SOLDIERS’LAND

Hokitika Guardian, 23 September 1931, Page 7

SOLDIERS’LAND

ANNUAL REPORT. THE DEPARTMENT’S OPERATIONS Financial assistance by way of new loans or additional advances undei the Discharged Soldiers’ Settlement Act was granted in 790 cases' during the year ended March 31, 1931, the total amount authorised being £*202,767. These included ninety-three new loans, amounting to £47,365, and 697 additional loans totaling £155,402. “The amount of loan capital now stands at £15,523,645 16s Bd, the amount outstanding against debentures having been reduced by £157,350,” states the annual report of the Roads and Survey Department on Discharged Soldiers’ Settlement. “It will be seen from the balance-sheet published at the end of the report that, .while the interest rate to the State on the greater part of the debenture capital is per cent, the rate varies from 2 9-16 per cent to 6 per cent. The Consolidated Fund capital of £10,850,000 bears interest, at the rate of 4 per cent. As might be expected, owing to the fall in market prices and unemployment, the receipts for the year have fallen considerably, showing a reduction of £421,316 on the figures for the previous season. While the drop is to some extent accounted for by the fall in receipts for payments due, the greater part is represented by the lack of movement in the property market generally, so that the amount received by way of repayments of advances which usually occur in ' connection with the transfer of properties has been below the average, Reducing the Burden. “Coincident with the fall in cash receipts the outstandings on debtors’ accounts for current payments and postponements have increased from £355,547 to £447,271, a net increase of £91,724 for the year. The Department has endeavoured to meet the circumstances of individual mortgagors who have found themselves unable to meet their engagements in full on account of decreased revenue, and farmers are not being displaced at the present time merely because of inability to pay rent, instalments, or interest. It is expected, however, that whil© many people may not he in the position to meet y their payments in full, they should, do so to the best of their ability, recognising that where one falls short an increased burden is thrown upon the general taxpayer. “At the end of the year there were 101 leasehold farms previously heir’ by discharged soldiers available for disposal, while 100 farms against which advances had been made to purchase, were also ayaiting selection. The total area covered by. r the,se .properties,repre-, , seated 114,890 acres, priced at £175,908. The Department will be pleased to receive offers for any of these farms, about .which particulars can be obtained from the Commissioner of Crown Lands for the district, and in some cases loans for development purposes may be considered. In regard to residential properties, there were 189 unsold at the close of the year, valued at £124,625. Of these, 118 wei’e let at a total weekly rental of £lll. These houses are available for sale on very easy terms. “The result of the year’s working shows an adverse balance of £234,007, of which seme £200,681 represented losses on realisation and reductions in value under statutory provisions. “The lands set apart for selection by discharged soldiers during the year totalled 1828 acres, making a grand total of 1,441,618 acres proclaimed since the inception of the scheme. This large area is made up as follows : Area. Class of land. Acres. Ordinary Grown land 605,611 Land for settlements land ... 401,218 National-endowment land ... 431,433 Cheviot Estate land 3,356 1,441,618 Revaluation Board.

“‘The Dominion Revaluation Board gave further consideration during the year to cases which had previously been dealt with by the board, but in respect of which it was found that additional assistance was required to enable the soldier settlers concerned to continue in successful occupations of their holdings. Many settlers have applied for revaluations, the main reasons advanced being concerned with the low prices that are ruling for primary products. In the opinion of the board, however, the conditions now obtaining do not warrant any general revaluation, and it is considered that in cases where some relief is necessary the position can as a rule be met by way of postponement or remission of rental or interest charges.” Til© board dealt with 5284 applications for revaluation, representing a capital of £12,528,835, and the reductions obtained- in mortgages and debts of various descriptions owned by soldier settlers to persons other than the Crown totalled £124.859, representing 72.8 per cent, of the original debt. Remissions of instalment interest and rent aggregated £451,792, and £437,839 was involved in mortgage instalments, rents, etc., automatically written off, due to reductions being retrospective to July 1, 1921, or date of title. Postponements of arrears in rent, principal and instalment interest granted amounted as at June 30,.19‘23. to £316,465, and subs'vp'pnt postponements have totalled £149,023.