LAND FOR SETTLEMENTS ACT, 1925 (REPORT ON THE).

Appendix to the Journals of the House of Representatives, 1938 Session I, C-05

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1938. NEW ZEALAND.

LAND FOR SETTLEMENTS ACT, 1925 (REPORT ON THE).

Presented to both Houses of the General Assembly -pursuant to Section 109 of the Land for Settlements Act, 1925.

The Land Purchase Controller to the Hon. the Minister of Lands. Sir, — Department of Lands and Survey, Wellington, Ist July, 1938. I have the honour to submit a report on land-purchase operations for the year ended 31st March, 1938. The only purchases of any consequence during the year were several small parcels of freehold land situate within the boundaries of the Molesworth and Tarndale Runs, Nelson and Marlborough Land Districts, of an aggregate area of 10,501 acres. The land was purchased consequent upon the surrender of the leasehold titles to the runs in order to give the State fuller control of the areas included within the run boundaries. In the Tiraumea Settlement, Wellington Land District, negotiations were completed for the exchange of certain areas for the purpose of adjustment of the boundaries of the settlement, these negotiations requiring the purchase of an area of 17 acres 0 roods 29 perches. On the Galatea Block development operations continue to be satisfactory. During the year three further sections were taken up on permanent lease and two share-farmers converted to renewable lease, making a total of nineteen permanent settlers, who are making very satisfactory progress. The greater part of the estate continues to be worked as a sheep and cattle station, and the Department's operations have resulted in a very satisfactory working-year, despite the substantial drop in wool prices. Share-milking was continued on seven farms, the result being very encouraging. Ihe share-milkers are managing 628 dairy cattle, 18 horses, and 238 pigs. The stock carried as at the 31st March, 1938, exclusive of that managed by the share-milkers, comprised 15,957 sheep, 227 dairy cattle, 5,734 run cattle, and 4 horses. Development-work on the Kakariki Block has been steadily proceeding, with further areas being gradually brought into fuller production. The stock comprises 14,779 sheep, 993 cattle, 38 horses, 1,476 goats, and 46 pigs. Improved results are shown each year and net returns for the year have been eminently satisfactory. The Department's experiments on the areas in the Tapuwae Estate reputed to be bush sick have been completed with very satisfactory results, the young stock and the standard flock being in a very healthy condition. The results of the year's farming operations being carried out on this estate of 3,350 acres are very encouraging. The stock at the 31st March consisted of 6,800 sheep, 982 cattle, and 9 horses. Tables are attached giving particulars of the properties considered and land acquired during the year, together with statement of receipts and payments, revenue account, and balance-sheet. I have, &c., W. Robertson, Land Purchase Controller. The Hon. Frank Langstone, Minister of Lands.

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Table A. —Number of Properties considered during Year ended 31st March, 1938.*

Table B. —Summary of Private Estates acquired to 31st March, 1938.*

Table C.—Return of Private Land purchased and paid for during Period from 1st April, 1937, to 31st March, 1938.

Table D. —Payment from Land for Settlements Account pursuant to Section 10(1) of the Native Land Amendment Act, 1932, during Period from 1st April, 1937, to 31st March, 1938.*

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Land District. Number. 68 Land District. Number. I Acres. Acres. North Auckland .. .. .. Marlborough .. 1 10,501 Auckland .. .. .. .. Nelson Gisborne .. .. .. .. Westland Hawke's Bay .. .. .. .. Canterbury Taranaki .. .. . . .. Otago Wellington .. .. 1 17 Southland Totals .. j 2 10,518 * Not including Native lands for general settlement considered pursuant to section 7 (3) of the Native Land Amendment Act, 1932.

Land District. Number. Area. Purchase-money. Acres. £ North Auckland .. .. 53 48,924 455,060 Auckland .. .. .. 76 376,106 1,243,883 Gisborne .. .. .. 26 86,380 790,131 Hawke'sBay .. .. .. 59 264,783 1,714,292 Taranaki .. .. .. 26 30,978 375,881 Wellington .. .. .. 156 160,845 2,350,417 Marlborough .. .. .. 23 234,591 756,482 Nelson .. .. .. 14 48,821 150,473 Westland .. .. .. 3 6,032 14,062 Canterbury .. .. .. 179 451,506 3,523,526 Otago .. .. .. 82 336,803 2,036,018 Southland .. .. .. 34 94,396 522,280 Totals .. .. 731 2,140,165 13,932,505 * Exclusive of purchases under the Native Land Act, 1931, for general settlement.

(For Native Land, see next Table.) Name of Owner. Locality. ! Settlement. Area. ; A ™j™ t | I A. B. T\ £ s. d. F. C. Cameron .. .. Pahiatua .. By agreement Tiraumea .. 17 0 29 120 5 4 R. W. and J. F. Lochhead .. Blenheim .. By agreement .. 10,501 0 15 1,000 0 0 Totals.. .. .. .. .. .. 10,518 1 04 1,120 5 4

Payee. Land. Area. Amount paid. A. R. p. £ s. d. Native owners .. .. . . Mangatoro 1a 3c 3b .. .. .. 137 4 3 Native owners .. .. Te Ahu Ahu 3a No. 2 .. .. .. 0 5 0 Native owners .. .. { S " } 0 2 00 7 1 5 Totals ___ .. 0 2 00 H4 10 8 * Not including payments pursuant to section 3 (2) of the Native Purposes Act, 1934,

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LAND FOR SETTLEMENTS ACCOUNT. Receipts and Payments Account foe the Yeak ended 31st March, 1938. Receipts. £ s. d. £ s. d. Balance as at Ist April, 1937 .. .. .. .. .. .. 468,237 15 8 Investment Account .. .. .. .. .. .. .. 16,365 0 0 484,602 15 8 Credits-in-aid : Vote, Land for Settlements — Valuation fees, sections 7 and 14, Land Laws Amendment Act, 1929 .. .. 73 6 0 Miscellaneous .. .. .. .. .. .. .. .. 12 14 8 86 0 8 Sales and capital receipts— Estates — £ s. d. Cash sales .. .. .. .. .. .. 111,810 6 6 Instalments of principal under deferred-payment licenses .. 25,019 18 1 Instalments of principal on buildings .. .. .. 5,616 4 0 142,446 8 7 Hutt Valley Lands — Cash sales .. .. .. .. .. .. 70,778 15 0 Instalments of principal under deferred-payment licenses .. 5,924 11 8 76,703 6 8 Land-development under section 8, Land Laws Amendment Act, 1929— Cash sales .. .. .. .. .. 1,668 9 9 Instalments of principal under deferred-payment licenses .. 247 10 5 Instalments of principal on buildings .. .. .. 54 7 8 1,970 7 10 Crown lands under section 20, Land Act, 1924 — Cash sales .. .. .. .. .. 97,458 0 2 Instalments of principal under deferred-payment licenses .. 30,818 0 3 Instalments of principal on buildings .. . . .. 1,007 5 1 129,283 5 6 National-endowment lands under section 302, Land Act, 1924— Cash sales .. .. .. .. .. .. 12,863 8 3 Instalments of principal under deferred-payment licenses .. 2,800 6 7 15,663 14 10 Mortgages —Advances for development of Crown and settlement lands, &c. : Repayment of advances for— Development of occupied Crown lands .. .. .. 21,301 13 8 Development of occupied settlement lands. . .. .. 4,144 17 1 Fencing-material, lime, &c., under Deteriorated Lands Act, 1925 376 9 11 25,823 0 8 Advances for roading of endowment lands: Repayment of principal .. .. .. •. ■ • .. .. 52 4 7 Deposits by lessees under section 208, Land Act, 1924, on account of capital values of land .. .. .. .. .. 2,882 13 2 394,825 1 10 Rents and interest — Rents — Derived from estates .. .. .. .. .. 440,588 411 Hutt Valley lands .. .. .. .. .. 147 3 11 Lands developed under section 6, Land Laws Amendment Act, 1929 4,431 17 8 445,167 7 6 Interest — On sales under deferred-payment licenses— Estates 22,155 17 7 Hutt Valley lands .. .. .. .. .. 5,787 3 2 Lands developed under section 6, Land Laws Amendment Act, 1929 .. .. .. .. .. .. 580 10 1 28,523 10 10 On advances : Mortgages— Development of occupied Crown lands .. .. .. 6,908 17 3 Development of Occupied settlement lands .. .. 975 4 3 Deteriorated Lands Act, 1925 .. .. .. .. 279 5 10 8,163 7 4 On advances for roading of endowment lands .. .. .. 158 18 1 482,013 3 9 Sales of produce, live-stock, and miscellaneous receipts— Seasonal farming receipts— Estates farmed .. .. .. .. . ■ 14,536 0 0 Crown lands under development .. .. .. .. 13,951 16 0 Settlement lands under development .. .. .. 49,941 5 9 78,429 I 9 Miscellaneous receipts— Estates .. .. .. .. 2,231 5 8 Crown lands under development .. .. .. .. 5,581 10 4 Settlement lands under development .. .. .. 13,037 3 4 20,849 19 4 99,279 I 1 Receipts from Hutt Valley Settlement lands applied towards money expended for the acquisition of land subject to the Hutt Valley Land Settlement Act, 1925, or in respect of the preparation of land for disposal .. .. .. .. •. •• •• •• 80,689147 Interest on investments .. .. .. .. .. •• •• 8,145 19 1 £1,549,641 16 8

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LAND FOR SETTLEMENTS ACCOUNT—continued. Keceipts and Payments for the Year ended 31st Maech, 1938—continued. Payments. Annual appropriation: Vote, Land for Settlements— £ s. d. £ s. d. £ s. d Sundry administration charges .. .. .. .. .. 1,057 5 8 Administration expenses— Development of Crown and settlement land under Parts I and 11, Land Laws Amendment Act, 1929 .. .. .. 1,014 14 4 Lands acquired under Land for Settlements Act .. . . 11,206 3 9 Cheviot Estate lands .. .. .. .. .. 828 4 2 Hutt Valley Settlement lands .. .. .. 1,948 9 2 14,997 11 5 Audit fees .. .. .. .. .. .. .. 250 0 0 Accident compensation paid to workmen on development works.. .. 110 0 7 Acquisition of lands and interests therein — Freehold lands acquired .. .. .. .. .. 1,120 5 4 Native land acquired for general settlement .. .. 144 10 8 Mergers of Discharged Soldiers Settlement Account .. .. 2,591 10 11 3,856 6 11 Advances for development of occupied lands — Crown lands .. .. .. .. .. .. 24,331 310 Settlement lands .. .. .. .. .. 15,175 19 0 Deteriorated Lands Act, 1925 .. ~ .. .. 26 18 9 39,534 1 7 Development of unoccupied lands— Crown lands — Improvements and equipment .. .. .. .. 4,915 5 4 Seasonal farming expenditure .. .. .. .. 28,985 80 33,900 13 4 Settlement lands— Improvements and equipment .. .. .. .. 45,167 14 0 Seasonal farming expenditure .. .. .. .. 31,991 9 6 77,159 3 6 Grants to County Councils for maintenance of country roads serving lands farmed by the Department .. .. .. .. 742 16 5 Improvements to and protection of settlement lands— Expenses incidental to estates .. .. .. _ .. 2,807 10 2 Seasonal expenses: Estates farmed .. .. .. 10,097 18 9 12,905 8 11 Lodgments on account of capital value of leases— Interest on .. .. .. .. .. .. 257 12 2 Refunds of .. .. .. .. .. .. 1,093 15 8 1,351 7 10 Payment to outgoing lessees for improvements .. .. .. 50 0 0 Refund of valuation fees .. .. .. .. .. .. 220 Deduction from Hutt Valley Settlement receipts towards purchasemoney and costs of preparation of the land for disposal .. .. 80,689 14 7 266,606 10 9 Interest and other charges on loans and capital liability— Interest payments — To Consolidated Fund in respect of interest payable on loan capital liability .. .. .. .. .. 423,143 8 8 On capital moneys received from the sales of Crown lands on account (1936-37) .. .. .. .. .. 4,270 9 1 On value of Crown lands included in estates .. .. 8,479 9 7 On capital moneys received from the sale of national-endowment lands .. .. .. .. .. .. 3,781 6 i On Cheviot Estate Accumulated Fund .. .. .. 18,534 3 0 458,208 16 5 Other charges— Recoupment of management charges of New Zealand Consolidated stock .. .. .. .. .. .. 1,616 15 4 Recoupment of stamp duty on transfers of stock .. .. 6 5 6 1,623 0 10 459,831 17 3 Carried forward .. .. .. .. .. 726 438 8 0

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LAND FOR SETTLEMENTS ACCOUNT —continued. Receipts and Payments foe the Yeak ended 31st Mabch, 1938 —continued. Payments—continued. £ s. d. £ s. d. £ s. d. Brought forward .. .. .. .. .. .. 726,438 8 0 Expenditure charged on proceeds of sales of lands — Crown lands : Sales under section 20, Land Act, 1924— Payment to the Public Works Fund of the value of lands set apart or acquired for the purposes of the Post and Telegraph Department but no longer required .. .. .. 35,052 5 5 Payment in respect of settlement land declared to be ordinary Crown land . . . . .. .. .. .. 561 19 0 Acquisition of undivided interests in Native lands under section 3, Native Land Purposes Act, 1934 .. .. 160 9 11 Purchase of land for a public domain from proceeds of realization of reserves in the Fendalton Riding of the Waimairi County 300 0 0 Improvement and development of domains from proceeds sales of area (Hamilton Domain) .. . . . . .. 20 0 0 Purchase of land for purpose of a domain or for the improvement and development of domains (Waihi Domain Board) .. 25 0 0 Payment to Railways Department being value of old stationsite, Auckland .. .. .. .. .. 115,000 0 0 Transfer to Small Farms Account the value of its interest in land now declared Crown lands .. .. .. .. 3,196 211 " Thirds " and " Fourths " paid to Local Bodies' Account from proceeds of sales of Crown lands .. .. .. 50 15 2 Recoupment of deteriorated lands interest in Crown lands on redisposal .. .. .. .. .. .. 108 13 8 154,475 6 7 National Endowment Lands—Sales under section 302, Land Act, 1924 : " Thirds " and " Fourths " paid under section 139, Land Act, 1924 .. .. .. .. .. ~ 14 11 8 154,489 18 3 Balance as at 31st March, 1938 — Cash .. .. .. .. .. .. .. .. 114,408 10 5 Investments .. .. .. .. .. .. 554,305 0 0 — — 668,713 10 5 £1,549,641 16 8

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LAND FOR SETTLEMENTS ACCOUNT—continued. Revenue Account for the Year ended 31st March, 1938.

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General. Cheviot. Hutt Valley. Total. Dr. £ s. d. £ s. d. £ s. d. £ g. d. Interest on— Loan capital liability .. .. .. .. .. 401,850 6 11 5,632 2 7 .. 407,482 9 6 Capital from proceeds of sales of Crown lands .. .. 84,368 15 7 .. .. 84,368 15 7 Value of Crown lands in estates .. .. .. .. 8,479 9 7 .. .. 8,479 9 7 National Endowment Trust Funds .. .. .. 3,781 6 1 .. .. 3,781 6 1 Cheviot Estate: Accumulated Fund transferred .. .. 18,534 3 0 .. .. 18,534 3 0 Deposits by lessees : Section 208, Land Act, 1924 .. . . 316 10 5 .. . . 316 10 5 Capital from land for settlements . . .. .. .. .. 2,342 11 6 2,342 11 6 Sundry charges re loans — Stamp duty on transfer of stock .. .. .. 656 .. .. 656 Recoupment of management charges of New Zealand con- 1,616 15 4 .. .. 1,616 15 4 solidated stock Proportion of premium on loan conversion .. .. 2,563 0 0 .. .. 2,563 0 0 Administration expenses— Estates .. .. .. .. .. .. 11,206 3 9 828 4 2 1,948 9 2 13,982 17 .1 Land Laws Amendment Act, 1929 .. .. .. 1,014 14 4 .. .. 1,014 14 4 Rebates — Rents, &e., from estates .. .. .. .. 27,525 15 11 1,472 5 6 10 7 11 29,008 9 4 Rents, &c., under Land Laws Amendment Act, 1929 .. 388 19 9 .. .. 388 19 9 Remissions of rent and interest— Land Board recommendations .. .. .. .. 9,588 6 7 129 17 7 .. 9,718 4 2 Under Mortgagors and Lessees Rehabilitation Act, 1936 .. 58,775 10 6 171 1 9 760 9 10 59,707 2 1 Under Mortgagors and Tenants Relief Act, 1933 .. .. 21 9 6 .. .. 21 9 6 Irrecoverable rents, &c., transferred to Suspense Accounts — Rents, &c., from estates .. .. .. .. 4,261 8 0 .. 123 0 6 4,384 8 6 Rents, &c., under Land Laws Amendment Act, 1929 .. 214 5 11 .. .. 214 5 11 Deficiency on disposal Ngamahanga Block .. .. .. 7,847 19 0 .. .. 7,847 19 0 Miscellaneous expenditure on estates .. .. . . 885 12 10' .. 90 10 5 976 3 3 Compensation for injuries incurred on development works . . 110 0 7 . . .. 110 0 7 Audit fees .. .. .. .. .. .. 250 0 0 .. .. 250 0 0 Salaries .. .. .. .. .. .. 1,000 0 0 .. .. 1,000 0 0 Travelling-expenses .. .. .. .. .. 34 5 7 .. .. 34 5 7 Telephone services .. .. .. .. .. 17 13 11 .. .. 17 13 11 Depreciation of plant, &e. .. .. .. .. 193 17 0 .. .. 193 17 0 Interest on Cheviot Estate fixed capital (see contra) .. .. .. 7,178 3 4 .. 7,178 3 4 Balance carried down .. .. .. .. .. .. 2,038 16 1 2,707 1 0 4,745 17 1 £644,852 15 7 £17,450 11 0 £7,982 10 4 £670,285 16 11 £ s. d. £ s. d. £ s. d. £ s. d. Balance brought down .. .. .. .. .. 37,729 9 1 .. .. 37,729 9 1 Transfer to Profit and Loss Appropriation Account . . .. . . .. 2,707 1 0 2,707 1 0 Transfer to reserve .. .. .. .. . . .. 2,038 16 1 .. 16 1 £37,729 9 1 £2,038 16 1 £2,707 1 0 £42,475 6 2 Cr. Rents and royalties— £ s. d. £ s. d. £ s. d. £ s. d. Estates .. .. .. .. .. .. 482,689 4 5 16,296 12 11 139 16 9 499,125 14 1 Land Laws Amendment Act, 1929 .. .. .. 5,295 9 3 .. .. 5,295 9 3 Interest on sales — Estates .. .. .. .. .. .. 25,537 12 0 1,001 13 1 5,210 2 10 31,749 7 11 Land Laws Amendment Act, 1929 .. . . . . 610 13 2 .. .. 610 13 2 Interest on capital expenditure £ s. d. Te Wera Estate .. .. .. 3,992 9 10 Brinklands Estate . . .. .. 832 19 3 Hutt Valley Settlement .. .. 2,342 11 6 Land-development .. .. .. 4,533 10 11 — 11,701 11 6 .. .. 11,701 11 6 Interest on advances — Land Laws Amendment Act, 1929 .. .. .. 10,140 8 7 .. .. 10 140 8 7 Deteriorated Land Act, 1925 .. .. .. .. 416 12 10 .. .. 416 12 10 Interest on loans for roading of endowment lands under section 47, Land for Settlements Act, 1925 — £ s. d. Wanganui River Trust Endowment .. 91 7 4 Otago University Endowment . . .. 81 17 3 173 4 7 .. .. 173 4 7 Profit on disposal of developed property .. .. .. 202 4 7 .. .. 202 4 7 Interest on investments .. .. .. .. .. 7,578 17 4 .. .. 7,578 17 4 Interest on investments in Public Debt Redemption Fund .. 55,505 15 9 152 5 0 .. 55,658 0 9 Valuation fees : Sections 7 and 14, Land Laws Amendment Act, 1929 .. .. .. .. .. .. 69 2 0 .. .. 69 2 0 Recovery of loss previously written off .. .. .. .. 7 10 0 7 10 0 Miscellaneous .. .. .. .. .. .. 24 7 2 .. .. 24 7 2 Interest on Cheviot Estate (see contra) .. .. .. 7,178 3 4 .. .. 7,178 3 4 Gross profit on trading .. .. .. .. .. .. .. 2,625 0 9 2,625 0 9 Balance .. .. .. .. .. .. 37,729 9 1 .. .. 37,729 9 1 £644,852 15 7 £17,450 11 0 £7,982 10 4 £670,285 16 11 £ s. d. £ s. d. £ s. d. £ s. d. Balance brought down .. .. .. .. .. .. 2,038 16 1 2,707 1 0 4,745 17 1 Transfer from reserve .. .. .. .. .. 37,729 9 1 .. .. 37,729 9 1 £37,729 9 1 £2,038 16 1 £2,707 1 0 £42,475 6 2

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LAND FOR SETTLEMENTS ACCOUNT—continued. Balance-sheet as at 31st March, 1938. Liabilities.

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General. Cheviot. Hutt Valle y- Total. Loan Capital— £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s . d. 3 per cent. .. 215,029 0 0 3J per cent. .. 6,182,488 5 11 .. 160,918 0 0 3| per cent. .. 364,150 0 0 4 per cent. .. 4,124,924 3 11 4£ per cent. .. 37,739 12 3 5 per cent. .. 110,000 0 0 Funded debt, £4 19s. 33,446 6 11 5-88d. Debentures not con- 200 0 0 verted 11,067,977 9 0 Crown lands included in estates .. 211,986 19 11 Sales of Crown land .. .. 2,625,575 17 5 Sales of buildings on Crown land .. 27,494 13 9 Capital transferred from Discharged 7,754 13 7 Soldiers Settlement Account 13,940,789 13 8 Less amount expended in opening up 191,802 1 10 Crown lands 13,748,987 1110 160,918 0 0 .. .. 13,909,905 1110 Dairy Shares Capital Account .. .. 2 16 0 .. . . .. 2 16 0 Accumulated funds— Cheviot Estate .. .. .. .. 465,782 10 2 .. .. 465,782 10 2 National Endowment Trust .. .. .. .. 151,242 12 3 .. 151 242 12 3 Deposits by lessees under section 208, 14,712 11 7 .. ' 14 712 lT 7 Land Act, 1924 " " ' Sundry creditors — Interest on investments paid in advance 595 17 10 Interest on capital from proceeds of 206,081 3 7 sales of Crown land Interest on loans due and unpaid .. 40 0 0 Turakina Domain .. .. .. 317 3 1 Departmental .. .. .. 1,938 15 9 .. 358 9 5 Miscellaneous .. .. .. 169 18 11 209,142 19 2 .. 358 9 5 .. 209,501 8 7 Interest on loans accrued but not due .. 94,863 13 4 1,373 6 3 .. .. 96,236 19 7 Hutt Valley estates — Purchases .. .. ;. .. .. ., 164,760 11 9 Roading and incidental expenses .. .. .. . . 228 480 111 Interest .. .. .. .. .. .. 13 2 474,901 6 10 Less deductions, section 11 (2) (a), .. .. . , 420 516 4 8 Finance Act, 1932 ' 54,385 2 2 54,385 2 2 Railway Improvements Authorization Act, .. .. 1 014 14 ] \ 014 ]4 \ 1914 : Interest on capital Land Laws Amendment Act, 1929 : Land subject to section 8 — Crown Lands Account .. .. 35,673 16 11 National Endowment Account .. 8,411 10 2 Primary Education Endowment Account 177 19 1 44,263 6 2 . . . . .. 44,263 6 2 Payments in advance — Rents, &c., on estates .. .. 3,878 0 2 15 7 6 .. 39 5 7 Principal instalments —Sales of Crown 1,627 5 11 .. 2 17 8 land Interest on advances for roading of 17 8 3 endowment lands Land Laws Amendment Act, 1929 . . 191 3 3 Deteriorated Lands Act, 1925 .. 7 2 7 5,721 0 2 15 7 6 2 17 8 39 5 7 5,778 10 11 Rents charges in advance .. .. 121,799 1 3 5,038 11 10 .. 3 8 4 126,841 1 5 Writings-off in Suspense— Estates .. ,.. .. .. 4,991 19 2 Land Laws Amendment Act, 1929 .. 939 14 6 5,931 13 8 .. .. .. 5,931 13 S Carried forward .. .. 14,245,424 13 2 633,127 15 9 151,603 19 4 55,442 10 2 15,085,598 18 5

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LAND FOR SETTLEMENTS ACCOUNT —continued. Balance-sheet as at 31st March, 1938 —continued. Liabilities—continued.

Assets.

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General. Cheviot. Hutt Valley. Total. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. Brought forward .. .. 14,245,424 13 2 633,127 15 9 151,603 19 4 55,442 10 2 15,085,598 18 5 Suspense Account: Deteriorated Lands 460 12 7 .. . . . . 460 12 7 Act, 1925 Suspense Account: Buildings and Im- 588 11 2 .. .. .. 588 11 2 provements Reserve for capitalized interest on land- 48,017 2 0 .. .. .. 48,017 2 0 development schemes Reserve Account, including unexpended 539,563 16 8 11.979 2 2 .. .. 551,542 18 10 loading for roads, &c. Reserve for transfers from Discharged 10,020 0 0 .. .. .. 10,020 0 0 Soldiers Settlement Account Development expenditure — Employment Promotion Fund (contra) 11,329 8 3 .. .. 11,329 8 3 Consolidated Fund (contra) .. .. 9,801 8 10 .. .. •• 9,801 8 10 Profit and Loss Appropriation .. . . •• 139,478 14 5 139,478 14 5 Cheviot Estate Account (contra) .. 286,993 7 9 .. .. .. 286.993 7 9 National Endowment Trust Account 105,174 11 11 .. .. ■■ 105,174 11 11 (contra) Cash (overdrawn) .. .. . ■ • • • ■ • ■ 0 10 0 0 10 0 £15,257,373 12 4 £645,106 17 11 £151,603 19 4 £194,921 14 7 £16,249,006 4 2

General. Cheviot. Hutt Valley. Total. Land Account — £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. Estates leased .. .. .. 10,154,967 2 11 330,449 12 8 Estates unlet 273,691 16 8 325 0 0 .. 56,862 0 0 10,428,658 19 7 330,774 12 8 .. 56,862 0 0 10,816,295 12 3 Land Laws Amendment Act, 1929 — Land leased .. .. .. 136,087 0 0 Land unlet .. .. .. . 9,572 12 4 145,659 12 4 . . .. ... 145,659 12 4 Provisional State forest .. .. 3,158 6 6 .. .. 3,158 6 6 10,965,113 11 1 Unpaid purchase-price (not yet payable) — Buildings on Crown lands .. .. 31,643 8 7 Buildings on estates .. .. 93,979 6 8 3 3 2 Sales of settlement land .. .. 388,621 11 11 18,090 8 4 .. 101,848 13 11 Sales of Crown land .. .. 485,374 11 2 .. 45,828 4 10 Land Laws Amendment Act, 1929 — Buildings 2,705 2 3 Sales of land .. .. .. 10,691 16 3 1,013,015 16 10 18,093 11 6 45,828 4 10 101,848 13 11 1,178,786 7 1 Realization Account .. .. .. 10,104 7 10 .. .. 10,104 7 10 Hutt Valley estates — Purchases 164,760 11 9 Roading and incidental expenses .. 228,480 111 Interest 81,660 13 2 474,901 6 10 Less deductions under section 11 (2) 420,516 4 8 (a) Finance Act, 1932 54,385 2 2 .. .. .. 54,385 2 2 Carried forward .. . . 11,654,982 5 3 348,868 4 2 45,828 4 10 158,710 13 11 12,208,389 8 2

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LAND FOR SETTLEMENTS ACCOUNT —continued. Balance-sheet as at 31st March, 1938 —continued. Assets —continued.

2—C. 5.

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General. | Cheviot. | Hutt Val,e y- Total - £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. Brought forward . . .. 11,654,982 5 3 348,868 4 2 45,828 4 10 158,710 13 11 12,208,389 8 2 Railway Department: Balance unpaid on .. .. .. 26,389 80 26,38980 area taken for workshops Advances on mortgage- — Land Laws Amendment Act, 1929— Current account: Crown lands .. 156,130 5 3 Current account: Settlement land . . 27,941 15 7 Instalment mortgage: Crown lands 21,822 1 4 Instalment mortgage: Settlement land 7,133 13 9 213,027 15 11 .. .. .. 213,027 15 11 Deteriorated Lands Act, 1925 — Current account .. .. .. 6,955 6 5 Instalment mortgage .. .. 1,188 14 0 8,144 0 5 .. .. .. 8,144 0 5 Advances for roading of endowment lands under section 47, Land for Settlements Act, 1925— Wanganui River Trust .. .. 1,983 0 5 Otago University Endowment .. 1,558 2 7 3,541 3 0 .. .. .. 3,541 3 0 Land Laws Amendment Act, 1929: Expenditure on development of Crown and settlement lands — Crown lands — Improvements .. .. .. 29,942 2 8 Equipment .. .. .. 6,249 7 10 Stock and farm accounts .. .. 22,501 13 3 Settlement lands — Improvements .. .. ■. 144,083 3 6 Equipment .. .. 15,753 5 6 Stock and farm accounts .. .. 35,3981011 253,928 3 8 .. .. .. 253,928 3 8 Interest on capital expenditure .. 48,017 2 0 .. .. .. 48,017 2 0 Station accounts, including improvements 131,091 8 9 .. .. .. 131,091 8 9 and live-stock Plant and machinery .. .. 3,863 0 0 Less depreciation reserve thereon .. 3,086 18 0 776 2 0 .. .. .. 776 2 0 Postponements of rent, interest, &c. — Under Land Act, 1924 — Rents, &c., from estates .. .. 23,560 14 5 Instalments: Sales of Crown land, &c. 263 9 9 .. 0 4 11 Land Laws Amendment Act, 1929: 214 1 1 Rents, &c. Under Mortgagors and Lessees Rehabilitation Act, 1936 — Rent, &c., from estates .. •• 6,384 15 3 Land Laws Amendment Act, 1929: 106 6 0 Rents, &c. 30,529 6 6 .. 0 4 11 .. 30,529 11 5 Sundry debtors for — Rents and royalties from estates .. 448,274 14 5 4,047 5 8 .. 237 19 11 Principal instalments — Buildings: Crown land .. .. 3,249 13 6 .. 335 7 8 Buildings: Estates .. .. 18,743 16 9 Sales of Crown lands .. .. 16,955 15 1 .. 265 10 0 Sales of settlement lands .. .. 19,685 5 10 600 5 0 .. 3,527 7 0 Advances under Deteriorated Lands 40 3 5 Act, 1925 Loans for roading of endowment lands 516 14 4 under section 47, Land for Settlements Act, 1925 ' Interest on loans for roading of endow- 931 8 11 ment lands under section 47, Land for Settlements Act, 1925 Carried forward .. .. 508,397 12 3 4,647 10 8 600 17 8 3,765 6 11 Carried forward .. .. 12,344,037 7 6 348,868 4 2 45,828 9 9 185,100 1 11 12,923,834 3 4

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LAND FOR SETTLEMENTS ACCOUNT—continued. Balance-sheet as at 31st March, 1938 —continued. Assets —continued.

W. Robertson, Under-Secretary for Lands. W. E. Shaw, Chief Accountant.

Approximate Cost of Paper.—Preparation, not given ; printing (560 copies), £19.

Authority: E. V. Paul, Government Printer, Wellington.—1938.

Price 6d.~\

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General. j Cheviot, TrastT' Hutt VaIley ' TotaL £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. Brought forward ,, .. 12,344,037 7 6 348,868 4 2 45,828 9 9 185,100 111 12,923,834 3 4 Sundry debtors for —continued. Brought forward .. .. 508,397, 12 3 4,647 10 8 600 17 8 3,765 6 11 Interest on sales of — Crown lands .. .. .. 186 19 4 Settlement lands .. .. 15,942 6 10 413 2 8 .. 5,623 5 9 Interest on sale of buildings : Estates .. 9,568 11 11 Interest on advances under Deteriorated 1,089 11 11 Lands Act, 1925 Land Laws Amendment Act, 1929 — Buildings instalments .. .. 8 14 5 Rent .. .. .. .. 2,182 1 7 Interest on sales .. .. .. 135 6 8 Interest on advances under sections 7 10,238 0 6 and 14 Principal instalments — Sales under section 8 .. 52 9 3 Mortgages .. .. .. 168 17 3 Insurances, &c. .. .. .. 47 4 1 Departmental .. .. .. 1,603 19 4 Miscellaneous .. .. .. 2,598 3 9 552,219 19 1 5,060 13 4 600 17 8 9,388 12 8 567,270 2 9 Orakei Block (see separate balance-sheet) 46,286 14 2 .. ., .. 46,286 14 2 Interest accrued but not due on — Investments .. .. .. 520 18 3 .. .. .. 520 18 3 Sales under deferred-payment licenses 5,862 13 11 226 2 6 .. 433 0 0 6,521 16 5 Outstanding losses : Suspense Account— Estates .. .. .. .. 4,991 19 2 Land Laws Amendment Act, 1929 .. 939 14 6 5,931 13 8 .. .. .. 5,931 13 8 Development expenditure— Employment Promotion Fund (contra) 11,329 8 3 .. .. .. 11,329 8 3 Consolidated Fund (contra) .. .. 9,801 8 10 .. .. .. 9,801 8 10 Investments in Public Debt Redemption 1,438,485 17 7 3,958 10 2 .. .. 1,442,444 7 9 Fund Consolidated Fund: Proportion of interest 161,365 14 8 .. .. 161,365 14 8 on Loan Account Premium on loan conversions .. .. 12,815 0 0 .. .. .. 12,815 0 0 Dairy shares .. .. . . 2 16 0 .. .. .. 2 16 0 Land for Settlements Account: General, .. 286,993 7 9 105,174 11 11 .. 392,167 19 8 as per contra Cash .. .. .. .. 114,409 0 5 .. .. .. 114,409 0 5 Investment Account: Securities held .. 554,305 0 0 .. .. .. 554,305 0 0 £15,257,373 12 4 £645,106 17 11 £151,603 19 4 £194,921 14 7 £16,249,006 4 2