GOVERNMENT ADVANCES TO SETTLERS OFFICE (REPORT BY THE SUPERINTENDENT OF THE), FOR THE YEAR ENDING 31st MARCH, 1903.

Appendix to the Journals of the House of Representatives, 1903 Session I, B-13

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1903. NEW ZEALAND.

GOVERNMENT ADVANCES TO SETTLERS OFFICE (REPORT BY THE SUPERINTENDENT OF THE), FOR THE YEAR ENDING 31st MARCH, 1903.

Presented to both Houses of the General Assembly by Command of His Excellency.

The transactions of the eighth year of the existence of the office have been similar in their nature to those of preceding years. The Department has no securities in hand, and instalments of interest and principal have been collected in the same manner as in former years. From the tables attached it will be seen that the Board had, up to the 31st March, 1903, authorised 12,922 advances, amounting to £4,316,940. The total amount asked for by the 12,922 applicants, granted in full and partially, was £4,903,515; 1,629 applicants declined the grants offered them, amounting to £735,280, so that the net advances authorised to the 31st March, 1903, numbered 11,293, and amounted to £3,581,660. The securities for the net authorised advances were valued at £7,849,728, and these are in many instances being enhanced by the expenditure in improvements of part of the money borrowed, and the liability reduced by the periodical repayments of principal in the case of instalment loans. The number of applications received to the 31st March, 1903, was 16,643, for an aggregate amount of £5,927,495. The 1-per-cent. sinking fund now in the hands of the Public Trustee amounts to £125,867 7s. 10d. £22,488 16s. 9d., the cash balance at credit of Management Account on the 31st March, 1903, was paid to the Public Trustee to the credit of the Assurance Fund, as provided by section 53 of the Act. The balance, including interest to the 31st March, 1903, at credit of the fund now amounts to £67,911 16s. Bd. John McGowan, Superintendent. Advances to Settlers Office, 22nd May, 1903.

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Advances authorised to 31st March, 1903.

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Freehold Securii Leasehold Seoi irity. Fret (hold and Leaseho] d combined. No. Amount of Advance. Value of Security. No. Amount ol Advance. Value of Security. No. Amount of Advance. Value of Security. £ £ £ £ £ £ £ £ £ £ £ £ Advances not exceeding £100 1,899 145,783 396,487 2,828 187,832 512,892 40 3,500 9,899 Less declined 205 17,630 I 48,604 197 13,420 44,052 2 165 530 1,694 347,883 2,631 174,412 468,840 38 3,335 9,36! Advances exceeding £100 but not exceeding £300 2,929 610,739 1,482,053 1,082 217,415 515,186 75 16,110 40,657 Less deolined 416 90,379 204,539 91 17,945 51,332 11 2,185 6,863 Advances exceeding £300 but not exceeding £500 2,513 520,360 1,277,514 991 199,470 463,854 64 13,925 33 Y9, 1,485 611,154 1,328,343 194 86,365 195,822 31 12,905 30,021 Less deolined 224 93,665 193,205 27 11,030 28,203 2 915 1,889 Advances exceeding £500 but not exceeding £750 — 1,261 517,489 1,135,138 167 75,335 167,619 29 11,990 28,13! 796 503,140 1,016,960 57 34,649 86,825 27 16,515 37,349 Less declined 157 100,385 202,135 2 1,300 3,492 4 2,700 7,367 Advances exceeding £750 but not exceeding £1,000 639 402,755 814,825 55 83,333 23 13,815 29,98! 555 483,360 I 996,489 39 33,350 82,750 24 21,270 51,101 Less declined 112 99,640 I 210,762 4 3,700 10,772 4 3,650 7,060 Advances exceeding £1,000 but not exceeding £3,000 443 383,720 • 785,727 35 29,650 71,978 20 17,620 44,04: 806 1,260,488 ; 2,449,468 21 22,355 53,257 34 50,010 105,919 Less declined 163 264,651 496,718 3 4,135 10,134 5 7,785 14,093 643 j 995,837 1 Q£O UKC\ — 18 18,220 43,123 !— 29 42,225 91,821 Total amount granted on 11,293 applications, £3,581,660. Total value of securities* £7,849,728.

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Advances authorised on Fixed Loans, classified according to Provincial Districts, to 31st March, 1903.

Advances authorised to 31st March, 1903, classified according to Provincial Districts.

Authorised on Freehold Securities on Applications. Authorised on Leasehold Securities on Applications. Authorised on combined Freehold and Leasehold Securities on Applications. Totals. Provincial Districts. N< it exceeding £500. Exceeding £500. Not exceeding £500. Exceeding £500. Not exceeding £500. Exceeding £500. Amount ol Advances authorised. Amount Amount required. «*f Amount authorised. Aiiinnnt Amount No- SB. autho- .„,,,„_(. Amount No - required. ««£ Number ol Applications. Amount applied for. No. No. Amount required. No. Amount required. Amount authorised. No. Amount required. Amount authorised. Auckland Taranaki Hawke's Bay .. Wellington Marlborough Nelson Westlaud Canterbury Otago and Southland 1642 861 461 1193 189 144 124 314 1394 £ 324,006 208,614! 95,910', 291,732 39,747 30,070 25,045 66,942 334,0131 £ 311,450 203,169 90,900 285,013 38,720 27,735 22,340 62,615 324,950 301 363 109 539 67 24 14 156 575 £ 378,925 473,353 117,045 663,835 87,140 26,050 12,650 201,055 663,098 £ 313,570 399,795 103,895 £82,335 78,530 22,275 10,800 176,840 559,732 499 576 253 1468 118 17 14 560 557 £ 74,375 89,605 40,580 221,575 18,915 2,100 2,450 59,187 65,475 £ 61,518 80,525 31,670 180,875 15,100! 1,685| 2,160; 46,070 : 34 36 12 62 2 £ 32,545 32,120 9,865 64,405 1,900 £ 23,145 24,230 8,300 44,960 1,250 £ £ 26 ! 5,410 ! 4,035 9 i 3,135 2,945 8 ! 2,270 1,920 23 I 5,790 : 4,445 25 J 5,365 4,765 5 J 1,150 J 1,010 3 : 900 745 11 j 1,553 1,285 40 ! 11,510 I 10,500 7 17 2 17 18 7,685 21,445 1,700 24,125 23,450 " £ 5,450 19,095 1,575 20,110 21,640 2,509 1,862 845 3,302 419 190 156 1,045 2,594 £ 822,946 828,272 267,370 1,271,462 176,517 59,370 42,045 332,857 1,102,676 £ 719,168 729,759 238,260 1,117,738 160,005 52,705 36,695 290,235 972,375 1 3 9 1,000 2,220 6,550 650 1,925 5,550 1 19 1,900 22,030 1,500 19,290 Totals 6322 I 14,316,940 1,416,079 1,366,892 2148 2,623,151 2,247,772 4062 574,262 471,956 159 150,605 110,010 150 37,083 31,650 81 102,335 88,660 12,922 4,903,515

Not exceeding £500. Exceeding JJ500. Totals. Provincial Districts. No. Amount of Mortgage. Value of Security. No. Amount, of Mortgage. Value of Security. Amount of Mortgage. Value of Security. No. Auckland Taranaki Hawke's Bay Wellington Maryborough Nelson Westland Canterbury Otago and Southland 43 27 15 36 £ 6,290 7,285 4,050 8,565 £ 19,451 23,093 9,826 25,389 7 36 3 46 1 £ 10,000 38,650 2,700 50,775 1,200 £ 22,Oil 83,882 5,842 114,159 2,005 50 63 18 82 1 3 6 17 89 £ 16,290 45,935 6,750 59,340 1,200 250 670 . 14,725 76,235 £ 41,498 106,975 15,668 139,548 2,005 963 2,113 31,804 117,732 3 6 8 60 250 670 2,775 38,155 963 2,113 6,530 41,124 9 29 11,950 38,080 25,274 76,608 Totals 198 131 329 68,040 128,489 153,355 329,817 221,395 458,306

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Statutory Balance-sheet at 31st March, 1903 (as required by the Audit Office in pursuance of Subsections (1) to (5) of Section 50 "Government Advances to Settlers Act, 1894"). Advances to Settlers Office Account — Section 50, (1). Receipts. £ s. d. Expenditure. £ s. d To Cash in hand and in bank at 31st By Advances on mortgage .. .. 481,055 0 0 March, 1902 .. .. .. 36,350 8 6 Advertising .. .. .. 36 10 0 Bills receivable .. .. .. 100 0 0 j Aesuranoe Fund investment with Consent fees .. .. .. 26 0 0 Public Trustee .. .. .. 24,039 7 2 Insurance premiums refunded .. 606 0 6 Audit Department .. .. 200 0 0 Interest on Assurance Fund, Public Assuranoe premiums paid .. .. 552 16 1 Trustee .. .. .. 1,550 10 5 Interest on deposits .. .. 158 13 9 Interest on Bank of New Zealand Interest on loans .. .. .. 89,700 0 0 current account .. .. .. 849 16 0 Interest refunded .. .. .. 2 4 11 Interest on Loans recalled .. .. 3 13 3 Post Office services .. .. 800 0 0 Interest on mortgagee .. .. 112,153 6 5 Printing and stationery .. .. 148 9 4 Interest on Sinking Fund, Public Release fees, &c, refunded:. .. 4 5 0 Trustee .. .. .. 3,579 1 7 Salaries .. . ". . .. 3,594 14 9 Interest on temporary investments .. 184 0 0 Sinking Fund investment jWith Publio Loans Account .. .. .. 249,713 11 7 Trustee ,. .. .. 257,443 12 10 Mortgages and instalments repaid .. 257,443 12 10 Sundries .. .. .. ., 261 18 11 Mortgage-forms .. .. .. 124 0 6 Suspense Aocount.. .. .. 15,029 4 8 Production fees .. .. .. 234 0 6 Telegrams .. .. .. 36 15 9 Public Trustee, refunds .. .. 227,530 12 5j Valuation Department services .. 2,500 0 0 Release fees .. .. .. 204 15 0 j Valuation fees refunded .. .. 99 0 6 Sundries .. .. .. .. 266 9 6 j Cash in hand and in bank at 31st Suspense Account.. .. .. 15,397 0 3 March, 1903 .. .. .. 33,007 8 1 Valuation fees .. .. .. 2,353 2 6 £908,670 1 9 £908,670 1 9 Statutory Management Account — Section 50, (2). Receipts. £ s. d. Expenditure. £ s. d To Bills receivable .. .. .. 100 0 0 By Advertising .. .. .. 36 10 0 Consent fees .. .. .. 26 0 0 Assurance Fund investment with Insurance premiums refunded .. 606 0 6 Public Trustee .. .. .. 24,039 7 2 Interest on Assurance Fund, Public Audit Department .. .. 200 0 0 Trustee .. .. .. 1,550 10 5 Assurance premiums paid .. .. 552 16 1 Interest on Bank of New Zealand, Interest on deposits .. .. 158 13 9 current account.. .. .. 849 16 0 Interest on loans .. .. .. 89,700 0 0 Interest on Loans recalled .. .. 3 13 3 Interest refunded .. .. .. 2 4 11 Interest on mortgages .. .. 112,153 6 5 Post Office services .. .. 800 0 0 Interest on Sinking Fund, Public Printing and stationery .. .. 148 9 4 Trustee .. .. .. 3,579 1 7 Release fees, &c, refunded.. .. 4 5 0 Interest on temporary investments .. 184 0 0 Salaries .. .. .. .. 3,594 14 9 Mortgage-forms .. .. .. 124 0 6 Sundries .. .. .. .. 261 18 11 *" Production fees .. .. .. 234 0 6 Telegrams .. .. .. 36 15 9 Release fees .. .. .. 204 15 0 Valuation Department .. .. 2,500 0 0 Sundries .. .. .. .. 266 9 6 Valuation fees refunded .. .. 99 0 6 Valuation fees .. .. .. 2,353 2 6 £122,234 16 2 £122,134 16 2

Statutory Investment Account showing Moneys invested under the Act — Section 50, (3).

From passing of Act to For the Year ended 31st March, 1903. 31st March, 1903. Receipts. Balance brought forward Moneys rooeived from Colonial Treasurer, being proceeds of Loans Temporary advances Principal moneys received, being repayments by mortgagors Sinking Fund moneys received from Public Trustee Moneys withdrawn from temporary investment £ s. d. 2,552,118 16 7 505,000 0 0 924,356 10 4 798,489 2 6 843,333 2 0 £ s. d. 33,296 18 1 49,713 11 7 200,000 0 0 257,443 12 10 227,530 12 5 Totals £5,623,297 11 5 £767,984 14 11 Payments. Eefunds of temporary advances Investments on mortgage Transfer to Public Trustee of principal moneys repaid by mortgagors .. Moneys temporarily invested Balances 305,000 0 0 3,516,285 0 0 924,356 10 4 848,169 19 0 29,486 2 1 481,055 0 0 257,443 12 10 29,486 2 1 Totals £5,623,297 11 5 £767,984 14 11 Moneys invested under the Act on 31st March, 1903. Advances on mortgage Temporary investments, Bank of New Zealand guaranteed stock 2,591,928 9 8 4,836 17 0 Total £2,596,765 6 8 Statement of Arrears — Section 50, (4). Amount of arrears of principal Amount of arrears of interest 1,385 8 8 6,043 17 0 Total £7,429 5 8

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The foregoing is the statutory balance-sheet drawn up as required by the Audit Office under section 50, (l)-(5), of "The Government Advances to Settlers Act, 1894." John McGowan, Superintendent. P. Heyes, f.s.a.a. Eng., Accountant. Balances at 31st March, 1903, being, — Or. £ a. d. By Investment Account .. .. .. .. .. .. 29,486 2 1 Suspense Aocount .. .. .. .. .. .. .. 4,411 17 7 £33,897 19 8 Dβ. » ■ £ a. d. To Cash 33,007 8 1 Bills receivable .. .. .. .. .. .. .. 890 11 7 £33,897 19 8 Examined and found correct. — J. K. Warbubton, Controller and Auditor-General.

Statement of Liabilities and Assets at 31st March, 1903. Liabilities. £ s. d. Assets. £ s. d. 3-per-cent. loan, re- Investment Account — deemable 1st Advances on mortApril, 1945, " A" £1,500,000 0 0 gage.. ..£3,516,285 0 0 3-per-cent. loan, re- Less repayments 925,74119 0 deemable 1st -2,590,543 1 0 April,1945, "B" 500,000 0 0 Temporary investments, Bank of New 3-per-cent. sundry Zealand guaranteed stock .. .. 4,836 17 0 loans .. .. 740,000 0 0 Sinking Fund investment with Public Advances on ac- Trustee .. .. .. .. 125,867 7 10 count of loan .. 200,000 0 0 Assurance Fund investment with — 2,940,000 0 0 Public Trustee .. .. .. 67,911 16 8 Assurance Fund .. .. 67,911 16 8 Mortgage instalments receivable—overSuspense Account .. .. 4,411 17 7 due .. .. .. .. 1,385 8 8 Aoorued interest payable .. .. 49 14 1 Bills receivable .. .. .. 890 11 7 Profit and Loss Account .. .. 3,167 11 1 Interest receivable—overdue.. .. 6,043 17 0 Interest receivable—accrued .. 27,173 8 2 Cash in hand and in bank .. .. 33,007 8 1 Loan-flotation charges .. .. 157,881 3 5 £3,015,540 19 5 £3,015,540 19 5

Statement of Pkopit and Loss Account for the Year ended 31st March, 1903. i Dr. £ s. d. Ck. £ s. d. To Management Expenses Account .. 4,420 1 10 By Balance at 31st March, 1902, brought Balance, net profits to forward .. .. .. .. 46,172 11 7 31st March, 1902 .. £46,172 11 7 Interest Account, gross profits .. 29,326 18 0 Net profits for the year ended 31st March, 1903 .. .. 24,906 16 2 71,079 7 9 £75,499 9 7 £75,499 9 7 I Transfer to Assurance Fund Aooount.. 67,91116 8 Balance down .. .. .. 71,079 7 9 Balanoe, net profits carried forward .. 3,167 11 1 £71,079 7 9 j £71,079 7 9

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Statement of Management Expenses Account for the Year ended 31st March, 1903. JO i./ Jj . ']■'''■ ' : ' ; -' '— - /......- "~ -, ■ ■" ■' ' -j • " ■,' : ■■■.-, ".'-■■ Dr. £ b. a. j Cβ. £ s. d. £ s. d. To Advertising .. .. .. .. 36 10 0 J By Consent fees .. 26 0 0 Audit Department .. .. .. 200 0 0 Insurance premiums rePost Office services .. .. .. 800 0 0 funded .. .. 53 4 5 Printing and stationery .. .. 148 9 4 Mortgage forms .. 124 0 6 Salaries .. .. .. .. 3.594 14 9 Production fees .. 234 0 6 Telegrams .. .. .. .. 36 15 9 Release fees .. ■ .. 200 10 0 ■ . Valuation Department services .. 2,500 0 0 Sundries .. .. 4 10 7 Valuation fees .. 2,254 2 0 -» 2,896 8 0 Balance of management expenses transferred to Profit and Loss Account .. .. .. .. 4,420 1 10 £7,316 9 10 £7,316 9 10

Statement of Interest Account for the Year ended 31st March, 1903. Dβ. £ s. d. £ s. d. Cβ. £ s. d. To Interest paid on loans .. .. 89,700 0 0 By Interest received on mortgages .. 112,153 6 5 Interest paid on deposits .. 158 13 9 Interest received on temporary investLess accrued interest at 31st ments, &o. .. .. .. 6,167 1 3 March, 1902 .. .. 84 5 5 74 8 4 118,320 7 8 Interest on deposits accrued at 31st Less interest overdue and accrued at March, 1903 .. .. .. 49 14 1 31st March, 1902 .. .. 32,384 7 6 , Interest refunded .. .. 2 4 11 Balance of interest transferred to Profit 85,936 0 2 and Loss Account .. .. 29,326 18 0 Interest receivable—overdue at 31st March, 1903 £6,043 17 0 Interest receivable — accrued at 31st March, 1903 .. .. 27,173 8 2 33,217 5 2 £119,153 5 4 £119,153 5 4

Statement of the Eeceipts and Expenditure for the Year ended 31st March, 1903. I Dβ. Receipts. £ s. d. Cβ. Expenditure. £ s. d. To Cash in hand and in bank at 31st By Advances on mortgage .. .. 481,055 0 0 March, 1902 .. .. .. 36,350 8 6 Advertising .. .. .. 36 10 O Bills receivable .. .. .. 100 0 0 Assurance Fund investment with Consent fees .. .. .. 26 0 0 Public Trustee .. .. .. 24,039 7 2 Insurance premiums refunded .. 606 0 6 Audit Department.. .. .. 200 0 0 Interest on Assurance Fund, Public Insurance premiums paid .. .. 552 16 1 Trustee .. .. .. 1,550 10 5 i Interest on deposits .. .. 158 13 9 Interest on Bank of New Zealand Interest on loans .. .. .. 89,700 0 0 current account .. .. 849 16 0 Interest refunded .. .. .. 2 4 11 Interest on lo*ns recalled .. .. 3 13 3 Loan-flotation oharges .. .. 43,953 1 9 Interest on mortgages .. .. 112,153 6 5 j Post Office services .. .. 800 0 0 Interest on Siukiug Fund, Public Printing and stationery .. .. 148 9 4 Trustee .. .. .. 3,579 1 7 Release fees, &c, refunded.. .. 4 5 0 Interest on temporary investments .. 184 0 0 | Salaries .. .. .. .. 3,594 14 9 Loans Account .. .. .. 293,666 13 4 Sinking Fund investment with Public Mortgages and instalments repaid .. 257,443 12 10 Trustee .. .. .. 257,443 12 10 Mortgage forme .. .. .. 124 0 6 Sundries.. .. .. .. 26118 11 Production fees .. .. .. 234 0 6 Suspense Account.. ... .. 15,029 4 8 Public Trustee, refunds .. .. 227,530 12 5 Telegrams .. .. .. 36 15 9 Release fees .. .. .. 204 15 0 Valuation Department servioes .. 2,500 0 0 Sundries .. .. .. .. 266 9 6 Valuation fees refunded .. .. 99 0 6 Suspense Account.. .. .. 15,397 0 3 Cash in hand and in bank at 31st Valuation fees .. .. .. 2,353 2 6 March, 1903 .. .. .. 33,007 8 1 £952,623 3 6 £952,623 3 6

John McGowan, Superintendent. Government Advances to Settlers Office, P. Heyes, f.s.a.a. Eng., Accountant. Wellington, 31st May, 1903.

Approximate Cost of Paper.— Preparation, not given; printing (1,475 copies), £6 14s.

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Price, 6d.