,08-5 5 3 Dwellings, business premises, &c. 320,325 6 0 .. 12,258 14 7 Dr. 3,794 13 4 311,861 4 9 1,205 18 6 15,773 14 5 j 15,106 6 6 1,103 18 11 | 769 7 6 Totals .. .. 1,209,108 5 1 107,152 0 0 135,894 18 0 5,406 11 8 1,174,958 15 5 23,727 19 0 60,327 6 10 58,417 1 1 7,843 2 6 17,795 2 3 Wellington — Current Account .. .. 405,607 5 4 98,724 3 7 115,280 6 9 6.196 4 10 382,854 17 4 13,681 3 6 20.499 1 8 j 18,548 16 8 I 2,435 6 3 13,196 2 3 Farms, orchards, &c. .. .. 933.860 3 11 375 19 4 19,086 11 10 24,480 6 6 890.669 4 11 27.600 2 7 45,204 16 9 40,566 18 6 14.662 1 0 17,575 19 10 Dwellings, business premises, &c. 1,341,462 3 1 10,067 12 0 74,273 6 9 126 12 8 1,277,129 15 8 1,515 0 7 67,828 8 2 62,479 17 6 5,833 3 2 1,030 8 1 Totals .. .. 2,680,929 12 4 109.167 14 11 208,640 5 4 30,803 4 0 2,550,653 17 11 42,796 6 8 133,532 6 7 121,595 12 8 | 22,930 10 5 j 31,802 10 2 | . . ] - | ; - —

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Marlborough — Current Account .. .. 48,178 8 1 10,108 10 2 12,192 16 3 4,557 14 7 41,536 7 5 2,497 11 1 2,209 1 3 2,192 14 1 179 11 1 2,334 7 2 Farms, orchards, &c. .. .. 216,054 16 4 .. 3,557 17 8 Dr. 2,569 7 0 215,066 5 8 9,894 15 11 10,862 13 8 10,286 12 1 2,481 4 7 7,989 12 11 Dwellings, business premises, &c. 88,552 17 3 34 0 0 3,894 12 9 Dr. 246 17 11 84,939 2 5 155 11 9 4,433 0 7 4,070 18 9 366 1 6 151 12 1 Totals .. .. 352,786 1 8 10,142 10 2 19,645 6 8 1,741 9 8 341,541 15 6 12,547 18 9 17,504 15 6 16,550 4 11 3,026 17 2 10,475 12 2 Nelson — Current Account .. .. 86,365 5 3 13,236 11 1 13,201 13 2 18,058 16 1 68,341 7 1 3,634 6 7 3,816 3 8 3,799 8 7 1,692 2 8 1,958 19 0 Farms, orchards, fee. .. .. 337,051 7 7 .. 5,320 6 1 Dr. 261 15 9 331,992 17 3 10,532 7 10 16,338 15 8 13,568 0 11 6,103 18 8 7,199 3 11 Dwellings, business premises, &c. 60,443 1 2 1,020 0 0 4,288 9 4 Dr. 427 16 9 57,602 8 7 41 4 6 3,016 4 1 2,756 8 4 247 6 5 53 13 10 Totals .. .. 483,859 14 0 14,256 11 1 22,810 8 7 17,369 3 7 457,936 12 11 14,207 18 11 23,171 3 5 | 20,123 17 10 8,043 7 9 9,211 16 9 Westland — Current Account .. .. 25,749 1 8 3,892 14 7 3,813 13 3 5,038 18 5 20,789 4 7 1,602 6 5 1,087 13 5 1,435 10 5 315 6 2 939 3 3 Farms, orchards, &c. .. .. 73,149 6 4 .. 979 13 4 Dr. 1,244 8 0 73,414 1 0 3,067 12 5 3,755 16 5 3,230 13 11 845 3 1 2,747 11 10 Dwellings, business premises, &c. 18,381 13 6 770 0 0 744 1 1 100 0 0 18,307 12 5 79 8 3 943 18 4 858 0 5 57 5 2 98 1 0 Totals .. .. 117,280 1 6 4,662 14 7 5,537 7 8 3,894 10 5 112,510 18 0 4,749 7 1 5,787 8 2 5,524 4 9 ; 1,227 14 5 3,784 16 1 Christchurch — Current Account .. .. 208,905 8 10 130,721 3 2 133,131 3 6 14,658 4 11 191,837 3 7 5,962 16 7 10,292 10 1 10,330 16 3 454 16 0 5,468 14 5 Farms, orchards, &c. .. .. 896,261 14 1 2,900 8 7 25,913 13 7 Dr. 8,981 16 7 882,230 5 8 26,511 4 7 45,247 2 7 43,402 3 5 9,215 17 5 19,140 6 4 Dwellings, business premises, &c. 1,031,760 16 9 6,456 0 0 50,578 3 8 2,464 18 4 985,173 14 9 1,788 10 2 51,957 19 6 47,759 0 9 4,293 10 4 1,693 18 7 Totals .. .. 2,136,927 19 8 140,077 11 9 209,623 0 9 8,141 6 8 2,059,241 4 0 34,262 11 4 107,497 12 2 101,492 0 5 13,965 3 9 26,302 19 4 Otago — Current Account .. .. 97,418 2 7 20,614 12 3 ' 23.984 6 11 21,455 1 9 72,593 6 2 3,103 17 9 4,252 12 3 ! 5,040 4 4 v 216 6 8 2,099 19 0 Farms, orchards, &c. .. .. 308,748 4 3 .. 8,152 18 10 Dr.17,859 5 1 318,454 10 6 5,794 6 9 16,056 5 9 I 14,058 19 1 2,453 0 0 5,338 13 5 Dwellings, business premises, &c. 361.164 12 2 2,831 0 0 23,175 13 10 915 13 6 339,904 4 10 532 10 0 17,834 11 7 16,527 8 7 1,338 8 5 501 4 7 Totals .. .. 767,330 19 0 23,445 12 3 55,312 19 7 4,511 10 2 730,952 1 6 9,430 14 6 38,143 9 7 i 35,626 12 0 4,007 15* 1 7,939 17 0 Southland — Current Account .. .. 118.682 16 10 37,448 4 6 34,216 10 3 23,695 19 3 98,218 11 10 3,943 1 11 5,623 8 6 i 5,688 8 3 ' 556 14 4 3,321 7 10 Farms, orchards, &c. .. .. 339,564 1 1 400 0 0 6,522 11 5 Dr.23,921 4 4 357,362 14 0 12,984 11 1 17,120 14 5 16,025 15 3 1 2,774 16 0 11.304 14 3 Dwellings, business premises, &e. 143,200 16 10 48 0 0 9,316 7 2 415 8 10 133,517 0 10 111 7 1 7,091 10 7 6,458 7 10 597 11 2 146 18 8 Totals .. .. 601,447 14 9 37,896 4 6 | 50,055 8 10 190 3 9 589,098 6 8 17,039 0 1 29,835 13 6 | 28,172 11 4 3,929 1 6 14,773 0 9 , ■ - j - I . ! : , ■ — Name of Account. Summaky. Current Account ' .. .. 2,572,322 14 7 657,836 7 2: 694,015 6 2 290,400 8 2 2,245,743 7 5 92,516 5 4 121,125 8 7 128,248 10 5 j 14,525 7 0 70,867 16 6 Farms, orchards, &c. .. .. 6.282,522 19 5 10,833 9 10 125,173 18 7 Z»rl25,588 15 8 6,293,771 6 4 219,737 12 7 317,028 19 4 288,607 14 8 80,395 11 7 167,763 5 8 Dwellings, business premises, &c. .. 6,166,773 1 8 26,873 7 10 280,881 8 9 28,755 2 5 5,884,009 18 4 17,606 15 0 309,367 9 8 4 4 27,492 1 2 15,107 19 2 Grand totals .. .. 15,021.618 15 8 695,543 4 10 1,100,070 13 6 193,566 14 11 14,423,524 12 1 329,860 12 11 747,521 17 7 |701,230 9 5 122,412 19 9 253,739 1 4

C.—9

16

DISCHARGED SOLDIERS SETTLEMENT ACCOUNT. Receipts and Payments Account for Year ended 31st March, 1929. Receipts. Payments. Balance at Ist April, 1928— £ s. d. £ s. d. Advances on mortgage, &e. — £ s. d. £ s. d. Cash in Public Account .. 284,139 10 2 Current Account .. .. 657,061 14 3 Imprests outstanding .. 4,993 211 Section 2, Farms Account .. 10,833 910 Investment Account .. 346,244 8 3 Section 2, Dwellings Account 26,773 710 635,377 1 4 Miscellaneous advances .. 3,053 10 6 Repayment of advances— 697,722 2 5 Current Account .. .. 694,015 6 2 Capital expenditure on properties acquired by Section 2, Farms Account .. 125,173 18 7 exercise of power of sale .. .. .. 4,328 18 11 Section 2, Dwellings Account 280,881 2 4 Realization Account —Expenses incidental to acBuildings Account .. 726 12 4 quisition of properties .. .. .. 14,217 3 6 Miscellaneous advances .. 2,080 13 9 Repayment of State Advances Department's Instalments of principal under mortgages .. .. .. .. 256 2 9 Section 20 (3), Discharged Sundry estates .. .. .. .. 4,734 16 0 Soldiers Settlement Amend- Loans repaid .. .. .. .. 680,250 0 0 merit Act, 1923 (merged Interest on debentures .. .. .. 295,189 15 5 transactions) .. .. 357 3 10 Interest on amount transferred from Consolidated 1,103,234 17 0 Fund .. .. .. .. .. 415,860 4 4 Property Accounts (deposits, &c) on properties Stamp duty (transfers of consolidated stocks) .. 87 1 8 acquired under power of sale .. .. 20,782 510 Administration expenses .. .. .. 39,905 18 6 Realization Accounts —Receipts from properties Expenses of Revaluation Board .. .. 17 6 6 in course of realization .. .. .. 25,471 13 9 Miscellaneous expenditure in connection with Sales of live and dead stock .. .. .. 1,515 11 0 properties acquired under power of sale .. 3,428 5 8 Sales of plant .. ~ .. .. 94 14 8 Valuation expenses .. .. .. 88 1 4 Sundry debtors, miscellaneous .. .. 276 911 Travelling-expenses .. .. . • 441 12 1 Sundry estates .. .. .. .. 34,087 17 7 Printing and stationery .. .. .. 255 18 2 Recoveries of miscellaneous expenditure in con- Audit fees .. .. .. .. .. 500 0 0 nection with properties acquired .. .. 412 16 4 Suspense Account .. .. .. .. 4,521 10 1 Valuation fees .. .. .. .. 83 8 0 Fire Loss Suspense Account .. .. .. 16,545 12 4 Production transfer and lease fees .. .. 527 5 0 Sundries .. .. .. .. .. 159 19 3 Interest on investments .. .. .. 28,707 18 4 Balance at 31st March, 1929— £ s. d. Interest on advances— £ s. d. Cash in Public Account .. 115,799 17 10 Current Account .. .. 128,239 5 0 Imprest outstanding .. 5,685 2 6 Section 2, Farm Account .. 288,594 12 2 Investment Account .. 299,034 17 0 Section 2, Dwellings Account 284,374 4 4 420,519 17 4 Buildings Account .. 1,163 10 5 Interest under section 20 (3), Discharged Soldiers Settlement Amendment Act,1923, (merged transactions) .. 850 10 10 Miscellaneous .. .. 21 5 10 — 703,243 8 7 Rents, grazing fees, and royalties .. .. 24,694 17 0 Suspense Account .. .. .. .. 5,951 11 3 Fire Loss Suspense Account .. .. .. 14,477 2 8 Sufidries .. .. .. .. .. 91 8 0 £2,599,030 6 3 £2,599,030 6 3 Revenue Account for the Year ended 31st March, 1928. Dr. £ s. d. Or. £ s. d. £ s. d. To Audit fees .. .. .. .. 500 0 0 By Interest on ad vances — Commission on sales of properties, &c. .. 29 4 0 Current Account .. 121,125 8 7 Depreciation Reserve—Plant, .fee. .. .. 1,062 5 5 Farms, orchards, &c. .. 317,028 19 4 Interest accrued on debentures .. .. 291,631 411 Dwellings, business premises, Interest accrued on advances from Consoli- &c. .. .. .. 309,367 9 8 dated Fund .. .. .. .. 434,000 0 0 Miscellaneous .. .. 2,923 17 7 Losses on realization of securities —Writings- 750,445 15 2 off in Suspense .. .. .. 293,718 5 8 Interest on surplus funds temporarily invested 20,709 12 11 Losses written off under authority of section 4, Interest on investment in Public Debt RepayDischarged Soldiers Settlement Amendment ment Account.. .. .. .. 1,597 8 0 Act, 1924 .. .. .. .. 767 2 8 Profit on disposal of stock, Mataikona Station 564 9 3 Management expenses .. .. .. 39,906 8 6 Profits on disposal of properties .. .. 1,186 16 8 Miscellaneous expenses—lncidental expendi- Profits on working of farms .. .. 74 8 7 ture in connection with properties acquired Profits on sale of used cars .. .. 57 3 4 by the Crown .. .. .. .. 3,082 4 2 Recoveries of losses previously written off .. 30 19 8 Printing and stationery .. .. .. 271 6 2 Rents and royalties from properties acquired Rebates .. .. .. .. 45,116 6 9 by Crown .. .. .. .. 29,379 15 0 Reductions in value of mortgages — Transfer and production fees .. . . 527 5 0 Revaluation Board reductions .. .. 38,057 17 11 Valuation fees .. .. .. .. 90 18 6 Deteriorated Land Act, 1925, section 6 (I) 27,14] 16 0 Balance —Loss for year, carried down .. 413,527 13 5 Land Act, 1924, section 216 .. .. 3,258 0 0 Reductions in capital value of leases under sections 4 and 5, Discharged Soldiers Settlement Amendment Act, 1921-22 .. .. 1,190 0 0 Remissions of interest and rent— Land Boards recommendations .. ». 12,671 18 7 Remissions under section 16, Discharged Soldiers Settlement Amendment Act, 1921-22 .. .. .. .. 368 16 5 Deteriorated Land Act, 1925, section 6 (1) 9,703 2 0 Revaluation Board remissions .. .. 15,043 11 3 Revaluation Board expenses .. .. 17 6 6 Stamp duty on transfer of consolidated stock 87 I 8 Travelling-expenses of Inspector of Securities, £1,218,192 5 6 &c. .. .. .. .. .. 454 16 1 Valuation expenses .. .. .. 113 10 10 £ s. d. • By Transfer against liability to Consolidated £1,218,192 5 6 Fund .. ..' .. .. 1,212,106 11 5 — Adjustment on account of losses written off £ s. d. in previous years .. .. .. 9,514 4 1 To Balance —Loss for year brought down .. 413,527 13 5 Transfer from Reserve Account'— Balance forward from previous year ..1,212,106 11 5 Losses on abandoned properties, &c. .. 388,879 15 6 Balance-—Loss carried forward .. 15,133 13 10 £1,625,634 4 10 £1,625,634 4 10

17

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DISCHARGED SOLDIERS SETTLEMENT ACCOUNT —continued. Balance-sheet as at 31st March, 1929. Liabilities. Assets. Capital— £ s. d. £ s. d. Advances on mortgages— £ s. d. £ s. d. Transferred from Consolid- Current Account .. 2,250,551 14 9 ated Fund .. .. 13,500,000 0 0 Farms, orchards, &c. .. 6,204,457 1 6 Reduction under section Dwellings, business 22, Finance Act, 1927 premises, &e... .. 5,852,827 4 3 (No. 2) .. .. 2,650,000 0 0 14,307,836 0 6 Land leased under sections 4 and 5, Discharged 10,850,000 0 0 Soldiers Settlement Amendment Act, 1921-22 419,377 18 9 Debentures issued .. 5,210,605 16 8 Unpaid purchase price (not yet payable) of Redemptions from Depre- buildings on Crown properties .. .. 24,073 611 ciation Fund .. 46,160 0 0 Sundry advances merged with value of Crown 16,106,765 16 8 lands (section 20 (3), Discharged Soldiers Interest on debentures, &c., accrued to 31st Settlement Amendment Act, 1923) .. 42,747 6 0 March, 1929, but not payable on that date .. 89,891 19 5 Realization Account—Properties in course of Interest due and unpaid on debentures, &c. .. 28,617 10 2 realization .. .. .. .. 301,963 5 9 Sundry creditors—Payments in advance .. 10,386 14 11 Property Accounts—ProperLand for Settlements Account (Discharged ties acquired by Crown — £ s. d. Soldiers Settlement Account) —Interest on Freehold .. .. 337,096 11 5 cost of Mataikona Station .. .. 22,787 8 8 Leasehold .. .. 216,702 111 Sundry creditors —Mis- 553,798 13 4 cellaneous services— £ s. d. Sundry estates—Live and dead stock .. 11,119 13 1 Imprests outstanding .. 5,685 2 6 Machinery and plant .. .. .. 3,422 6 5 Post and Telegraph De- Office requisites .. .. .. .. 20 11 1 partment . .. 16 9 5 Dominion Revaluation Board — Current AdLand for Settlements (Dis- vances Suspense (sections 3 (3) (b), Discharged charged Soldiers Settle- | Soldiers Settlement Amendment Act, 1924).. 15,425 0 0 ment Account) .. 1 15 1 Sundry debtors for principal Public Works Department 144 5 10 instalments- — £ s. d. Government Printing Office 15 8 0 Farms, orchards, &c. .. 52,509 11 1 Valuation Department .. 7 17 6 Buildings on properties .. 348 1 1.0 5,870 18 4 Dwellings, business State Advances Office--Advances outstanding premises, &C... .. 31,624 10 2 on properties acquired by Crown .. 5,900 11 0 Instalment of principal Suspense Account —Receipts not yet allocated 1,604 15 11 under section 20 (3), Fire Loss Suspense Account .. .. 6,667 2 6 Discharged Soldiers Realization Suspense Account—Surpluses on Settlement Amendment disposal of properties not yet allocated .. 235 6 4 Act, 1923 .. .. 745 12 9 Rents charged in advance .. .. .. 5,395 15 4 85.227 15 10 Writings-off in Suspense . . .. .. 163,555 18 10 Sundry debtors for miscellaneous advances .. 1,378 1 8 Reserve for depreciation .. ... .. 3,262 16 2 Sundry debtors for interest Reserve Account —Losses on £ s. d. on-- £ s. d. abandoned properties, &c. 750,000 0 0 Current Account .. 67,879 13 1 Farms, orchards, &c. .. 78,043 9 7 Less — Dwellings, business Losses on realization .. 295,675 8 4 premises, &c... .. 15,630 911 Reduction in value of ! Buildings on properties .. 292 14 9 mortgages, Revaluation Instalments of interest Board .. .. 38,057 17 11 under section 20 (3), Deteriorated Lands Act, Discharged Soldiers 1925 .. .. 27,141 16 0 Settlement Amendment Land Act, 1924, section 216 3,258 0 0 Act, 1923 .. .. 2,950 15 1 Remissions — Miscellaneous .. .. 27 7 5 Revaluation Board .. '15,043 11 3 164,824 910 Deteriorated Lands Act, I Sundry debtors for — 1925 .. .. 9,703 2 0 Rent of properties _ .. 13,120 13 10 Sale of stock, implements, 388,879 15 6 &c... .. .. 19213 10 361,120 4 6 j Miscellaneous servicesReserve Account—General.. .. 26,849 0 9 I Vote, Lands and Survey 3 5 8 Per contra — Territorial revenue .. 29 19 6 Accumulated losses written off under section Deposit Account —Mis--22, Finance Act, 1927 (No. 2), by dis- cellaneous .. .. 1 10 0 charge of liabilities — Sundries .. .. 137 16 4 Interest unpaid on trans- £ s. d. 13,485 19 2 fer from Consolidated Interest due and unpaid on surplus funds Fund .. .. 1,100,000 0 0 temporarily invested .. .. .. 320 2 3 Interest on debentures Postponements— £ s. d. due to Consolidated Principal instalments .. 37,670 1 7 Fund .. .. 160,010 12 6 Interest .. .. 96,364 810 Interest accrued on de- Rent .. .. .. 1,043 5 9 bentures redeemed 135,077 16 2 from Consolidated Interest on advances accrued but not due .. 116,817 14 11 Fund .. .. 496 2 1 Interest accrued but not due on surplus funds Redemption of deben- temporarily invested .. .. .. 1,254 0 3 tures from Consolid- Losses in Suspense .. .. .. 163,555 18 10 ated Fund.. .. 30,000 0 0 j Reserve Account —Balance of loss for year Reduction of transfer of ended 31st March, 1929 —carried forward .. 15,133 13 10 £13,500,000 .from Con- Investment in Public Debt Redemption Account 41.532 7 7 solidated Fund .. 2,650,000 0 0 £ s. d. Against Reserve Account 29,252 16 4 Cash in Public Account .. 115,799 17 10 3,969,759 10 11 Imprests outstanding .. 5,685 2 6 Investment Account .. 299,034 17 0 420,519 17 4 Carried forward .. .. 20,808,671 10 5 Carried forward .. .. 16,838,911 19 6

3—C. 9.

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DISCHARGED SOLDIERS SETTLEMENT ACCOUNT —continued. Balance-sheet as at 31st March, 1929 —continued. Liabilities. Assets. f s. d. £ s. d. Brought forward .. .. 20,808,671 10 5 Brought forward .. .. .16,838,911 19 6 Per contra — Accumulated losses written off under section 22, Finance Act, 1927 (No. 2) — Revenue Account —Loss £ s. d. to 31st. March, 1928 .. 1,652,443 17 4 Reserves Account — Losses on abandoned properties, &c. .. 750,000 0 0 Revaluation reductions, &c. .. .. 1,422,315 13 7 Charges and expenses of raising loans .. 145,000 0 0 3,969,759 10 11 £20,808,671 10 5 £20,808,671 10 5 J. B. Thompson, Under-Secretary for Lands. J. H. O'Donnell, Controller of Accounts. I hereby certify that the Statement of Receipts and Payments, Revenue Account, and Balance-sheet have been duly examined and compared with the relative books and documents submitted for audit, and correctly state the position as disclosed thereby. The following comments are appended : — 1. The only assets verified are cash in Public Account, imprests outstanding, investments and interest accrued on investments, and the only liability that for debenture loans. 2. There is no statutory authority under section 22 of the Finance Act, 1927 (No. 2), for writing off to Reserve Account, Revaluation Board reductions, remissions, and Revenue Account losses, amounting to £388,879 15s. 6d., determined subsequent to the sth December, 1927, the date of the passing of that Act. The Treasury advises that this will be remedied by legislation. 3. The accounts do not include a charge for interest for the period from 31st March, 1928, to 31st March, 1929, on the sum of £1,050,000 by which the capital was reduced under the authority of section 22 of the Finance Act, 1927 (No. 2). This position has arisen through a claim that the authority for the writing-off of the amount in question should be antedated to 31st March, 1928. The certified Balance-sheet for the year 31st March, 1928, does not show such amount as written off at that date. —J. H. Fowler, Deputy Controller and Auditor-General.

19

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LAND FOR SETTLEMENTS ACCOUNT (DISCHARGED SOLDIERS SETTLEMENT ACCOUNT). Revenue Account fob the Year ended 31st March, 1929. Dr. £ s. d. Gr. £ s . d. To Administration expenses .. .. 2,005 11 3 By Accrued rents, &c. .. .. .. 80,258 15 8 Depreciation in land-values .. .. 21,785 3 10 Accrued royalties .. .. .. 8 10 improvements to settlements (vote "Ex- Interest on sales.. .. .. .. 1,010 4 6 penses") .. .. .. 1,268 8 2 Interest on investments .. .. .. 1,119 12 2 Interest on loans .. .. .. 79,242 1 7 Interest allowed on sinking-fund contributions 1,301 6 1 Irrecoverable rents, &c. .. .. 5,305 7 7 Balance carried down .. .. .. 38,191 10 11 Losses under Deteriorated Lands Act, 1925— £ s. d. Remissions of rent .. 609 14 10 Rents written off .. 932 12 10 1,542 7 8 Losses consequent upon determinations of Dominion Revaluation Board — Remissions of rent .. 1,522 17 4 Rents written off .. 666 8 10 2,189 6 2 Rebates .. .. .. .. 5,786 0 9 Remissions of rent .. .. .. 2,765 3 4 £121,889 10 4 £121,889 10 4 £ s. d. To Balance brought down .. .. 38,191 10 11 By Accumulated revenue loss written off under £ s. d. Balance from previous year .. .. 223,797 6 8 section 22, Finance Act, 1927 (No. 2) .. 223,797 6 8 Adjustment on account of previous years 5,401 4 0 Balance carried forward .. .. .. 43,592 14 11 £267,390 1 7 £267,390 1 7 Balance-sheet as at 31st March, 1929. Liabilities. Assets. Capital Account — £ s. d. £ s. d. Estates — £ s. d. £ s. d. Debenture Account .. 3,077,050 0 0 Leased .. .. 1,693,436 0 10 Crown lands in estates .. 1,712 0 0 Unleased .. .. 31,377 2 3 ——— 1,724,813 3 1 3,078,762 0 0 Unpaid purchase price (not Less capital reductions yet payable)— under section 22, Finance Land .. .. .. 18,615 16 0 Act, 1927 (No. 2) .. 1,138,600 0 0 Buildings .. .. 66,593 13 0 1,940,162 0 0 — 85,209 9 0 Sundry creditors — Sundry debtors — Interest accrued but not Rents .. .. 24,009 2 2 due on loans .. 10,641 2 7 Less reserve for irreMiscellaneous .. .. 515 6 4 coverable rents .. 1,500 0 0 11,156 8 11 Payments in advance — 22,509 2 2 Rents .. •• 1,373 12 1 Principal instalments on Principal instalments on buildings .. .. 919 011 buildings .. ■ ■ 48 14 5 Principal instalments on Principal instalments on sales of land .. . . 329 3 8 sales of land .. .. 306 15 4 Interest on sales of land 298 19 2 1,729 1 10 Interest on purchase price Rents charged in advance .. .. .. 19,583 12 4 Mataikona Estate .. 22,787 8 8 Writings-off in Suspense .. .. .. 5,156 18 0 Consolidated Fund for Accumulated losses written off under Section 22, overpaid interest .. 129 8 6 Finance Act, 1927 (No. 2) — Miscellaneous .. .. 22 15 6 Remissions of interest due £ s. d. 46,995 18 7 to Consolidated Fund .. 547,857 7 10 Postponements outstandingReduction of Capital Ac- Rent .. .. .. 37,130 17 5 count .. •• 1,138,600 0 0 Principal instalments on Reserve Account .. 117,891 8 1 buildings .. .. 713 17 7 Interest on sales .. 64 11 5 As per contra ■■ 1,804,348 15 II -— 37,909 6 5 Reserve .. •• 150,014 7 I Interest accrued but not due on sales of land 272 15 4 Losses in Suspense .. .. .. 5,156 18 0 Less written off — Revenue Account.. .. .. .. 43,592 14 11 Adjustments of land- Accumulated losses written off under Section 22, values .. .. 27,927 10 9 Finance Act, 1927 (No. 2)— Dominion Board reduc- Revenue Account — £ s. d. tions —land and build- Loss to 31st March, 1928 363,149 3 9 ings .. .. 18,419 9 9 Reserve for unascertained Sundry adjustments .. 243 15 9 loss .. . . 150,000 0 0 Depreciation in land- Depreciation in landvalues .. .. 103,423 10 10 values .. .. 175,906 8 5 Revaluation Board re--150,014 7 1 ductions .. .. 1,115,293 3 9 As per contra .. .. 1,804,348 15 11 Investment in Public Debt Redemption Fund 33,833 19 0 Cash in Public Account .. .. .. 316 9 £3,782,136 17 0 £3,782,136 17 0 J. B. Thompson, Under-Secretary for Lands. 10th July, 1929. J. H. O'Donnell, Controller of Accounts. I hereby certify that the Revenue Account and Balance-sheet have been duly examined and compared with the relative books and documents submitted for audit, and correctly state the position as disclosed thereby. The following comment is appended : In the opinion of the Audit Office the loss on the Mataikona Settlement, £46,277 9s. 9d., should be separately shown in the accounts. —G. F. C. Campbell, Controller and Auditor-General.

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