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

Appendix to the Journals of the House of Representatives, 1940 Session I, C-05

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1940. NEW ZEALAND.

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

Presented to both Houses of the General Assembly pursuant to SecMon 109 of the Land for Settlements Ant, 1925.

The Land Purchase Controller to the Hon. the Minister op Lands. Sir,-— Department of Lands and Survey, Wellington, 7th June, 1940. I have the honour to submit a report on the land-purchase operations for the year ended 31st March, 1940. In June, 1939, extensive inquiries were commenced in all districts as to the possibility of extending closer settlement by the acquisition of large estates for subdivisional purposes, and the fact that the results from this complete investigation were disappointing was due entirely to circumstances beyond the Dominion Land Purchase Board's control. Most of the suitable properties that came under review were not available for sale, and were being farmed in a manner which could not be criticized, and which therefore left no grounds for compulsory acquisition. The estates actually placed under ofier were, generally speaking, clearly unsuitable for purchase and subdivision, but there were some exceptions, and in respect of these good progress was made in negotiations with the owners. Although it was not possible to actually complete any purchases during the year, at the 31st March, the Board had contracted to buy two suitable properties in the Auckland District, brief details of which are given below : — " Matanuku Downs Estate," of 1,710 acres, situated two miles from Tokoroa Township and factory and twelve miles from Putaruru. The Department will undertake the development work necessary to convert the property into a first-class dairying proposition before subdividing it into about thirteen economic units of approximately 120 acres each. The vendor is Mr. T. M. Chambers. " Strathmore Estate," of 9,836 acres, located about twenty-eight miles from Rotorua and one mile from Reporoa Township. The Rotorua-Taupo Main Highway passes within about half a mile of the block. After further development, it will be possible to obtain from fifty to sixty self-contained dairy-farms. Possession will be taken on the Ist November, 1940, from the present owners, the Finance Corporation of New Zealand, Ltd. (in liquidation). The Board has also been negotiating for the purchase of several areas which will be within the region irrigated under the Valetta-Tinwald scheme, to be undertaken after the Rangitata diversion race is completed. No actual purchases were made within the financial year now under review. A minor transaction was the purchase of 104 acres 2 roods 27 perches to adjust the fencing-line on the Totara-o-te-Ruahina and Tutira Blocks, in the Hawke's Bay District. Settlement has still to be completed in respect of part of the area. Tables are attached giving particulars of the properties considered and land acquired during the year, together with a 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, 1940.

Table B.—Summary of Private Estates acquired to 31st March, 1940.

Table C. —Return of Private Land purchased and paid for during Period from 1st April, 1939, to 31st March, 1940.

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, 1939, to 31st March, 1940.

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NO. of m . i ' NO. Of m , | Land District. Properties °i' 'j 4 " 1 Land District. Properties - A a offered. offered ■ offered. oferod - Nearest acre. Nearest acre. North Auckland .. 5 6,636 Nelson .. .. 2 2,736 Auckland .. .. 11 27,589 Marlborough .. 3 19,218 Gisborne .. .. 1 13,668 Westland .. .. 1 1,242 Hawke's Bay .. .. .. .. Canterbury .. .. 12 7,409 Taranaki .. .. .. .. Otago .. .. 5 4,009 Wellington .. .. 2 713 Southland .. .. 3 2,711 Totals .. 45 85,931

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'sBay 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.) ___ j Name of Owner. Locality. Acquisition Settlement. Area. A pa°d' nt A. R. P. £ s. d. A. McKinnon .. .. Tutira .. .. By agreement .. 0 3 12 4 9 5 Estate of W. G. C. Hingston .. Kerikeri .. By agreement .. 58 00 18118 Richardson Bros. .. .. Gisborne .. By agreement .. 38 2 0 385 0 0 Totals .. .. .. .. .. .. 97 1 12 408 1 1

Payee. Land. Area. Amount paid. a. b. p. £ s. d. Native owners .. .. Part Moanakapiti-Huhurau- 110 2 15 7 mati.

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LAND FOR SETTLEMENTS ACCOUNT. Receipts and Payments Account for the Year ended 31st March, 1940. Receipts. £ s. d. £ s. d. Balance as at Ist April, 1939 .. .. .. ~ .. .. 182,837 8 9 Investment Account .. .. .. .. .. .. ~ 722 945 0 0 905,782 8 9 Credits-in-aid, vote " Land for Settlements " : Valuation fees, sections 7 and 14, Land Laws Amendment Act, 1929 . . .. .. .. . . . . . . .. 24 2 6 Sales and capital receipts— £ s , <J. Estates.. .. .. .. .. .. .. .. .. 56,239 5 0 Hutt Valley lands .. .. .. .. .. .. .. 40,462 15 4 Land-development under section 8, Land Laws Amendment Act, 1929 .. .. 2,007 0 5 Land Act, 1924, section 208 : Capital value of land .. .. .. 4,459 11 6 Crown lands under section 20, Land Act, 1924 .. .. .. .. 108,282 2 9 Repayment of advances for — Development of occupied— Crown lands .. .. .. .. .. .. .. 16,069 4 6 Settlement lands .. .. .. .. .. .. 4,279 14 5 Fencing-material, lime, &c., under Deteriorated Lands Act, 1925 .. .. 349 7 11 Roading of endowment lands .. .. .. .. .. .. 63 9 8 232,212 11 G Rents and interest— Rents— Derived from estates .. .. .. .. .. .. .. 356,777 14 4 Hutt Valley lands . . .. .. .. .. .. .. 146 o 0 Lands developed under section 6, Land Laws Amendmont Act, 1929 .. .. 5,279 16 4 Interest — On sales under deferred-paymerit licenses— Estates .. .. .. .. .. .. .. .. 21,910 4 6 Hutt Valley lands .. .. .. .. .. .. .. 4,669 2 8 Lands developed under section 6, Land Laws Amendment Act, 1929 .. 849 14 4 On advances : mortgages — Development of occupied — Crown lands .. .. .. .. .. .. .. 8,497 14 9 Settlement lands .. .. .. .. .. .. .. 1,673 2 6 Deteriorated Lands Act, 1925 .. . . .. .. .. .. 227 6 3 On advances for roading of endowment lands .. .. .. .. 165 14 7 400,196 10 3 Sales of produce, live-stock, and miscellaneous receiptsSeasonal farming receipts— Crown lands under development .. .. .. .. .. .. 22,629 14 2 Settlement lands under development .. .. .. .. 47,743 18 9 Miscellaneous receipts—• Estates .. .. .. .. .. .. .. .. 1,066 19 11 Crown lands under development . . .. .. .. .. .. 347 11 4 Settlement lands under development .. .. .. .. .. 26,067 10 9 97,855 14 11 Receipts from Hutt Valley Settlement lands applied towards money expended for the acquisition of land subject to the Hutt Valley Settlement Act, 1925, or in respect of the preparation of land for disposal 42,105 11 7 Recoveries on account of expenditure of previous years .. .. . . .. .. .. 27 14 4 Interest on investments .. .. .. .. .. .. ~ .. 24,050 16 0 £1,702,255 9 10

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LAND FOR SETTLEMENTS ACCOUNT —continued. Receipts and Payments Account for the Year ended 31.st March, 1940—continued. Payments. Annual appropriation, vote " Land for Settlements"— £ s. <1. £ a. <-1. Sundry administration charges .. .. .. .. .. 1,000 9 1.1 Administration expenses — Development of Crown and settlement land under Parts I and XI, Land Laws Amendment Aet, 1929 .. .. .. .. .. • • 936 9 4 Lands acquired under Land for Settlements Act .. .. .. •• 10,145 18 0 Hutt Valley Settlement lands .. .. .. .. .. . ■ 940 3 2 Audit fees .. .. .. . • • • • • • • • • 250 0 0 Accident compensation paid to workmen on development works .. .. .. 94 13 6 Acquisition of lands and interests therein— Native lands .. .. .. .. .. •• •• 2 15 7 Freehold lands acquired .. .. .. .. .. .. • • 408 1 I Crown lands declared to be settlement lands .. .. .. .. 331 17 6 Advances for development of occupied lands — Crown lands .. .. .. .. .. •• •• 20,736 14 6 Settlement lands .. .. .. .. •• •• •• 7,702 7 2 Development of unoccupied landsCrown lands .. .. .. .. •• •• •• •• 17,735 8 3 Settlement lands .. .. .. •• •• ■ • •• 72,413 811 Grants to County Councils for maintenance of county roads serving lands farmed by the Department .. .. .. . • • ■ • • • • 500 18 2 Improvements to and protection of settlement lands .. .. .. .. 2,176 14 8 Lodgments on account of capital value of leases — Interest on .. .. .. . • • ■ • • • • • • 433 5 9 Refunds of .. •. • • • ■ ■ • • • ■ • • • 317 18 9 Deduction from Hutt Valley Settlement receipts towards purchase-money and costs of preparation of the land for disposal .. .. . ■ • ■ • • 42,105 11 7 178,232 15 10 Interest and other charges on loans and capital liability— Interest payments — On loan capital . . - • • • • • • • • • .. 434,881 10 6 On value of Crown lands included in estates .. .. .. •• 8,479 9 7 On Cheviot Estate Accumulated Fund. .. .. .. ■■ 18,613 16 10 On capital moneys received from sale of Crown lands .. .. .. 48,678 2 7 510,652 19 6 Other charges—■ Management charges of New Zealand consolidated stock .. .. .. 1,290 17 6 Stamp duty on transfers of stock.. .. .. .. •• 268 12 7 Charges and expenses of raising loans .. .. .. .. •• 24,303 5 1 25,868 15 2 Expenditure charged on proceeds of sale of Crown lands— " Thirds " and " Fourths " paid to Local Bodies' Deposit Account .. .. 7 9 4 Recoupment of Deteriorated Lands Account interest on Crown land .. .. 52 2 6 Transfer to Small Farms Account .. .. ■ • • • • • • • 1,168 14 8 Transfer in respect of Hutt Valley Settlement lands .. .. .. .. 1,450 0 0 Transfer to State Coal-mines .. .. . • • • • • • • 50 0 0 Transfer to State Forest Account .. .. • • • • • • • • 922 0 0 Payment in respect of land obtained for Government work now declared to be Crown land . . .. .. . - ■ • • ■ • ■ • • 184 10 8 Payment to Public Works Fund of value of land previously post-office sites . . 4,853 15 3 Acquisition of Native land .. .. .. ■■ 18 13 11 Settlement lands converted into ordinary Crown lands .. .. .. 750 0 0 Improvement and development of domains— Hamilton Domain .. .. • ■ ■ • • • • • • ■ 1 > "50 0 0 Laingholm Domain .. .. .. • • • • ■ • • • 25 0 0 6 11,132 6 4 Amortization of debt: Transfer to Loans Redemption Account .. .. .. 3,206 0 0 \ Balance at 31st March, 1940 — Cash 378,776 17 3 Investments .. .. .. •• •• •• •• •• 594,385 15 9 973,162 13 0 £1,702,255 9 10

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LAND FOR SETTLEMENTS ACCOUNT—continued. Revenue Account for the Year ended 31st March, 1940.

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J General. J Cheviot. j Hutt Valley. Totai. Dr. Interest On- £ s. d. £ s. d. £ s . d. £ s. d. Loan capital liability .. .. .. .. .. 421,817 13 10 5,632 2 7 .. 427 449 16 5 Capital from proceeds of sales of Crown lands .. .. 93,847 15 3 .. 93' 847 15 3 Value of Crown lands in estates .. .. .. .. 8,479 9 7 .. 8 479 9 7 Cheviot Estate: Accumulated Fund transferred .. .. 11,656 0 5 8,957 16 5 18 613 16 10 Deposits by lessees: Seotion 208, Land Act, 1924 .. .. 469 17 8 .. '459 17 g Sundry charges re loans— Stamp duty 011 transfer of stock .. .. .. .. 268 12 7 .. .. 268 12 7 Recoupment of management charges of New Zealand consoli- 1,296 17 6 '' | 296 17 6 dated stock Proportion of premium on loans conversion .. .. 7,426 5 1 .. ,, 7 420 g j Administration expenses— Estates •• •• •• •• 9,138 6 1 702 13 10 940 3 2 10 781 3 1 Land Laws Amendment Act, 1929 .. .. .. 807 15 3 .. '807 jg Rebates— Rents, &c., from estates .. .. .. .. 31,578 6 2 1,335 12 8 14 3 5 32 928 2 3 Rents, &c., under Land Laws Amendment Act, 1929 . . 809 15 11 . . '809 15 11 Remissions of rent and interest— Land Board recommendations .. .. .. .. 8,757 1 1 110 12 1 118 2 8 879 1 4 Under Mortgagors and Lessees Rehabilitation Act, 1936 .. 51,686 9 3 1,350 16 8 34 10 7 53'o71 16 6 Irrecoverable rents, &c., transferred to Suspense Accounts— Rents, &c., from estates .. . . .. . , 3,198 6 2 . . 29 19 11 3 228 6 1 Rents, &c., under Land Laws Amendment Act, 1929 .. 328 3 9 .. '328 3 9 Deficiency on disposal of development blocks.. .. .. 347 9 3 ., 347 g 3 Miscellaneous expenditure on estates .. .. .. 408 19 0 .. 1 14 0 410 13 0 Compensation for injuries incurred on development works .. 90 18 0 .. 90 18 0 Audit fees .. .. .. .. .. .. 250 0 0 !! " 250 0 0 Salaries.. .. .. .. .. .. .. 1,000 0 0 .. 1 000 0 0 Travelling-expenses .. .. .. . . .. 70 4 2 .. ' 70 4 2 Telephone services .. .. .. . . .. 15 0 0 .. ' 15 0 0 Depreciation of plant, &c. .. .. .. .. .. 193 3 6 .. 193 3 Capital reduction : Mortgagors and Lessees Rehabilitation Act, 1936 •• •• •• •• 5,583 2 5 .. .. 5 583 2 5 Depreciation on land-values .. .. .. .. 189,727 14 11 .. 189'727 14 II Interest on development expenditure erroneously recouped in 6,346 1 7 .. 6 346 I 7 previous years Balance carried down .. .. .. .. .. .. 1,163 0 I 20,218 2 0 21,381 2 I £855,599 8 5 £17,252 14 4 £21,250 I 3 £894,102 4 0 £ s - d. £ s. d. £ s. d. £ s d Balance brought down .. .. .. .. .. 331,269 3 9 .. 331 269 3 9 Transfer to reserve .. .. .. .. .. .. 1,163 0 1 '! ' l'i63 0 1 Transfer to Profit and Loss Appropriation Account .. .. .. 20,21820 2o'2l820 £331,269 3 9 £1,163 0 1 £20,218 2 0 £352,650 5 10 Gr. Rents and royalties— £ g . d. £ s. d. £ s. d. £ s. d. Estates .. .. .. .. .. .. 406,187 9 10 15,982 3 0 141 18 2 422 311 11 0 Land Laws Amendment Act, 1929 .. .. .. 6,000 17 8 6 000 17 8 Interest on sales— A + A' + looo 20,170 16 1 947 11 0 4,983 13 1 26,102 0 2 Land Laws Amendment Act, 1929 .. .. .. 1,065 5 10 I 065 5 10 Interest on development expenditure recovered . . .. 350 3 7 350 3 7 Interest on advances— Land Laws Amendment Act, 1929 .. .. .. 11,185 9 11 H igg 9 jj Deteriorated Lands Act, 1925 .. .. .. .. 268 5 7.. '268 5 7 Interest on loans for roading of endowment lands under section 47, Land for Settlements Act, 1925— Wanganui River Trust Endowment .. .. .. 88 17 8 .. 88 17 8 Otago University Endowment . . .. . . .. 77 2 1 .. 77 2 I Interest on investments .. .. .. .. .. 18,926 3 5 . . 18 990 3 g Interest on investments in Public Debt Redemption Eund .. 59,841 0 3 323 0 4 ! 60 164 0 7 Valuation fees: Sections 7 and 14, Land Laws Amendment Act, 24 2 6 94 9 r 1929 " " Amounts credited to dairy company shares .. .. .. 12 9 0 12 9 0 Miscellaneous .. .. .. .. .. .. 132 13 j32 ] •{ Gross profit on trading .. .. .. .. .. .. " 16,124 10 0 16 124 10 0 Balance carried down .. .. .. .. .. 331,269 3 9 331 269 3 9 £855,599 8 5 £17,252 14 4 £21,250 1 3 £894,102 4 0 Bl . ..I £ s. d. £ s. d. £ s. d. £ s. d. Balance brought down .. .. .. .. .. .. 1,163 0 I 20,218 2 0 21 381 2 1 Transfer from reserve .. .. .. .. .. 154,018 12 8 .. .. 154'oi8 12 8 Balance: Loss to 31st March, 1940 .. .. .. .. 177,250 11 I 177* ">50 II I £331,269 3 9 £1,163 0 1 £20,218 2 0 £352,650 5 10

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LAND FOR SETTLEMENTS ACCOUNT—continued. Balance-sheet as at 31st March, 1940. Liabilities.

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| General. Cheviot. Hutt Valley. | Total. Loan capital— £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. 3 per cent. .. .. .. 215,029 0 0 3£ per cent. .. .. .. 6,179,282 5 11 .. 160,918 0 0 3J per cent. .. .. .. 364,150 0 0 4 per cent. .. .. .. 4,124,924 3 11 4J per cent. .. •. •. 37,739 12 3 5 per cent. .. .. .. 110,000 0 0 Funded debt, £4 19s. 5 - 88d... .. 33,446 6 11 Debentures not converted .. .. 200 0 0 11,064,771 9 0 Crown lands included in estates .. .. .. 211,940 0 0 Sales of Crown lands and buildings .. .. .. 3,121,265 0 3 Capital transferred from 'Discharged Soldiers Settlement 4,789 5 6 Account 14,402,765 14 9 Less amount expended in opening up Crown lands .. 191,802 1 10 14,210,963 12 11 160,918 0 0 .. 14,371,881 12 11 Dairy Shares Capital Account .. . . .. 21 8 10 .. ■ ■ 21 8 10 Deposits by lessees under section 208, Land Act, 1924 .. 21,116 16 1 .. ■■ 21,116 16 1 Accumulated Fund: Cheviot Estate .. .. .. .. 464,180 5 2 .. 464,180 5 2 Sundry creditors — Interest on capital from proceeds of sales of Crown lands 336,045 18 9 Interest on loans due and unpaid .. .. . . 56 0 0 Turakina Domain .. .. . . . • • ■ 317 3 1 Departmental .. .. . . . • • • 969 15 11 Miscellaneous .. .. .. .. 1,945 10 0 339,334 7 9 .. 339,334 7 9 Rents charged in advance .. .. .. .. 104,720 12 0 5,079 13 4 5 0 0 .109,805 5 4 Buildings interest charged in advance .. .. •• 567 4 11 2 11 4 .. 569 16 3 Interest on loans accrued but not due .. .. .. 97,589 15 5 1,373 6 3 .. 98,963 I 8 Hutt Valley estates— Purchases .. .. •• •• •• •• •• 164,981 11 6 Roading and incidental expenses .. .. .. .. •• 228,728 9 11 Interest . . .. •• • • •• • • ■ • •• 81,666 3 8 475,376 5 1 Less deductions, section 11 (2) (a), Finance Act, 1932 .. .. 475,376 5 1 Railway Improvements Authorization Act, 1914 : Interest .. .. 1,014 14 1 1,014 14 1 on capital Land Laws Amendment Act, 1929: Land subject to section 8 — Crown Lands Account .. .. .. • ■ 4-4,007 13 8 Primary Education Endowment Account .. .. 177 19 I 44,185 12 9 .. .. 44,185 12 9 Writings-off in Suspense .. .. •• •• 7,422 8 1 .. 29 19 II 7,452 8 0 Payments in advance — Rents, &c., on estates .. .. •• 6,560 18 1 9 17 9 521 12 I Principal instalments, &c. : Sales of Crown lands . . 386 16 10 Land Laws Amendment Act, 1929 .. . . .. 753 1 9 Deteriorated Lands Act, 1925 .. .. • ■ 14 18 3 7,715 14 11 9 17 9 521 12 1 8,247 4 9 Suspense Account : Deteriorated Lands Act, 1925 .. 218 5 11 .. .. 218 5 11 Sundry suspense accounts . . . . . - • • 547 15 10 . . .. 547 15 10 Reserve for capitalized interest on land-development schemes 68,901 10 3 .. .. 68,901 10 3 Reserve Account .. .. •• •• •• 14,167 13 10 .. 14,167 13 10 Reserve for transfers from Discharged Soldiers Settlement 9,663 19 7 .. .. 9,663 19 7 Account Development expenditure — Employment Promotion Fund (contra) .. .. 23,346 11 0 .. .. 23,346 11 0 Consolidated Fund (contra) .. .. .. •• 9,801 8 10 .. .. 9,801 8 10 Profit and Loss Appropriation.. .. .. •• •• •• 168,695 14 2 168,695 14 2 Cheviot Estate Account (contra) •. .. • • 292,479 10 9 .. .. 292,479 10 9 Hutt Valley Land Settlement Account (contra) .. .. 800 0 3 .. .. 800 0 3 £15,239,396 16 1 £645,731 7 8 £170,267 0 3 £16,055,395 4 0

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LAND FOR SETTLEMENTS ACCOUNT—continued. Balance-sheet as at 31st March, 1940—continued. Assets.

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j General. J Cheviot. Hutt Valley. Total. Land Account— £ 8 . d. £ s. d. £ a. d. £ s. d. Estates leased .. .. .. .. .. 9,845,373 8 2 327,513 9 8 Estates unlet .. .. .. .. .. 324,145 13 5 325 0 0 34,855 0 0 10,169,519 1 7 327,838 9 8 34,855 0 0 10,532,212 11 3 Land Laws Amendment Act, 1929—• Land leased .. .. .. .. . . 131,143 10 0 Land unlet .. .. .. .. .. 8,856 10 0 140,000 0 0 .. .. 140,000 0 0 Provisional State forest .. .. .. .. 3,158 6 6 .. .. 3 158 6 6 10,675,370 17 9 Buildings on estates (unsold) .. .. .. 6,550 29 .. .. 6,550 2 9 Capital expenditure on estates.. .. .. . . 750 0 0 .. .. 750 0 0 Unpaid purchase-price (not yet payable)— Buildings on Crown lands .. .. .. 49,824 2 1 195 0 8 Building on estates .. .. .. .. 92,760 11 10 Sales of settlement land .. .. .. 360,943 19 10 17,461 5 4 99,964 11 4 Sales of Crown lands .. .. 594,150 4 5 Land Laws Amendment Act, 1929 — Buildings .. .. .. .. .. 1,212 18 9 Sales of land .. .. .. .. 14,430 I 3 1,113,321 18 2 17,656 6 0 99,964 11 4 1,230,942 15 6 Realization Account .. .. .. .. 6,321 11 4 .. .. 6 321 11 4 Hutt Valley estates — Purchase.. .. .. .. .. .. 164,981 11 6 Roading and incidental expenses .. .. . . 228,728 9 11 Interest .. .. .. .. .. .. 81,666 3 8 475,376 5 I Less deductions under section 11 (2) (a), Finance Act, 1932.. .. .. .. .. .. 475,376 5 1 Railway Department: Balance unpaid on area taken for .. . . 26,389 8 0 26.389 8 0 workshops Advances on mortgage — Land Laws Amendment Act, 1929 — Current account : Crown lands .. .. .. 124,995 14 11 Current account: Settlement lands .. ,. 31,311 0 7 Instalment mortgage : Crown lands .. .. 65,885 10 6 Instalment mortgage: Settlement lands .. .. 10,916 7 6 233,108 13 6 Less proceeds held in seasonal advances accounts to 3,635 13 2 meet charges 229,473 0 4 .. .. 229,473 0 4 Deteriorated Lands Act, 1925— Current account .. .. .. .. 2,308 4 4 Instalment mortgage .. .. .. .. 3,211 7 5 5,519 11 9 5,519 11 9 Advances for roading of endowment lands under section 47, Land for Settlements Act, 1925— Wanganui River Trust .. .. .. .. 1,901 3 3 Otago University Endowment .. .. . . 1,449 16 11 3,351 0 2 3,351 0 2 Land Laws Amendment Act, 1929 : Expenditure on development of Crown and settlement lands— Crown lands .. .. .. .. .. 53,539 7 4 Settlement lands .. .. .. .. .. 239,683 0 1 293,222 7 5 .. .. 293,222 7 5 Interest on capital expenditure: Land-development .. 68,901 10 3 . . .. 68,901 10 3 Plant and machinery.. .. .. .. .. 3,835 0 0 Less depreciation reserves thereon .. .. .. 3,452 18 6 382 1 6 | 382 1 6 I Carried forward .. .. .. .. 12,040,470 11 9 I 345,494 15 8 ! 161,208 19 4 12,547,174 6 9

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LAND FOR SETTLEMENTS ACCOUNT—continued. Balance-sheet as at 31st March, 1940 —continued. Assets—continued.

R. G. Macmorran, Under-Secretary for Land?, G. 1. Beeson, Chief Accountant.

Approximate Cost of Paper.—Preparation, not given ; printing (535 copies), £15 10s.

By Authority: E. V. Paul, Government Printer, Wellington.—l94o. Price 6d.]

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General. Cheviot. | Hutt Valley. j Total. £ s. d. £ s. d. £ a. d. £ s. d. Brought forward .. .. .. 12,040,470 11 9 345,494 15 8 161,208 19 4 12,547,174 (i 9 Postponements of rents, instalments, &c. — Land Act 1924— Bents, &c., from estates .. .. .. .. 8,650 0 8 Instalments: Sales of Crown lands, &c. .. .. 128 16 1 Land Laws Amendment Act, 1929 : Bents, &c. .. 308 2 2 Under M ortgagors and Lessees Rehabilitation Act, 1936— Bents, &c., from estates .. .. . . .. .10,445 12 4 80 0 0 Land Laws Amendment Act, 1929 : Rents, &c. .. 79 17 10 19,612 9 1 80 0 0 .. 19,692 9 I Sundry debtors for— Bents and royalties from estates .. .. .. 126,470 6 5 3,163 10 1 198 14 11 Principal instalments — Buildings : Crown lands . . .. .. . . 992 4 3 Buildings : Estates .. . . .. .. 2,857 7 8 Sales of Crown lands .. .. .. .. 9,28391 Sales of settlement lands .. .. .. 4,503 16 2 ,. 3,374 5 6 Advances under Deteriorated Lands Act, 1925 .. 48 13 8 Loans for reading of endowment lands under section 47, 594 17 10 Land for Settlements Act, 1925 Interest on loans for reading of endowment lands under 932 9 3 section 47, Land for Settlements Act, 1925 Interest on sales of— Settlement lands .. .. .. .. 4,896 18 7 0 1 0 4,230 0 4 Buildings: Estates .. .. .. .. 2,968 0 10 Interest on advances under Deteriorated Lands Act, 1925 216 2 8 Land Laws Amendment Act. 1929— Water levies .. . . .. .. .. 71 10 0 Bents .. .. .. .. .. .. 2,221 5 0 Interest on sales.. .. . . .. .. 58 13 6 Interest on advances under sections 7 and 14 .. 8,049 13 3 Principal instalments— Sales under section 8 .. . . .. 9 117 Buildings .. .. .. .. .. 10 10 11 Mortgages .. .. .. .. .. 263 19 11. Insurances, &c. ... .. .. .. 25 1 10 Departmental .. .. .. .. . . 30,619 2 7 Miscellaneous .. .. .. .. .. 3,498 15 6 198,592 10 6 3,163 11 1 7,803 0 9 209,559 2 4 Orakei Block (see separate balance-sheet) .. .. 23,709 12 4 .. .. 23,709 12 4 Interest accrued but not due on.— Investments .. .. .. .. .. 1,080 2 5 .. .. 1,080 2 5 Sales under deferred-payment licenses, &<•. .. .. 6,003 1 2 231 19 8 425 0 0 6,660 0 10 Outstanding losses : Suspense Account .. .. 7,422 8 1 .. 29 19 11 7,452 8 0 Development expenditure— Employment Promotion Fund (contra) .. .. 23,346 11 0 .. .. 23,346 11 0 Consolidated Fund (contra) .. .. .. .. 9,801 8 10 .. .. 9,801 8 10 Investments in Publio Debt Bedemption Fund .. .. 1,555,866 6 6 4,281 10 6 .. 1,560,147 17 0 Consolidated Fund : Proportion of interest on Loan Account 175,920 0 4 .. ., 175,920 0 4 Premium on loan, conversions .. . . .. 27,129 0 0 .. .. 27,129 0 0 Dairy shares .. . . . . . . . . 29 10 0 .. .. 29 10 0 Bevenue Account : Loss to 31st March, 1940 .. .. 177,250 I I 1 .. .. 177,250 11. 1 Land for Settlements Account : General, as per contra .. .. 292,479 10 9 800 0 3 293,279 11 0 Cash, &c. .. .. .. .. .. .. 378,776 17 3 .. .. 378,776 17 3 Investment Account: Securities held .. .. .. 594,385 15 9 .. .. 594,385 15 9 £15,239,396 16 1 £645,731 7 8 £170,267 0 3 £16,055,395 4 0