SOLDIER SETTLEMENT

Hokitika Guardian, 18 October 1929, Page 2

SOLDIER SETTLEMENT

SIXTEEN MILLIONS i INVESTED. WELLINGTON, Oct. 15. The Discharged Soldier Settlement report tfor the past year shows generally satisfactory conditions among the .1965-soldiers who, between them, are farming 1,399,182 acres. There was further settlement of 3091 acres during the year, but as the scheme is now merging into the ordinary and Crown Lands system some large areas proclaimed 1 for soldier settlement have had the reservation revoked. It is stated that an increased number of soldier settlers have now reached that desirable point when they may look forward to a more enjoyable prospect and increased measure of merited reward. Nevertheless it must be admitted that there is a small proportion oif settlers who for various reasons cannot be classed in this category and such cases-will require careful nursing for a time. In many cases in the past the department has been obliged to postpone or remit interest charges in order to assist occupiers to bring their properties up to that stage of development where the productive capacity will be sufficient to support the settlers. Assistance in this way, combined with a prudent system of advances on mortgage, has in most cases been effective in achieving successful re- f suits.

RECORD PAYMENTS BY SOLDIERS. Further loans totalling £130,546, were granted, £90,000 being on current account to develop properties. The report states it is a pleasing feature of the year’s working to note that •cash receipts if or ■ interest payable on these accouius, £128,239, has exceeded the amount accrued due, £121,125, in the same period by more than £7OOO, and though mortgagors still have a considerable amount of leeway to make up it is apparent that the stabilising work of. the Revaluation Board is making itself felt. Gross 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 drawing, £680,250 utilised for repayment of loan capital and £711,050 paid. Losses on revenue account last year totalled £4413.527, and it is pointed out that there is, unfortunately, a considerable amount of capital locked up in vacant properties and losses on the resale of these are anticipated, in fact the main items composing the losses relate to these properties. Capital losses on realisation of securities £294,485, expenses incidental to sale £3082, capital reductions on revaluations, including expenses, £69,666, remissions of interest and rents by Rei valuation and Land Boards £37,787; total £405,020. Were it not for these

items the account fvould be much nearer self-supporting, and the main obstacle to a permanently improved posi- , tion is depreciation, in connection with properties falling on the Department’s hands through default and abandonment, and inability to realise the book value for them, ihe majority of these properties are within the deteriorated areas. Soldier settlers are now paying interest on over i£16,000,000 capital placed at their disposal for purchase of farms, dwellings, and advances for stock and improvements.