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been found necessary to renew the current account at 6 per cent, is very few, and where it has been ascertained that conversion would act to the detriment of the mortgagor, action has been held over. In the majority of cases the conversion is welcomed by the mortgagor. The number of new advances on current account during the year is six, and it is expected that for the next few years there will be further applications. The new mortgagors are all shaping well. TARANAKI. (W. D. Armit, Commissioner of Crown Lands.) The soldier settlers, in common with the rest of the farming community, have experienced an excellent production season, which has, to a large degree, counterbalanced the ill-effects of low prices, particularly to the dairy-farmer. Numbers of factories having sold their output at fair prices, and in some instances combining the manufacture of casein with dairy-produce, has resulted in very fair returns to the soldier settlers concerned. In other localities, with different conditions, the low receipts have constituted a set-back, but in most cases increased production has helped the situation. Following copious rains in January and February, the month of March rainfall registered only 1-03 in. at New Plymouth, and enabled delayed haymaking to be completed. Good average rainfalls are maintaining pasture growth, and the season promises to be an excellent one for production. The grazier soldier settler has experienced a lean year, and equities in current account have been prejudicially affected. Wool is being held in store by some of the Crown mortgagors, and, wherever expedient, advances are being made on a conservative scale against this wool pending realization, to carry the settler along. The majority, however, have met the market and sold, accepting prices generally between 7d. and Bd. per pound. A large number of graziers dairy a small herd in addition, and this is helping materially during the present year of low prices. Hogget losses in a few instances have been exceptionally heavy. The first sheep fairs opened with low prices for settlers, but hardened later at subsequent sales. Cattle prices have been quite satisfactory, and show a good return this year in a number of soldier settlers' accounts. Ragwort continues to be a source of trouble in a number of cases. A supply of the cinnabar moth has been released on one property by the officers of the Department of Agriculture, and. in course of time some assistance may be expected from this source. Various sprays are also being experimented with on soldier properties with some encouraging results. The chief remedy is the provision of a small flock of sheep on high priced land, and financial assistance has been given in a number of such cases. The position generally may be summed up as being a year of slow progress owing to the general slump in values. During the past year the conversion of current account advances to instalment mortgages has been continued. Each case is treated on its merits, and sixty cases, involving the conversion of £25,900, have been completed during the period under review. During the past year eleven soldier properties have been abandoned, forfeited, or subjected to foreclosure. An improvement has been shown in taking up the abandoned farms, and twenty-nine have been disposed of, which is more than double the number of disposals for the previous year. Areas suitable for dairying will always command a ready sale. Of the properties dealt with under the provisions of the Discharged Soldiers Settlement Act, there are now 367 held by soldiers, and 129 held by civilians. House properties to the number of 487 are held under mortgage. The total amount of advances including current account outstanding as at the end of the year, amounts to £1,142,600 ss. Bd., being made up as follows : Current account, £155,645 lis. 6d. ; advances on houses, £295,672 6s. 9d. ; advances on farms, £691,227 2s. lid. ; and miscellaneous advances, £55 4s. 6d. The revenue for the year amounted to £168,517, and advances made came to £79,100 4s. 4d. Notwithstanding the lower prices prevailing, it is pleasing to note that arrears have shown an all round decrease as compared with the previous year. At present the arrears are as follows : On farms, £7,341 Bs. 2d. ; on house properties, £1,390 4s. 3d. ; and interest on current account, £1,390 19s. lOd. Powers of sale, in connection with house properties, were exercised in eight cases, and there were resales in nine cases. House properties are not in great demand at present, and there are seven still available for disposal, but it is hoped to get rid of three or four of these shortly. WELLINGTON. (H. W. C. Mackintosh, Commissioner of Crown Lands.) As the farms of the discharged soldiers are not situated in any particular locality, but are to be found right throughout the land district, the observations made with regard to the settlers on Ordinary Crown lands would apply equally to these. The sheep and wool grower has not had a prosperous year, but the dairy-farmer will probably come out about the same as last year. If butterfat prices had remained the same as for last year there is no doubt that the dairy-farmer would have had a most prosperous year. The Dominion Revaluation Board has practically completed its survey of the position with regard to soldiers' farms, and there is little doubt that the reductions, remissions, and other concessions granted by the Board will reflect beneficially on the settlers. The amount received during the year by way of payments of interest, principal, &c, was £313,310.

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