DEPARTMENT OF LANDS AND SURVEY. DISCHARGED SOLDIERS SETTLEMENT. REPORT FOR THE YEAR ENDED 31st MARCH, 1937.

Appendix to the Journals of the House of Representatives, 1937 Session I, C-09

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1937. N E W ZEAL A N D,

DEPARTMENT OF LANDS AND SURVEY. DISCHARGED SOLDIERS SETTLEMENT. REPORT FOR THE YEAR ENDED 31st MARCH, 1937.

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

CONTENTS. General Report— page General Review .. .. .. ~ .. _ .. 2 Lands proclaimed .. .. .. .. .. _ _ .. 2 Applications received and Lands allotted . . .. .. .. 2 Transfer of Mortgages .. .. .. .. ~ .. 3 Dominion Revaluation Board (Report of) .. .. .. .. 4 Appendix :— Reports of Commissioners of Crown Lands . . .. .. .. 5 Tables— Table I.—Total Lands acquired by Discharged Soldiers .. .. s Discharged Soldiers Settlement Account— Transactions for Year .. . . ~ .. ~ .. 9 Balance-sheet .. .. .. .. ~ ~ .. ] 1

Sib,— Department of Lands and Survey, Wellington, Ist September, 1937. 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 vea'r ended 31st March, 1937. I have, &c., W. Robertson, The Hon. Frank Langstone, Minister of Lands, Under-Secretary. I—C,1 —C, 9.

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GENERAL REVIEW. Discharged Soldiers Settlement Account. Loans authorized during the year numbered 660, involving a total amount of £85,042, as follows : —

Lands proclaimed. The lands set apart for selection by discharged soldiers during the year totalled 1,235 acres, making a grand total of 1,454,064 acres proclaimed since the inception of the scheme. This large area is made up as follows : — Class of Land. Ordinary Crown lands .. .. .. .. . . 614,003 Land-for-settlements land .. .. .. .. 403,173 National-endowment land .. .. .. ... 433,532 Cheviot Estate land .. .. .. .. .. 3,356 1,454,064Proclamations have been issued revoking the setting-apart of 239,230 acres of Crown and nationalendowment land and 105,046 acres of land-for-settlements land. Applications for Land. Applications for land under the Discharged Soldiers Settlement Act, 1915, to the number of eight 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 : —

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New Loans. Additional Loans. Number. Amount. Number, j Amount. 1 j £ £ Advances on current account .. .. .. 37 10,550 276 50,511 Advances on farms .. .. .. .. 4 1,860 26 6,513 Advances on dwellings .. .. .. .. 2 1,605 315 14,003 43 | 14,015 617 71,027

. ,. .. Allotments made. ,. Applications i ear ending \ . , - ; lve ' Number. | Area (Acres). 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 1930 .. .. .. .. 63 53 16,665 1931 .. .. .. .. 41 31 8.495 1932 .. .. .. .. 22 16 4,215 1933 .. .. .. .. 12 6 4,133 1934 .. .. .. .. 10 8 1,536 1935 .. .. .. .. 8 7 2,954 1936 .. .. .. .. 12 7 3,638 1937 .. .. .. .. 8 8 1,877 Totals for twenty-two years .. .. 15,173 4,101 1.442,695 ' r * ' ?

Transfer of Mortgages. In accordance with Orders in Council issued pursuant to section 36 of the State Advances Corporation Act, 1934-35, discharged-soldiers-settlement mortgages were transferred during the year to the State Advances Corporation of New Zealand. The dates of transfer from each land district, the number of mortgages transferred, and the amount secured are shown in the following table :

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The total of £11,526,050 ss. 2d. has been met byCorporation 3| per cent, stock issued to Minister of Finance— £ Redeemable Ist August, 1960 .. .. 1,260,000 Redeemable Ist August, 1963 .. .. 1,500,000 Redeemable Ist August, 1966 .. .. 1,500,000 Redeemable Ist August, 1969 .. .. 1,500,000 Redeemable Ist August, 1972 .. .. 1,500,000 Redeemable Ist August, 1975 .. .. 1,500,000 £ s. d. 8,760,000 0 0 Charge to Contingent Liability Corporation to Crown .. 2,766,050 5 2 £11,526,050 5 2 It is proposed that draft legislation providing for the disposal of the remaining assets and for the winding-up of the Discharged Soldiers Settlement Account should be introduced.

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Current Account. Dwellings. Farms. X otal Date of Transfer. Land District. j Miscellaneous. i Number. Amount. Number. Amount. Number. Amount. Number. Amount. £ s. d. £ »■ d. £ ?s. d. £ s. d. £ s d 30th September, 1936 .. .. Wellington.. .. .. 545 304,801 15 1 1,830 892,459 11 3 678 792,528 15 10 Or 901 0 8 3 053 1 988 889 1 6 31st October, 1936 .. .. Gisborne .. .. .. 63 37,550 4 7 217 104,277 5 1 161 150,840 1 2 119 5 3 '441 '292'786 16 1 31st October, 1936 .. .. Hawke's Bay .. .. 191 148,933 11 6 506 242,924 9 9 330 329,431 11 8 40 16 9 1 027 72l's30 9 8 31st October, 1936 .. .. Canterbury.. .. .. 242 138,252 16 0 1,545 682,921 11 11 795 855,572 15 6 113 4 7 2'582 1 676'<*60 8 0 30th November, 1936 .. .. Taranaki .. .. .. 242 116,185 10 0 452 210,429 16 9 549 646,405 12 0 507 8 0 l'243 '973*528 6 9 31st January, 1937 .. .. "North Auckland .. .. 546 304,765 6 1 2,291 1,130,503 4 8 1,081 1,161,158 8 11 615 8 3 3*918 2 597' 042 7 11 31st January, 1937 .. .. Auckland .. .. .. 576 335,11-5 11 0 606 271,721 8 9 1,079 930,397 0 5 540 18 6 2'261 1W774 18 8 28th February, 1937 .. .. Otago .. .. .. 100 49,671 6 8 537 192,285 1 4 302 287,335 0 6 77 16 4 '939 '™'w 1 in 28th February, 1937 .. .. Southland .. .. .. 153 74,737 15 6 231 76,241 8 6 298 346,689 18 3 21 3 0 68° 497'fiQO 5 '! 30th March, 1937 .. .. Marlborough .. .. 60 21,043 11 0 139 58,924 9 2 137 185.765 9 7 Or 484 9 5 336 265'f4_q a a 30th March, 1937 .. .. Nelson .. .. .. 134 43,747 15 1 86 32,776 15 3 366 266,446 8 3 8 10 1 586 34»'q79 8 8 30th March, 1937 .. .. Westland .. .. .. 32 17,211 1 3 45 13,762 4 2 81 71,601 16 0 Gr. 25 3 11 158 17 6 Totals •• 2,884 1,592,016 3 9 8,485 3,909,227 6 7 5,857 6,024,172 18 1 633 16 9 17,226 11.526.050 5 2

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DOMINION REVALUATION BOARD. Summary of Operations as at 31st March, 1937. Total capital invested (comprising capital values of Crown leaseholds and advances under £ section 2of the Discharged Soldiers Settlement Amendment Act, 1917) . . .. 17,244,237 Capital value dealt with by the Dominion Revaluation Board .. .. .. 12,528,835 Reduction in capital by the Dominion Revaluation Board — £ Reduction in capital value of leaseholds .. .. . . 2,022,357 Reduction in Crown mortgages (under section 2) .. .. 874,666 2,897,023 Remission of Instalment Interest and Rent. £ Granted by Dominion Revaluation Board in respect of arrears as at 30th June, 1923 .. 195,057 Granted by Land Boards on recommendation of the Dominion Revaluation Board with respect to payments accruing subsequent to 30th June, 1923 .. .. .. 279,474 Total remissions .. .. .. •• •• •• £474,531 Mortgages, instalments, rents, &c., automatically written off due to reduction being £ retrospective to Ist July, 1921, or date of the title, &c. . . . . . . . . 440,340 Postponements of Arrears as at 30th June, 1923, (/ranted by the Dominion Revaluation Board. £ Rent, principal, and instalment interest for periods up to ten years .. .. .. 316,475 Instalments to end of mortgage term .. .. .. .. •• 127,411 £443,886 Postponements of payments accruing subsequent to the 30th June, 1923, granted by Land £ Boards on the recommendation of the Dominion Revaluation Board .. .. 149,138 Investigation of Current Accounts under the Discharged Soldiers Settlement Amendment Act, 1924. £ Total capital invested . . . . . . . • ■ • • • • • . . 3,222, 649 Reduction of capital .. .. .. . ■ ■■ •• 202,515 Transferred to Suspense Account . . . . . . . . . ■ • • • 23,957 Adjustments in Buildings under Land for Settlements Act. £ Original value .. .. . ■ . • • • • - • • • • • • 131,561 Amount of reduction .. .. . ■ ■ ■ ■ ■ ■ • • ■ ■ • 19,579 I

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APPENDIX.

EXTRACTS FROM REPORTS OF COMMISSIONERS OF CROWN LANDS. NORTH AUCKLAND. (W. D. Armit, Commissioner of Crown Lands.) In common with the Crown tenants, the soldier settlers experienced a favourable season both in respect to prices and production. In many cases full charges have been met and careful consideration has been given where necessary to refunds for top-dressing manures, which has enabled the settlers to keep pastures up to standard. The season throughout the North did not prevent the harvesting of a plentiful supply of hay as well as enabling ensilage to be stacked, and thus providing a good, winter supply. Considerable concessions in the way of remissions and postponements have been granted to several settlers owing to slump conditions, and. have assisted them to earn rebates during the past season. • Those mortgagors under budgetary control consisted mostly of settlers who held sheep and grazing propositions, and the results obtained by this method were satisfactory both to the Department and mortgagor. Most of the settlers realize the importance of pig-raising in order to augment their income, and this side line is not now neglected. Owing to the demand for houses for letting purposes, 110 difficulty was experienced in getting suitable tenants for the properties which had reverted to the Crown. The Department continued to expend money on the renovation of dwellings already bought in, and also made additional advances to mortgagors for further improvements and accommodation. In terms of an Order in Council issued in accordance with the State Advances Corporation Act, 1936, all discharged-soldier-settlement mortgages and accounts were handed over to the local branch of the Corporation on the Ist February, 1937. AUCKLAND. (K. M. Graham, Commissioner of Crown Lands.) The high returns for wool and the fixed price for butterfat last season have combined to give soldier settlers, in common with other settlers, throughout the district a much better year than for some time past. Dairy-stock and sheep prices have been well maintained, and with improved living conditions the settlers are more confident now of their future success. Soldier lessees who have been in arrears with rent are making an honest endeavour to meet their arrears in addition to the current charges, though in a few cases it has been necessary for the Board to give some measure of relief. As from Ist February, 1937, the control'and administration of all mortgages under the Discharged Soldiers Settlement Act were transferred to the State Advances Corporation of New Zealand. GISBORNE. (H. L. Primrose, Commissioner of Crown Lands.) The discharged-soldiers-mortgage securities in the Gisborne District were transferred over to the State Advances Corporation as from the 31st October, 1936. Prior to the change-over, and since, many returned-soldier settlers have personally expressed to me their very great appreciation of the very kindly and. tactful way their cases have always been dealt with, and of the sympathetic treatment they always received from members of the Department and Land Board. That, in my opinion, is a genuine statement of the relationship that has always existed here between the Department and its mortgagors. Of course, many of these men will continue to be lessees of the Department, and it can safely be said that once the rehabilitation legislation is finalized they should all be on a satisfactory financial footing. Most soldier settlers are getting well on in years now, and with decreasing physical vigour, as the result of war services in many instances, they have anxiously considered the future. I am°very happy to think that, for that reason alone, their positions are being steadily improved. HAWKE'S BAY. (F. R. Burnley, Commissioner of Crown Lands.) The State Advances Corporation took over the Discharged Soldiers Settlement Mortgages on Ist November. Hunter Soldiers' Assistance Trust Board.—The Board held three meetings during the year, 135 cases being dealt with, assistance to the amount of £.1,371 having been given to 286 children. The total grants to orphan children to date amount to £3,100. The Board receives applications from all parts of the Dominion, and the number of applicants is increasing rapidly. Particulars of the expenditure of grants are supplied to the Board when applications for further grants are made, and it is gratifying to note that in the majority of cases the moneys have been wisely spent in the purchase of clothing and school-books.

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TARANAKL (A. F. Waters, Commissioner of Crown Lands.) On the Ist December, 1936, the Department's securities over discharged soldiers' properties were transferred to the State Advances Corporation of New Zealand, thus effecting a change in the control which had existed since the inception of the Scheme. The change was effected very quietly, and apparently the settlers have accepted the transfer in the proper spirit, realizing that their interests are not likely to be adversely affected. I would, however, place on record receiving many letters from soldier settlers thanking the Department for the way in which their interests have been protected in the past and expressing regret at the severance of control. The Office retains charge of properties which have been bought in and not yet disposed of. Five of these properties are being farmed by the Department, and in each case, after charging up interest on capital, a profit has been made. WELLINGTON. (H. W, C. Mackintosh, Commissioner of Crown Lands). The settlement of discharged soldiers on the land was not confined to any particular locality, and soldier farms are to be found right throughout the district, so that the remarks made upon general settlement would apply equally to soldier settlement. Generally a cold winter was experienced, and wet weather conditions prevailed during spring and summer. As a result of the abundant rainfall there was a rank growth of grass, and while this was good for the production of butterfat, it militated against the best results from early lambs. Those settlers who follow dairying have had a fairly good year. The season, although there has been plenty of grass, has proved rather too wet, and returns will be much the same as last year. The guaranteed price for butterfat is having the effect of stabilizing prices for dairy stock, dairy cows averaging about £8 or £9. Those settlers who follow sheep-farming have had a very good year and have obtained most encouraging prices for both wool and stock. Prices for fat lambs have also been high and, taking everything into consideration, the pastpralist has experienced a good year. It is pleasing to record that many settlers are giving attention to top-dressing their pastures and also to painting their dwellings and farm buildings. A considerable number of settlers have applied for relief under the Mortgagors and Lessees Rehabilitation Act, 1936, and at the time of writing their cases are being investigated. This work will necessarily occupy a long period before it is finalized. On the Ist October, 1936, all mortgages held under the Discharged Soldiers Settlement Act were handed over to the State Advances Corporation and are now administered by the Corporation. NELSON. (P. R. Wilkinson, Commissioner of Crown Lands.) The majority of soldier settlers in the district are dependent on dairying and sheep-farming, while a small proportion are dependent on fruit, tobacco, and hop growing for a livelihood. While the majority of soldier settlers had their cases reviewed last year by the Land Board and, where circumstances warranted, concessions were made by way of remissions, postponements, or capitalization of arrears, applications for relief under the Mortgagors and Lessees Rehabilitation Act, 1936, were lodged for further relief. These applications are now being dealt with, and it is hoped that as a result of the opportunities afforded that settlers generally will be in a position to meet future charges. MARLBOROUGH. (G. 1. Martin, Commissioner of Crown Lands.) Most of our soldier settlers are engaged in farming comparatively small areas, and the lack of scope in these holdings is made very apparent when returns from farm products drop below a reasonable margin. Settlers under this heading have, generally speaking, been appreciative of the assistance rendered by the Department by way of remissions, &c. It is apparent that in quite a number of cases a further adjustment of charges is necessary, but, as the majority of the soldier mortgagors have filed applications under the Mortgagors and Lessees Rehabilitation Act, 1936, the doubtful cases will be adjusted in due course. The receipts for the year show an increase of more than 40 per cent, over the previous year. WESTLAND. (B. King, Commissioner of Crown Lands.) Notwithstanding adverse climatic conditions, the guaranteed price for butterfat during the past season enabled soldier settlers to increase their income, with the result that revenue receipts approximated a 30 per cent, increase, the total being £11,190 135., as against £8,633 19s. sd. last year. During the year further consideration was given to accumulated arrears, and in all cases where such action was warranted substantial concessions by way of remissions were recommended and approved. These remissions to the settlers concerned and the better prices now prevailing should place a large majority of the soldier settlers in this district in a position where they should be able to meet their obligations without any difficulty.

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CANTERBURY. (N. C. Kensington, Commissioner of Crown Lands.) Taken all round, the year has been a fairly prosperous one for the man on the land. Though the season was a wet one, cereal crops yielded well in most cases; clover and pea crops, however, suffered considerably from the excessive moisture. Weather conditions were favourable to the growth of rough feed, and this partly compensated for the loss of root crops. Increased prices for wool and lambs were instrumental in bringing the settlers' returns well above the average. Those engaged in dairying have enjoyed an increased return for the past season, and production has been well maintained. In common with civilians, the soldier settlers are taking full advantage of the opportunity to adjust their liabilities, provided by the Mortgagors and Lessees Rehabilitation Act, 1936, and in many cases voluntary adjustments are being arrived at. OTAGO. (F. 11. Waters, Commissioner of Crown Lands.) In common with the average settler, the soldier settler has had a good year. There have been local difficulties in some parts of the district on account of broken weather during harvesting, floods on low-lying areas, and in some cases the loss of crops ; but these difficulties affect only a limited number. This Department has largely been interested not only as lessor, but also as the grantee of bills of sale over stock and as mortgagee; and as the mortgages and bills of sale have now passed to the State Advances Corporation for administration, many of the difficulties with which this Department has been faced have now been eliminated. In passing over this responsibility it can safely be said that the soldier settler is in a good average financial position and that the prices realized for the past year have been greatly to his benefit. SOUTHLAND. (T. Cagnby, Commissioner of Crown Lands.) Consequent on favourable prices ruling for farm produce, a general improvement is noticeable in the position of soldier settlers. A number are, however, handicapped by the limited areas of their holdings and also injuries or other after-effects from war service. The discharged-soldiers-settlement accounts hitherto administered by this Department were transferred to the New Zealand State Advances Corporation on the 28th February.

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TABLE 1. Total Lands acquired from the Crown by Discharged Soldiers and held at the 31st March, 1937.

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Sale (Including Deferred Payment). Lease and License. Grand Totals. Number of ; Land District. D«ed- «umbjrot N ber Allllual Number . .Uier Qo ,S nK , charge, J^ Licensees. Under the Discharged, Soldiers Settlement Act, 1915, and Amendments. Acres. £ { Acres. £ Acres. North Auckland .. 11 10 2,154 2,765 273 273! 46,481 8,948 284 283 48,635 Auckland .. 48 48 1,420 16,690 470 470 72,964 18,298 518 518 74,384 Gisborne .. .. 3 3 193 4.725 107 106 52,323 12,554 110 109 52,516 Hawke's Bay .. .. .. .. .. 201 221 79,792 27,210 201 221 79,792 Taranaki .... 1 1 2 310 87 86 21,283 5,814 88 87 21,285 Wellington .. 16 ]6 417 5,873 723 700 165,873 75,302 739 716 166,290 Nelson .. .. 3 3 1.216 1,292 21 21 13,119 1.515 24 24 14,335 Marlborough .. .. .. .. . . 45 46 14,907 3,357 45 46 14,907 Westland . .. 1 1 148 150 17 17 19,645 193 18 18 19,793 Canterbury .. 28 28 1,509 12,703 360 349 217,168 38,958 388 377 218,677 Otago ' .. 4 4 1.935 5,470 100 96 181.610 11,451 104 100 183,545 Southland .. 5 5 1,026 6,010 67 76 10,831 3,623 72 81 11,857 Totals .. 120 119 | 10,020 (55,988 2.471 2,461 895,996 207,223 2.591 2,580 906,016 Under other Acts. (This includes lands selected at ordinary ballots, leases and licenses purchased at auction, and holdings by transfer or otherwise.) North Auckland .. 12 12 1,173 1,325; 107 104 24,103 3,506 119 116 25,276 Auckland .. 54 52 22,816 20,604 1 341 311 145,749 7,361 395 363 168,565 Gisborne .. .. .. .. • • • • 46 43 41,174 4,283 46 43 41,174 Hawke's Bay .. .. .. .. .. 74 86 37,076 7,896 74 86 37,076 Taranaki.. .. 7 6 1,776 7,479 134 131 57,760 3.787 141 137 59,536 Wellington .. 3 3 221 1,081 166 161 58,935 34,728 169 164 59,156 Nelson .. .. 3 3 1,099 586 95 87 49,081 1.072 98 90 50,180 Marlborough .. .. .. .. .. 108 95 233,004 6,073 108 95 233,004 Westland . .. 1 1 200 168 63 59 16,158 341 64 60 16,358 Canterbury .. 3 3 56 386 203 210 151,571 21,488 206 213 151,627 Otago .. .. 3 3 76 457 205 200 860,571 20,881 208 203 860,647 Southland .. 1 1 127 40 71 86 59,103 2,828 72 87 59,230 Totals .. 87 84 27,544 32,126 1,613 1,573 1,734,285 114,244 1,700 1,657 1,761,829 Grand totals .. j 207 j 203 37,564 88,114 4,084 4,034 2,630,281 321,467 4,291 4,237 2,667,845

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DISCHARGED SOLDIERS SETTLEMENT ACCOUNT. Receipts and Payments Account foe the Yeae ended 31st Mabch, 1937. Receipts. Payments. Balance as at Ist April, 1936— £ s. d. £ s. d. Annual appropriation— £ s. d. £ s. d. Cash .. .. .. 144,273 15 5 Vote, Expenses of management— Imprests outstanding .. 7,477 8 10 Administration .. .. 29,700 0 0 151,751 4 3 Advances to civilian mortgagors, Receipts in respect of advances, repairs to properties, &c. — &c.— Current Account advances .. 7,402 16 6 Repayments of principal— Dwelling advances .. 1,198 9 3 Current Account .. 354,147 1 1 Miscellaneous advances 1,469 7 2 Farms, orchards, &c. .. 157,885 1 9 Farms advances .. .. 589 8 6 Dwellings .. .. 187,421 18 4 Miscellaneous expenditure on Buildings Account .. 732 14 4 Crown properties .. .. 9,042 0 9 Sales of live and dead stock 24 .19 2 Capital expenditure on proMiscellaneous advances .. 4,082 11 7 perties acquired by CrownReceipts on account of Freehold .. .. 6,153 12 5 properties held by Leasehold .. .. 161 13 0 Crown — Payment of instalments on Freehold .. .. 6,652 15 6 State Advances Corporation Leasehold .. .. 4,087 410 mortgages .. .. 185 10 0 Receipts from working of Expenses of working properties properties acquired by acquired by Crown .. 14,739 5 2 Crown .. .. 15,306 3 5 Rent: McGregor Block .. 421 16 10 Receipts on account of Travelling-expenses .. .. 576 16 6 properties in course of Expenditure in connection with realization .. .. 14,684 11 11 properties in course of realizaSale of properties on de- tion .. .. . . 405 0 11 ferred payment .. 302 9 3 Printing and stationery .. 161 7 10 Recovery of bad debts .. 37 3 5 Audit fees .. .. .. 800 0 0 Merged transactions under 73,007 10 10 section 20, Discharged Advances under sections 6 and 9, Soldiers Settlement Discharged Soldiers SettleAmendment Act, 1923, ment Act, 1915— section 20 (3): Principal Current Account .. .. 441,597 8 2 instalments .. .. 690 1 0 Farms, orchards, &c. .. 4,709 17 7 Dwellings, &c. .. .. 11,285 11 10 746,054 15 7 Miscellaneous advances . . 4,336 0 4 Interest and rents — Expenditure in connection with Interest — properties in course of realizaCurrent Account .. 54,540 710 tion .. .. .. 3,966 17 4 Dwellings .. .. 128,144 5 4 465,895 15 3 Farms .. .. 175,616 8 2 Amounts allocated— Buildings .. .. 968 0 1 Fire Loss Suspense .. .. 8,910 0 4 Interest on sales of Suspense Account .. .. 32,555 15 4 properties on deferred 41,465 15 8 payments .. .. 107 4 7 Interest recouped to the ConSection 20 (3) : Interest solidated Fund — instalments.. .. 875 15 10 Interest on debentures .. 146,03.1 12 10 Miscellaneous .. 179 1 6 Interest on advances obtained Rents .. .. 45,104 12 0 by hypothecation of securities 86,268 910 232,300 2 8 405,535 15 4 Repayment of advances obtained by hvpothecaMiscellaneous receipts .. 703 8 2 tion of securities .. .. .. .. 200,000 0 0 1,152,293 19 1 Management charges of Consolidated stock .. 308 12 11 Transfer of interest in land Charges and expenses of raising loans .. .. 1,411 15 10 (Finance Act, 1932 (No. 2) ), Balance as at 31st March, 1937 — £ s. d. section 6.. .. .. .. 1,754 16 8 Cash .. .. ..332,572 12 5 Receipts unallocated— Imprests outstanding .. 1,434 9 3 Fire Loss Suspense .. 6,679 1 7 334,007 1 8 Suspense Account .. 32,595- 2 6 39,274 4 1 Interest on investments .. .. 3,322 10 9 £1,348,396 14 10 £1,348,396 14 10 2—C. 9.

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DISCHARGED SOLDIERS SETTLEMENT ACCOUNT—continued. Revenue Account for the Year ended 31st March, 1937. Df t £ s. d. £ s. d. CV. £ d. £ s * Interest and sundry charges re Interest on advances loans— Current Account .. .. 54,601 19 b Interest on hypothecation of Farms, &c... .. .. 211,854 8 o securities 86,268 9 10 Dwellings 4 3 Interest on debentures ..145,272 3 1 Merged interests .. .. 1,253 lo 7 Interest on amount transferred Buddings .. . . .. 894 17 8 from Consolidated Fund ..240,000 0 0 Sales 142 15 b Interest on redemptions from Miscellaneous .. .. 165 1- 10 Public Debt Repayment . ™ ° * Account .. 31.124 13 7 Rents from properties acquired by the Crown .. 50,011 10 b Management charges of stock !! '308 12 11 Interest on stock in respect of securities taken Charges and expenses of raising over by State Advances Corporation .. .. 81,711 17 o loans &c. •• 1,411 15 10 Transfer of profits from State Advances Corporation 15,673 14 I 1 504,385 15 3 Interest on surplus funds temporarily invested .. 3,337 18 8 Expenses of management— Surplus on disposal of properties .. .. 1,003 5 5 Costs recouped to Vote, Lands Transfer and production fees, &c. .. .. Dll 11 8 and Survey .. .. 29,700 0 0 Miscellaneous .. .. .. Ob 1 8 Rebates .. .. 19,962 7 3 Profit on working farms acquired by the Crown .. 1,619 18 4 Miscellaneous expenditure on Recovery of bad debts . . .. ■ • 79 9 1 Crown properties .. .. 9,085 4 8 Balance: Loss for year earned down .. .. 22b, ObU / U Audit fees .. .. • • 800 0 0 Travelling-expenses .. .. 549 5 8 Printing and stationery . . ]69 3 9 60,266 1 4 Remissions — Land Board recommendations 81,946 15 9 Under Mortgage Relief Acts .. 7,136 9 1 89,083 4 10 Reductions in value of securities — Losses on realization : Writingsoff in Suspense .. ■■ 102,820 4 7 Losses on properties acquired by the Crown .. •• 28,965 14 3 Reductions of mortgages, &c., by Dominion Revaluation Board .. .. .. 289 13 6 Depreciation in value of Native Lease : McGregor Block .. 400 13 10 132,476 b 2 £78b,211 7 7 £78b,211 7 7 £ s. d. £ s. d. Balance : Loss for year brought down .. 22b,060 7 0 Balance : Accumulated loss to 31st March, 1937 1,298,228 13 5 Balance forward from previous year .. .. 1,072,168 6 5 £1,298,228 13 5 £1,298,228 13 5

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DISCHARGED SOLDIERS SETTLEMENT ACCOUNT—continued. Balance-sheet as at 31st March, 1937. Liabilities. Assets. Capital— £ s. d. £ s. d. Advances on mortgages— £ s. d. £ s. d. Transfer from Consoli- Current Account . . . . 1,025 9 4 dated Fund at 4 per Farms, orchards, &e. .. 5,885 0 0 cent. .. .. 13,500,000 0 0 Dwellings .. .. 5,425 9 10 Reduction under section 12,335 19 2 22, Finance Act, 1927 Land leased under sections 4 and 5 of Dis(No. 2) .. .. 2,650,000 0 0 charged Soldiers Settlements Amendment Act, 1921-22 .. .. .. .. 414,290 18 3 10,850,000 0 0 Buildings: Unpaid purchase-price (not yet payLess repaid as per able) of buildings, &c., on Crown properties 17,461 2 5 Finance Act, 1931 Sundry advances merged with value of Crown (No. 4) .. .. 4,850,000 0 0 lands (section 20, Discharged Soldiers Settlement Amendment Act, 1923) .. .. 30,106 2 9 6,000,000 0 0 Deferred-payment sales under section 9, DisRedemption from Public charged Soldiers Settlement Amendment Debt Repayment Ac- Act, 1921-22 .. .. .. .. 3,235 5 4 count .. .. 824,276 19 8 Realization Account .. .. .. 166,695 19 0 Debentures issued (at 3 Properties acquired by the £ s. d. per cent., £265,483 18s. Crown on realization .. 380,634 210 Bd. ; at 3J per cent., Less State Advances C0r£1,155,365; at 3f per poration interests .. 536 6 6 cent., £136,500 ; at 4 380,097 16 4 per cent., £2,217,645 ; House properties administered at 5J per cent., £400) .. 3,775,393 18 8 by State Advances CorHypothecation of securi- poration under Housing ties, section 7 (2), Fi- Act— nance Act, 1931 (No. 4), Properties .. .. 313,230 6 5 at 3 per cent. .. 2,700,000 0 0 Miscellaneous charges .. 15 18 6 — 13,299,670 18 4 Rent .. .. .. 3,102 4 4 Employment Promotion Fund: Capital .. 138 I 10 316,348 9 3 Sundry creditors for interest — Live-stock, &c. .. .. .. .. 16,604 9 10 Interest due and unpaid £ s. d. Capital expenditure, Employment Promotion on transfer from Con-, Fund .. .. .. .. 138 1 10 solidated Fund .. 1,155,884 18 7 Sundry debtors for principal in - Interest accrued on stalments — £ s. d. transfer from Consoli- Merged transactions .. 2,076 17 9 dated Fund .. .. 19,726 0 7 Buildings Account .. 2,159 12 9 Interest accrued on de- Deferred-payment sales .. 67 14 5 bentures .. .. 37,902 11 6 4,304 4 11 Interest on redemptions Sundry debtors for interest— from Public Debt Re- Current Account .. .. 158 7 4 payment Account .. 130,879 4 5 Farms Account .. .. 36 19 8 Interest paid from Con- Merged transactions .. 3,094 15 2 solidated Fund .. 484 15 8 Buildings Account .. 832 0 4 1,344,877 10 9 Deferred-payment sales .. 118 13 6 Sundry creditors: Miscel- Miscellaneous advances .. 2 910 laneous services— 4,243 5 10 Miscellaneous .. .. 1,447 17 2 Sundry debtors for— Departmental .. .. 9 9 1 Rents of properties .. 32,322 12 0 1,457 6 3 Miscellaneous advances .. 19 8 10 Miscellaneous credit balances on Departmental .. .. 168 3 2 debtors' accounts—■ Miscellaneous .. .. 15,826 4 0 Advances: Current Account .. 295 14 6 Royalties .. .. 1,456 0 0 Principal instalments — 49,792 8 0 Dwellings, &c. .. .. 2 15 5 Postponements— Buildings .. .. 30 10 4 Under Discharged Soldiers Settlement Acts, Miscellaneous advances .. 0 10 0 &c.—• Interest — Instalmants of principal: Buildings .. 298 9 1 Dwellings .. .. 0 6 6 Interest— £ s. d. Buildings .. .. 5 4 11 Buildings .. .. 20 14 4 Rents .. .. •• 794 10 11 Rent .. .. .. 2,482 6 5 1,129 12 7 2,503 0 9 Rents charged in advance .. .. 5,254 2 6 Interest on advances accrued but not due .. 284 13 0 Interest charged in advance .. 188 3 9 Losses in Suspense .. .. .. 76,01125 Royalty (not yet payable) .. .. 1,456 0 0 Interest on investments due and unpaid .. 15 711 Suspense Accounts — £ s. d. Cash balance— £ s. d. Fire Loss Account .. .. 147 7 0 In Public Account.. .. 332,572 12 5 Receipts unallocated.. .. 1,478 13 2 Imprests outstanding .. 1,434 9 3 Surpluses on realization not yet 334,007 1 8 allocated .. .. 2,974 12 9 Revenue Account: Accumulated loss .. 1,298,228 13 5 — 4,600 12 11 Deposits Account : Miscellaneous .. .. 18 17 7 Writings-off in Suspense .. .. 76,011 2 5 Stock issued in respect of secruities taken over Liabilities discharged under section 22, by State Advances Corporation .. .. 8,760,000 0 0 Finance Act, 1927 (No. 2), to write off Contingent liabilities : State Advances Corporaaccumulated losses, as per contra .. 3,969,759 10 11 tion .. .. .. .. .. 2,766,050 5 2 Interest accrued on State Advances Corporation stock .. .. .. .. .. 81,711 17 5 Accumulated losses written off under section 22, Finance Act, 1927 (No. 2) .. .. 3,969,759 10 11 £18,704,543 2 3 £18,704,543 2 3 W. Robertson, Under-Secretary for Lands. Wm. E. Shaw, Chief Accountant. 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 : Assets of the Discharged Soldiers Settlement Account have been transferred to the Housing Account without legislative authority.—J. H. Fowler, Controller and Auditor-General. Approximate Cost of Paper.—Preparation, not given ; printing (790 copies), £16 10s.

By Authority: E. V. Paul, Government Printer, Wellington. —1937.

Price 6d.]

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