C.—9

6

Adjustments by Dominion Revaluation Board in Terms of the Discharged Soldiers Settlement Amendment Act, 1924, as at 31st March, 1929.

FINANCIAL REVIEW. Discharged Soldiers Settlement Account. During the year loans amounting to £130,546, as shown in the table below, have been authorized. Number of First-time ~A nf ° a^ h °n zed Advances authorized (including Additional Discharged Soldiers Settlement Act, 1915, section 6— during Year. £ Advances on Current Account .. .. .. ..61 90,391 Discharged Soldiers Settlement Amendment Act, 1917, section 2— Advances on farms, &c... .. .. .. ..4 13,756 Erection of dwellings, &c. .. .. .. ..21 26,399 86 £130,546 As in previous recent years, the bulk of the lending has been confined to Current Account, where, besides the granting of further accommodation to settlers for extending their finance coincident with the development of their properites, the opening of sixty-one new accounts has been approved. Advances under section 2 of the Discharged Soldiers Settlement Act, 1917, as disclosed in the table above, include £9,351 further loans on farms in connection with adjustments on renewal of mortgages, and £10,379 to enable mortgagors of residential properties to extend or improve their dwellings. Current Account Advances. —The summarized statement of mortgage transactions attached to this report discloses a reduction in the amount outstanding on Current Account as compared with last year of £326,580. Much of this reduction is only of a temporary nature, as in many instances the account is made use of by farmers as a banking account, into which is paid the revenues from their properties, and upon which they draw to meet seasonal or other occasional needs. This floating movement is illustrated by the fact that deposits into the account during the year totalled £694,015, while £657,836 was paid out by way of re-advances and new loans. The reduction in the total advances under this heading includes a sum of £223,460, representing conversions of the floating Current Account loans to instalment mortgage, this system of conversion being followed wherever the settler's equity in land and improvements is sufficient and other conditions are satisfactory.. It is a pleasing feature of the year's working to note that the cash receipts for interest payable on these accounts (£128,239) has exceeded the amount accrued due (£121,125) in the same period by more than £7,000 ; and, though the mortgagors still have a considerable amount of leeway to make up, it is apparent that the stabilizing work of the Revaluation Board is making itself felt. Receipts and Payments Account. —It is to be noted that the receipts have exceeded the record of last year, the total incomings (not including certain internal transfers) amounting to £1,961,653. Of this total capital receipts represent £1,205,892, while £757,761 is derived from interest on mortgage investments and other revenue sources. Among the payments the principal items are £697,722, representing advances to mortgagors, including ordinary Current Account drawings ; £680,250 utilized for repayment of loan capital; and £711,050 paid towards interest accrued on the loan capital. The following comparative statement shows receipts on Capital and Revenue Accounts for the last five years : — 1924-25. 1925-26. 1926-27. 1927-28. 1928-29. £ £ £ £ £ Capital .. .. 978,808 954,441 945,293 1,067,392 1,205,892 Revenue.. .. 638,259 686,546 708,391 755,586 757,761

Adjustments in Current Account. Adjustments in Buildings un er 1 Land for Settlements Act. Districts. Total Capital ' Reductions of Transferred to t> , A , | invested. \ Capital. Suspense Account. 0rl S inal Value ' Educed by I I £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. North Auckland .. .. 500,072 0 0 43,442 9 3 2,570 0 0 14,210 0 0 2,173 2 2 Auckland .. .. .. 802,751 6 1 39,321 4 0 13,830 0 0 16,959 0 0 1,406 17 1 Gisborne .. .. .. 116,010 0 0 850 0 0 .. 7,114 0 0 114 0 9 Hawke'sBay .. .. .. 213,162 19 I 6,008 7 11 380 0 0 9,990 0 0 1,507 11 2 Taranaki .. .. .. 297,530 12 9 25,164 0 8 850 0 0 5,030 0 0 1,941 10 2 Wellington .. .. .. 633,405 0 0 48,919 0 0 2,040 0 0 17,375 0 0 8,092 0 0 Marlborough .. .. .. 58,280 0 0 1,235 18 8 200 0 0 200 0 0 56 10 7 Nelson .. .. .. 106,184 13 3 2,356 14 0 762 0 0 4,610 0 0 Westland .. .. .. 34,176 9 8 1,735 0 0 Canterbury .. .. .. 250,967 8 6 3,992 6 2 2,035 0 0 38,712 8 10 1,931 5 10 Otago .. .. .. 127,808 8 2 3.509 1 0 90 0 0 11,080 2 1 828 0 7 Southland .. .. .. 111,080 8 10 2,653 16 10 300 0 0 6,080 0 0 689 0 7 Totals .. .. 3,251,429 6 4 1.79,187 18 6 23,057 0 0 131,360 10 11 18,739 18 11