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delay, a large area of land was not brought into the market, as anticipated, before the end of the financial year. In 1893-94, for instance, a total area of 582,417 acres of all classes of land was opened for sale or selection, but during the past year only 381,458 acres. Had the subdivisions of the Hamilton runs, and other blocks in Woodland, Catlins, and Tautuku districts been ready in time, the area would have been increased by some 50,500 acres, making a total of 431,828 acres in addition to the areas previously opened and not disposed of. There have also been, as you are aware, a considerable number of surrenders of small grazing-run leases and pastoral licenses, which has also tended to bring the revenue below the estimate. The following are the areas opened during the year under the several methods of disposal: 22,206 acres, under the optional system of Part 111. of the Act; 1,324 acres as village-homestead allotments, under Part IV.; 214 acres as village allotments, under the said Part IV.; 84,289 acres under the small grazing-run system, Part V.; 268,263 acres for pastoral leasing, under Part VI.; 425 acres for sale by auction, being town, suburban, &c.; and there were 4,737 acres disposed of under sections 114 and 115 of the Act. There was also allotted, under the Improved Farm-settle-ment Eegulations, an area of 2,775 acres 2 roods 18 perches to twenty-eight settlers. The number of applications received on the first days of application were : Under the optional system, 633, of which 58 were successful; for small grazing-runs, 122, of which 8 were successful; for village-homestead allotments, 27, of which 13 were successful. Thus, for 79 sections or allotments balloted for, there were 782 applications. This does not, however, exhibit such keen competition as was shown in the operations of the previous year. I may here mention that, in the disposal of the subdivisions of portion of Eun 206 a, near Naseby, and known as part of Kyeburn Eun, a number of sections were dealt with under section 116 of the Act, yearly licenses being granted to the persons who had been residing on the land for many years by virtue either of the runholder's consent, or under privileges granted out of the Warden's Court. This temporary system was adopted on account of the alleged auriferous character of the land and the proximity of mining operations thereto. The lease-in-perpetuity system still continues the most popular, the proportion to occupation-with-the-right-of-purchase system being, in this district, including the exchanges, as ten to one. It will be noticed that the large area of 20,074 acres was exchanged from other tenures, principally from perpetual lease to lease in perpetuity, during the year. Operations of this character, as I mentioned last year, have a marked downward effect on the revenue, and no doubt these exchanges will continue in the future, especially as settlers find themselves pressed for money—availing themselves of this method of obtaining temporary relief and lower rentals. There still appears to be a considerable demand for pastoral country under the small grazing system; but owing, of course, to the unprecedentedly low prices for wool and sheep, at much lower rentals than have previously obtained. Bevenue, 1894-95. —The estimate of gross receipts, including endowments, was £73,695; the amount realised being £69,804 35., a deficiency of £3,890 175., of which the sum of £2,420 13s. lOd. comes under the head of small grazing-runs, attributable mainly, as has already been mentioned, to the failure to bring into market the area anticipated. The allocation of the year's revenue is as follows:— £ B< d . Gross receipts ... ... ... ... ...' ... 69,804 3 0 Eepayments— "Thirds" and "Fourths" to local bodies... £6,304 3 1 Land for Settlement Account ... ... 434 17 5 Endowment Account ... ... ... 1,710 10 8 Other refunds, survey fees, &c. ... ... 1,794 311 — 10,243 15 1 Total net revenue ... ... ... £59,560 7 11 With respect to the item, " Endowment Account," it is perhaps as well to explain that the difference between the gross receipts shown in the summary of transactions—namely, £1,723 7s. 6d., and the amount of £1,710 10s. 8d given in the items of repayments, is for statutory deductions paid into Public Account. While on the subject of revenue, it may not be uninteresting to summarise the receipts from this district during the seven years since the alteration of the boundaries of the Otago and Southland Land Districts, as has been done in the accompanying comparative statement, from which it will be seen that there has been a gradual decline, with the exception of the years 1890-91 and 1891-92, the latter showing an increase over the former. There can be no doubt, however, that the principal cause of the smaller amount in 1890-91 was the operations under the Selectors' Lands Eevaluation Act; indeed, it may safely be affirmed that that Act has operated more or less as one of the chief factors in the reduction of the revenue since the year 1888-89. The following is the statement referred to : —

Comparative Statement of Gross Receipts from All Sources during the Seven Years since the Alteration of the Land District (exclusive of Scrip.)

Years. From Crown Lands. From Endowment Lands. Total. .888-89 .889-90 .890-91 .891-92 .892-93 .893-94 ,894-95 £ s. d. 104,487 4 9 86,187 10 10 81,974 9 11 86,728 11 6 76,115 0 5 72,327 10 6 68,080 15 6 £ s. d. 1,625 17 4 1,724 18 9 1,171 12 1 1,735 3 4 1,854 10 4 1,574 6 7 1,723 7 6 £ s. d. 106,113 2 1 87,912 9 7 83,146 2 0 88,463 14 10 77,969 10 9 73,901 17 1 69,804 3 0 Totals 575,901 3 5 11,409 15 11 587,310 19 4