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

Appendix to the Journals of the House of Representatives, 1939 Session I, C-05

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1939. NE W ZEAL A N D.

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 August, 1939. I have the honour to submit a report on land-purchase operations for the year ended 31st March, 1939. Numerous offers to dispose of land have been received from private owners and have been carefully considered as to whether purchase could be proceeded with. In a number of cases the properties offered were clearly unsuitable for subdivision ; any others offering prospects of subdivision have been investigated as to price, access roading, and cost of further development, but for various reasons it has not been possible to complete purchase of any properties for closer settlement during the year. Four parcels of land totalling 1,121 acres 3 roods 25 perches have been purchased, these areas being acquired as additions to land already leased, and in one case as an addition to land under development by the Department. The areas of freehold purchased during the previous year to consolidate the Crown's position with the Molesworth and Tarndale Runs have been spelled and- intensively rabbited, following the policy adopted on the run areas. The work is having good results all round, and a general improvement in the natural vegetation and grazing-capacity of these blocks is becoming apparent. On the Galatea Estate development has reached a stage where consolidation is the main objective, and operations are covered under the heading of " Land-development " in the general Lands report (parliamentary paper C.-l). On the six share farms (excluding the station areas and leased land) 479 dairy cows were milked and satisfactory results were again achieved, although the prolonged dry spell caused an early fall in production. The Te Wera Estate has continued to be worked as a station area, and is carrying 9,846 sheep and 2,000 cattle. Returns have appreciably benefited as a result of extensive use of cobaltized salt licks on this property, and the analysis into average weight of wool per sheep and percentage of stock losses indicates the desirability of continuing this treatment over an extended period. 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., R. G. Macmorran, 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, 1939.

Table B. —Summary of Private Estates acquired to 31st March, 1939.

Table C.—Return of Private Land purchased and paid for during Period from 1st April, 1937, to 31st March, 1939.

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I II 1 Land District. Number. Are^^^ ates Land District. Number. Acres. Acres. North Auckland .. 6 10,592 Marlborough .. 2 8,800 Auckland .. .. 5 3,214 Nelson Gisborne .. .. .. .. Westland Hawke's Bay .. .. .. .. Canterbury . . .. 2 3,378 Taranaki .. .. 3 3,048 Otago .. .. 1 374 Wellington .. .. 1 1 Southland .. .. 1 1,736 Totals .. 21 31,143

Land District. Number. Area. Purchase-money. Acres. £ North Auckland .. .. 54 48,986 455,075 Auckland .. .. .. 76 376,106 1,243,883 Gisborne .. .. .. 26 86,380 790,131 Hawke's Bay .. .. .. 59 264,783 1,714,292 Taranaki .. .. .. 27 31,959 376,031 Wellington .. .. .. 157 160,846 2,350,638 Marlborough .. .. .. 23 234,591 756,482 Nelson .. .. .. 14 48,821 150,473 Westland .. .. .. 3 6,032 14,062 Canterbury .. .. .. 180 451,584 3,524,894 Otago .. .. .. 82 336,803 2,036,018 Southland .. .. .. 34 94,396 522,280 Totals .. .. 735 2,141,287 13,934,259

(For Native Land, see next Table.) Name of Owner. Locality. AcquUition Settlement. Area. A. R. P. £ s. d. Estate of H. McGirr .. .. Methven .. By agreement Olunes .. 78 0 29 1,368 3 5 State Advances Corporation of South Taranaki.. By agreement .. 981 0 0 ]50 (I 0* New Zealand Mrs. E. Crampton .. .. Petone.. .. By agreement Hutt Valley 0 0 36 220 19 9 Estate of W. G. C. Hingston .. Kerikeri .. By agreement .. 62 2 0 15 0 0* Totals.. .. .. .. .. .. 1,121 3 25 1,754 3 2 * Amounts actually paid after 31st March, 1939. Table D.—Payment from Land foe Settlements Account pursuant to Section 10 (1) of the Native Land Amendment Act, 1932, during Period from 1st April, 1938, to 31st March, 1939. Nil.

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LAND FOR SETTLEMENTS ACCOUNT. Receipts and Payments Account fob the Year ended 31st March, 1939. Receipts. £ s. d. £ s. d. Balance as at Ist April, 1938 .. .. .. .. .. .. 114,408 10 5 Investment Account .. .. .. .. .. .. .. 554,305 0 0 668,713 10 5 Credits-in-aid — Vote, Land for Settlements : Valuation i'eos, sections 7 and 14, Land Laws Amendment Act, 1929 .. .. .. .. .. .. 66 9 8 Sales and capital receipts— Estates — £ s. d. Cash sales .. .. .. .. .. .. 79,410 16 3 Instalments of principal under deferred-payment licenses .. 12,456 18 11 Instalment of principal on buildings .. .. .. 10,767 611 102,635 2 1 Hutt Valley lands— Cash sales .. .. .. .. .. .. 1,351 19 9 Instalments of principal under deferred-payment licenses .. 6,032 13 10 7,384 13 7 Land-development under section 8, Land Laws Amendment Act, 1929— Cash sales .. .. .. .. .. .. 991 17 10 Instalments of principal under deferred-payment licenses .. 452 19 3 Instalments of principal on buildings .. .. .. 145 3 7 1,590 0 8 Crown lands under section 20, Land Act, 1924 — Cash sales .. .. .. .. .. .. 98,509 14 1 Instalments of principal under deferred-payment licenses .. 38,301 11 5 Instalments of principal on buildings .. .. .. 2,829 2 0 139,640 7 6 National-endowment lands under section 302, Land Act, 1924 — Cash sales .. ... .. .. .. .. 9,345 9 2 Instalments of principal under deferred-payment licenses .. 1,717 19 4 Instalments of principal on buildings .. .. .. 93 11 1 11,156 19 7 Mortgages—Advances for development of Crown and settlement lands, &c. : Repayment of advances for— Development of occupied Crown lands .. .. .. 20,049 11 4 Development of occupied settlement lands .. .. 5,421 10 8 Fencing-material, lime, &c., under Deteriorated Lands Act, 1925 487 8 0 25,958 10 0 Advances for roading of endowment lands: Repayment of principal .. . . .. .. .. .. .. 48 9 8 Deposits by lessees under section 208, Land Act, 1924, on account of capital values of land.. .. .. .. .. .. 2,372 1 3 290,786 4 4 Rents and interest—• Rents— Derived from estates .. .. .. .. .. 400,670 16 11 Hutt Valley lands .. .. .. .. .. 172 9 0 Lands developed under section 0, Land Laws Amendment Act, 1929 .. .. .. .. .. .. 5,069 17 8 405,913 3 7 Interest — On sales under deferred-payment licenses — Estates .. .. .. .. .. .. 26,510 J4 11 H utt Valley lands .. .. .. .. .. 5,388 12 9 Lands developed under section 6, Land Laws Amendment Act, 1929 .. .. .. .. •• 662 11 6 32,561 19 2 On advances : Mortgages— Development of occupied Crown lands .. .. .. 8,714 5 7 Development of occupied settlement land s .. .. 1, 326 I 9 Deteriorated Lands Act, 1925 .. .. .. .. 399 0 6 10,439 7 10 On advances for roading of endowment lands .. .. .. 149 7 0 449,063 17 7 Sales of produce, live-stock, and miscellaneous receipts— Seasonal farming receipts— Estates farmed .. .. .. .. .. 12,110 14 8 Crown lands under development .. .. .. .. 13,575 11 0 Settlement lands under development .. .. .. 66,520 0 6 92,206 6 2 Miscellaneous receipts— Estates .. .. .. .. .. .. 1,650 19 4 Crown lands under development .. .. .. .. 2,912 0 6 Settlement lands under development .. .. .. 32,498 9 8 37,061 9 6 129,267 15 8 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 .. .. .. .. .. .. .. .. 12,754 8 10 Interest on investments .. .. .. .. .. .. .. .. 8,893 4 8 £1,559,545 11 2

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LAND FOR SETTLEMENTS ACCOUNT—continued. Receipts and Payments Account eor the Year ended 31st March, 1939 —continued. Payments. Annual appropriation: Vote, Land for Settlements— £ s. d. £ s. d. Sundry administrative charges .. .. .. .. .. 1,066 1 4 Administration expenses— Development of Crown and settlement land under Parts 1 £ s. d. and 11, Land Laws Amendment Act, 1929 .. .. 317 16 9 Lands acquired under Land for Settlements Act .. .. 9,779 17 4 Cheviot Estate lands .. .. .. .. .. 791 10 5 Hutt Valley Settlement lands .. .. .. .. 172 19 6 11,062 4 0 Audit fees .. .. .. .. .. .. .. 250 0 0 Accident compensation paid to workmen on development works .. 16 19 0 Acquisition of lands and interests therein— Freehold lands acquired.. .. .. .. .. 1,589 3 2 Crown' lands declared to be settlement lands .. .. 364 5 0 1,953 8 2 Advances for development of occupied lands — Crown lands .. .. .. .. .. .. 28,963 13 9 Settlement lands .. .. .. .. .. 8,923 16 2 Deteriorated Lands Act, 1925 .. .. .. .. 196 5 0 38,083 14 11 Development of unoccupicd lands— Crown lands— Improvements and equipment .. .. .. .. 7,264 2 1 I Seasonal farming expenditure .. .. .. .. 16,207 16 11 23,471 19 10 Settlement lands — Improvements and equipment .. .. .. 51,462 18 3 Seasonal farming expenditure .. .. .. .. 34,226 19 11 85,689 IS 2 Grants to County Councils for maintenance of county roads serving lands farmed'by the Department .. .. . . .. 637 0 0 Improvements to and protection of settlement lands— Expenses incidental to estates .. ~ .. .. 5,607 5 2 Seasonal expenses: Estates farmed .. .. .. 12,252 11 3 17,859 16 5 Lodgments on account of capital value of leases— Interest on .. .. .. .. ... .. 329 7 10 Refunds of .. .. .. .. .. .. 109 9 6 438 17 4 Deduction from Hutt Valley Settlement receipts towards pur-chase-money and costs of preparation of the land for disposal .. 12,754 8 10 193,284 8 0 Interest and other charges on loans and capital liability— Interest payments— To Consolidated Fund in x'espeet of interest payable on loancapital liability .. .. .. .. .. 414,337 5 0 On value of Crown lands included in estates .. .. 8,479 9 7 On capital moneys received from the sales of national-endow-ment lands .. .. .. .. .. .. 4,354 11 8 On Cheviot Estate Accumulated Fund .. .. .. 18,631 6 0 445,802 12 3 Other charges— Recoupment of management charges of Now Zealand consolidated stock .. .. .. .. .. 1,621 12 0 Recoupment of stamp duty on transfers of stock .. .. 6 5 6 1,627 17 6 447,430 9 9 Expenditure charged on proceeds of sales of lands — Crown lands : Sales under section 20, Land Act, 1924— Payment to the Publio Works Fund of the value of lands set apart or acquired for the purposes of the Post and Telegraph Department but no longer required .. .. .. 7,534 9 4 Payment in respect of settlement land declared to be ordinary Crown land .. .. .. .. .. .. 4,102 1 9 Acquisition of undivided interests in Native lands under section 3, Native Land Purposes Act, 1934 .. .. 5 3 0 Payment to the Public Works Fund for land obtained for Government works now deemed to be Crown lands .. 556 17 0 Recoupment of Deteriorated Lands Account interest in Crown lands .. .. .. .. .. .. 48 13 3 Transfer to Small Farms Account the value of its interest in land now deemed to be ordinary Crown lands .. .. 696 8 I "Thirds" paid to Local Bodies' Deposit Account under section 139, Land Act, 1924 .. .. .. .. 94 15 1 13,038 8 0 National-endowment lands —Sales under section 302, Land Act, 1924 : " Thirds" paid under seotion 139, Land Act, 1924, to Local Bodies' Deposit Acoount .. .. .. .. .. 9 16 8 13,048 4 8 Balance as at 31st March, 1939 — Cash .. .. .. .. .. .. .. .. 182,837 8 9 Investments .. .. .. .. .. .. .. 722,945 0 0 905,782 8 9 £1,559,545 11 2

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LAND FOR SETTLEMENTS ACCOUNT—continued. Revenue Account for the Year ended 31st March, 1939.

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General. Cheviot. Hutt Valley. Total. Dr. Interest on— £ s. d. £ 8. d. £ s. d. £ s. d. Loan-capital liability .. .. .. .. .. 404,324 12 11 5,632 2 7 .. 409,956 15 6 Capital from proceeds of sales of Grown lands .. .. 84,795 2 6 .. .. 84,795 2 6 Value of Crown lands in estates .. .. .. .. 8,479 9 7 .. .. 8,479 9 7 National Endowment Trust Funds .. .. .. 4,354 11 8 .. .. 4,354 11 8 Cheviot Estate: Accumulated Fund transferred .. .. 18,63160 .. .. 18,63160 Deposits by lessees: Section 208, Land Act, 1924 .. .. 349 3 6 .. .. 349 3 6 Capital from Land for Settlements —General .. .. . . .. 5 10 6 5 10 6 Sundry charges re. loans— Stamp duty on transfer of stock .. .. .. .. 656 .. .. 656 Recoupment of management charges of New Zealand con- 1,621 12 0 .. .. 1,621 12 0 solidated stock Proportion of premium on loan conversion.. .. .. 2,563 0 0 . . . . 2,563 0 0 Administration expenses — Estates .. .. .. .. .. .. 10,024 16 9 791 10 5 172 19 6 10,989 6 8 Land Laws Amendment Act, 1929 .. .. .. 448 5 1 .. .. 448 5 1 Rebates— Rents, &c., from estates .. .. .. .. 32,018 10 3 1,570 6 3 13 3 6 33,602 0 0 Rents, &c,, under Land Laws Amendment Act, 1929 .. 602 18 1 .. .. 602 18 1 Remissions of rent and interest— Land Board recommendations .. .. .. .. 10,311 19 5 17 10 10 230 18 1 10,560 8 4 Under Mortgagors and Lessees Rehabilitation Act, 1936 .. 268,562 9 5 638 12 5 433 1 3 269,634 3 1 Irrecoverable rents, &c., transferred to Suspense Accounts — Rents, &c., from estates .. .. .. .. 4,756 17 10 .. 78 11 7 4,835 9 5 Rents, &c., under Land Laws Amendment Act, 1929 .. 510 11 0 .. .. 510 11 0 Deficiency on disposal of development blocks. . ... .. 9,086 4 11 .. .. 9,086 4 11 Miscellaneous expenditure on estates and preliminary expenses 515 12 6 .. 246 14 0 762 6 6 Compensation for injuries incurred on development works .. 1299 .. .. 1299 Audit fees .. .. .. .. .. .. 250 0 0 .. .. 250 0 0 Salaries . . .. .. . . .. .. .. 1,000 0 0 . . .. 1,000 0 0 Travelling-expenses .. .. .. .. .. 35 15 6 . . .. 35 15 6 Telephone ser vices .. .. .. .. .. 15 0 0 .. . . 15 0 0 Depreciation of plant, &c, .. .. .. .. .. 247 5 0 .. .. 247 5 0 Interest on Cheviot Estate fixed capital (see contra) .. .. .. 7,151 11 4 .. 7,151 11 4 Balance carried down .. .. .. .. .. . . 1,025 11 7 8,998 17 9 10,024 9 4 £863,523 19 2 £16,827 5 5 £10,179 16 2 £890,531 0 9 £ s. d. £ s. d. £ s. d. £ s. d. Balance brought down .. .. •• .. •• 338,240 17 5 .. .. 338,240 .17 5 Transfer to reserve .. .. . . .. • • ■ ■ 1,025 11 7 .. 1,025 11 7 Transfer to Profit and Loss Appropriation Account .. .. .. .. 8,998 17 9 8,998 17 9 £338,240 17 5 £1,025 11 7 £8,998 17 9 £348,265 6 9 Cr. Rents and royalties— £ s. d. £ s. d. £ s. d. £ s. d. Estates .. .. .. .. .. .. 402,951 1 0 15,890 3 1 133 4 2 418,974 8 3 Land Laws Amendment Act, 1929 .. .. .. 6,260 4 6 .. .. 6,260 4 6 Interest on sales— Estates .. .. .. .. .. .. 20,993 3 6 937 2 4 5,157 1 II 27,087 7 9 Land Laws Amendment Act, 1929 .. .. .. 733 3 10 .. .. 733 3 10 Interest on capital expenditure— Brinklands Estate . . .. .. . . . . 808 6 5 .. . . 808 6 5 Hutt Valley Settlement .. .. .. .. .. 5 10 6 .. .. 5 10 6 Land-development .. .. .. .. .. 2,033 2 8 .. ., 2,033 2 8 Interest on advances- — Land Laws Amendment Act, 1929 .. .. .. 11,073 10 5 .. .. 11,073 10 5 Deteriorated Lands Act, 1925 . . .. .. .. 328 6 7 .. .. 328 6 7 Interest on loans for reading of endowment lands under section 47, Land for Settlements Act, 1925 — Wanganui River Trust Endowment .. .. .. 87 18 2 .. .. 87 18 2 Otago University Endowment .. .. .. .. 79 12 3 . . .. 79 12 3 Interest on investments .. .. .. 15,172 19 3 .. .. 15,172 19 3 Interest on investments in Public Debt Redemption Fund .. 57,539 8 8 .. .. 57,539 8 8 Valuation fees : Sections 7 and 14, Land Laws Amendment Act, 39 17 6 .. .. 39 17 6 1929 Amounts credited to dairy-company shares .. .. . . 14 5 0 .. .. 14 5 0 Miscellaneous .. .. .. ■■ • • 1102 .. .. 1102 Interest on Cheviot Estate (see contra) .. .. 7,151 11 4 .. .. 7,151 11 4 Gross profit on trading .. . .. . . .. .. 4,889 10 1 4,889 10 I Balance carried down .. •• 338,240 17 5 .. .. 338,240 17 5 £863,523 19 2 £16,827 5 5 £10,179 16 2 £890,531 0 9 £ s. d. £ s. d. £ s. d. £ s. d. Balance brought down .. .. •• •• •• 1,025 11 7 8,998 17 9 10,024 9 4 Transfer from Reserve .. .. .. •• 338,240 17 5 .. .. 338,240 17 5 C338.240 17 5 £1,025 11 7 £8,998 17 9 £348,265 6 9

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LAND FOR SETTLEMENTS ACCOUNT—continued. Balance-sheet as at 31st March, 1939.

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Liabilities. General. Cheviot. "ment'Tru8t° W " 1Jutt Valle y' | Total. Loan capital— £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. 3 per cent. .. 218,235 0 0 3J per cent. .. 6,179,282 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 II 5-88d. Debentures not con- 200 0 0 verted 11,067,977 9 0 Crown lands included in estates .. 211,940 0 0 Sales of Crown lands and buildings .. 2,804,319 15 4 Capital transferred from Discharged 9,277 19 7 Soldiers Settlement Account 14,093,515 3 11 Less amount expended in opening up 191,802 1 10 Crown lands 13,901,713 2 1 160,918 0 0 .. .. 14,062,631 2 I Dairy Shares Capital Account . . . . 56 15 8 .. .. .. 56 15 8 Deposits by lessees under section 208, Land 16,975 3 4 .. .. .. 16,975 3 4 Act, 1924 Accumulated funds— Cheviot Estate .. .. .. .. 465,346 0 2 .. .. 465,346 0 2 National Endowment Trust .. .. .. .. 162,107 5 7 .. 162,107 5 7 Sundry creditors — Interest on.capital from proceeds of sales 290,876 6 I of Crown lands Interest on loans due and unpaid ... 48 0 0 Turakina Domain .. .. .. 317 3 1 Departmental .. .. .. 1,270 0 4, .. 7 0 0 Miscellaneous .. .. .. 1,223 13 9 .. .. 17 17 0 293,735 3 3 .. 7 0 0 17 17 0 293,760 0 3 Rents charged in advance .. .. 110,851 4 4 5,028 14 10 .. 2 8 2 115,882 7 4 Interest on loans accrued but not due .. 97,599 5 2 1,373 6 3 .. .. 98,972 11 5 Hutt Valley estates— Purchases .. .. .. .. .. .. 164,981 11 6 Roading and incidental expenses .. .. .. .. 228,726 15 11 Interest .. .. .. .. .. .. .. 81,666 3 8 475,374 11 1 Less deductions, section 11 (2) (a), .. .. .. 433,270 13 6 Finance Act, 1932 . 42,103 17 7 42,103 17 7 Railway Improvements Authorization Act, .. .. .. 1,014 14 1 1,014 14 1 1914 : Interest on capital Land Laws Amendment Act, 1929 : Land subject to section 8— Crown Lands Account .. .. 35,482 0 6 National Endowment Account .. 8,441 10 2 Primary Education Endowment Account 177 19 1 44,101 9 9 .. .. .. 44,101 9 9 Writings-off in Suspense— Estates .. .. .. .. 9,279 5 8 .. .. 78 11 7 Land Laws Amendment Act, 1929 .. 1,115 6 6 10,394 12 2 .. 78 11 7 10,473 3 9 Payments in advance — Rents, &c., on estates .. .. 7,886 1 5 23 14 6 .. 54 12 11 Principal instalments, &c.: Sales of 547 12 3 .. 28 10 5 Crown lands Land Laws Amendment Act, 1929 .. 458 4 8 Deteriorated Lands Act, 1925 .. 9 18 2 8,901 16 6 23 14 6 28 10 5 54 12 II 9,008 14 4 Suspense Account: Deteriorated Lands 271 19 3 .. .. .. 271 19 3 Act, 1925 Suspense Account: Buildings and 398011 .. .. .. 398 011 improvements Reserve for capitalized interest on land- 44,449 4 7 . . . . .. 44,449 4 7 development schemes Reserve Account, including unexpended 154,111 12 0 13,004 139 .. .. 167,11659 loading for roads, &c. Reserve for transfers from Discharged 9,824 2 11 .. .. .. 9,824 2 11 Soldiers Settlement Account Development expenditure— Employment Promotion Fund (contra) 21,729 12 9 .. .. .. 21,729 12 9 Consolidated Fund (contra) .. .. 9,801 8 10 .. .. .. 9,801 8 10 Profit and Loss Appropriation .. .. .. .. .. 148,477 12 2 148,477 12 2 Cheviot Estate Account (contra) .. 291,400 9 2 .. .. .. 291,400 9 2 National Endowment Trust Account 116,321 14 10 .. .. .. 116,321 14 10 (contra) £15,132,636 17 6 £645,694 9 6 £162,142 16 0 £191,749 13 6 £16,132,223 16 6

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LAND FOR SETTLEMENTS ACCOUNT—continued. Balance-sheet as at 31st March, 1939 —continued.

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Assets. General. Cheviot. Hutt Valle y- Total - Land Account I £ s. d. £ s. d. £ s. d. £ 8. d. £ s. d. Estates leased .. .. .. | 10,074,610 5 11 328,889 4 8 Estates unlet .. .. .. 253,780 5 0 325 0 0 .. 39,818 0 0 10,328,390 10 11 329,214 4 8 .. 39,818 0 0 10,697,422 15 7 Land Laws Amendment Act, 1.929 — Land leased .. .. .. 131,529 10 0 Land unlet .. .. .. 10,136 10 0 141,666 0 0 .. 141,666 0 0 Provisional State forest .. .. 3,158 6 6 .. .. .. 3,158 6 6 10,842,247 2 1 Unpaid purchase-price (not yet payable)— Buildings on Crown lands .. .. 41,132 17 0 .. 1,452 6 10 Buildings on estates .. .. 97,986 19 5 Sales of settlement land .. .. 375,618 16 6 17,662 19 1 .. 117,557 12 6 Sales of Crown lands .. .. 520,635 9 11 .. 43,942 17 11 Land Laws Amendment Act, 1929 — Buildings .. .. .. 1,283 16 3 Sales of land .. .. .. 14,757 13 7 1,051,415 12 8 17,662 19 1 45,395 4 9 117,557 12 6 1,232,031 9 0 Realization Account .. .. .. 7,128 1 4 .. .. .. 7,128 1 4 Hutt Valley estates — Purchases .. .. .. 164,981 11 6 Roading and incidental expenses .. 228,726 15 1.1 Interest .. .. .. 81,666 3 8 475,374 11 1 Less deductions under section 11 (2) 433,270 13 6 (a), Finance Aet, 1932 42,103 17 7 .. .. .. 42,103 17 7 Railway Department: Balance unpaid on .. .. .. 26,389 8 0 26,389 8 o area taken for workshops Advances on mortgage— Land Laws Amendment Act, 1929— Current account: Crown lands .. 149,406 11 8 Current account: Settlement lands.. 30,088 17 7 Instalment mortgage : Crown lands.. 43,002 6 8 Instalment mortgage: Settlement 10,067 13 10 lands 232,565 9 9 Less proceeds held in seasonal ad- 7,347 12 7 vanees accounts to meet charges 225,217 17 2 .. .. .. 225,217 17 2 Deteriorated Lands Act, 1925 —■ Current account .. .. .. 4,433 14 1 Instalment mortgage .. .. 1,740 1 1 6,173 15 2 .. .. .. 6,173 15 2 Advances for roading of endowment lands under section 47, Land for Settlements Act, 1925— Wanganui River Trust .. .. 1,942 1 7 Otago University Endowment .. 1,505 4 10 3,447 6 5 .. .. .. 3,447 6 5 Land Laws Amendment Act, 1929: Expenditure on development of Crown and settlement lands — Crown lands— Improvements .. .. .. 16,908 2 11 Equipment .. . . .. 1,439 17 1 Stock and farm accounts .. .. 36,998 12 10 Settlement lands — Improvements .. .. .. 157,945 18 8 Equipment .. .. .. 18,126 19 0 Stock and farm accounts .. .. 13,149 9 9 244,569 0 3 .. .. .. 244,569 0 3 Carried forward ' .. 12,053,270 8 0 346,877 3 9 45,395 4 9 183,765 0 6 12,629,307 17 0

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LAND FOR SETTLEMENTS ACCOUNT —continued. Balance-sheet as at 31st March, 1939 —continued. Assets —continued.

R. G. Maomokkan, Under-Secretary for Lands. G. I. Beeson, Chief Accountant.

Approximate Cost of Paper.—Preparation, not given ; printing (560 copies), £15.

By Authority: E. V. Patjl, Government Printer, Wellington. —1939. Price 6(L

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General. ! Cheviot. N& me£t »Sst° W " Hutt Vall6 y- T «to'- £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. Brought forward .. .. 12,053,270 [8 0 346,877 3 9 45,395 4 9 183,765 0 6 12,629,307 17 0 Interest on capital expenditure: Land- 44,449 4 7 .. .. .. 44,449 4 7 development Station accounts, including improvements, 132,097 0 3 .. .. .. 132,097 0 3 live-stock, and equipment Plant and machinery .. .. .. 3,863 0 0 Less depreciation reserve thereon .. 3,334 3 0 528 17 0 .. .. .. 528 17 0 Postponements of rent, interest, &o. — Under Land Act, 1924— Bents, &c., from estates .. .. 8,801 4 2 Instalments: Sales of Crown lands, &c. 152 6 0 Land Laws Amendment Act, 1929: 184 3 5 Bents, &c., Under Mortgagors and Lessees B,ohabilitation Act, 1936 — Bents, &c., from estates .. .. 14,591 12 4 90 0 0 Land Laws Amendment Act, 1929: 244 7 9 Bents, &c. 23,973 13 8 90 0 0 .. .. 24,063 13 8 Sundry debtors for — Bents and royalties from estates .. 162,498 13 2 3,089 10 6 .. 197 14 11 Principal instalments— Buildings: Crown lands .. .. 1,290 1 1 .. 4 13 3 Buildings: Estates .. .. 5,136 3 2 Sales of Crown lands .. .. 11,483 11 8 .. 421 3 2 Sales of settlement lands .. .. 6,251 0 0 .. .. 3,005 7 5 Advances under Deteriorated Lands 38 3 2 Act, 1925 Loans for roading of endowment lands 562 1 3 under section 47, Land for Settlements Act, 1925 Interest on loans for roading of endow- 932 4 I ment lands under section 47, Land for Settlements Act, 1925 Interest on sales of — . Crown lands .. .. . . 141 7 1 Settlement lands .. .. 5,302 13 2 0 0 6 .. 4,246 2 1 Buildings: Estates .. .. 3,311 13 0 Interest on advances under Deteriorated 363 9 5 Lands Act, 1925 Land Laws Amendment Act, 1929 — Bents .. .. .. .. 2,133 12 6 Interest on sales .. .. .. 59171 Interest on advances under sections 7 8,097 8 J and 14 Principal instalments— Sales under section 8 .. 35 2 11 Buildings .. 10 2 2 Mortgages .. .. . . 185 10 3 Insurances, &c. . . .. .. 20 9 8 Departmental .. .. .. 2,178 17 9 57 19 8 Miscellaneous .. .. .. 420 8 10 210,452 9 6 3,147 10 8 426 16 5 7,449 4 5 221,475 1 0 Orakei Block (seo separate balancc-sheet) 33,379 8 2' .. .. .. 33,379 8 2 Interest accrued but not due on— Investments .. .. .. 6,204 15 0 .. .. .. 6,204 15 0 Sales under deferred-payment licenses 5,752 12 11 220 15 9 .. 439 0 0 6,412 8 8 Outstanding losses : Suspense Account— Estates .. .. .. .. 9,279 5 8 .. .. 78 11 7 Land Laws Amendment Act, 1929 .. 1,115 6 6 10,394 12 2 .. .. 78 11 7 10,473 3 9 Development expenditure— Employment Promotion Fund (contra).. 21,729 12 9 .. .. .. 21,729 12 9 Consolidated Fund (contra) .. .. 9,801 8 10 .. .. .. 9,801 8 10 Investments in Publio Debt Bedemption 1,496,025 6 3 3,958 10 2 .. .. 1,499,983 16 5 Fund Consolidated Fund: Proportion of interest 168,489 16 0 .. .. .. 168,489 16 0 on Loan Account Premium on loan conversions .. .. 10,252 0 0 .. .. .. 10,252 0 0 Dairy shares.. .. .. .. 71 0 8 .. .. .. 71 0 8 Land for Settlements Account: General, .. 291,400 9 2 116,321 14 10 .. 407,722 4 0 as per contra Cash .. .. .. .. 182,819 11 9 .. .. 17 17 0 182,837 8 9 Investment Account: Securities held .. 722,945 0 0 .. .. .. 722,945 0 0 £15,132,636 17 (i £645,094 9 6 £162,142 16 0 £191,749 13 6 £16,132,223 16 6