DEPARTMENT OF LANDS AND SURVEY. DISCHARGED SOLDIERS SETTLEMENT. REPORT FOR THE YEAR ENDED 31st MARCH, 1922.

Appendix to the Journals of the House of Representatives, 1922 Session I, C-09

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1922. NEW Z E ALAN J).

DEPARTMENT OF LANDS AND SURVEY. DISCHARGED SOLDIERS SETTLEMENT. REPORT FOR THE YEAR ENDED 31st MARCH, 1922.

Presented to both Houses of the General Assembly pursuant to Section 14 of the Discharged, Soldiers Settlement Act, 1915.

C 0 NTEN T S. General Report : — Page ] Appendix— continued. Page Review of Position .. .. .. ..1 Table 2. —Applications received and Land allotted 17 Lands opened and available .. .. .. 2 Table 3. —Total Lands acquired by Discharged Legislation .. .. .. .. .. ;i Soldiers .. .. .. .. ~ 18 Regulations .. .. .. .. .. i! Statement of Advances authorized .. .. 18 Financial Review ... . . . .. 4 Statement of Mortgage Transactions .. .. 1!) Appendix • Supplementary Statistical Table .. 21 Reports of Commissioners of Crown Lands .. 8 Discharged Soldiers Settlement Account— Table I. —Lands proclaimed for Settlement during Transactions for Year .. .. .. 23 Year .. .. • ■ .. .. 16 Halancc-shect .. .. .. 24

Sir, — Department of Lands and Survey, Wellington, 16th August, 1922. In accordance, with the, provisions of the Discharged Soldiers Settlement Act, 1915, I have the honour to submit herewith the report of the operations under the Act for the year ended 31st March, 1922. I have, &0., J. B. Thompson, Under-Secrotary. The Hon. D. IT. Guthrie, Minister of Lands.

EBPOET. When the Discharged Soldiers Settlement Act, 1915, was passed and came into operation the following year, it provided that Crown and settlement land should be set apart for occupation by discharged soldiers, and that advances should be made to enable'them to improve and utilize their holdings. The various amendments to the Act, particularly that of 1917, extended the Government's policy and authorized advances being made to discharged soldiers to enable them to purchase farms, develop same, pay ofi mortgages on land held by them, and to purchase or erect houses for their personal occupation. Moreover, the scope of the Act was widened, and not only did it apply to members of the Expeditionary Forces who had left Now Zealand and served abroad, but many of its privileges were extended to members of the Expeditionary Forces who were in camp at the time of the Armistice, or who had been classed medically fit for active service and served in a trainingcamp. It will thus be seen that the Government undertook obligations towards a very large section of the community. To completely fulfil all the requirements of the many entitled to apply necessarily involved very large expenditure by the Government, which, however, grappled with the problem in a wholehearted manner. Land has been set aside from time to time, and up to the end of last year 1,367,701 acres of land had been proclaimed under the Act. Many discharged soldiers took advantage of the opportunities afforded them of selecting land under the liberal tenures offered, and

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on the 31 st March last 3,014 selectors were holding 1,440,343 acres under the Act, whilst a further 1,799 held 1,748,354 acres taken up under the Land Act or other Acts. Owing, however, to the lessening demand for land by discharged soldiers, it has been found necessary to revoke many of the Proclamations setting land aside solely under the Discharged Soldiers Settlement Act, and to reopen the land under the Land Act for application by the general public, discharged soldiers having preference when applying. Besides those, who took up land in this manner many availed themselves of the opportunity of buying land by means of an advance from the Government, and at the end of last year advances had been authorized to 5,443 discharged soldiers to enable them to acquire holdings of their own. As was only to be expected, a very large proportion of soldier applicants desired to acquire or erect residences in towns where their work was, and at the same date authorities had been issued to 10,789 persons for this purpose. Another phase of the Department's activities was the making of advances on current account for the purchase of stock, machinery, tools, seeds, &c, and for the erection of farm-houses and other buildings. Sums amounting to £3,908,852 have thus been authorized to 9,308 soldiers, most of whom are included in the foregoing figures dealing with soldiers on the land. These have briefly been the operations under the Discharged Soldiers Settlement Act. Under the Repatriation Act the Government has assisted returned soldiers in other ways, and it may be noted thai- up to July last 6,288 soldiers were granted loans to establish themselves in business, while 14,865 received assistance to purchase tools, furniture, &c. A further 7,483 were granted sustenance allowances whilst learning trades or professions; transportation was given to 3,252; and unemployment sustenance was granted to 1,123 others. In addition 27,658 were placed in employment. Special attention is directed to the fact that those soldiers who purchased town and suburban residential properties have mostly been in a position to meet their obligations. They have, as a rule, been in steady employment, and as their instalments are mostly payable monthly the majority have met their liabilities promptly, and there is no reason to anticipate much loss under this heading. In the course of their work they are frequently compelled to move from one town to another, and before doing so to dispose of the properties acquired under the Discharged Soldiers Settlement Act. The fact that in most cases of transfer a goodwill has b<M'n paid for the property shows that advances were made on good security, the margin of which will increase as the instalments of purchase-money are paid off. In the cases where houses have been obtained, and the Department has had to resell, it lias generally been able to do so at a, price sufficient to cover the advances. It will be seen, therefore, that the Government's policy of granting loans to soldiers to buy and erect houses in towns and suburban areas has been productive of good results. Lands opened and available. Owing to the restricted demand by discharged soldiers during the year, the area offered for selection showed a considerable reduction compared with the previous year. An approximate area of 65,000 acres was opened with selection restricted to returned men. The demand was very poor, much of the land offered not being applied for at all, and, in order to prevent as much loss as possible, the bulk of the sections, which had previously been set apart for soldiers only, were opened for general application. Where this was done, preference was always given at the ballot to any discharged soldier who cared to apply. The principal settlements and blocks which were offered to soldiers only, during the year, were as follows ; but in addition to these a large number of scattered sections, totalling some 18,085 acres, were also opened for soldiers : — North Auckland : Thirteen sections in Motutara Settlement (2,562 acres). Auckland : Thirteen sections in Reporoa Settlement (3,215 acres) ; fifteen sections in Hikuai Settlement (2,014 acres) ; seventeen sections in Orongo Settlement (825 acres). Hawke's Bay; Three sections in Te Reinga Block (1,599 acres). Taranaki : three sections in Katikara Settlement (327 acres). Wellington : Seven sections in Haunui Settlement No. 2 (347 acres) ; four sections in Pitt Settlement, and one section in the Waddington Settlement (20 acres) ; nine sections in Almadale Settlement (670 acres) ; one section, Pihautea Settlement (47 acres) ; eight sections in Wanganui River Trust Block (4,008 acres). Nelson : Right sections in Matakitaki Settlement (6,980 acres). Canterbury: Part of Waitangi Run (21,200 acres). Otago : Five sections in Kelso Settlement (723 acres); fourteen sections, Pukeawa Settlement (2,737 acres). It is expected that, with reasonable recovery in prices of our farming products the demand for Crown land will again become active ; but with the large area now available there should be no difficulty in satisfying the requirements of discharged soldiers who eventually intend to go on the, land. The opening of several large runs is being postponed until conditions arc more favourable. Details of the lands allotted are set out in Table 2 appended. Summarized, the result is that during the year 391 holdings, totalling 97,888 acres, were allotted on ordinary and special tenure. The total area set apart for selection by discharged soldiers as at the 31st March, 1922, was 1,367,761 acres. Owing to the decision to open for general application lands for which soldiers had not applied, it was necessary to issue during the year Proclamations revoking the setting-apart of a total area of 101,956 acres of Crown, (settlement, and national-endowment lands. At the present time there are 165 sections available for immediate selection by discharged soldiers, the total area being 24,059 acres. In addition to this there are 427,772 acres of Crown and settlement hinds open, and discharged soldiers will have preference in every case where they care to apply.

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DISOHABGED SoLDIEBS SETTLEMENT AMENDMENT ACT, 1921-22. As the result of experience gained during the administration of the Discharged Soldiers Settlement Act, 1915, and with the object of making provision for contingencies which have recently become apparent, it was deemed advisable to pass the above enactment. • The greater part of this Act- -sections 2 to 13—prescribes the procedure to be followed in realizing properties mortgaged under the principal Act, which come into the possession of the Crown through foreclosure. The procedure thereby prescribed is briefly as follows : Where, by virtue of a right conferred on him by a mortgage securing moneys advanced under section 6 of the principal Act, or section 2 of the Discharged Soldiers Settlement Amendment Act, 1917, His Majesty acquires the, mortgagor's interest in any property so mortgaged, the interest so acquired does not merge in any other interest possessed by His Majesty, but enures as a separate estate or interest. If the latter is freehold the land may be disposed of either on renewable lease for periods of thirty-three years, or by way of sale for cash or on a method of deferred payments for periods not exceeding thirty-six and a half years. If the estate or interest acquired by His Majesty is leasehold administered by a Land Board, provision is made whereby the lease can bo transferred on payment of the amount of the Crown's equity in such leasehold interest. If such leasehold is not administered, by a Land Board it may be assigned by His Majesty at a rent to be fixed by the Minister, or an underlease can be granted at an annual rent not less than the rent payable under the head lease, together with a sufficient amount to produce during the term of the underlease or any renewal thereof the amount paid in buying in the head lease together with costs. Such freehold or leasehold interests may be offered by public auction, public tender, or private contract, as may be determined by the Land Board with the approval of the Minister. Provision is made whereby in special cases such interests can be disposed of to persons who are not discharged soldiers, in which cases the interest on mortgages given as security for unpaid purchasemoney is fixed at &\ per centum per annum instead of 5 per centum as charged to discharged soldiers. Provision is also made whereby, with the approval of the Minister, the Commissioner of, Crown Lands is empowered to grant licenses to occupy temporarily any properties acquired as aforesaid by His Majesty which cannot be otherwise readily disposed of. Section li of the Act has been framed for the purpose of placing obstacles in the, way of others than discharged soldiers obtaining the benefit of the concessions conferred by the Discharged Soldiers Settlement Act. It provides that no person shall be entitled to convey, transfer, underlet, or dispose in any way of his interest in any land mortgaged under the said Act unless with the consent of the Minister of Lands, and directs District Land Registrars not to register such disposition of lands unless where such consent is previously obtained. In eases where such interest is disposed of without such consent being obtained the Crown is empowered to call up and compel, payment at once of all moneys owing under the mortgage. Section 15 gives power whereby a deferred-payment license for a term of nineteen years granted under the principal Act can be exchanged for a renewable lease for periods of sixty-six or thirty-three years, as the case may be, thus enabling a discharged soldier to have the benefit of a tenure which will make less of a demand on his present financial resources, and to apply any credit established by his deferred-payment license to the rental reserved by the; renewable lease received in exchange. Section 16 empowers the Minister of Lands to postpone for a period not exceeding three years the due date of any payments by discharged soldiers of instalments of principal and interest due under their mortgages, a concession which is being freely taken advantage of. Section 17 empowers the Governor-General, by Proclamation approved in Council, to declare that on and after such date as may bo therein mentioned' such benefits of the principal Act as may be specified therein may be conferred on South African veterans. Owing to the prevailing financial stringency, effect has not yet been given to this provision. Section 18 provides that in any case where a discharged soldier is the lessee of any reserve, endowment, or other lands of which a local authority is the lessor, such local authority may accept a surrender of the lease, and grant a now lease for the remainder of the term at such reduced rent as it may determine. .Regulations under the Discharged Soldiers Settlement Aut, 1915. During the year several amendments wore made , to these regulations, the principal provisions being as follow : — In cases where lands held by discharged soldiers on deferred payments are proclaimed as subject to the provisions of section 127 of the Land Act, 1908, all exemptions from payment of rent thereby granted for periods of two, thre#, or four years, as the case may be, are deemed to be extended to payments of interest due on instalments of the price during the periods specified in such Proclamation. The Minister of Lands is empowered, when he is of opinion that circumstances arising out of the genera] financial stringency justify such a course, to increase to such amount as he may see fit the maximum amount of £750 or £1,250, as the case nitty be, that can be advanced to one person on current account, provided that before such additional advance is made an amount not exceeding 75 per centum of the value of the improvements effected by the mortgagor, or' not exceeding £250 (whichever is the, less), is discharged from the current account mortgage, and a mortgage executed for the amount so discharged. Readvances can then be made against the credit so established. Where two or more discharged soldiers acquire land, advances may be made to the partners only to the amount that one of them is entitled to receive individually, instead of to the aggregate amount that each would be entitled to receive on a separate holding. In cases where advances have been made to two or more discharged soldiers as tenants in common, and the interests of one or more of such persons is transferred to one or more of the other partners, power is given by which the liability of any outgoing partner under any mortgage or bill

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of sail; given to the Crown can be apportioned and transferred to the other partners, notwithstanding that the aggregate! amount then advanced to those remaining in possession may be in excess of the maximum amount that may be otherwise advanced to discharged soldiers. In cases where the Minister of Lands is satisfied that a discharged soldier has obtained the fee-simple of land directly as a beneficiary under a deed of gift he may, if he thinks special circumstances render an advance of £900 inadequate for the erection of a dwellinghouse, make an additional advance for this purpose not exceeding £250. In cases where, upon the acquisition of land for discharged soldiers, the Minister lias considered it expedient to carry on farming operations on such land until the time is deemed opportune for placing tenants in possession of their allotments, he may, having regard to the increased liabilities thereby incurred by the Crown, authorize the making of advances to such tenants in excess of the amount that may otherwise be advanced. In cases where lands with buildings thereon are disposed of under the Discharged Soldiers Settlement Act, and the materials of which such buildings are constructed are of such a nature as to warrant the repayment for same being spread over a period longer than twenty-one years —the maximum fixed by the Land for Settlements Act, 1908---the Minister may authorize the repayment being spread over , a period of either thirty years or thirty-six and a half years ; and in cases where advances are made for the erection of brick or concrete dwellinghouses on other than rural lands he may approve of the repayment being extended over a period of thirty-six and a half years instead of twenty-five and a half years as fixed by clause 23 of the regulations. Financial Review. Loans raise!.- The total funds raised for the purpose of the Discharged Soldiers Settlement Account amount to £19,777,680. Of this £4,777,680 was borrowed unde the provisions of the Discharged. Soldiers Settlement Loans Act, 1920, which authorized the Government to raise a sum not exceedin £6,000,000, The money was obtained at varying rates of interest, as follows : £250,000 at 4| per cent. ; £2,900 at 5 per cent. ; £4,485,780 at 5| per cent. ; £39,000 at G per cent. Advances authorized, c6c. —From the inception of the discharged soldiers settlement scheme to the close of the, year advances were authorized to 20,392 discharged soldiers, totalled £20,409,571. Of this a sum of £2,467,591 was authorized during the year to 2,539 discharged soldiers. It will therefore be seen that advances have been authorized in excess of the loans raised by £631,891. This was possible by making readvances out of receipts after providing for interest, sinking fund, administration and other charges. The following statement indicates the number of returned soldiers to whom advances have been authorized, .showing under each heading the total amount authorized, advanced, and repaid from the inception of the Act until the 81st March, 1922 : Number of . , ■ , Returned , A, , van "'« Advances Soldiers." Authorized. made. £ £ Current Account .. .. .. .. .. 4,160 3,908,852 3,486,613 Section 2. Amendment Act, 1917— Farms, market gardens, &c. .. .. .. 5,443 8,776,534 8,768,847 Dwellings, business premises, &c. .. .. .. 10.789 7,724,185 7,489,490 20,392 £20,409,571 £ J 9,744.950 Repayment of advances .. .. .. .. .. 1,457,659 Transfers to Realization and other accounts— Securities in course of realization .. .. .. .. .. .. 82,992 Transfers to Property Account —Securities bought; in by the Department on default of mortgagors .. . . . . .. 32.669 Balance out on mortgage .. .. .. ... £18,171,630 Authorities issued during Yea; - .--The loans authorized during the year are apportioned as follows :— Current Account advances for the purpose of improving Number. Amount. and stocking lands .. .. .. .. .. 834 702,1:78 Completion of the purchase of farm properties under section 2 of the Discharged Soldiers Settlement Amendment Act, 1917 .. .. .. .. .. 112 263,660 Erection of dwellings under the "provisions of section 2 of the Discharged Soldiers Settlement Act, 19.17 .. 1,593 1,501,753 2,539 £2,467,591 From the foregoing it will be seen, that attention was principally given towards assisting soldier settlers in working their farms and to erect dwellings. Of the sum of £263,660 authorized as advances on farms under section 2 of the Discharged Soldiers Settlement Amendment Act, 1917, a sum of £35,185 was authorized to be applied towards the partial discharge of Current Account loans on the security of the improvements that had been effected by returned soldiers.

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With a view to providing more finance and at the same time keeping the limit on Current Account to a definite maximum, the regulations authorized the Current Account to be credited with a maximum of £250, or 75 per cent, of the value of the improvements, whichever is the least, and a table mortgage to be taken for the amount credited to the Current Account. '.This enabled a number of soldier settlers to get the benefit of readvances against the credit in Current Account, to further improve and stock their holdings. Curtailment, of Loans. —Owing to the condition of the finances before the close of the year ended .'3lst March, 11)21, it was decided that advances to finance the purchase of dwellings already built, and the purchase of single farms and business premises should not b<; continued, but that efforts should be directed to making advances on Current Account or assisting soldiers with the erection of dwellings and the subdivision of farms. It was regretted that, owing to the financial stringency that made itself felt throughout the country, receipts from farm properties did not reach as high a figure as might otherwise have been expected, and it was therefore deemed advisable in November last to instruct Commissioners of Crown Lands not to accept any further applications to assist soldiers towards the purchase of building-sites and erection of dwellings thereon, or in the purchase of farms for subdivision. It was unfortunate that the closure had to be applied, but it was arranged that as money became available from time to time urgent and special cases would be considered and dealt with as far as possible. As a result of the curtailment of operations, attention was confined principally to finance soldier settlers in the direction of effecting improvements, purchasing stock, &c, as well as rendering assistance to T. 8., invalided, disabled, and wounded men. Apart from this, however, loans for the erection of dwellings were authorized to eighty-two soldiers, amounting to £78,816, between the date of curtailment and the end of the year. Receipts and Payments. —The Receipts and Payments Account discloses that repayments of advances during the year amounted to £553,345 125., or an average of £46,112 per month, while interest receipts total £566,301 13s. lid., or an average of £47,192 per month. The average, receipts for principal and interest throughout the year were £93,304 per month. For the purpose of comparison the figures showing the repayments of advances and interest for the previous year shown liereunder : — 1921-22. 1920-21. £ £ Principal .. .. .. .. .. 553,345 12 0 726,172 5 0 Interest .. .. .. .. 566,30113 11 434,802 15 6 It will be seen that the receipts for the year are slightly less than for the previous year. The average receipts per month for the year ended 31st March, 1921, were £96,747, or £3,443 pel month greater than the receipts for the year ended 31st March, 1922. To some extent the financial stringency influenced receipts, in so far as fewer mortgages were redeemed during the year. Profit and Loss. --Dealing with the Revenue Account, it will be seen that the loss on the year's operations amounted to £55,380 19s. lid. ; but there was a balance of profit carried forward from the previous year of £12,226 7s. 3d., which leaves a net loss of £43,1.54 12s. Bd. carried forward. When the loss is viewed from the standpoint of the number of men who have been repatriated by the Department under the Discharged Soldier Settlement Act it will be seen that the cost per man amounts to only £2 2s. 4d., and in this light it cannot be said that the. loss is unreasonable. If the country is enabled to repatriate at this small cost it is indeed fortunate. In any case, losses can hardly be avoided until the last loan (of which £4,777,680 had been raised) has been repaid. As this loan was raised at rates of interest varying from 4J per cent, to 6 jjer cent., and the rate of interest charged on instalment mortgages is 5 per cent., reducible to 4| per cent, for prompt payment, it will be seen that this leaves no margin to cover administration expenses, depreciation, and losses which must arise. As a matter of fact, over £4,500,000 of the loan has been raised at 5f per cent, and over. On this portion of the loan the Discharged Soldiers Settlement Account must lose from \ per cent, to 1 per cent, always according to whether investments are on Current Account or instalment mortgage, and payments on the latter are made to ensure rebate being granted —interest being at 5 per cent., reducible to 4|- per cent, for prompt payment. The Revenue Account provides for depreciation of plant, supervision, management expenses, losses on live and dead stock, and the realization of securities. In addition to this the sum of £10,149 95., representing portion of the expenses incurred in the realization of Reserve Fund securities in London, and exchange on the remission thereof to New Zealand, has been provided for. A proportion of the expenses of realization of Reserve Fund securities, &c, is written off the Revenue Account each year. The amount charged against Revenue Account for valuation expenses, £12,279 Bs. 10d., is the excess of the cost of obtaining valuation reports over the fees deposited. It has been found that fees received from applicants do not cover the cost of valuations. However, this expense will be steadily reduced from now on, because of the reduction of operations under, section 2. Percentage of Administrative Costs and Losses, — The following table shows the percentage of administration expenses and losses to capital invested and to revenue earned respectively : — Percentage Percentage to Capital in- to Kovonue vested earned (£18,113,156). (£839,595). Cost of administration, &c. (£44,266) .. .. .. .. 0-244 5-272 Losses on realization (£6,463 Bs. Id.) . . .. . . . . 0-036 0-769 Nett loss on Revenue Account (31st March, 1.922, £43,154 12s. Bd.) . . 0-238 It is considered that the above percentages show a very satisfactory position.

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Balance - sheet. —The balance-sheet shows that the amount outstanding on mortgage was £18,113,150 3s. lid., to which must be added the instalments of principal in arrear, .£54,492 16s. yd., and the instalments of principal postponed, £3,980 16s. Bd., making a total of £18,171,629 J7s. 4d. As it is only to be expected, the Department experienced considerable difficulty in keeping arrears down to a minimum, and in a.number of cases temporary relief was given by way of postponements of instalments or interest. When it is considered that several large lending concerns, whose business is administered, by men of undoubted ability, did not foresee the extraordinary slump in prices and were caught in the tide of economic depression, the Department might well be congratulated on the handling of the soldier-settlement policy. Every effort has been made to maintain the financial position and at the same time give soldier settlers every chance to establish themselves. Arrears and Postponements. —The question as to whether arrears might be capitalized has received serious consideration, but there is little; doubt that where lands have been bought at high prices an additional increase in the capital involving increased annual charges would impost! an extra burden on each man difficult to overtake, Where lands have been bought at reasonable prices and settled at reasonable rents capitalization may be justified. Postponements of instalments of principal and interest in force amounted to £26,470 Is. Bd., while arrears totalled £385,844 12s. 6d. A careful analysis of the recommendations for postponements submitted from the various Land Boards discloses that the reasons for the inability of mortgagors to meet payments may be attributed to —(1) Low prices of farm-products ; (2) inexperience in farming ; (3) poor classes of cows owned by a number of settlers ; (4) the running-out of pasture, with inability to replenish it out of diminished income ; (5) prevalence of twitch and couch-grass, involving large expenditure in eradication of same ; (6) insufficient working capital. In regard to postponements resulting from the low price of farm-products, statements submitted show that where the land is in good heart, and stock is in good order and well cared for, there is every prospect of overtaking the postponements within a reasonable period- that is, provided prices are maintained at a remunerative figure. In many instances it has been found that notwithstanding the diminished income it would have been possible for the settlers to have paid a reasonable portion, if not the whole; of their dues to the Department, but the earnings have been expended in the direction of further improving their properties and stock. Settlers' Present Difficulties. —With regard to the men who upon examination appeared to the Land Boards to be experienced in farming, but whose subsequent farming methods proved them inexperienced, the majority have now purchased their experience largely by the unprofitable investment of capital. This, combined with the low prices of farm-produce, has placed them in the position they now find themselves ; but those men who are now proving their worth by the adoption of more improved farm methods deserve every encouragement and assistance. In their case arrears have mounted up and relief should be; afforded, but not by means of capitalization unless the land can possibly stand such. Tn many instances the poor class of cows owned by a number of the settlers is largely responsible for diminished returns, but it is pleasing to note that tiiese men realize the. fact that they must cull and sell the useless animals and replace them with better beasts. Owing to the rapid extension of the. dairying industry resulting in increased demand for good dairy stock-, it has been impossible for all settlers to begin thoroughly equipped with good milch-cows. In some cases overstocking has been the cause of failure, and Supervisors and Rangers have instructed men to get rid of the surplus stock with a view to obtaining better results. It is hoped that by paying attention to the advice given the majority of these settlers will pull through within a reasonable period— that is, provided prices return to normal. The running-out of pastures has been a source of anxiety to the Department and to the men themselves. This more particularly applies to farms financed under section 2, which the men acquired in anticipation that they were taking over going concerns that needed only stocking up. It has been found that the pastures of a number of these properties have almost run out, and that much capital must be expended to make them revenue-producing. With the limited amount that may be advanced under the regulations covering improvements, building, fencing, and stock, settlers find it difficult to obtain sufficient capital to renew the pastures. During such period of renewal properties cannot carry sufficient stock, and what stock is carried does not give satisfactory returns, and expenditure exceeds income. Most of this expenditure is of a capital nature, and while revenue is low there is no surplus, after meeting the ordinary farm expenses, that may be applied to renewal of pastures, unless with the aid of postponements of instalments, &c. Should these lands require fairly frequent manuring, it is obvious that settlers must be in a, position to reserve a certain portion of their annual income for this purpose, but before being in such a position they must first obtain income, and they cannot obtain it unless the pastures are firstput in order, enabling them to increase and maintain their herds and flocks, as they should be kept. In some districts a large number of properties which were looked upon as being in fairly good condition when the loans were recommended by valuers and the Board have turned out to be considerably affected with twitch and couch-grass, resulting in poor crops and the necessity for the expenditure of a large amount of capital in the eradication thereof. It is frequently reported that pastures have run out or did so shortly after acquisition by the Government, and it is submitted that in many parts of New Zealand grasses run out every five years, which means that a good farmer, once he is established and obtaining good results, must make provision for renewal of pastures. The proper rotation of crops requires careful attention, and the failure to give due regard to this aspect of the case results in gradually diminished returns. Generally it is considered that, with a normal market which would place settlers in a position of being able to provide for the renewal of pastures and the culling out of unprotable stock, there is every reasonable chance of the majority of those now in difficulties being able to make a success of

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their properties and becoming contented settlers. Those men who suffered through inexperience have now bought sufficient experience to carry them through, and, except for a few who would be doomed to failure in almost any walk of life, they should be successful. Property Account. —With regard to the sum of £32,669 6s. lOd. standing to the debit of Property Account, this represents the reserve price placed on properties which have been put up for sale and bought in by the Department. Some of these have already been disposed of, while others have been leased temporarily pending a more favourable turn of the market. Realization Account. —The sum of £80,121 17s. 7d. shown as a charge on the Realization Account represents properties which have been abandoned and regarding which instructions have been issued for sale. These properties will now have been put up for sale, and either purchased by the highest bidder or bought in by the Department in the event of the reserve price not having been reached. Interest paid on Debentures. —It may be mentioned that the Discharged Soldiers Settlement Account paid the sum of £858,557 as interest on debentures during the year. Most of this was paid to the Consolidated Fund as interest- on the moneys transferred from the Reserve Fund securities which have been invested in the Discharged Soldiers Settlement Account. Release of Liens over Wool. —Owing to the financial stringency it was decided to release the Department's liens over the wool-clip for the 1921-22 season on the same conditions as releases were granted during the previous season. This enabled woolgrowers to obtain accommodation from woolbrokers against clips, to enable them to obtain the necessaries of life and carry on their farming operations to a limited, extent. Unfortunately, some of the brokers did. not respect the object of the release of the liens, and took advantage of this concession by trading in a general way, often resulting in the sale of plant and material quite unnecessary for the properties, more particularly at a, time when the utmost economy should be exercised in farm management. General. —lt would not be out of place to stress the point that although advances were not made at the same rate as in the preceding years, yet the problems confronting the Department in the administration of the business already established were very much more difficult to handle and satisfactorily settle than during the time of .plenty. It has been sometimes urged that because advances have diminished, the work of the Department has decreased likewise ; but it cannot be too strongly emphasized that the work of any concern or organization allied closely with economic conditions is frequently much greater when attending to the business already established than the actual establishment of such business, more especially when passing through a period of financial stress. It is submitted that the operations on the Discharged Soldiers Settlement Account for the year under review can be regarded as satisfactory. The markets were, of course, in a state of chaos for practically the whole year, affecting not only discharged soldiers but the general farming community, and it is only to be expected that the arrears due by mortgagors would be large, However, the losses which have been disclosed are considered to be small when it is remembered that practically £20,000,000 is involved. Tti conclusion, it is suggested that although a loss on the account has been made, it is, in reality, only the taxpayer's contribution towards the repatriation of soldiers settled on the land, and, as before stated, this amounts to the small sum of £2 2s. 4d. per man settled. Summary.—A summary of the important points is as follows : — £ Loans raised .. .. .. .. .. .. .. .. ]9,777,680 Balance outstanding on mortgage, 31st March, 1922 .. .. .. 18,118,156 Arrears — Instalments of principal. .. .. .. .. .. .. 54,493 Interest .. .. .. .. .. .. .. .. 331,352 Postponements — instalments of principal .. .. .. .. .. .. 3,981 Interest .. .. .. .. .. .. .. .. 22,489 Loss on realization of securities . . .. . . .. .. .. 6,463 (which is 0-036 per cent, of capital invested, or 0-769 per cent, of revenue earned.) Administration expenses, &c. .. .. .. .. .. .. 44,266 (which is 0-244 per cent, of capital invested, or 5-272 per cent, of revenue earned.) Net loss on Revenue Account to 31st March, 1922 .. .. .. .. 43,155 (which is 0-238 per cent, of capital invested, and represents a cost of £2 2s. 4d. per man settled.) Advances paid out during year .. .. .. .. .. .. 3,473,163 Repayments of advances during year . . . . . . . . . . 553,346 Interest received .. .. .. .. .. .. .. 566,302 Interest paid by Discharged Soldiers Settlement Account on loans raised .. 858,557 Accounts. —Statement of accounts attached to this report discloses the extent of the financial authorities issued and the actual transactions on the Discharged Soldiers Settlement Account.

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APPENDIX. REPORTS OF COMMISSIONERS OF CROWN LANDS. North Auckland. (R. P. GuEVILt/E, Commissioner of Crown Lands.) Owing to the great slump in stock and dairy-produce, all the soldier settlers have had a trying time during the past year, and there has been a great increase in the number of applications made for a postponement of rent and interest on advances. A report on each application is obtained from the Crown Lands Ranger, Supervisor, or Local Valuer, and each case is carefully considered by the Land Board and decided on its merits. In the majority of cases coming before the Board a postponement is recommended, but in cases where the position is hopeless on account of the ineptitude or disability of the applicant the Board decides to realize on the security, or advises the applicant to arrange for a transfer ; the policy followed being to help every man who shows any disposition to help himself. In regard, however, to the man who will make no effort to help himself, there is no alternative but to take the property over from him. In the first place he probably received an advance representing the full value of the land at a time when values were high ; he may have paid no interest at all, and has allowed the place to go back. For the past six months there has been an average of about forty applications for postponement at each monthly meeting of the Board. Applications under Discharged Soldiers Settlement Act. The number of applications for financial assistance under the above Act was 2,117. Of these, 1,477 were recommended for the approval of the Minister. The applications comprised 118 for the purchase of farms, 674 for the erection of houses, 231 for the purchase of houses, 454 for the purchase of stock, implements, &c. The total amount authorized for the year was £783,161, of which £150,053 was on current account. The handling of the farm properties, and dealing with applications for advances on current account, have made it necessary for the Land Board and staff to exercise the greatest care in dealing with each application. In order to be able to come to a right conclusion in each case it is necessary to consider the whole financial position of the applicant. This generally necessitates an inspection of the farm, stock, and implements, and a report on the capability of the applicant as a farmer and his prospects generally. Many cases present great difficulties, and it is sometimes a matter of doubt whether the best course is to recommend the advance or to refuse it and have to face the probability of having to take over the property later on. It is pleasing to say that in the majority of cases the soldiers are using their best endeavours to make a success of their farms. There are several instances, of course, where the men have not " played the game," but this was bound to happen in dealing with so many. Up to the end of the year 1,053 farms had been financed under section 2of the Act. Owing to various causes, thirty-two of these properties have had to be taken over by the Department. Since that date, however, six of the properties taken over have been again disposed of. In two cases no loss was sustained ; in three cases we lost a part of the interest owing, and in the last case the interest owing and 8| per centum of the amount advanced. There is good reason for believing that there will be no serious loss on the abandoned farms beyond the loss of interest by the soldier at the date of giving up possession. In a few instances, however, where properties were overvalued at the time of purchase, either from incompetence on the part of the valuer or otherwise, a percentage of the amount advanced may have to be written off. Three of the properties taken over have been subdivided into an average of three allotments each, which will result in our being able to place nine settlers where there were only three in the first instance. Up to the 31st March 2,916 houses had been purchased or built, and only one property had fallen back into our hands, and this has since been disposed of on satisfactory terms. The money advanced on houses is secured by instalment mortgages with terms of repayment up to twenty-six years, varying according to the probable life of the building. The regulations originally provided for half-yearly payments of instalments, but early in 1919 it was deemed prudent to stipulate that all payments should be made monthly. The consequence is that nearly all payments on house properties in this district are made monthly. General Conditions of Settlements. Koremoa Settlement, Northern Wairoa District: There is still one vacant section on the above settlement. The settlers are reported to be doing good work, but it will be some time before the gum-land portion of this settlement will be productive. Two years' remission of rent to each settler with a gum-land section should help to tide over the period. Puni Settlement, near Pukekohe : Great improvement has taken place on this settlement during the past year. Large areas of ground have been cleared, stumped, and ploughed, and the settlers are now comfortably housed, and with one exception are doing very well. Their returns for the season have not been very great, and postponements of rent have had to be granted in the majority of cases. Waari Hamlet, near Auckland City : There is still a large number of vacant sections in this hamlet, and it is proposed to have the balance unlet withdrawn from soldier selection and reopened for general application. As these sections are within the Auckland suburban radius and are reasonable in price they will no doubt all be taken up before, very long.

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Remuera Settlement, near Obaeawai, Bay of Islands : Good progress has been made by nearly all the settlers during the year., The settlement is now getting well established. About 30 chains of new road was constructed. The benefit of the lowering of Lake Omapere is now being felt by those settlers occupying the sections on the lake frontage. There are still three vacant sections on the settlement, which should be selected at any time. Pakaraka Settlement, near Kawakawa, Ray of Islands : The settlers on this settlement have done as well as could be expected during the past year. More provision than usual has been made for the winter feed. The gorse on this settlement is its greatest drawback, and arrangements are being made to cope with this difficulty. The Te Pua, Upokonui, and Pukcti Settlements are comparatively new. The settlers, however, are shaping well, and have reasonable prospects of " making good." Waimata Settlement, near Dargaville : The settlers on this block have continued to do very good work. The low price of wool has been a very severe handicap. This settlement is looked upon as being one of the best purchases made by the Government in this district. Streamlands and Waiteitei Settlements, near Wellsford : The settlers here are still having a very hard struggle. Considerable improvements have been made on both settlements during the past year. Motutara Settlement, near Waimauku, in the Helensville district: This is a new settlement, opened for selection during the year. Only two sections now remain open for selection. The soldiers are of a good type, and should do well. Feed is in abundance all over the settlement. A great deal of alteration to the buildings has been necessary, and the settlers are now established in their permanent houses. The reputation of this land has been kept up by the soldiers in the fattening of sheep and cattle. Auckland. (H. M. Skeet, Commissioner of Crown Lands.) General. The conditions of the past season, which have tested the positions of many established and experienced farmers, have been specially trying to most of the soldier settlers, whose positions had not been sufficiently consolidated to meet such conditions. Although some of them have now been in occupation for four years, the intervening seasons have not been of an entirely favourable character, and have, moreover, in many cases been devoted to the improvement of pastures, the erection of buildings, the development of a dairy herd, and the many other channels of expenditure involved in the creation of a new individual farm. The majority of the soldier settlers are engaged in dairying, and many of them had anticipated that the past season would have enabled them to commence in earnest the reduction of payments which to some extent accumulated during the period of preparation. The low scale of payments made by dairy companies during most of the season has disappointed these expectations, although the bonus payments, which it is hoped will be of a substantial character, should relieve the position. The majority of the soldiers are doing very good work on their holdings. A minority—who are, fortunately, a comparatively small proportion—appear to regard the land-settlement scheme as a pension arrangement to be used to the fullest possible extent as long as further moneys can be borrowed from the State, and abandoned when these cease or conditions develop less favourably than might have been anticipated. With such men it is a frequent excuse that they cannot succeed on the lands which " the Government placed them on," regardless of the fact that in many cases they selected their own properties. It is evident that with no prospect of buttcrfat returning to the high level of the war period dairy-farmers will need to adopt improved methods for increasing their returns, and the soldier settlers, if they are to succeed and pay their way, must share in those methods. The principal points needing special attention are the improvement of pastures and of cows, and greater attention to the growing of forage and root crops, and the better feeding of dairy cows all the year, but especially in winter. In a great many cases it is quite clear from the returns received from soldier settlers that cows are being kept which are mere " boarders," and are not giving returns adequate to the cost of the pasture--which includes the cost of the land- on which they feed. The average return per cow for the Dominion shows how far we are below the methods of other countries with which we are competing in the world's markets, our inferior record in this respect having probably been aggravated by the speculative conditions of recent years, since those who bought farms merely for resale would not devote time and money to building up a dairy herd. There appears to be urgent need for some standard system of grading dairy stock which will prevent the sale or perpetuation of the inferior stock which are now much too prevalent. As regards the feeding of dairy cows, the lax methods that too often prevail are probably due in part to the genial climate of the district, which apparently renders special feeding unnecessary and seems to justify a certain laziness and lack of method in the provision made for dairy stock. There is, however, ample evidence to show that even in the climate of the Auckland District dairy stock cannot be kept at their best standard of production without special feeding, which would yield handsome returns to the dairyman. Dairy orders have during the past season been utilized in many cases as a means of keeping down current liabilities. Partly owing to the small advance payments made by the companies, the results have been disappointing. I regret to observe that there is an unwillingness on the part of certain companies to assist their suppliers by giving full effect to such orders. Lands selected. The total number of. holdings of Crown and settlement lands selected by discharged soldiers during the year was 115, comprising an area of 18,674. acres, and at the close of the year the total

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number of such holdings occupied by soldiers was 935, with a total area of 251,531 acres. The larger portion of the new selections during the year consisted of settlement lands, two new settlements, one at Hikuai on the east coast of the Hauraki Peninsula and one on the Rangitaiki Plains in the Bay of Plenty, having been made available, while additional areas in the Orongo Settlement on the Hauraki Plains, and in the Reporoa Settlement near Rotorua, were offered as the preliminary works advanced sufficiently to enable the lands to be occupied. Revenue and Advances. The total receipts during the year for credit of the Discharged Soldiers Settlement Account were £127,701, the principal items consisting of repayments and interest on farm properties purchased, £39,777 ; on house properties, £25,951 ; and on current-account advances for stocking and improving farms, £36,280. The advances paid out during the year amounted to £509,734, the principal items being—for purchase of farm properties, £95,234 ; for erection of houses, £170,035 ; and on current account, £239,966. The total advances outstanding at the close of the year were—On farm properties, £1,271,019 ; on house properties, £463,442 ; and on current account, £649,155. Although the volume of advances shows a considerable decrease for the year, owing to the suspension of purchases of farm properties, the continuation of advances on current account has represented a substantial volume of work, which is indicated by the fact that the number of vouchers put through for the year was 7,246, as against 7,086 for the previous period, payments under current account, although involving much smaller aggregate amounts, representing a very much larger amount of work in examination and verification of invoices, &c, than in the case of payments for purchase of properties. A feature of the work during the latter part of the year has been a large number of applications for postponements of payments on instalment mortgages of farm holdings, the restricted returns for all classes of farm-produce having rendered it impossible for settlers to meet their halfyearly instalments. All the cases submitted received careful investigation and consideration before any recommendation was made. General Condition of Established Settlements. The following remarks deal briefly with the condition of the principal settlements, both on purchased and Crown lands, within the district : — Reynolds Settlement, near Cambridge : Eleven holdings occupied by discharged soldiers and seven by civilians. Holdings average 65 acres each. Established June, 1916. Lessees dairying; well established and successful. Taniwha Settlement, near Te Kauwhata : Eight holdings occupied by soldiers and two by civilians. Holdings average 55 acres each. Established December, 1916. Lessees dairying ; holdings well improved ; prospects good. Tapapa Settlement, near Hinuera : Ten holdings, all occupied by soldiers ; average, 104 acres each. Established. June, 1917. Lessees doing good work renewing pastures and improving their holdings ; dairying ; prospects good. Pakarau Settlement, near Morrinsville : Twenty-three holdings, all soldiers ; average, 118 acres each. Established December, 1916. Good work done; holdings generally well improved, pastures renewed, and dairying-capacity increased. Substantial goodwill value in sections. Mangateparu Settlement, near Morrinsville : Fifty-five holdings, all soldiers ; average, 77 acres each. Established March and September, 1919. Majority of settlers doing excellent work, carrying on dairying. Have suffered from dry seasons, but settlement in good heart, and ultimate success assured. Hukutaia Settlement, near Opotiki: Twenty holdings, all soldiers. Established July, 1919. Holdings average 94 acres each, and are used for dairying and mixed farming, and one apiary-site. Holdings of good quality ; mostly well improved, and holders thoroughly established, with good prospects of success. Te Miro Settlement, near Cambridge : Established February, 1918 ; thirty-one holders, all soldiers. Average size of holdings, 196 acres ; dairying and mixed farming. Progress of settlement retarded by difficulties of access, rabbits, unsuitability of some of selectors for successfully handling their holdings, and withholding of dairy-bonus payments. Those, of the original selectors who have retained their holdings have developed them well, and, with more favourable financial conditions, should succeed Unsuitable selectors are being gradually replaced by others better qualified. The settlement has good prospects of ultimate success, but its difficulties have been unusually acute, and the effects will be felt for some time. Matuku Settlement, on the Rangitaiki Plain : Established 1919 and 1920. Eleven holdings ; average, 92 acres. With exception of two or three rather wet sections, holders are dairying and doing well ; others will require time, but prospects good, and success of whole settlement well assured. Waiare and Hereford Park Settlements, near Te Puke and Pongakawa, Bay of Plenty : Four holdings each ; former average 109 acres, latter 354 acres. Former dairying; only difficulty watersupply, now under consideration; prospects good. Latter grazing; prospects at present not very satisfactory. Horahora Settlement, near Cambridge : Established June, 1919. Ten holdings ; average, 170 acres ; dairying and mixed farming. Good holdings, being developed and worked satisfactorily. Success assured. Horahia Settlement, on Hauraki Plains : Established September, 1919, purchased for six applicants who selected. Holdings average 65 acres ; dairying ; improvements satisfactory, sections well worked, and prospects good.

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Apata Settlement, near Tauranga : Established October, 1919. Eight holdings ; average, 125 acres ; used for dairying and mixed farming. Progress has been slow, and success not yet assured, but holdings are being well developed, and prospects appear satisfactory. Puahuc Settlement, near Te Awamutu : Established December, 1919, Twenty sections; average, 162 acres ; dairying and mixed farming. Making good progress, and prospects satisfactory. Tahaia Settlement, near Otorohanga : Established February, 1920. Eleven holdings; average, 72 acres. Improvements satisfactory. Land requires draining and sweetening. Settlers dairying, with good, prospects of success. Rangitaiki Settlement, near Thornton, Rangitaiki : Established May, 1920. Six holdings ; average, 25 acres; small farming. Rich alluvial land, holders doing good work; prospects satisfactory. Reporoa Settlement, near Waiotapu, between Rotorua and Taupo : Portions offered at various dates since May, 1920, as drainage-w r orks progressed. Twenty-six sections are now held by soldiers. Lessees doing very good work, holdings well improved, and dairying being carried on with success. Prospects appear satisfactory. Otamarakau Settlement, near Te Puke, Bay of Plenty: Established August, 1920. Eight holdings, average 63 acres, and are used for dairying. Good progress being made, holdings being improved satisfactorily, and dairying carried on. Prospects of success good. Orongo Settlement, at the mouth of the Waihou River opposite, Thames, and practically forming part of the Hauraki Plains : The first portion was offered in September, 1920, and other portions have been offered since, as the drainage and cultivation works progressed sufficiently to enable the areas to be occupied. Twenty-seven sections, averaging in size 45 acres, are, now held. On the sections which have been held, longest very satisfactory progress has been made,'and the settlors are in a fair way to Tieing well established. A good, start is being made on the more recent selections. Kopuku and Kopuku No. 2 Settlements, near Mercer : Fourteen sections, averaging 115 acres each. Established December, 1920. Good swamp and undulating land, suited for dairying, which is being carried on with fair success. Satisfactory progress being made. Pukemapou Settlement, about fifteen miles south from Te Awamutu : Established February, 1921.. There are twelve sections, averaging 93 acres each, eight of which are occupied. Dairying is carried on, and very fair progress has been made. The Hikuai Settlement, near Tairua, on the east coast of the Hauraki Peninsula, was opened in October, 1921, fifteen sections, containing 2,013 acres, being offered for soldiers, and four sections, containing 5,115 acres, for civilians, two of the latter, comprising 4,392 acres, being unselected. The whole of the former, which consists mainly of alluvial flats and easy undulating country, are well adapted for dairying, and with the establishment of a factory, which is now in contemplation, excellent success should be assured. The buildings on the settlement, which were extensive and of good quality, are being used for the erection of the soldiers' dwellings and outbuildings. The small settlements, Ngahinapouri, Mangaotama, Kaipaki, and Whatawhata, comprising in all fifteen sections of dairying-land within easy distance of Hamilton, and the Tainui Settlement, near Tahuna, consisting of three sections of good grazing-land originally in bush, are all developing well, and their prospects arc good. Of the settlements established on undeveloped Crown land the principal are, — The Tuhua Block, near Taumarunui, established. September, 1918, comprising fifteen sections, averaging about 100 acres each, and six small holdings of about fO acres each ; originally bush land from which the milling-timber had been removed. The settlers have done good work, and are now dairying ; improvements generally satisfactory and prospects good. The Ongarue Block, situated north of the preceding, established August, 1920, and consisting of fifteen sections, averaging about 550 acres each. These comprise undulating to broken grazingcountry, a considerable portion in bush carrying milling-timber. A mill is being established for the working of tho timber, which will be of considerable assistance to the settlers. They are of a good type, and are making satisfactory progress in clearing, grassing, &c. The Moerangi Block, situated between Te Awamutu and Kawhia, originally established August, 1914, comprises forty sections, averaging nearly 700 acres each, of which fifteen are occupied by discharged soldiers. Mostly rough broken land of good grazing-quality, in bush. The past season has not been satisfactory for bush-burns, but very fair progress has been made. The Matamata North or Wairero Block is situated near the railway adjoining tho Matamata Settlement. This was offered in two blocks in October, 1918, and October, 1920, fourteen sections being held by soldiers and five by civilians; holdings average about 70 acres. It is of good level land, of quality similar to Matamata ; parts were in large gorse and ti-tree, involving considerable expenditure in clearing and grassing, but being situated close to a factory presents excellent facilities for dairying. Up to the present returns have, of course, been very limited, but excellent development-work has been done, and good returns should be secured, in the near future. On the Hauraki Plains there are fifty-one holdings, offered for discharged soldiers only in December, 1919, and July, 1920, the average size of the holdings being about 95 acres. Some of the sections are already giving good results from dairying, but there, are a number of peat sections which will require several years of development before adequate productive capacity can be reached. Most of tho settlers are doing good work in this direction, but time is essential to the success of their efforts, and only limited returns can be expected meanwhile. The, Manawahe Block is situated to the north of Lake Rotoma, and comprises twenty-one sections, averaging about 350 acres each, which were opened in May, 1920. This is undulating and hilly country, parts carrying bush, only a very limited portion of which is suitable for milling. Very fair progress has been made in grassing, fencing, and other improvements. The general remarks already given will apply to the scattered Crown leaseholds throughout the district, as well as to the separate farm properties purchased for individual soldiers, and held subject

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to mortgages to the Department, The largo half-yearly payments involved in these cases have, of course, caused special difficulty with the extremely limited returns received, but there is no reason to suppose that the difficulty is more than a temporary one which can be overcome by systematic working and development of the holdings to their fullest productive capacity. It is, of course, recognized that in the working of the soldiers-settlement scheme a proportion of the settlers, lacking either previous experience, energy, or adaptability, will seek other channels of occupation, but there are good grounds for anticipating that when present difficulties have been overcome the net gain to the district will be a large number of useful and successful settlers. Hawke's Bay. (W. P. Maksii, Commissioner of Crown Lands.) The aggregate area opened for selection during the year under the Discharged Soldiers Settlement Act, including two new settlements (Glencoe and Wharekaka) purchased under the Land for Settlements Act, was 4,972 acres. Wharekaka Settlement, containing 778 acres, subdivided into fourteen allotments for dairying purposes, all of which were selected when offered, comprises first-class land, situated at Tolaga Bay, and has every prospect of being a successful settlement. The Glencoe Settlement, on the Gisborne plains, containing 4-77 acres, subdivided into ten allotments, was offered in October, when dairying prospects were bad, with the result that only four allotments were selected. There is little doubt the remainder will go off as the outlook improves, the land being of first-class quality and within ten miles of Gisborne. The total area acquired by discharged soldiers and still held at the close of the year was 208,890 ayj-es, representing 484 separate holdings. The total amount of advances paid out to, or on account of, settlers for stock and improvements during the year was £109,165. There is evidence of splendid progress being made in most of the settlements in the matter of substantial and up-to-date improvements, the value of which, as borne out by the periodical reports submitted by the Supervisor and Crown Lands Rangers, is a groat deal in excess of actual statutory requirements. While the foregoing remarks apply to the majority of the discharged soldiers, especially those who hold leases direct from the Crown, there is a minority, mainly amongst the number assisted financially to acquire freeholds and leaseholds under section 2 of the Discharged Soldiers Settlement Amendment Act, 1917, who, owing chiefly to lack of experience, of energy, and of perseverance, have become disheartened through the slump in prices and the drop in profits, and show a disposition to abandon their holdings. Generally speaking, the Crown's security in such cases in the land is ample, the balance of the purchase-money being secured under a second mortgage, given in most cases to the vendor. Any abandonment of holdings under the circumstances will react on the second mortgagee, who it is believed in most cases will endeavour to finance the matter in such a manner as to repay the advances due to the Crown arid take over the security in order to safeguard his interests. The Crown's loss in these cases will be represented solely by the difference in price paid for the stock at the time of the advance under current account and the prices prevailing at the time of foreclosure and realization, with any deficiency in the numbers of the, stock scoured by the Crown's bill of sale. The amount of rents postponed on soldiers' holdings is very high, but the concessions have been absolutely necessary and must be continued for some little time yet. The further postponing of recurring amounts is apt to make the office book-keeping very complicated, and to keep the selector in a constant state of uncertainty as to his standing. When times are better it may be advisable to consolidate the outstandings of those who, by their efforts, deserve; success, and postpone the totals for a fixed term of years, even at a nominal interest, and eliminate those settlers whose records are too unsatisfactory. Recent legislation contained in the Discharged Soldiers Settlement Amendment Act, 1921-22, providing for the postponement of instalments of principal and interest of moneys advanced under section 2 of the Discharged Soldiers Settlement Amendment Act, 1917, should prove of material mutual advantage to such selectors as are only temporarily embarrassed and to the Crown in its position as mortgagee. Taeanaki. (H. J. Lowe, Commissioner of Crown Lands.) Only one settlement for discharged soldiers, comprising throe sections, of an area of -'527 acres, has been acquired during the year, and on being balloted for two sections were taken up, whilst the remaining one has since been selected. Of the purely discharged soldiers settlements, Parkes Estate may be given pride of place, and even under existing conditions has a very fair equity. Most of the other settlements are being nursed, and there is no doubt run-out pastures are as much the result of this as the decline in price of products. It is my aim—assisted by the Supervisor—to bring these back to a more satisfactory footing, but conservative advances only can be made. I have had in many cases to recommend payment for manures and seeds to provide winter feed, otherwise the Crown's interest in the stock security would be seriously imperilled. Under ordinary circumstances and with better prices this would have come under general farm-management, to be paid for by the selector out of his takings. I am pleased to note, however, the despondent note of the past few months as regards dairying is becoming less marked, and a more optimistic tone prevails. I, however, must stress the point that to hold various soldiers on their farms assistance must be rendered and, where a reasonable explanation can bo given, debts due to the Crown postponed. Similar conditions are observable among the wool-men, but the provisions of Regulation 20 (a) are very helpful and are being availed of. Holders of houses have met their obligations usually without demur, and while wages for artisans remain as at present I anticipate this branch of the business being sound. The Supervisor of Discharged Soldiers Settlements has rendered valuable assistance to many soldiers-, more particularly on the Huatoki Settlement, by obtaining a standard form of building and obtaining timber, hardware, &c,

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at bedrock prices, enabling houses to be erected much more cheaply than they could have been done under conditions. If bushfelling, grass-seed, wire, and other necessaries were obtained by tender or contract and uniformity arranged between neighbouring districts there would not be the using of one district's price against another's that at present exists, and this phase of the question of settlement is recommended for consideration. Wellington. (G. H. M. McClube, Commissioner of Crown Lands.) The settlement operations during the year have been confined to the disposal of the remaining estates purchased towards the close of the previous year, as it was found unnecessary to make provision for the settlement of discharged soldiers owing to the falling-ofi of applications caused by the slump in the prices of primary products. In Haunui No. 2 Settlement, 347 acres, near Wangaehu Railway-station, seven sections of good dairy land were allotted in areas from 43g to 54-j; acres. In Almadale Settlement, 670 acres, situate from six to ten miles from Feilding, nine sections, all good dairy land, were laid off in two detached blocks and allotted in areas varying from 35| to 149f acres. Four small sections in the Pitt Settlement, 16 acres 3 roods 21 perches, four miles from Lower Hutt Railway-station, in areas from 3| to 4§ acres, suitable for poultry-farms, were offered, and two sections were selected. The remaining section in the Pihautea Settlement, nine miles from Featherston Railway-station, comprising 47£ acres, was selected, the timber on it having been milled. An area of 4,009 acres of bush land, adjoining the Wanganui River, between Taumarunui and Wade's Landing, formerly part of the Wanganui River Trust Domain, was subdivided into eight sections, in areas from 214 to 729 acres, all of which were selected at .ballot. Other lands offered and disposed of comprised six sections in the Hunua, Whirinaki, Makotuku, Hautapu, and Ruahinc Survey Districts, all bush, and, when cleared, good grazing-land, the areas aggregating 2,280 acres, and varying from 190 to 600 acres. In addition, eleven sections, aggregating 5,804 acres, of forfeited and surrendered sections were reoffered, and eight were reselected; while sixteen holdings were forfeited or surrendered and reallotted without ballot, the area dealt with being 3,429 acres, of which 1,758 acres were settlement land and 1,671 acres Crown land —three sections of settlement land being allotted to adjoining holders. Under the provisions of section 2 of the Discharged Soldiers Settlement Act, 1917, forty persons were financially assisted to purchase an area of 22,802 acres, and 398 persons were assisted to purchase or erect dwellings. Since the inception of the Discharged Soldiers Settlement Act, 1915, and up to the 31st March, 1922, 1,601 discharged soldiers have either been settled on or have been assisted to purchase farms, the total area held being 332,925 acres ; in addition to this 2,494 discharged soldiers have been assisted to purchase or erect dwellings, making a total number of 4,095 men who have been assisted, at a total cost of £5,701,725. This year has been most disastrous for all those engaged in pastoral and dairying pursuits, and especially so to those that had purchased farms and stock within the three preceding years, when prices for these were probably higher than at any time in the history of the Dominion. Unfortunately, most' of the soldier settlers come under the latter category, with the result that they have been unable to meet their obligations. This is not to be wondered at, as it is a well-accepted fact, even when prices arc normal, that the expenditure in developing a farm is much in excess of the revenue, and when the cost of all fencing and building materials, as well as the cost of bushfelling and grassing, during the last four years is taken into consideration it can be realized what difficulties face the soldier settlers. However, as most of this expenditure is not recurring, and with the revival in the prices of our primary products, with improved flocks and herds, hard work, and efficient management, I feel certain that 90 per cent, of the returned men will win through. So far as dairy-farming is concerned, there is a crying need for the improvement of the herds, which can only be attained by testing, the elimination of inferior cows, and the use of purebred bulls. If this were done the yield-of buttorfat per cow should increase from the present average of 170 lb. to at least 300 lb. within the next five years. Maelboeough. (John Cook, Commissioner of Crown Lands.) The following is briefly the position of the soldier settlements : — Erina : Sheep-grazing. With low prices position unsatisfactory. Moorlands : Agricultural. Good tenants ; progress satisfactory. Alberton : Agricultural. Good tenants ; good prospects. Neville : Agricultural. A single farm affected by low prices, but has good prospects. Wither : Chiefly sheep-grazing. Some workmen's holdings. Satisfactory. Bomford : Agricultural. A single farm, just selected ; progress satisfactory. Linkwaterdale : Dairy-farming. Good tenants ; good progress. Goat Hills : Sheep-grazing. Conditions improving ; progress slow. Warnock : Dairying. A single farm ; progress slow. General: As a whole the fall in the prices of our products has been a bad handicap for soldier settlers. With better prospects in view the position generally is improving, but once a new selector has suffered a throw-back his position, naturally, will be affected for some time to come, and such men will require careful handling to enable them to get established. The soldiers who have been assisted to purchase dwellings in the towns are, with few exceptions, maintaining their obligations.

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Nelson. (H. D. MoKellah, Commissioner of Crown Lands.) The position with regard to a number of soldier settlers is somewhat precarious, and it will require great determination on their part and sympathetic treatment by the Department to avoid failure. The great majority will, however, surmount the difficulties now being experienced and become successful farmers. The embarrassing condition in which many find themselves is due primarily to the low prices obtainable for farm produce and stock. It was ascertained early in the year that a number of settlers did not realize their responsibilities with regard to payment of rent and interest, and with regard to the disposal of stock and chattels held under bill of sale. No effort has been spared to make the matter clear, and a better understanding of the position is now manifested. It had to be repeatedly explained that the claims of second mortgagees were not to be satisfied while payments were due to the Crown as first mortgagee. Partnerships-in farms have proved most disappointing both to the partners and the Department. Out of about a score only about half a dozen still exist in the whole district. With the object of inducing settlers to continue in occupation of their farms they have been advised not to lose heart and give up, as with better prices for produce, determination to succeed, and lenient treatment by the Department they will win through ultimately. Altogether about twenty settlers have abandoned their holdings, and realization lias had to be decided upon. Generally speaking, the soldier settler is showing an admirable spirit notwithstanding the difficulties he has to contend with, which are greater than those of the experienced farmer who has had the benefit of the high prices obtained during the war. WUSTLAND. (R. S. (IALHEAiTir, Commissioner of Crown Lands.) No land has been acquired under the Land for Settlements Act in this district for discharged soldiers, and transactions have consequently been confined to advances under section 2 of the Discharged Soldiers Settlement Amendment Act, 1917, for the purchase of farms and dwellings and for stock, chattels, and improvements. The advances made during the past year have been almost entirely on current account for improvements and stock. The; individual holdings thus financed are generally scattered widely throughout the district, and are held on various tenures, and there are no groups sufficiently compact or important to be classed as soldier settlements. There were on our books at 31st March 164 soldiers, 86 of whom have been financed in connection with farms, stock, &c.,' 56 who have received advances in connection with dwellings, and 12 who selected land but have so far not applied for financial assistance. Practically all these men have been settled, during the last three years, and many have been in occupation for a much shorter time, consequently the sudden drop in prices of all farm-produce and the general financial stringency has been a hard blow to them, and many have found it impossible to meet their obligations. The fall in the price of stock which commenced last year continued to such an extent that little or no profit was left for the grower, and the low price obtained for buttcrfat this season has been a specially severe set-back to the soldier settlers, few of whom have had their farms long enough to afford the loss. There are indications, however, that prices are likely to improve, and given anything like normal conditions I consider that nearly all should make good in the end, though meanwhile it will probably be necessary to give a good many further concessions by way of postponements, remissions, &c, to enable them to carry on. Canterbury . (G. H. BuLLAED, Commissioner of Crown Lands.) Owing to the partial cessation of advances the settlement of discharged soldiers has lessened very much in comparison with previous years. During the past year advances have been confined mainly to stock advances and purchase of small holdings or dwellings for T.B. or badly disabled men No estates were acquired during the year. Some small allotments in Heihei and Moreton Settlements are still unselected. Many of the soldiers on pastoral or grazing country are hampered by the deficit in their trading accounts, caused by the fall in the price of stock, especially where they are being pressed by the stock and agency companies to reduce their debit balances ; and this has made it more difficult for many of them to meet their payments of interest and rent. The Board has recommended the granting of such postponements of rent and interest as seemed desirable, but in a few cases has had to intimate to other creditors that the Government must get something, and not allow others to collect everything. The Board is taking a fair attitude and working reasonably with the commercial institutions, which in this district have* apparently made stock advances to a greater extent than elsewhere. In land under tillage some of the men have been much hampered by having to work their land under cultivation free of twitch-grasses which seem to revel in some of the stifier clay soils of this district ; in a few cases Californian thistle is also giving trouble. These conditions necessitate the keeping a fairly large and strong team, which is a big tax on any but fairly large holdings. As was to be expected, some soldiers, on account of inexperience or want of energy or lack of capita], have had to come, out of their farms; and a rather regrettable feature is the number of partnerships that have had to be dissolved owing to disagreement between the partners.

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Although in a few instances men may not be doing all they might to pay, the great majority seem to be doing their best to meet their engagements, both to the Crown and other creditors, and, given a continuance of the improving conditions, in a few years will better their financial conditions if reasonable assistance is rendered now. Good progress is being made witli improvements, and the completion of these will make things easier. In small holdings, such as those for poultry-farming, it seems to be harder for men to get on their feet and to need greater industry and adaptability than on larger farms, and I cannot report any great success so far in this direction. Some men with experience art; doing fairly well at marketgardening, tomato-growing, &c, but in other cases improvement is desirable. Men on pastoral country will, require some nursing still, and, in common with other farmers, a few have been forced out by financial troubles. In dealing with applications for land for orchards and other small holdings we have been indebted to the Orchard Inspector, Mr. Dallas, for advice. A number of dwellings are still under construction. The price for the construction of these is lessening ; a number have been sold by the owners and the advances refunded to the Crown. Owing to lack of employment, a few are in arrears with payments. A careful watch is kept over these, but it is desirable that another Farm Supervisor should be appointed, both to keep a closer watch over our securities and advise and encourage settlers, who seem to appreciate any interest the Department takes in them. Otago. (R. T. Sadd, Commissioner of Crown Lands.) During the year ending the 31st March, 1922, the demand for land by discharged soldiers has decreased to a very great extent, owing partly to the wants of the soldiers being satisfied and partly to the difficulty of obtaining finance other than that provided by the Government. The drop in the price of wool and stock in the early j)art of the year and afterwards the fall in the price of butterfat has evidently deterred the selection of land. The price of wool and sheep has now risen to some extent, and the prospects of pastoralists have much improved, so that there is a good prospect of the pastoral lands now subdivided and held back being selected at the end of next season. The Kelso and Pukeawa Settlements, containing 3,400 acres, were opened during the year, and a few more of the sections on settlements previously offered and not selected have been taken up. The bad harvesting-weather experienced in March will seriously affect some of the settlers. A few of the settlers who acquired farms under section 2 of the 1917 Act are not doing well, and it is apparent that steps will have to be taken to effect a transfer to another soldier or realize on the security. As the loans on instalment mortgage in most oases are well under the value of the property there should not be a loss in offering for sale or lease, but probably a sale of stock, &c, neld under current-account mortgage will result in a loss. Arrears have increased on rural properties and current accounts, and it seems unlikely that many of the farmers will be able to meet their obligations this season. It is desirable to give these men every encouragement to retain their holdings, and the provisions of section 16 of the Discharged Soldiers Settlement Amendment Act, 1921-22, will enable considerable relief to be given. Dwellings. The Inspector of Securities is attending to his duties in a most efficient manner, but owing to a good deal of unemployment in the district a few have got into arrear ; most of these are making every effort to meet their obligations, but in three cases it will be necessary to have the properties sold and the arrears paid off. During the year thirty-eight mortgagors have repaid the whole of their advances, and fifty properties have been transferred to other returned soldiers. Postponements of payments have been discouraged as much as possible, and only four exceptional cases have been recommended. Mortgagors are being encouraged to reduce their arrears by small weekly payments. The dwelling securities are being kept in excellent order, the soldiers taking a pride in improving their properties in their leisure hours. Southland. (T. Brook, Commissioner of Crown Lands.) As was to be expected, the year just ended has shown a decided shrinkage in the number of discharged soldiers who have been settled on the land as compared with previous years. Simultaneously with the curtailment of advances the demand for land has fallen off. As time goes on, the number of new soldier settlers will, become fewer year by year until vanishing-point is reached, and that point must be almost within sight, considering that it is over four years since the Armistice was declared. The first men to return showed a marked preference for pastoral lands, the prosperous state of the sheep-farming industry at that time being a great attraction. That kind of farming offered a freer life than did any other kind, a life more alluring to men who had participated in the war. In Southland there was but little available land to meet the demand referred to. Agricultural farming and dairying comprise the great part of the whole of this district's rural activities. Steady progress in these kinds of farming has been made during the year, and the future prosjaccts can be viewed with optimism. Up to a point the season has been most favourable, and there has been an abundance of pasture. The cereal crops promised well, and in certain localities turned out very well. The month of February was one of unbroken warm weather, and the soldiers whose crops were ready for harvest in that month can consider themselves fortunate indeed. The month of March-

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was as bad as February was good, and destroyed all hope of the realization of reasonable expectations. Had the autumn weather been good or even fair through the harvesting-period the province would have benefited enormously. Although the pasture has been so abundant the returns to the dairyfarmer have been only moderate so far. Sonic factories sold their output at the beginning of the season and are paying their suppliers quite good and remunerative returns. The soldiers who are suppliers to these are doing well. The number of such is rather limited, however. Although feed has been so plentiful it is doubtful if the yield of butterfat has kept pace with it. The soldiers found it difficult to get cows at the beginning of the season and impossible to get good breeds. The prices, too, rose very high. It will take some time, of course, to get together herds for soldier settlers which can be relied upon to produce the best results. Now that dairy-produce has hardened on the London market many of the soldiers should receive a substantial bonus in a few months' time. So far as Southland is concerned, the prospects of the soldiers who have settled on the land are most promising. Clearing, burning, grassing, fencing, and building have been pushed on vigorously. Failures there have been and will be. Given reasonable prices and fair weather conditions the soldiers on the land in Southland should become permanent and prosperous farmers.

TABLE 1. Area of Lands proclaimed for Settlement under the Discharged Soldiers Settlement Act, 1915.

Under Section (Ordinary i 3 of the Act. Tenures.) Under Section (Special'. i 4 ol the Act. tenures. j Total Area proclaimed. District. For tho Year ended 31st March, 1022. Total to 31st March, 1022. For the Year ended 31st March, 1922. Total to 31st March, 1922. For tho T . - 1 Year ended * 31st Man*, ,ilBt n Z% 1922. 1!)22 - Total to 81st March, 1922. Ordinary Crown Lands — North Auckland Auckland Hawke'a Bay .. Taranaki Wellington Nelson Marlborough Westland Canterbury Otago Southland Acres. 119 Acres. 1,575 30,035 23,531 12,831 884 20,728 Acres. 2,393 7.323 1,022 77 0,200 Acres. 18,001 97,220 94,103 18,540 08,382 4,058 5,268 480 798 30,199 8,503 Acres. 2,393 7,442 1,022 77 6,200 Acres. 10,570 127,205 117, 634 31,371 00,260 24,786 5,268 22,345 798 118,111 10,199 21!805 87,912 1,690 74 74 Totals 11!) 201,057 17,689 345,552 17,808 546,609 Oheviot Estate, Canterbury 3,356 8,350 Land for Settlement^ — North Auckland Auckland llawke's Bay Taranaki Wellington Nelson Marlborough Westland f lanterbury Otago Southland 707 1,187 3,974 6,022 1,255 327 1 ,494 0,980 18,868 50,104 57,438 IS,783 38,250 29,441 14,585 3,974 6,022 1,255 327 1,494 6.980 18,808 50,104 57,438 18,783 38,957 30,028 14,585 173 44,834 17,652 2,535 3,458 42,I 93 45,241 5,074 173 3,458 87,027 02,893 8,209 Totals 173 66,915 24,110 320,577 24,283 387,492 National Endowment — North Auckland Auckland llawke's Bay Taranaki Wellington Nelson Marlborough .. Westland Canterbury Otago Southland 3,701 878 21,581 31,538 3,732 2,826 899 13,405 3,701 878 21,581 31,538 .'i,732 2,820 899 13,405 5,887 209,567 134,210 6,593 5,887 209,567 134,216 6,593 Totals 4,579 430,304 4,579 430,304 flrnnd totals 4,871 098,270 41,799 609,485 46,670 1,307,701 Note.—During tho yoa: land for discharged soldiers Proclamations were revoked. setting apart 63,530 acres of Crown land an id 38,426 acres of settlement

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TABLE 2.—Applications received and Land allotted during the Year ended 31st March, 1922, under the Discharged Soldiers Settlement Act.

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Lands ali Lands allotted during the Year. Hotted during tl :he Yea ar. Number of Applications received during the Year. Xj nder Section Under Section 3 of Act (Ordinary Tenures). 3 of Act (Ordir nary T tenures). Under SectioE Under Section 4 of Act (Special Tenures). n 4 of Act (Spec jcial Te enures). Totals. District. I Sale (including „ , _ . Deferred Payment). Under I Under , Section 3 Section 4 of Act of Act J Total. h • w (Ordinary (Special ! *™*™ »> Tenures). Tenures). ments rt Number of Allot- Area, ments. Lease and License. lumber f Allot- Area. ments. ,. of i mi Number of Allot- Area, ments. Total. umber Allot- Area lents. Sale (including Deferred Payment). Number Nl a. I of Allot- Area. ; of I ments. n Number Number of Allot- Area, of Allot- Area. I ments. ments. Lease and License. rumber f Allot- Area. ments. ,. of J mi Number of Allotments. Total. lmber Allot- .A lents. Number , Number I Area, of Allot- Area, of Allot- Area. ments. ! ments. ■ Sale (including Deferred Payment). Lease and License. Total Number of Allot- Area. ments. Ordinary Crown Lands — North Auckland .. .. 17 17 Auckland .. .. ' 9 70 j 79 Hawke's Bay .. .. 99 I 99 Taranaki .. .. 1 6:7; Wellington .. .. .. 90 ' 90 Nelson .. .. 1 j .. 1 Jlarlborough Westland Canterbury Otago .. .. 19 3 22 Southland .. .. 9 6 i 15 Totals .. .. I 39 291 330 Acres. Acres. I Acres. 4 6 Acres. 12 1,712 30 9,558 8 3,183 8 i 1,864 30 15,104 Acres. 12 1,712 37 9,562 8 ! 3,183 9 ] 1,870 30 i 15,104 Acres. 7 4 "l "6 Acres. 12 1,712 32 10,324 8 3,183 9 2,355 30 15,104 1 1,340 Acres. 12 1,712 39 10,328 8 3,183 10 2,361 30 15,104 1 I 1,340 Acres. •• 2 766 2 766! 7 ■• ■• 1 491 1 491 1 .. ■• •• • • .. •■ • • 1 1,340; 1 1,340 •• » I •• .. .. •• i •• .. 4 1 11,255 165| 4 11,255 1 165 1 74 1 "4 l^429 1 I 225 4 J 2 299i 1 74 8 12,684 2 390i 8 I 12,684 3 I 464 •• i i 9 14,017) 14,017 84 03 33,075 102 33,159 84 102 ; 47,0921 Ill 47,171 Cheviot Estate, Canterbury Settlement Lands — North Auckland .. I 20 20 Auckland .. .. [ .. 150 150 Hawke's Bay .... 49 49 Taranaki .. .. j 26 26 Wellington .. .. .. 178 178 Nelson .. . . .. 1 1 Alarlborough.. . . .. 6 6 Westland Canterbury . . .. . . 51 51 Otago .. .. 2 21 23 Southland .. .. j 4^710 18 4,710 . . I 1 19 63 34 14 84 4 19 63 34 14 84 4 10 14 ) L I L I 2,746 5,579 8,172 2,882 12,960 2,350 1621 ! 19 63 34 14 84 4 2,746 5,579 8,172 2,882 12,960: 2,350 162 .. — 19 2,746 63 5,579| 34 8,172 14 2,882 84 '-, 12,960 1 2,350 4 I 162J 19 2,746 63 5,579 34 8,172 14 2,882 84 12,960 1 2,350 -1 162 is 4,710 io 14 I 1,206 2,941 10 14 '.'. 2,941 10 I 1,206 32 7,651 • 10 1,206 32 7,651 •• .. Totals .. .. j 2 502 504 \ 502 504 .. l> 4,710; 18 4,710 4,710 T 243 243 38,998 243 38,998 261 43,708 261 j 43,708 261 43,708 ! National-endowment Lands North Auckland .. 23 .. 23 Auckland .. .. ! 18 .. 18 Hawke's Bay Taranaki .. .. 1 .. 1 Wellington .. Nfclson Marlborough Westland Canterbury Otago .. Southland .. .. 2 1.. 2 Totals .. .. 44 J 44 .. 15 13 2,396! 2,767 15 13 2,396 2,767 1,243 I :: .. 15 2,396 13 2,767 1 1,243J 15 2,396 13 2,767 1 i 1/243 1 1,243 1 2 682 2 682! 1 :: :: 2 682 2 '682 .. 31 7,088i 31 7,088 31 7,088 31 7,088 Grand totals .. 85 I 793 878 I 85 I 793 878 25,815 58 58 25,815 84 336 72,073 345 72,157 84 394 97,888! 403 I 97,972

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TABLE 3. Total Lands acquired from the Crown by Discharged Soldiers, and held at the 31st March, 1922.

Under other Acts, (This includes lands selected at ordinary ballots, leases and licenses purchased at auction, and holdings acquired by transfer or otherwise.)

Statement of Advances authorized from Inception of Act to 31st March, 1922.

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Land District. Sale (including Deferred L d u Payment). Number. Area. Price. Number, j Area. Rental Totals. Number. ! Area. 1 Under the Discharged Soldiers- Settlement Act, 1915, and Amendn id Amendmc ments. mts. North Auckland Auckland Hawke's Bay Taranaki Wellington Nelson Marlborough Westland Canterbury Otago Southland Totals Acres. £ Acres. £ 10 2,354 2,655 314 56,927 15,192 35 1,622 8,940 . 640 116,240 39,649 3 1 195 376 159,219 62,509 12 996 9,360 170 44,063 14,094 9 61 2,520 647 156,212 93,918 3 1,216 740 31 20,704 2,044 58 17,880 6,246 1 148 160 29 25,175 355 10 201 8,120 313 561,122 47,675 12 613 6,920 218 245,875 21,776 17 2,829 6,900 106 26,885 6,117 112 10,041 46,510 2,902 1,430,302 309,575 £ 15,192 39,649 62,509 14,094 93,918 2,044 6,246 355 47,675 21,776 6,117 Acres I 324 59,2; ) 675 117.& ) 379 159,2! t 182 45,0; i 656 156,2' t 34 21,91 3 58 17,8: 3 30 25,3: 5 323 561,3 i 230 246,4 J 123 29,7 > 3,014 1,440,3 324 675 379 182 656 34 58 30 323 230 123 Acres. 59,281 117,862 159,220 45,059 156,273 21,920 17,880 25,323 561,323 246,488 29,714 309,575 3,014 1,440,343

North Auckland . . Auckland Hawke's Bay Taranaki Wellington Nelson Marlborough Westland Canterbury Otago Southland a 55 11 1,084 2 298 1 1 3 1,099 2 2 1,480 700 1,060 200 249 69 222 128 138 111 78 438 229 13 25,763 132,585 31,279 101,717 39,870 85,388 310,316 20,419 353,620 599,938 44,793 2,245 5,126 6,297 3,802 30,916 4,505 7,711 493 45,232 13,695 967 260 69 224 '129 141 113 78 438 229 14 133,669 31,279 102,015 39,871 86,487 310,318 20,419 353,620 599,938 44,920 1 127 Totals 22 ■ 2,666 3,780 1,777 1,745,688 120,989 1,799 1,748,354 Grand totals . . 134 12,707 430,564 4,813 50,290 4,679 .3,175,990 3,188,697

Current Account Authorities. Number. Amount. Farms, Ac, Authorities. Number. Amount. Dwellings, Ac, ,„ . Authorities. ' ol Number. Amount. Number. tals. Amount. £ North Auckland .. .. 1,386 002,204 Auckland .. .. .. 1,002 815,298 Hawke's Bay .. .. 676 316,564 Taranaki .. .. .. 900 523,802 Wellington.. .. .. 1,014 843,457 Marlborough .. .. 252 03,854 Nelson .. .. .. 571 144,048 Westland .. .. .. 130 39,110 Canterbury.. .. .. 1,092 274,754 Otago .. .. .. (HI 161,546 Southland .. .. .. 414 123,615 £ 1,074 1,661,286 816 1,336,520 240 452,542 563 1,023,523 704 1,397,663 167 298,680 429 503,779 79 85,526 737 1,159,689 297 370,691 271 426,635 £ 2,697 2,107,934 5,157 715 526,041 3,133 845 623,033 1,707 517 399,720 2,040 2,225 I 1,609,000 4,003 159 I 108,645 578 177 110,627 1,177 57 27,105 266 1,971 1,337,142 3,800 1,005 573,097 1,913 421 240,635 1,106 £ 4,371,424 2,077,859 1,392,739 1,947,045 3,910,120 471,179 819,054 151,741 2,771,585 1,105,934 790,885 Totals .. .. 9,308 3,908,852 5,443 8,776,534 10,789 10,789 7,724,185 25,540 7,724,185 20,409,571 Note. — The numbers above represent the num received advances to assist in the purchase of farms Account for stock, &o. The actual number of soldiers t her of 1 and dis to whom loans author! loharge of mr advances ha< ized. A ortgages i (1 been an zed. A largo proportion of s< itgages also received advances I been authorized at 31st March large propo: ilso received ithorized at 3 i)ldiers who on Current was 20,392.

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Statement of Mortgage Transactions.

19

PRINCIPAL. INTEREST. DISTRICT. Balance at 3lBt March. 1921. j Anvances during Year. Repayments during Year. Transfers K ' Balance on Mortgage ______£ ana »*»""<«* > other *£!£*£+ Balance at 31st March, 1921. Charges during Year. Losses, Rebates Balance at Receipts and Remissions, 31st March, 1922. during Year. and Transfers to including other Accounts. Postponements. „ North Auckland — £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. Current Account .. .. 287,027 6 8 189,573 14 7 18,577 7 10 13,481 2 2 444,542 11 3 Farms, orchards, &e. .. .. 1,550,665 19 3 92,146 0 0 15,201 0 0 i41,057 0 0 1,586,553 19 3 Dwellings, business premises, &c... 1,281,896 16 9 686,710 15 10 80,355 15 5 ! 582 15 10 1,887.669 1 4 £ s. d. £ s. d. £ s. d. £ s. d. 8,212 12 6 18,976 14 10 9,386 12 6 624 0 4 17,443 9 10 77,818 0 3 50,981 4 4 6,373 13 2 2,187 16 2 76,462 18 8 68,498 2 0 6,339 19 7 £ s. d. 17,178 14 6 37,906 12 7 3,812 13 3 . _____ . Total .. .. 3,119,590 2 8 968.430 10 5 114,134 3 3 55,120 18 0 3,918,765 11 10 _____ _____ 27,843 18 6 173,257 13 9 128,865 18 10 13,337 13 1 58,898 0 Auckland — Current Account .. .. | 452,275 10 10 246,875 2 8 39,320 15 10 10,674 9 3 649,155 8 5 Farms, orchards, &c. .. .. 1,183,644 3 9 114,634 10 0 8,688 4 4 19,826 10 0 1,279,763 19 5 Dwellings, business premises, &c... 307,513 11 2 170,035 2 4 12,229 10 0; 600 0 0 464.719 3 6 12,720 1-7 11 28,053 13 6 15,771 2 10 758 1 4 12,629 5 7 60,057 15 2 30.754 11 11 3,197 3 2 1,069 13 6 17,196 16 3 14,446 3 3 1,209 18 6 24'245 7 38.735 5 2,610 8 ;— — i , , . , Total .. .. [1,943,433 5 9 531,544 15 0 60,238 10 2 21,100 19 3 2,393,638 11 4 26,419 17 0 105,308 4 11 60,971 18 0 5,165 3 0 65,591 0 11 I— ■ , Hawke's Bay — Current Account .. .. 163,938 4 2 109,955 9 9 17,155 4 4 5,650 0 0 251.088 9 7 Farms, orchards, &c. .. .. 415,710 10 10 13,980 0 0 2,769 8 6 .. 426,921 2 4 Dwellings, business premises, &c... 445,058 17 4 134.887 0 10 16,084 10 8 .. 563,861 7 6 2,663 8 1 , 10,951 2 2 2,175 9 8 I 20,867 16 8 634 8 1 23,815,15 1 7,935 2 1 I 11,514 5 10 20,317 13 3 44 5 7 1.225 2 2 2.226 8 6 5,635 2 10,303 18 1,906 1 i ■ 1 . . : . Total .. .. 1,024,707 12 4 1258,822 10 7 36,009 3 6 5,650 0 0 1,241,870 19 5 5,473 5 10 55,634 13 11 39,767 1 2 , 3,495 16 3 17,845 2 4 1 Taranaki — Current Account .. .. 284,448 12 8 131.442 17 10 28,991 13 9 10,983 7 11 375,916 8 10 Farms, orchards, &c. .. .. 997,016 15 3 54,432 6 0 4,788 3 1 3,494 10 0 1,043,166 8 2 Dwellings, business premises, &c... 266,306 1 2 123.776 18 1 12.845 5 7 1,418 8 5 375,819 5 3 6,344 4 9 9,815 9 11 502 10 8 12,601 3 5 I 10,235 19 9 54,434 14 1 23.462 7 7 16.337 3 10 14,272 9 8 590 3 8 8,119 4 9 1,910 0 0 ■ 38,877 16 5 1,282 12 1 I 1,284 12 9 Total .. .. |l,547,771 9 1 I 309,852 1 11 46,625 2 5 .15,896 6 4 1,794,902 2 3 16,662 5 4 83,373 1 4 i 47,970 17 0 3,782 15 9 ' 48,281 13 11 |__ 1 __! . __ Wellington — Current Account .. .. i 488,967 1 6! 212,634 8 4 35,621 11 2 3,968 19 9 662,010 18 11 Farms, orchards, &c. .. .. 1,275,789 12 2 72,835 18 9 110.845 18 5 1,542 5 0 1.336.237 7 6 Dwellings, business premises, &c... 1,181,338 3 4 362.200 3 9 58,083 0 5 5.365 19 4 1.480,089 7 4 , ; •_ 16.195 16 2 12,471 6 8 1,293 4 4 30,076 14 2 67,319 18 7 66,156 3 2 18,073 19 8 31,731 18 10 58,832 5 1 581 4 7 27,617 6 1 2,562 14 11 45,496 11 6 5,896 3 0 2,720 19 5 I I Total .. .. 2,946,094 17 0 647,670 10 10 104,550 10 0 10,877 4 1 3,478,337 13 9 647,670 10 10 104,550 10 0 10,877 4 1 3,478,337 13 9 29,960 7 2 163,552 15 11 108,638 3 7 9,040 2 6 J 75,834 17 0 ! Marlborough — Current Account .. .. 38,171 18 3 14,918 13 5 1,530 10 3 531 11 8 51,028 9 9 Farms, orchards, &c. .. .. 281,472 7 7 : 9,900 0 0 I 3,002 12 5 1.931 15 5 286.437 19 9 Dwellings, business premises, &c... 67,722 16 8 ■ 29,332 14 8 3,883 4 9 1,062 14 10 j 92,109 11 9 .— ■—. ' J 628 11 2 1,758 18 11 136 4 8 2,227 1 1 13,931 2 2 3,895 19 2 1,254 7 2 7,037 19 0 3,545 11 2 756 12 2 351 0 0 1,601 5 1 7,895 9 11 135 12 8 Total .. .. : 387,367 2 6 54.151 8 1 8.416 7 5 3.526 1 11 429.576 1 3 387,367 2 6 54.151 8 1 2,523 14 9 20,054 2 5 11,837 17 4 1,107 12 2 9,632 7 8 8,416 7 5 3.526 1 11 429,576 1 3 I , -

C—9.

Statement of Mortgage Transactions— continued.

20

DISTRICT. Balance at 31st March, 1921. Advances during Year. PRINCIPAL. Repayments during Year. PRINCIPAL. Transf era to »*-• ; Realization and other Accounts. ments po ° stponed . Balance at 31st March, 1921. Charges during Year. Receipts during Year. INTEREST. Losses. Rebates, i Balance at and Remissions, 31st March, 1922. and Transfers to. including other Accounts. Postponements. Nelson— £ s. d. £ s. d. £ s. d. £ s. d. ' £ s. d. Current Account .. .. 101,860 9 4 24.68115 5 3,582 16 9 , 1,791 18 IP 121,167 9 1 Farms, orchards, &c. .. ..! 532,453 15 1 14,746 8 6 6,356 13 7 .. 540,843 10 0 Dwellings, business premises, Sec... 86,966 10 4 10,660 0 0 8,262 12 2 .. 89.363 18 2 £ s. d. 2,289 12 10 3,980 13 7 197 17 7 £ β-d. £ s. d. 5,638 0 8 3,244 8 2 j 28,115 2 0 ' 14,187 3 3 [ 4,54S 12 4 I 4,246 8 4 i £ s. d. £ s. d. 44 19 11 4,638 5 5 1,189 7 6 16,719 4 10 368 3 3 131 18 4 _ ■ Total .. .. 721,280 14 9 50,088 3 11 18,202 2 6 1,79118 11 751.374 17 3 721,280 14 9 ! 50,088 3 11 18,202 2 6 1,791 18 11 751,374 17 3 6,468 4 0 I 38,301 15 0 21,677 19 9 i 1,602 10 8 21,489. 8 7 i Westland— Current Account .. .. 22,472 2 6 9,518 1 5 1,098 12 3 6 1 10 30,885 9 10 Farms, orchards, &c. .. .. 78,128 12 4 725 0 0 725 6 5 .. 78,128 5 11 Dwellings, business premises. &c... 23,013 19 2 2,360 0 0 744 10 4 .. 24,629 8 10 284 1 5 514 5 9 85 13 7 1,384 19 1 3,884 10 6 1,159 2 10 935 0 8 2,600 19 11 i 1,026 14 9 J 248 18 0 88 13 10 J 733 19 10 1,548 18 4 129 7 10 Total .. .. 123,614 14 0 12,603 1 5 ! 2,568 9 0 6 1 10 133.643 4 7 ___ '. 123,614 14 0 12,603 1 5 J 2,568 9 0 6 1 10 133,643 4 7 884 0 9 6,428 12 5 4,562 15 4 337 11 10 2,412 6 0 Canterbury — Current "Account .. .. 137,314 4 3 90,409 17 9 16,125 10 2 2,764 17 10 208,833 14 0 Farms, orchards, &c. .. .. 1,022,046 0 1 104,260 0 0 17,013 5 9 18,831 14 11 1,090,460 19 5 Dwellings, business premises, &c... , 830,753 17 0 314,750 5 10 56,973 5 11 1.465 4 0 1,087,065 12 11 2,418 11 7 4,296 15 0 828 5 6 8,927 10 3 ; 5,837 14 11 58 19 7 5,449 7 4 54,310 18 2 34,194 7 3 3,898 7 1 20,514 18 10 47,892 6 3 ! 43.010 9 1 j 3,843 17 2 1,866 5 6 Total .. .. 11,990,114 1 4 509,420 3 7 ! 90,112 1 10 23,061 16 9 2,386,360 6 4 7,543 12 1 111,130 14 8 | 83,042 11 3 1 7,801 3 10 ! 27,830 11 8 Otago— Current Account .. .. j 89.850 0 10 50,583 11 0 10,118 2 9 2,584 15 2 127,730 13 11 Farms, orchards, &c. .. .. I 334,243 3 4 21.880 0 0 4.613 11 3 .. 351,509 12 1 Dwellings, business premises. &c... 458,982 16 5 57,345 0 0 32,163 18 4 .. 484,163 18 1 2,578 14 2 5,551 11 11 1,055 12 6 16,900 0 8 202 16 4 23,800 17 2 3,166 11 1 246 12 5 4,717 2 7 11.612 14 11 1,203 16 10 I 5,139 1 5 21,152 19 0 j 2,170 1 6 ! 680 13 0 Total .. .. ; 883,076 0 7 129,808 11 0 46,895 12 4 2,584 15 2 | 963,404 4 1 883,076 0 7 129,808 11 0 46,895 12 4 2,584 15 2 1 963,404 4 1 3,837 3 0 46,252 9 9 35,932 5 0 I 3,620 10 9 j 10,536 17 0 ! ,—, ■ Southland — Current Account .. ..I 67,983 4 10 32,510 9 2 8,040 8 10 I 500 0 0 91,953 5 2 Farms, orchards, &o. .. .. 390,293 3 1 13,500 0 0 5,216 5 0 3,802 5 0 394,774 13 1 Dwellings, business premises, &o... i 191,149 19 4 15,640 9 6 12,336 15 9 ! 2,103 15 l! 192,349 18 0 982 8 6 3,959 5 9 2,619 17 2 7 3 1 756 9 10 19,564 6 8 11,749 1 8 1,146 5 7 122 0 3 9,550 8 6 8,665 7 10 892 15 9 2.314 14 0 7,425 9 3 114 5 2 _ . , _ _ . 1 Total .. .. 649,426 7 3| 61,650 18 8 25,593 9 7 6,406 0 lj 679,077 16 3 61,650 18 8 25,593 9 7 6,406 0 1 I 679,077 16 3 1,860 18 7 33,074 0 11 23,034 6 8 I 2,046 4 5 9,854 8 5 I I I Summary. Current Account .. .. .. (2,134,308 15 10 1.113,104 1 4 180,162 13 11 '52,937 4 6 3,014.312 18 9 Farms, orchards, &c. .. .. |8,061, 464 2 9 513,040 3 3 79.220 8 9 80,486 0 4 8,414,797 16 11 Dwellings, business premises. &c. .. ,5,140,703 8 8 1,907.698 10 10 293,962 9 4 12,598 17 6 6,741,840 12 8 55.318 19 1 128,347 16 10 78,460 16 0 2,955 10 6 102,250 9 66,897 17 3 417,204 4 11 229,826 14 6 23,712 0 7 230.563 7 7,260 10 8 290,816 3 3 258.014 3 5 :24.669 13 2 15,392 17 5 1 4 Grand totals .. .. 15.336.476 7 3 3.533.842 15 5 553,345 12 0 il46,022 2 4 18.170.951 8 4 129,477 7 0 836,368 5 0 566,301 13 11 51,337 4 3 348,206 13 10 I i

C—9

Supplementary Statistical Table of Discharged Soldiers Settlement Transactions from the Inception of the Act to 31st March, 1922.

21

North Auckland. Auckland. Hawke's Bay. Taranaki. Wellington. Marlborough. Nelson. Westland. Canterbury. Otago. Southland. Totals. Arrears — Rent (f) .. .. .. .. .. 12,657 29,822 14,166 14,166 9,844 9,844 68,863 68,863 5,379 5,379 2,903 2,903 128 128 13,194 18,351 2,753 178,060 Postponements in force — Rent (£) .. .. .. .. .. 1,520 Interest — Current Account (£) .. .. .. 242 ■Instalments — Farms, &c (£) .. .. .. 1,398 Dwellings (£) 10,656 5,744 32,598 75 1,199 1,108 46 12,486 2,800 4,018 262 3,390 I 316 65 338 43 394 „ 12,507 27 2,639 201 2,433 j 80,415 797 7,019 1.012 34 2,315 25,593 80 3,160 16,400 16,400 32,673 32,673 2,353 2,353 ! 15,286 I 15,280 7,670 7,670 I 719 719 437 437 19,553 3,886 4,748 106,885 Postponements repaid — Rent (£)..' .. .. .. .. 1,245 Interest — Current Account (£) .. .. .. 287 Instalments — Farms, &c. (£) .. .. .. 2,898 Dwellings (£) .. .. .. .. 58 925 36 34 925 36 34 4,091 827 78 4,091 827 78 ,O iO 1,378 2,749 .. 7 ° 2,749 70 1,197 94 749 1,197 94 212 223 1,043 212 223 73 4,244 822 37 433 17,296 077 749 1,043 73 827 21 246 800 7,567 157 4,488 4,488 995 995 4,996 4,996 I 1,378 1,378 2,819 { 2,819 2,040 2,040 1,478 1,478 73 73 5,092 1,105 1,233 25,697 Capitalizations — Rent (£) .. .. .. .. .. 469 Interest^ Current Account (£) Farms (£) ARC! 469 5,172 176 K IAS. 5,172 3,259 3,259 8,900 176 176 469 Forfeitures — Number of leases .. .. .. .. 26 Area (acres) .. .. .. .. 4,569 Rent lost (£) .. .. .. .. 500 469 5,348 118 21,967 6,654 5,348 17 5,219 977 12 2,104 802 3,259 95 13,775 7,581 3,259 6 2,494 91 2 1,955 199 9,076 26 4,569 500 118 21,967 6,654 17 5,219 977 12 2,104 802 95 13,775 7,581 6 2,494 91 2 1,955 199 9 1,567 863 15 3,956 309 5 932 10 305 58,538 17,986 Loan losses through forfeitures and exercise of power of sale — Principal — Current Account (£) .. .. .. 439 Farms, &c. (£) .. .. Dwellings (£) .. .. ... 1,042 1,042 I 288 288 2,141 2,141 78 I 332 332 322 317 439 78 221 34 4,897 317 120 i20 : 439 1,042 288 2,141 78 332 639 221 154 5,33'

a—9.

Supplementary Statistical Table of Discharged Soldiers Settlement Transactions, etc.— continued.

22

North Auckland. Auckland. Hawke's Bay. Taranaki. Wellington, llarlborough. Kelson. j - ! Westland. , Canterbury. Otago. Southland. Totals. Loan losses through forfeitures and exercise of power of sale —continued. Interest — Current Account (£) .. .. .. 114 Farms, &c. (£) .. Dwellings (£) 1,545 455 15 22 70 88 55 84 2 23 9 17 51 1,951 93 516 "- 114 114 2,000 2,000 15 15 92 92 j 88 88 25 65 84 68 2,560 Exercise of power of sale — Number of farms, &e. .. .. .. 11 Number of dwellings n I 11 1 1 1 I I 2 2 4 2 2 3 10 3 10 13 I 1 2 3 S 7 1 3 29 25 11 4 13 15 54 11 Transfers Grown lands set apart under the Act — Number .. .. .. .. .. 8 4 9 11 7 11 8 i 17 6 / 7 Transfers of titles subject to mortgage — Number .. .. .. .. .. 101 Value at date of purchase (£) .. .. 109,847 Consideration on transfer (£) .. .. 119,795 Advances made (£) .. .. .. 100,665 45 57,028 64,096 55,788 45 57,028 64,096 55,788 37 37.425 39.459 31.996 37 37.425 39.459 31.996 I 40 74,739 81,732 66,271 40 74,739 81,732 66,271 ' 209 231 189 199 209,169 231,354 189,669 199 9,169 1,354 9,669 13 15.854 16.448 14,964 25 29,920 31,367 29,083 2 4,853 5,346 4.596 102 94,212 102,198 78,426 78 59,014 65,811 54,990 40 41,142 42,009 Si,315 682 733,203 799,615 657,763 Amount transferred from Current Account to instalment mortgage (£) .. .. .. .. 4,300 19,400 19,400 4,400 4,400 1,350 2,250 1,350 2,250 500 780 1,100 1,105 35,185 Rebates earned — Farms, &c (£) .. .. .. .. 5,200 Dwellings (£) .. .. .. .. 9,890 4,010 1,648 4,010 1,648 2,136 3,204 2,136 3,204 2,958 1,664 2,958 1,664 4 8 4.824 9,617 4,824 9,617 1.416 628 2,615 693 480 128 2.656 3,739 1,758 3,831 2,204 j 1,441 30,257 36,483 15,090 15,090 5,658 5,658 5,340 5,340 4,622 4,622 U 14,441 4,441 2,044 3,308 608 6,395 5,589 3,645 - 66,740 Remissions — Rent (£) . . .. .. .. 1,100 Interest— Current Account (£) Instalments — Farms, &c. (£) .. .. .. .. 100 Dwellings (£) .. .. .. .. 3 5,865 248 9 5,865 204 42 4 204 1,898 58 5 1,898 4,011 303 4,011 303 80 7 120 4,463 31 221 3 618 1 18,500 338 248 9 42 4 58 5 80 7 4 39 6 129 17 82 57 43 831 102 1 -703 1,203 T fi. 129 6,122 •?so 250 1,961 4,401 124 39 4,640 363 662 19,771

23

0.—9

DISCHARGED SOLDIERS SETTLEMENT ACCOUNT. Receipts and Payments Accounts. Dr. £ s. d. Or. Cash in hand, Ist April, 1921 .. .. 3,478,454 8 2 Advances on mortgage— £ s. d. £ a. d. Debentures issued .. .. .. 538,376 0 0 Current Account .. 1,080,872 8 1 Repayment of advances— £ s. d. Section 2, farms, &c. .. 488,810 3 3 Current Account .. 180,162 13 11 Section 2, dwellings, &o. 1,903,480 15 0 Section 2, farms, &c. .. 79,220 8 9 — 3,473,103 (i 4 Section 2, dwellings, &o. 293,902 9 4 Plant Account .. .. .. 274 S 0 503,345 12 0 Dead-stock Account —Purchases and charges 1,202 3 2 Property Account .. .. .. 224 19 0 Live-stock Account—Purchases and charges 1,323 7 0 Realization Account .. .. .. 9,279 10 0 Sundry Estates Account —Purchases of live Plant Account —Sale of cine car .. .. 221 8 "8 and dead stock and working-expenses .. 9,898 12 5 Dead-stock Account —Sales of wire, &c. .. 1,301 11 7 Land Improvement Account .. .. 695 10 6 Live-stock Account—Sales .. .. 7,675 13 5 Property Account .. .. .. 00 12 11 Sundry Estates Account—Sales of livo and Realization Account .. .. .. 2,049 7 5 dead stock .. .. .. .. 0,88744 Sundry Creditors Account —Accounts not Interest on advances — £ s. d, cleared in Treasury books in previous Current Account .. 78,460 10 0 year .. .. .. .. 17,821 3 5 Section 2, farms, &c. .. 229,820 14 0 Sinking Fund Account —Section 4, Finance Section 2, dwellings, &c. 258,014 3 5 Act, 1919 .. .. .. .. 11,443 9 0 — 500,30113 11 Interest on debentures .. .. .. 858,557 8 8 Interest on investments .. .. 79,080 10 8 Charges and expensos in raising loans .. 049 9 0 Hire of buildings and plant, Swanson Block 414 19 8 Vote 70—Expensos of management—SuperRents and grazing fees .. .. .'. 139 15 10 vision and management of securities .. 39,997 011 Valuation fees.. .. .. .. 5,321 17 9 Fee for examination of applicants .. 0 10 0 Production and transfer fees . . . . 128 19 0 Travelling-expenses of Supervisors and InSuspense Account .. .. .. 18,013 15 1 spectors .. .. .. .. 2,484 19 9 Fire Loss Susponso Account .. .. 8,334 5 9 Maintenance and upkeep of plant .. 1,001 12 2 Realization Suspense Account .. . , 25 15 0 Rent of Supervisor's office .. . . 13 510 Sundries .. .. .. .. 713 8 6 Printing and stationery .. .. 797 5 4 Valuation expenses .. .. .. 12,282 15 10 Suspense Account .. ' .. .. 28,809 7 1 Fire Loss Suspense Account .. .. 3,844 15 2 Realization Suspense Account .. .. 144 16 6 Sundries—lnsurance premiums, &c. .. 1,305 11 3 Lands and Survey vote.. .. .. 3 5 0 Balance ( Vide. Treasury Ac- £ s. d. counts) 31st March, 1922 832,754 16 9 Less accounts paid by improstees but not cleared in Treasury books at 31st March, 1922 .. .. 25,143 8 1 807,611 8 8 £5,275,441 14 10 £5,275,441 14 10 Revenue Account. £ s. d £ s. d. £ s. d. Interest on debentures .. .. .. 849,424 14 4 Interest on advances—CurCharges and expenses raising loans —Propor- rent Account mortgages .. 149,282 0 8 tion written off .. .. .. 10,149 9 0 Instalment mortgages — Exponses of management .. .. 39,997 611 Farms, &cf .. 407,891 10 7 Fee for examination of applicants. . .. 610 0 Dwellings, &c. .. .. 282,422 3 5 Printing and stationery .. .. .. 797 5 4 839,595 14 8 Depreciation on plant .. ... .. 493 17 9 Interest on surplus funds temporarily mMaintonance and upkeep of plant.. .. 1,001 12 2 vested .. .. .. .. 75,150 18 1 Travelling-expenses of Supervisors and In- Interest on sundry sales . . . . .. 235 3 7 spectors .. .. .. .. 2,450 6 3 Interest on securities in Realization Account 236 14 4 Rent of Supervisor's office . . . . 13 510 Interest on purchase-price of stock, MataiValuation expenses .. .. .. 12,279 8 10 kona Settlement .. .. .. 1,312 15 0 Rebate of interest .. .. .. 40,558 16 3 Rent of properties .. .. .. 103 9 4 Remission of interest .. .. .. 1,274 8 3 Hire of buildings and plant, Swanson Block.. 134 .6 9 Loss on live and dead stock .. .. 12,555 111 Profit on sale of property .. .. 35 0 0 Loss on realization of securities .. .. 6,463 8 1 Valuation fees received .. .. .. 5,318 10 9 Stolen Moneys Account—Defalcation, Wei- Production and transfer fees .. .. 128 19 0 lington District .. .. .. 70 4 2 Sundries .. .. .. . . 210 0 Sundries .. .. .. .. 153 7 1 Net loss for year .. .. .. 55,380 19 11 977,095 2 2 £977,695 2 2 £ s. d. £ s. d. Net loss for year carried down .. .. 55,380 19 11 Profit forward from previous year .. 12,226 7 3 Balance —Net loss to 31st March, 1922 .. 43,154 12 8 £55,380 19 11 £55,380 19 11

a—9.

24

DISCHARGED SOLDIERS SETTLEMENT ACCOUNT— continued. Balance-sheet. Liabilities. £ s. d. Assets. Loan Account .. .. .. 19,777,080 0 0 £ s. d. £ s. d. Interest on loans accrued to 31st March, Advances on mortgages — 1922, but not payable on that dato .. 92,087 11 3 Current Account .. 3,014,088 5 7 Sundry creditors .. .. .. 1,743 2 9 Farms, orchards, &c. 8,305,951 17 11 Lands for Settlement Account—Accrued Dwellings, market-gar-interest on purchase-money, Mataikona dens, &c. .. 0,732,540 0 5 Settlement.. .. .. .. 0,477 0 0 18,113,150 8 11 Suspense Account .. .. .. 2,992 8 0 Instalments of principal outstanding— Realization Suspense Account .. .. 414 18 3 £ s. d. Fire Loss Suspense Account .. .. 5,183 11 7 Farms, orchards, &o. 45,004 5 0 Dwellings, market-gar-dens, &c. .. 9,488 11 9 54,492 10 9 Instalments of principal postponed .. 3,980 16 8 Interest outstanding— £ s. d. Current Account .. 100,187 1 8 Farms, orchards, &c. .. 209,203 11 1 Dwellings, market-gar- ■ dens, &c. .. .. 18,961 3 0 331,351 15 9 Interest accrued but not dve — Farms, orchards, &c. .. 105,322 12 0 Dwellings, market-gar-dens, &o. .. .. 51,300 2 3 150,088 14 3 Interest postponed • .. .. . . 22,489 5 0 Interest accrued and unpaid on surplus temporarily invested .. .. .. 9,431 1 4 Sundry debtors, for sales of stock, &c. .. 1,008 10 7 Sundry debtors, for interest on sales .. 128 13 1 Sundry debtors, for rent of properties .. 28 3 0 Bills receivable .. . . .. 65 15 2 Sundry debtors—miscellaneous .. 514 0 7 Machinery and plant .. .. .. 1,023 12 1 Property Account— Properties bought in through default of mortgagors .. 32,009 0 10 Realization Account —Securities in course of realization .. .. .. 80,121 17 7 Land improvement—fencing, buildings, too, 1,237 7 1 Deadstock—Fencing-wire .. .. 1,891 17 () Sundry estate accounts —Livo and dead stock .. .. .. .. 18,489 3 7 Sinking fund .. .. .. 11,443 9 0 Charges and expenses raising loons .. 195,000 0 o Revenue Account —Net loss .. .. 43,154 12 8 Cash in hand—Balane.o as £ s. d. per Treasury Accounts 832,754 10 9 Less accounts paid by imprestees but not cleared in Treasury .. .. 25,143 8 1 . 807,011 8 8 £19,887,178 11 10 €19,887,178 11 10 % J. B. Thompson, Under-Secretary for Lands. J. H. O'DoNNELL, 16th August, 1922. Cliiof Accountant.

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