C.—l

Table E. —Lands selected on "Optional" System, showing Preference of Tenure.

More markedly than in any previous year the fact is brought out that the selections under the occupation-with right-of-purchase tenure far outweigh those under the lease-in-perpetuity or cash tenures. The proportions for each tenure are respectively about 66 per cent., 16 per cent., and 18 per cent. Cash (Table 5). The alienation of Crown lands by absolute sale comprised 431 lots, of 22,476 acres, which realised £25,798, and included 270 town and suburban allotments (aggregating 422 acres put up to public competition by auction), and 161 rural sections, containing 22,054 acres (the latter comprising small lots sold without competition to adjacent owners under sections 114 and 117 of "The Land Act, 1892 "), and 113 selections under the optional system of the Act, amounting to 20,087 acres. Only 2,313 acres of all classes were offered for sale by auction for cash, the policy of the Land Boards being, as previously, to offer Crown lands for selection on terms involving as little demand as possible upon the capital of the applicants, and to insure the occupation thereof on improvement and residential conditions, so as to secure bond fide successful and productive settlement. The total area made freehold since the foundation of the colony is 14,816,478 acres, comprising cash sales, 12,798,711 acres; purchases of deferred-payment lands, 923,435 acres; perpetual-lease holdings, 732,170 acres; agricultural leases, 140,896 acres; village-settlement lands, 21,248 acres; special-settlement sections, 91,347 acres; homestead areas granted without payment, 80,275 acres; oceupation-with-right-of-purchase holdings, 21,693 acres; part of Cheviot Estate, 6,691 acres; and Land for Settlements areas, 12 acres. Deferred Payment (Table 6). This one of the popular systems of previous Land Acts calls for little remark. The record of transactions comprises 18 additional capitalisations of payments to reduce holders' immediate payments; 84 licensees made the final payments, and acquired the freehold of 8,957 acres; the number who have acted similarly since the initiation of the system is 7,044, and the' area 923,435 acres; the total amount paid thereon is £1,112,193; those remaining upon the registers are 402 holdings, aggregating 70,774 acres, on which £3,350 yearly instalments are payable. This tenure will ere long cease to appear in the returns. Perpetual Lease (Table 7). In common with the preceding system, no selections were made during the year, the business recorded, including 17 exchanges of tenure to the lease-in-perpetuity system, covering an area of 3,344 acres. There were 5 forfeitures of leases, 2 surrenders. The chief operation was the purchase by 103 tenants of the freehold of 26,547 acres, which added £16,968 to the revenue, bringing the number of holdings so purchased since the introduction of the tenure to 2,200, embracing 732,170 acres, of a capital value of £580,178. There are still 704 lessees on the books, occupying 130,128 acres, on which annual rentals to the amount of £5,121 are payable.

VIII

Occupation with Right of Purohase. Lease in Perpetuity. Cash. Year. Number. Area. Number. Area. Number. Area. .892-93 .893-94 894-95 895-96 .896-97 .897-98 .898-99 899-1900 900-1901 901-1902 902-1903 903-1904 Totals ... 161 461 ... 398 431 277 380 458 395 673 447 403 402 ... 4,886 Acres. 54,271 108,133 75,477 84,967 59,647 81,414 109,949 117,771 262,729 128,893 118,557 146,953 126 447 336 415 278 299 362 348 295 241 285 97 Acres. 55,320 151,324 87,374 89,144 62,229 76,953 99,262 111,108 97,138 65,468 108,065 30,710 325 249 174 169 90 65 114 95 127 237 79 113 Acres. 35,785 33,200 33,323 26,030 9,835 6,680 17,824 16,510 37,862 26,739 15,348 20,087 1,348,761 3,529 1,034,095 1,837 279,223