DEPARTMENT OF LANDS AND SURVEY. DISCHARGED SOLDIERS SETTLEMENT. REPORT FOR THE YEAR ENDED 31st MARCH, 1923.

Appendix to the Journals of the House of Representatives, 1923 Session I-II, C-09

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Session 11. 1923. NEW ZEALAND.

DEPARTMENT OF LANDS AND SURVEY. DISCHARGED SOLDIERS SETTLEMENT. REPORT FOR THE YEAR ENDED 31st MARCH, 1923.

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

CONTENTS.

Gendbal Report : — Page Lands proclaimed .. .. .. ~1 Regulations .. .. .. .. .. 2 Financial He view .. .. .. ..2 Appendix :— Reports of Commissioners of Crown Lands .. 7 Table I.—Lands proclaimed for Settlement during Year .. .. .. .. ..13

Appendix— continued. Page Table 2. —Applications received and Land allotted 14 Table 3.—Total Lands acquired by Discharged Soldiers .. .. .. .. 15 Statement of Advances authorized .. 15 Statement of Mortgage Transactions .. 16 Discharged Soldiers Settlement Account— Transactions for Year .. .. 18 Balance-sheet .. .. .. 19

Sir, — Department of Lands and Survey, Wellington, sth June, 1923. 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, 1923. I have, &c, J. B. Thompson, Under-Secretary. The Hon. D. H. Guthrie, Minister of Lands.

EEPOET.

Lands proclaimed. It will be noticed that during the year ended 31st March, 1923, there has been a considerable reduction in the area proclaimed for settlement under the Discharged Soldiers Settlement Act. In two districts only have any considerable areas been proclaimed. In the North Auckland District 5,730 acres were set apart, comprising principally eight sections in the Koheroa Parish, totalling 2,204 acres, and eight sections in the Pekapekarau Block, containing 2,675 acres. In the Hawke's Bay Land District a total area of 20,819 acres was set apart, comprising principally five sections in the Waikopiro Block, containing 1,788 acres, and seven sections in the Tahora Block, containing 18,603 acres.

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The falling-off in the total area proclaimed is due to the present policy of opening all Crown lands for selection by the general public except those that are regarded as being specially suitable for soldiers. Special preference is, however, given to any soldier who may care to apply. This avoids the expense of opening lands for soldiers, and then having to reopen them to the public when it is discovered there is no demand. At the present time there are 16,686 acres, comprising eighty sections, open for selection by discharged soldiers only, whilst in addition there is an area of 472,292 acres open for general application, and for which discharged soldiers receive preference. There is also approximately an area of 401,742 acres now under survey, for which discharged soldiers will also have preference when the sections arc offered to the general public. It has been found preferable to deal with Crown lands in this way to avoid unnecessary locking-up of largo areas owing to the small number of applications now being received from discharged soldiers for Crown lands. Regulations under the Discharged Soldiers Settlement Act, 1915. Since the consolidation during the past year of the regulations made under the Discharged Soldiers Settlement Act, 1915, further amendments have been made, of which the following are the principal: The provisions of sections 89, 144, and 191 of the Land Act, 1908, are made to apply to land disposed of under these regulations, the effect being that the lessee of such land may, with the approval of the Land Board and consent of the Minister of Lands, subdivide his holding and transfer part thereof ; the Governor-General in Council may, as in the case of other selections, resume the whole or any portion of such land, if required, for any public purposes ; and the owner of a renewable lease may make payments not exceeding 90 per cent, of the capital value of his holding, upon which his rent will be abated accordingly, and he will bo freed from certain conditions and covenants when such payments are not less than .33 per cent, of such value. Financial Review. Loans raised. —The total funds raised under the authority of the Discharged Soldiers Settlement Act for loans to soldiers amount to £20,036,905. Of this amount a sum of £304,435 was raised during the financial year. Advances authorized, &c. —Prom the commencement of operations under the Discharged Soldiers Settlement Act to the close of the year, advances amounting to £21,278,221 were authorized to 21,584 returned soldiers. It will therefore be seen that the total sum authorized by way of loans exceeded the actual capital borrowed by £1,241,316. This was made possible by readvanping from receipts obtained from repayments of loans. 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 end of the year, in addition to which tho statement further discloses the liabilities in respect of properties taken over by the Crown owing to default under mortgage, as well as the liabilities in respect of properties in course of realization : — Authorized. Advances made. Section 6, Discharged Soldiers Settlement Act, 1915: £ £ Advances on Current Account — 4,732 returned soldiers .. .. .. .. .. 4,237,159 4,168,236 Section 2, Discharged Soldiers Settlement Amendment Act, 1917 : Advances towards purchase of farms, market gardens, orchards, and discharge of mortgages — 5,489 returned soldiers .. .. .. .. .. 8,860,082 8,843,192 Section 2, Discharged Soldiers Settlement Amendment Act, 1917: Advances towards purchase and erection of dwellings and discharge of mortgages thereon — 11,363 returned soldiers .. .. .. .. .. 8,180,980 7,959,275 21,584 returned soldiers .. .. .. .. .. £21,278,221 £20,970,703 Repayment of principal .. .. .. .. .. .. 2,173,113 Transfers to Realization and other accounts, securities in course of realization .. .. .. .. .. .. .. 173,436 Transfers to Property Account: Securities bought in by Department on default of mortgagors.. .. .. .. .. .. 523,783 2,870,332 Balance out on mortgage .. .. .. .. £18,100,371 The total of 21,584 soldiers includes 5,414 soldiers who also received advances to finance the purchase of lands as well as advances on Current Account. From the foregoing statement of authorizations it will be observed that, notwithstanding the Government's decision given early in the year that loans to finance the erection of dwellings should be discontinued, it was subsequently found possible, by means of the fresh capital provided, amounting

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to £304,435, aided by repayments of loans, to grant further loans for houses to 574 soldiers, aggregating £456,795. These figures are apportioned as follows : — £ 42 purchases of dwellings .. .. .. .. .. 31,670 532 erections of dwellings .. .. .. .. .. .. 425,125 £456,795 The authorities in respect of purchase of dwellings were granted to T. 8., shell-shock, and other disabled men, as specially urgent cases. Dwellings. —Considerable attention having been drawn to the necessity for providing dwellings with a view to overtaking the housing shortage, the following table, indicating the loans that have been granted to finance the purchase of dwellings and the erection of dwellings, will be of interest :■ — Number. £ Erection of dwellings on farms.. .. .. .. .. 4,300 1,290,000 Town and suburban — Erection of dwellings .. .. .. .. .. 3,876 3,280,114 Purchase of dwellings .. .. .. .. .. 7,487 4,900,866 15,663 £9,470,980 In the past the annual reports omitted reference to dwellings erected out of advances on farms, and it is reasonable that the provision for housing, whether in city, suburban, or rural areas, should be considered as a part of the housing scheme in so far as men have been provided with homes, notwithstanding their occupation. Curtailment of Loans. —It was with regret that it became necessary to somewhat restrict operations to Current Account advances to stock and improve farms, to aid T. 8., wounded, and other disabled men in the purchase of small farms, and to finance the erection of a limited number of dwellings. It was hoped that repayments of loans would have enabled the Department to deal more generously with the housing question, but, unfortunately, the slump experienced for two successive years seriously handicapped the farming community, with the result that repayments did not realize expectations. Receipts and Payments. — The Receipts and Payments Account discloses that repayments of advances during the year under review amounted to £716,667, being an average of £59,723 per month ; interest receipts totalled £649,463, being an average of £54,122 per month. The average monthly receipts for principal and interest were £113,845, as against £93,304 for each month of the previous year. For the purpose of comparison the figures showing repayments for the previous year are given hereunder :— 1922-23. 1921-22. £ £ Principal .. .. .. .. .. .. 716,667 553,345 Interest .. .. .. .. .. .. 649,463 556,301 The account further discloses that a sum of £304,435 fresh capital was provided by the Government, which materially aided the granting of loans for the erection of dwellings. Under this head it will be seen that cash advances amounting to £469,785 were made. Other items of interest are receipts, amounting to £40,868, derived from the temporary investment of cash in the account. A sum of £8,694 was received from the sale of live and dead stock. On the " expenditure " side it will be observed that advances under all heads were made, amounting to £1,225,753 ; interest on debentures amounting to £869,158 was paid ; loans amounting to £45,210 were redeemed ; while the expenses of administration, including travelling-expenses of Supervisors and Inspectors, and Audit fees, amounted to £45,829. Included in the latter figure are the expenses of Inquiry Boards, amounting to £4,681. Revenue Account. —The net loss during the year was £78,893, which, added to the loss brought forward from the previous year (£43,154), brings the aggregate net loss to £122,047. The main features contributing to the loss for the year may be summed up as follows : — £ Charges and expenses in raising loans.. .. .. .. .. 14,833 Expenses of management, Inquiry Board expenses and Audit fees, travel-ling-expenses of Supervisors, &c. .. .. .. .. 45,829 Rebates of interest .. .. . . .. .. .. 39,466 Loss on realization of securities .. .. .. .. .. 38,623 In addition to these, loss must have resulted through properties not earning revenue during the period that they remained unoccupied. The loss so far ascertained represents 0-649 per cent, of capital invested on mortgage, land owned by the Crown, and properties in course of realization, or £5 13s. Id. per soldier assisted. This cannot be considered a large figure, more especially as a substantial portion of the loan raised equals or exceeds the rate of interest authorized to be charged to discharged soldiers under the Act. The account has paid interest and sinking fund on loans raised, in addition to management and other expenses ; but there is little doubt that with further losses that must inevitably ensue the capital will bo a diminishing quantity. As the community has not been called upon to pay in hard cash by taxation or otherwise to cope with the difficult problems of soldier settlement, as the aftermath of the war, it is considered

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that it would not become a heavy burden on the Consolidated Fund to provide an amount annually, which, when capitalized at 4 per cent, over a number of years, would redeem the losses, thereby stabilizing the account. Percentage of Administration Expenses, &c. —The following shows the percentages of administration expenses and losses to capital invested on mortgage, lands owned by the Crown and in course of realization, and to revenue earned during the year : — Percentago to Capital invested Percentage on Mortgage to Rcvenuo and Property earned for owned by Crown and Year in course of liealiza- (£949,844). tion (£18,817,362). Cost of administration, including Supervisors, travelling-expenses, Inquiry £ £ Board expenses, &c. (£45,829) .. .. .. .. .". 0-243 4-825 Losses on realization (£38,623) .. .. .'. .. .. 0-205 4-066 Net loss on Revenue Account to 31st March, 1923 (£122,047) .. .. 0-649, or £5 13s. Id. per soldier assisted. Balance-sheet. —The total amount raised by issue of Treasury debentures was £20,036,905. There is a liability of £96,824 in respect of interest that accrued due to the 31st March last but was not payable on that date. The total amount outstanding on mortgages at the 31st March was £17,997, 054, to which must be added instalments of principal owing and postponed amounting to £91,637 and £11,680 respectively, making a total amount of £18,100,371 capital outstanding on mortgage. Interest outstanding is £449,488, while interest postponed amounts to £55,485. A sum of £523,783 is shown as assets under the heading of " Property Account," and represents the liabilities on properties that were offered for sale on default and purchased by the Crown. It is regretted that a number of farms which have been abandoned and taken over by the Department depreciated considerably as the result of bad farming. In a large number of cases no attempt was made to renew pastures, repair fences and buildings, or keep drains clear, the result beingconsiderable reduction in values and productiveness. The Realization Account shows that properties, with stock, <&c, amounting to £150,242 were in train for offer to the public for disposal. The Department holds live and dead stock from sundry debtors amounting to £27,331, while live and dead stock on estates administered by the Department amount to £15,634. Sinking funds total £32,486, while the balance now remaining to settle charges and expenses in raising loans is £185,000. Arrears and Postponements. —Postponements of principal and interest amount to £67,164, while arrears total £541,125. Although prices of primary products (except store cattle) considerably improved during the year, there was so much leeway to be made up by the soldiers as the result of bad prices obtained during the two previous years that the figures under the above headings are still large. It may have been possible to have reduced these by claiming the whole of the returns from farms where the Department held liens over such, and paying out only sufficient to replace culled stock, as well as provide for bare existence. In the majority of cases the Department considered it advisable to have the earnings put back into the farms to enable more land to be brought in, fertilize and otherwise improve holdings, and also to increase and improve their flocks and herds. Had the Department adopted a different policy it is probable that a number of our most capable farmers would have been seriously embarrassed and disheartened, with the possibility of more abandoned farms being on hand in a much depreciated state. Stock and other chattels would have been thrown on the market at a considerable loss. Applications for postponements received careful consideration, and were granted when it was abundantly clear that temporary relief was essential to enable settlers to tide over their immediate pressing difficulties. Properly Account. —The total amount charged up to the above in respect of pioperties aecmired by the Department under exercise of sale under mortgage is £523,783, being a substantial increase on the previous year's figures, which amounted to £32,669. It is to be regretted that, although every effort was made, consistent with the finances at the disposal of the Department, to keep settlers on the land, the Department was compelled by reason of abandonment of farms to take them over. In the majority of cases where farms were taken over it was found that through the neglect of reasonable farming precaution these holdings had considerably deteriorated. It is bad enough having to face a drop in values through other economic causes, but it is probable that further reductions in values may be necessary in regard to a number of the farms to enable the Department to dispose of them to new selectors on such terms as will enable successful occupation thereof. Based on the departmental reports received from time to time, it is abundantly clear that inexperience was the cause of failure in many cases in the initial stages. The inability to overcome the difficulties attending inexperience (notwithstanding the advice given by experienced officers and neighbouring farmers) resulted in many being obliged to leave their farms with heavy liabilities to the Department, stock and station companies, and others. When it is remembered that the majority of the settlers who abandoned their farms had paid little or no rent or interest, high valuations cannot be urged, as the only reason for non-success. The vast majority of settlers who have stuck to their farms, under adverse economic conditions are to be commended for maintaining their farms in condition, also for working hard and carefully husbanding their resources, thereby improving their outlook. In order to have uniformity of action in connection with farms which have been realized, and expeditious dealings in connection therewith, instructions were issued to the various Commissioners

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of Crown Lands directing that in every case at least two independent valuations of the land must be obtained. One valuation is to be made by an officer of the Department and the other by a competent and reliable outside valuer. These valuations arc considered by the Land Boards, who make recommendations regarding the price, terms and conditions, &c, for disposal of the land. Every effort is made to dispose of properties at the earliest opportunity and in the best interests of the Crown. If any doubt exists as to the actual value of a property additional valuations are obtained. Realization Account. —Tho sum of £150,242 standing to the debit of Realization Account represents the book charge in respect of properties under realization. It is probable that a number of these will be purchased by the Department through the usual legal channels, and offered for disposal at a later date at prices fixed by valuation, as referred to in the preceding paragraph. The remarks as to the condition of properties under " Property Account " apply with equal lorce to those properties being realized upon. Settlers , Present Difficulties. —Many of the settlers are well established and are satisfied with their properties. Others, again, for various reasons, cannot be classed as successful, and some assistance must be afforded if these settlers are to be given an opportunity. The principal cause of failure was the slump, with the consequent fall in the prices of farming-produce, and many soldier settlers, as well as civilian farmers, will take some time to recover from the effects of the low prices. The form of assistance to be afforded in cases of non-success will receive consideration when the reports of the various Inquiry Boards (hereinafter referred to) are received. It is, however, apparent, after a careful review of the whole position, that assistance must be given, and the form of assistance should be uniform throughout the Dominion. Fuller information will be available when the. work of the Inquiry Boards is complete, but in the meantime it is considered that revaluation is necessary in a large number of cases. If revaluations are allowed, a remission of rent or interest, fro rata with the amount of overvaluation, should be made ; also a postponement of the remaining arrears for fairly long periods. Assistance somewhat on these lines should place settlers in a sound position, and if they are not then able to carry on the fault will not lie with the Department. While returns were low there was not sufficient margin over ordinary farm expenses to allow for improvements by draining, cultivation, manuring, &c, nor for the development of unimproved areas. Settlers were therefore hampered in their operations owing to limited finances. With the prices at present ruling the settlers should be better able, from now on, to pay more attention to improvement of their farms, so as to carry more stock, and thus obtain increased returns. The demand for good dairy cows far exceeds the supply, and. it should be the aim of every settler who desires to improve his position to build up in course of time a good herd. Sufficient attention does not appear to have been given to the culling of unprofitable herds. The fact that some lands are alleged, to be overvalued cannot be entirely accepted as an excuse for failure, for the reason that very little income has been derived by the Department from these farms. With stable markets, thrift and energy, and a determination to surmount difficulties, there is every reasonable chance of the majority of the settlers being successful ; but it must be realized that success in any branch of farming in the past was not immediate, but resulted from patient toil and carefully planned methods of handling farms, stock, &c. Illegal Sale of Stock. —It is regretted that a number of men had no scruples whatever in disposing of stock, &c, under lien to the Department, and have used the proceeds for their personal use and then abandoned their farms. Where it is clear that there has been collusion between soldiers and others in stock-trafficking to the disadvantage of the Department the law will be put into full force ; and,, on the other hand, where innocent people have been made the victims by misrepresentations as to ownership of stock the settler illegally disposing of his stock will find prosecution follow. Comparison with Previous Year's Advances. — The total amount advanced during the year is approximately one-third of that advanced during the year ended 31st March, 1922, and certainly much less than for the previous two years. Repatriation, so far as land-settlement is concerned, may be regarded as being nearly completed. Future operations will consist principally of making advances and readvancos on current accounts, loans to T. 8., wounded, and other disabled men to enable them to acquire suitable farms, and the overtaking of loans in respect of recommendations for dwellings now on hand. The following schedule enables a comparison to be made between the past year's operations and the previous three years, under the main headings affecting the account: —

1919-20. 1920-21. 1921-22. 1922-23. £ 9,345,000 £ £ £ 19,777,680 £ joan liabilities 9,345,000 19,239,304 20,036,905 Advances made during year Idvances on mortgage at end of year Receipts .. Arrears Postponements securities acquired by Crown Securities in course of realization .nterest paid to Consolidated Fund .. 7,832,513 8,676,697 1,180,157 108,594 7,366,374 15,322,527 1,327,605 139,899 3,528 3,473,163 18,113,156 1,258,611 385,845 26,470 32,669 80,122 858,557 Loss. 55,381 1,225,753 18,100,371 1,470,638 541,125 67,164 523,783 150,242 869,158 Loss. 78,893 2,284 30,000 Loss. 5,805 8,607 602,190 Profit. 16,997 J rofits or losses

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Inquiry Boards. —Owing to the slump in the values of farm-products, resulting in .settlers' inability to pay on existing liabilities, Inquiry Boards composed of men thoroughly experienced in farming and the valuation of properties were appointed (one Board for each land district) to investigate and report on all matters pertaining to soldier settlement, and to make such recommendations as they consider necessary to afford relief. All soldier settlers were requested to submit statements of the position of their farms, finance, and prospects. The reports had not been received at the end of the year. General. —Although advances were not of the same volume as in previous years, yet the turnover of business on Current Account was heavy, and will continue to be so until the Current Account mortgages are discharged. Advances and readvances under this heading have always formed a most difficult part of the administration, and, as it is intended to give every soldier farmer who acquires his own property an opportunity of obtaining loans to stock farms, it is anticipated that the work during the ensuing year will show a substantial increase under Current Account advances. It must be recognized that with a capital of £20,030,905, and over thirty thousand mortgages of all classes, and other collateral securities, the administration of the soldier-settlement business forms the most important feature of the Department. The volume of business going through the various offices is naturally heavy, and the work, which is intricate and important, demands constant attention and the utmost care. A glance at the statement at the foot of this page will show that the administration extends to funds totalling £27,350,271. Summary. —A summary of the principal points is as follows : — £ Loans raised .. .. .. .. .. .. .. .. 20,036,905 Advances authorized .. .. .. .. .. .. ..21,278,221 Balance outstanding on mortgage, 31st March, 1923 (including instalments in arrears and postponements) .. .. .. .. .. .. 18,100,371 Arrears— Instalments of principal .. .. .. .. .. .. 91,637 Interest .. .. .. .. .. .. .. .. 449,488 Postponements — Instalments of principal .. .. .. .. .. .. 11,679 Interest .. . . .. .. .. .. .. .. 55,485 Loss on realization of securities .. .. .. .. .. .. 38,623 (which is 0-205 per cent, of capital invested on mortgage or in properties owned by Crown, £18,817,362, or 4-066 per cent, of revenue earned, £949,844). Administration expenses (including travelling-expenses of Supervisors and Inquiry Boards) .. .. .. .. .. .. .. 45,829 (which is 0-241 per cent, of capital invested or 4-825 per cent, of revenue earned). Net loss on Revenue Account to 31st March, 1923.. .. .. .. 122,047 (which is 0-649 cent, of capital invested, or a cost of £5 13s. Id. per man settled). Properties acquired by Crown .. .. .. .. .. .. 523,783 Securities in course of realization .. .. .. .. .. 150,242 Advances paid out during year .. .. .. .. .. .. 1,225,753 Repayments of advances during year .. .. .. .. .. 716,667 Interest received .. .. .. .. .. .. .. 649,463 Interest paid by Discharged Soldiers Settlement Account on loans raised .. 869,158 Statement showing various Funds provided for the Purpose of Settlement under the Discharged Soldiers Settlement Act. —In addition to advances authorized to be made on mortgage out of the Discharged Soldiers Settlement Account — namely, £21,278,221 —the sum of £3,058,050 has been borrowed for the purchase of lands for the Discharged Soldiers Settlement Branch of the Land for Settlements Account, and rents, recoveries, &c, amounting to £44,379 were accounted for last year. Other lands to the value of £2,514,000 were acquired under the provisions of the Land for Settlements Act and proclaimed for discbargcd-soldiers-settlement purposes. Native-land purchases of an approximate value of £500,000 were proclaimed and settled by soldiers. The capital, therefore, provided from all sources for discharged-soldier settlement totals approximately £27,350,271. Arrears of rent under leases held by soldiers amount to £307,198, while postponements amount to £92,905. The remarks made in the earlier part of the report regarding arrears and postponements in respect of instalments due under mortgages apply with equal force to arrears of rent in respect of Crown and settlement leases held by returned soldiers. The following table shows the total amount authorized by the Government for assistance to returned soldiers, either by lending money to assist them in their own private purchases or in the purchase of lands direct by the Crown for settlement purposes : — £ Advances authorized out of Discharged Soldiers Settlement Account.. 21,278,221 Loans raised for the purchase of land under the Discharged Soldiers Settlement Branch of the Lands for Settlement Account .. 3,058,050 Purchase of lands under Land for Settlements Act and proclaimed for settlement under the Discharged Soldiers Settlement Act .. 2,514,000 Purchases under Native Land Act .. .. .. .. 500,000 £27,350,271 The 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. Grevillk, Commissioner of Crown Lands.) The progress of soldier farmers during the past year has been on the whole fairly satisfactory. In fact, if it were possible to compare their position and their rate of progress with that of an equal number of men who had started farming at the same time, under similar conditions, and who had to contend against the same drawbacks that the soldier farmers have had to contend against, I do not think the other men would have shown any better results than the soldiers have shown. I think the soldier farmer in my district has made an honest effort to make a success of his farm. A proportion of them, of course, have failed, but this was only to be expected ; but there are a large proportion who have succeeded. In fact, a pleasing feature in looking through our books is to find the number of soldier farmers who have met all their obligations, and who, after having obtained their original advance, have been little or no trouble to the office. The difficulty so many of the soldier farmers have been faced with is that when they come to the limit of their current account—that is, they have received the maximum amount allowed by the Act— and having exhausted the little capital they had of their own, they find themselves confronted with the necessity of buying more manures and effecting further improvements, and buying additional or better stock ; to meet this necessary expenditure they are without funds. This, of course, is a question that has been concerning the Department for a long time, and, no doubt, some solution of the difficulty will be evolved before long. Early this year the desire for outside investigation into soldier settlement became rather widespread, and as an outcome independent Inquiry Boards were set up, these Boards being appointed in October, and commencing their inquiries shortly afterwards. Unfortunately, among the soldiers, and, in fact, with the public generally, the impression prevailed that these Boards were really being set up to revalue the soldiers' land, and many of the soldiers looked forward to the Inquiry Board's visit and report as an event which was going to result in a probable reduction of the valuation of their farm. Generally the setting-up of the Inquiry Boards and their investigations has had a disturbing influence on some of the soldier farmers, some of whom, probably those in a bad way, had began to hope almost impossible results from the investigations of the Inquiry Boards. However, as the results of the various Boards will soon be made public, and the proposed Government action arising therefrom will be known, it is unnecessary to make any further reference to the Boards. Applications under Discharged Soldiers Settlement Act. Owing to the restrictions of advances under the Discharged Soldiers Settlement Act the applications for financial assistance were considerably less than the previous year, the total number being 1,037. Of these, 761 were recommended for the approval of the Minister as follows :— Purchase of farms, 12 ; erection of dwellings, 397 ; purchase of dwellings, 2 ; advances for stock, &c, 350. The total amount recommended was £354,402, of- which £58,547 was on current account. Movement amongst returned soldiers has been reflected in the number of applications received for transfer of houses and farms, 155 houses being transferred and 50 farms. Up to the end of the year 1,065 farms had been purchased under section 2 of the Act, and 62 have been abandoned, mainly owing to the incapacity of the soldier. These comprise an area of 10,369 acres of a valuation of £125,097. Twenty-four farms have been disposed of comprising 2,810 acres, realizing the sum of £46,969. A considerable amount of time is given by the staff to inquiries regarding abandoned farms, and they are thoroughly alive to the importance of disposing of these properties without much loss to the Department. It is a noticeable fact that the incoming purchaser has proved himself a much better mortgagor than the outgoing one. To date the Department has advanced £2,199,049 to purchase and erect 2,613 dwellings. The majority of the mortgagors are honouring their contracts, and I do not think any loss will occur in this branch of the work. Considering the number in the city the arrears are surprisingly small, and, where a soldier has got into arrears, investigation has proved that his position has arisen through sickness or unemployment. In these cases a certain amount of latitude is given, and when these temporary difficulties have been overcome the mortgagors have made an honest endeavour to fulfil their engagements. Power of sale has been exercised in twenty-four cases. Of these properties sixteen have found ready purchasers with no loss. From those houses not disposed of rent is being obtained.

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Auckland. (H. M. Skeet, Commissioner of Crown Lands.) General. The past year, with its general improvement of conditions, its favourable season, and the return of more normal prices both for the revenue and expenditure of the farming community, has brought considerable relief to soldier settlers, the majority of whom in this district are engaged in dairying. It must, of course, necessarily be some time before the effects of the slump, and the preceding period of high prices for materials, will have been overcome, but the large returns obtained this season, and the satisfactory prices paid for butterfat, with the prospect of a good bonus to come, has encouraged the settlers. In some cases, where failing health, lack of aptitude for farming, or too heavy a burden of indebtedness (usually incurred through lack of experience or proper business capacity) has rendered it impossible for settlers to carry on, they have been able to arrange transfers at prices which, as the lands had been, well bought, have yielded a small margin of profit. Such an arrangement must necessarily be in the interests of both the settler and the holding itself, and the sooner settlers who are unable or unwilling to reasonably meet their liabilities, or to make the best use of their holdings, give way to others who will do so the better it will be for themselves, for their holdings, and for the State. It is probable that, considering all the circumstances, the proportion of failures amongst our soldier settlers will be very little, if any, larger than amongst average civilian settlement ; but the fact that they are being so largely financed by the State, and that they have had exceptionally difficult circumstances to contend against, brings the failures more prominently under notice. The genuine trier is sure of careful consideration and sympathetic treatment from the Land Board, but there is a minority —fortunately a small one —which is still inclined to use patriotism as a cloak for slothfulness, wastefulness, and disregard of obligations ; and settlers of this type, having been given their opportunity, deserve no further special consideration. The special Board of Inquiry appointed by the Hon. Minister of Lands to investigate the position of the soldier settlers has been actively engaged since November, and has completed a considerable portion of its work, but will probably be engaged for another two months, after which its report and recommendations will be discussed with the Land Board. Lands selected and, held. The demand for land by soldiers has been limited during the year, the number of holdings selected being only thirty-three, comprising an area of 3,967 acres. At the close of the year the number of soldier settlers on the books of the district was 1,013, occupying a total area of 271,840 acres at a rental of £47,543 per annum. In addition to these, assistance had been given to 867 settlers occupying 164,519 acres of freehold and other leasehold land subject to mortgages to the Crown, and 778 soldiers who had been provided with houses. Bevenue. The amount of loans outstanding at the close of the year was as follows : Current account advances, £718,942 ; instalment mortgage advances—on farms, £1,206,352 ; on dwellings, £469,965 : total, £2,395,259. The receipts during the year amounted to £141,966. There are substantial arrears, both in interest and instalments, the latter of which will probably have to be relieved by postponement until the end of the mortgage, although this course has not yet been adopted by the Land Board, which desired to ascertain the maximum concessions that circumstances might render necessary before applying this form of relief. In the case of dwellings, inquiries into the cause of arrears usually disclose sickness or loss of regular employment. A difficulty in many of these cases is that it ib not easy at the present time to dispose of houses built at the time when much higher building-costs were ruling. In the majority of cases the properties are being maintained in good condition. General Condition of Settlements. In my last report I gave a general review of the established settlements, and it only needs to be added now that the year has been one of fairly steady progress, and that, with few exceptions, holdings are now in better condition, and more on the way to yield their occupiers a good living than before. Good work has been done in renewing and improving pastures, and also to some extent in improving the quality of the dairy stock, though a good deal remains to bo done in this direction. Many settlers are, however, purchasing pedigree bulls so as to gradually improve their herds by breeding. In the case of two or three settlements there have been complaints —of which too much has been made —of sickness amongst dairy stock : this on inquiry has been found to be due to the lack of suitable pasture. Difficulties of this kind may necessarily happen where large properties which have been used for grazing sheep are being converted into dairy farms, but they could be very largely minimized, if not obviated altogether, by more judicious methods of farming, and proper provision of fodder crops, instead of relying too exclusively on grass pasture. In a very large number of cases settlers are now running sufficient cows to necessitate the installation of milking-machines, the periodical payments on which have proved a heavy drain on their resources ; these, however, are nearing completion, and if a favourable season is experienced next year there is every reason to anticipate that the majority of the settlers will have substantially reduced their arrears and be in a sound financial position.

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The cases of the single farm holders arc generally of more difficulty, as these properties are in most instances capitalized on a higher basis than in the case of settlement subdivisions. This was, however, inevitable, since properties of this nature were usually picked ones, chosen by the soldier himself, who was, moreover, often quite willing to pay —out of money borrowed from the State —more for the property than the Department's valuations justified, and who sometimes went behind the back of the Land Board, and secretly arranged to pay over to the vendor a sum of money in excess of that at which the property was ostensibly being bought. Apart from cases of this kind, a large majority of these single farm purchases are on a sound basis, and though their position temporarily may be one of difficulty, there is no reason to doubt a large measure of ultimate success. Realization and Redisposal of Vacated Properties. With the limited demand that has been in evidence for some time the question of redisposal of vacated properties has been one of some difficulty. In this district, too, the question is one of pressing urgency, owing to the rapid deterioration of properties that are unoccupied or unstocked. The ordinary method of sale through the Supreme Court has been conspicuous by its lack of results —except of lengthy procedure and unnecessary expense. Considering that the State, as mortgagee, is usually interested in a very much larger degree than the private mortgagee, having greatly exceeded the usual margin of security, there is urgent need for statutory power to dispose of such properties with a minimum of delay, for little can be gained by holding on to properties, since any prospects of an enhanced price would be fully discounted by depreciation during the period of delay. In these cases the only wise policy is to face the loss at once, and dispose of the property to the best advantage at the earliest possible opportunity, in order to have the land brought back into production without delay. Taeanaki. (H. J. Lowe, Commissioner of Crown Lands. The past year has been better than its predecessor for returned soldiers settled on the land, but the previous year's returns from the point of view of a dairying and grazing district were so discouraging that the great majority of settlers have still considerable leeway to make up, and the slump in value of stock originally supplied has made it extremely difficult for them to keep their farms adequately stocked. As a consequence applications for postponements of payments owing have been numerous, and sympathetic treatment has invariably been given where the reports have shown relief was necessary and the settler was the victim of adverse circumstances. The method adopted of taking milk orders on the dairying companies has enabled the Department to keep many accounts within reasonable limits, and I have to thank the dairy companies for so whole-heartedly supporting me in this matter. Numbers of farms, I fear, came on the market in the boom period because vendors knew pasture was running out and had not the means to renew it. The soldier (when up to his limit of loan) tried to spend what he could from his milk cheque, but when we took half that source dried up, and arrears have therefore been kept down at the expense of the renewal of the pasture, which cannot satisfactorily continue. During the later part of the financial year an Inquiry Board has been traversing the district obtaining particulars of properties acquired, for the purpose of furnishing a report to the Hon. the Minister of Lands regarding conditions of soldier settlements generally, and, in the event of failure, the cause of such failure, and whether relief should be granted ; and, if so, in what manner. Unfortunately, wet weather and consequent muddy roads retarded the Board in their work. To the perils of worn-out pastures the undue prevalence of noxious weeds has this past year to be added, and this phase of farming is causing grave concern, not only to those who are faced with a heavy cash expenditure to combat such weeds, but also to adjoining farmers holding clean farms, who fear their holding becoming similarly affected. Soldier Settlements. These generally are feeling the effects of the slum]), and there is no doubt that overhead expenses that do not increase production are detrimental to the progress of a settler. The varying moods of the market in the past few years have unsettled many settlers. Land well adapted for sheep-farming was utilized for dairying to bolster things up when the former industry badly slumped. Had the settlers kept to sheep the position now would have been good ; undoubtedly, attempting dairying on purely grazing-country must be discontinued, and many of these farms must return to sheep-fanning. The following figures set the position out more in detail: — The total receipts during the year for credit of the Discharged Soldiers Settlement Account were £163,700 Bs. 6d., the main items being made up of —Repayment on farms, £32,237 16s. 4d. ; on houses, £28,777 18s. Bd.; on current account, £89,000 3s. Id. The advances paid out amounted to £114,000, the principal items being —Farms, £5,293 7s. lid. ; houses, £17,535 3s. ; current account, £85,564 ss. 9d. The total advances outstanding on the 31st March were—On farms, £929,413 13s. sd. ; on houses, £370,222 4s. sd. ; on current account, £346,936 9s. lOd. The total advances made since the inception of the soldier-settlement scheme in this district total £2,038,663 14s. sd. Wellington. (Thomas Brook, Commissioner of Crown Lands.) Soldier settlers engaged in sheep-farming have benefited greatly by the recovery in values of wool and stock, and another good year should place many of them in a sound position. Dairy-farmers have not improved their position to the same extent, but they, too, should show an improvement on last year.

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Rent and interest payments are slightly better, but the improvement is not more than was expected. Among our soldier lessees and mortgagees there are many from ■whom it is impossible to get anything except under compulsion : they recognize no liability to the Crown until all other claimants and their own wants are satisfied. The Inquiry Board appointed to investigate and report on soldier settlement is making good progress with its inspections. The settlers are anxiously awaiting the result of the Board's report. One property of 759 acres was acquired for two applicants under section 3 of the 1917 Act, designated the Tapuae Settlement, and was stocked with sheep towards the close of the year. The only other new land dealt with comprised twelve allotments, of 404 acres, of which three were taken up as additional land. There were thirteen sections which had been surrendered and reallotted, of an area of 1,835 acres, making a total of twenty-seven selections, comprising 2,998 acres. The forfeitures and surrenders amounted to twenty-three holdings, an area of 4,621 acres ; and there are now twenty-one holdings vacant, a total area of 6,960 acres. The interests of fifty-eight iarm mortgagors, involving an area of 7,944 acres and comprising all classes of security, were determined by legal process, and these areas will be dealt with as soon as practicable. The interests of ten dwelling mortgagors were determined by legal process, and of twenty dwellings that came into the Department's hands nine have been disposed, of, leaving eleven for which no buyers have yet been obtained, though practically all are tenanted. Advances were made to enable twenty-three persons to acquire farm lands of an aggregate area of 4,639 acres, and 118 received assistance to erect or purchase dwellings. Marlborough. (J. Cook, Commissioner of Crown Lands.) The position of the soldiers' settlements in Marlborough for the year ending 31st March, 1923, shows, on paper, only a slight improvement, although, practically speaking, the improvement is substantial: that is, there are many settlers whose prospects do not look bright when judged by the state of their accounts, though their progress on the land is bound, and with improving general conditions they will pull through. This year has seen the woeding-out of the unfit and those totally incapable of making a success of the land. I feel sure that practically all the men who enter the coming year in possession of their sections will eventually become established and prove to be producers, and therefore a good asset to the country. Nelson. (H. D. McKellar, Commissioner of Crown Lands.) The soldier settlers on pastoral and dairying lands have experienced a fairly satisfactory year, but have not recovered from the effects of the financial depression. Prices for wool and stock have increased considerably, while payments for butterfat have been maintained by dairy factories at a figure which leaves a good margin over expenses. Those soldiers who have taken up fruitgrowing for a living have not been so fortunate. Although there is abundance of good, clean fruit, there appears to be great difficulty in obtaining a price that will even pay the grower for the ordinary upkeep of his orchard. A number of properties have been abandoned or realized upon owing to the fact that the holders thereof were unable to achieve success. Steps are now being taken to place these properties in the market at prices that will attract purchasers. Towards the end of 1922 a Board was set up to inquire into the position generally with, regard to soldier settlement. This Board has almost completed its investigations in this district, and its report is expected shortly. Westland. (W. T. Mokpkth, Commissioner of Crown Lands.) Only one soldier has been financed during the past year, the advance being under section 2. Whilst many of the soldier settlers have contrived to hold their own and pay their way under generally adverse conditions, a considerable number have fallen into arrears with their instalment payments. In one or two cases inexperience, neglect, and extravagance have been contributory causes to their present financial condition, but, generally speaking, the soldier settlers, realize their responsibilities and face their difficulties in the right spirit. With the exception above noted, all advances have been for the purchase of stock, improvements, &c. The various holdings are widely scattered, some settlers concentrating on dairying, some on grazing, while a few combine both. A feature of the district is the variety of the tenures under which many of the individual holdings are held. There are 164 soldiers in the Miscellaneous Lodgers, of whom 104 are on rural holdings, and fifty-eight have received advances for the purchase or erection of dwellings. Although it is satisfactory to report that the percentage of failures in the district will probably be very low, it will yet be necessary in. many cases to make substantial concessions to enable deserving soldier settlors who are in arrears with their payments to recover themselves and stabilize their financial position. Canterbury. (G. H. Bullard, Commissioner of Crown Lands.) Throughout the district there are sixty-four soldier settlements, comprising 284,833 acres, divided into 357 holdings. Of these three holdings are at present unoccupied, comprising an area of 915 acres ; some of these are small holdings. There are 644 farms held under section 2of the Discharged Soldiers Settlement Act, 1917.

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The general outlook has greatly improved owing to the improved prices for wool, sheep, and dairy-produce. Eleven farms under both headings liavo been abandoned, and steps are being taken to have them revalued and reoficred. The Board of Inquiry appointed to inquire into the position of soldiers' farms is actively proceeding with its work. The greater proportion of the soldier settlers are doing their best to work their farms and meet their engagements, but as time passes it is evident that here and there are some that will be unable to make a success of their holdings, partly from lack of experience and capital. In pastoral farms the incubus of loss over stock purchased at high and sold at low prices is still felt, and further help is being refused to some financed by companies who have lost or stand to lose considerably by them. Some of the land in the settlements and on the farms had evidently been somewhat overcropped, and this has been a little accentuated by many soldiers trying to grow more wheat than desirable on the class of land held by them ; and this year, when some could have done well with sheep, as the season has been favourable for grass, they are without them, as the price of store sheep at one time left no margin of profit with risks considered. Turnip crops on some of the settlements this year are a failure. In common with other farmers, soldiers must learn to farm on a system of rotation suitable to keep their land in proper heart, and not be led away too much by the prospect of immediate gain, very often made to the detriment of future results, and sometimes not made at all. Under the past circumstances of high land and stock values it is satisfactory that the position is as it is, and that a comparatively small number of farms have been abandoned to date. A few more will have to be resumed where the men appear to have little or no chance of surmounting their liabilities, but already many of the triers are in better heart, and experience gained will stand them in good stead. Curiously enough, here and there are very successful settlers with very little previous experience, alongside other unsuccessful ones with a life knowledgo of farming. It is considered in the case of some abandoned settlement lands that the better policy will be to add the holdings to those of the adjacent men where the country is of a light nature, which should be more used for soiling-crops for sheep-farming and less for growing white crops. The soldiers on pastoral lands have had a good year, as also those on dairy farms properly managed. In a few cases, on dairy farms, contagious abortion has caused loss, and there are a few others where lack of energy is to some extent responsible for trouble. Twitch is still plentiful on many of the arable farms, and in some parts Californian thistle is giving trouble. On farmlets used for market-gardening, orchards, or poultry, success, so far, is only moderate. The unsuitable are being gradually eliminated in various ways, in some cases by selling out or transferring to others. In poultry-farming it is hoped that an export trade can be worked up and prices thus improved. Arrears, as is to be expected, are still high, and there is a little reason to think that some are withholding payments to see the result of the Board of inquiry's inspections. Many men who at the boom-time complained vigorously that the Board was too slow in acceding to their requests to have farms purchased are now blaming the Government for putting them there ; it is also evident that the fact of a man having his own money in a place makes for the more energetic working of it. The high arrears are due in some cases to companies haVing liens on crops and stock declining to meet, or only meeting very slowly, rental liabilities for soldier clients. This position will need careful consideration, and in some cases decisive action. The Board has extended every leniency to men thought to be trying their best. In some few cases this leaves the way open for imposition, and is not always properly appreciated either by the soldier or his creditors. On the whole the more competent soldier settlers are benefiting by past experience, and with reasonable concessions are likely to win through. Advances for house-building are still being dealt with and made. The cost of building is lessening owing to the cheapening of hardware, and to a small extent of timber, but still seems higher to a layman than it should be, whatever the causes are. Mortgages have been paid off from a number of dwellings. The Supervisor and rangers have been kept very busy, and with a small staff it is a very difficult matter to keep a proper supervision over securities, and ordinary land-inspections can only be attended to in urgent cases. Improvements are generally well ahead of requirements, and there are very few behind with them. Only one settlement, Avonhead No. 2, divided into sixteen holdings of about 9 acres, was offered during the year. The tenants seem a good lot, and only one section of 4 acres remains unselected. One abandoned run has been reselected by a soldier settler. Otago. (R. T. Sadd, Commissioner of Crown Lands.) No land has been acquired for the settlement of discharged soldiers during the past year, partly on account of there being very little demand for land, and partly because there are still large areas purchased for discharged soldiers not disposed of. The rise in the price of fine wool has made a great difference to the pastoralist, and although the coarser and inferior wools have not risen to any great extent, still there is an upward tendency. The price of lambs and sheep has also risen, but the price of cattle is still rather low. The price of butterfat has fluctuated considerably, and on the whole the price has not been good, and in consequence the dairy-ftirmers have not been very successful. Several settlers who acquired farms under section 2 of the 1917 Act have had to abandon their farms, and it has been necessary to realize on the stock and chattels ; and, as the price of stock

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had gone down considerably, and second-hand implements never fetch their value, these realizations have been at a loss to the Department. These abandoned farms are gradually being either sold on terms or leased, but it will probably be necessary to reduce the prices of some of them. The amounts advanced for the purchase of these properties were well under their value, but undoubtedly the price paid was in many cases too high, and it will be quite impossible to avoid losses. The tenants have got into arrear with their rent instalments and interest, and no doubt these arrears will have to be written off. I attribute the partial failure of the soldier settlers to the fact that at the time of the settlement everything was at high prices ; although every effort was made to get the land at lower prices and a great majority of applications were declined, it was quite impossible to settle the soldiers without paying, in many cases, too much for the land. In addition, all stock and material absolutely necessary for the farm was at exorbitant prices, and the Government advance was quite inadequate. In most cases the settler had very little capital of his own, and in some, not much experience of actual farm-work and no business capacity. Many of them, under ordinary conditions, would never have risen above the position of labourer on a farm. Some of the settlers are quite unable to make their holdings pay because they have no chance of making financial arrangements to obtain stock. The grant, in most cases, is nearly all absorbed in fencing and buildings, and there is not sufficient left to stock up ; and, as the Government has the first mortgage over stock, the firms will not advance for that purpose : this means the settler is not getting the rental value of his place and so cannot pay his way. Advances for Dwellings. Although the arrears increased somewhat during the past twelve months, satisfactory arrangements are being made to have these arrears paid off ; there are a few doubtful cases where it will be necessary to resume the property and dispose of it to a more suitable tenant. The security in the majority of cases is very good, and, taken as a whole, the inflation of values did not apply to any great extent in Otago. In most cases the mortgagor is taking a pride in his home and is more than maintaining its value. There are a very few cases where the tenants have got into arrears or have no money to effect repairs and general maintenance and have allowed the security to depreciate ; in such cases it appears advisable for the Crown to maintain the security and add the cost to the capital value. Southland. (R. S. Galrraith, Commissioner of Crown Lands.) The activities in connection with the settlement of discharged soldiers on the land have been confined during the past year to advances for stock, implements, and improvements. The great majority of soldier settlers in Southland are engaged in dairy-farming, a number go in for mixed farming (cropping and stock-raising), a few have bush sections which are being used for cattle-raising, and a small sprinkling have holdings suitable for sheep-farming. It is all-important to the success of the soldiers that prices for dairy-produce should be good. In this respect there has been nothing to complain of. Most of the factories are expected to pay out bonuses, which should come just at the right time to tide the soldiers over the lean months of May, June, July, and August, in which the farms produce nothing that can be turned immediately into cash. It cannot be said that the settlers as a whole are yet firmly established on their dairy farms. As a matter of plain fact it takes years to get together a good herd of dairy cows. Up to the present there does not seem to have been a sufficient number of good cows in the country to meet the demands of the settlers. The consequence has been that culled cows have been bought, tried for a month or two and found to be unprofitable, and then have been exposed for sale in the public saleyards, only to be acquired by a needy dairy-farmer, who goes through the same experience and passes the defective animals on in a similar manner. So the vicious business goes on. It would be a good thing if a method could be introduced by which a woefully defective milker could become known as such, and, instead of being used as a medium for turning pasture into milk, her qualities as a producer of beef could receive attention. Some of our settlers have gone in for high-class bulls, and a gradual improvement in the quality of the herds may be expected. But much time and patience are required to produce this desirable result. The pasture has been abundant, but, unfortunately, the continuous wet weather towards the end of the season reduced its quality. The year has witnessed a record supply of milk to the dairy factories, the directors of which have found it necessary in quite a number of instances to enlarge the buildings and increase the plants. Given a good price for next season's produce, the prospects can be viewed with a good measure of confidence. The crops have been good, and in many cases exceptionally good. Some of the heaviest crops have suffered badly from the effects of wind and weather, and will not thresh out anything like the quantity or quality of grain that early appearances gave promise of. Lambs have not done as well in Southland this year as usual. Some of our soldiers have had the disappointing experience of buying store lambs for fattening, only to find that the pasture, plentiful enough, failed to achieve the result, owing to the exceptionally cold and wet summer and autumn. Now they have to carry on these " stores " and ultimately sell them, perhaps with a loss —certainly without a profit —after using up all their pasture and costing money for the purchase of winter feed. The settlements which were acquired under the Land for Settlements Act and settled upon by discharged soldiers are all making steady progress, and much good work has already been done. Most of the settlements consist of dairy farms, but two settlements comprise mixed farms, and one settlement is occupied by soldiers who go in chiefly for sheep-farming. The recent offer of the Government to supply free of charge to the soldiers trees for shelter purposes from the State forest nurseries is being availed of very freely.

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TABLE 1.

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

Under Sectioi (Ordinarj i 3 of the Act Tenures). Under Sectioi (Special 4 of the Act 'enures). Total Area iroclaimed. District. For the Year ended 31st March, 192;j. For the Year ended 31st March, 1923. For the Year ended 31st March, 1928. Total to 31st March, 1923. Total to 31st March, 1923. Total to 31et March, 1923. Ordinary Grown Lands — North Auckland Auckland Hawke's Bay .. Taranaki Wellington Nelson Marlborough Westland Canterbury Otago Southland 1,575 30,035 23,531 12,831 884 20,728 5,730 10!) 20,819 858 344 23,731 97,389 114,922 19,398 08,720 4,058 6,089 480 798 30,370 8,503 5,730 16!) I'd. Shi 858 344 25,300 .127,424 138,453 32,229 09,010 24,786 0,089 22,845 708 118,288 10,199 821 821 21,805 871912 1,090 177 177 Totals 201,057 28,918 374,470 28,918 575,527 Cheviot Eikite, Canterbury 3,356 3,350 Land for Settlements— North Auckland Auckland Hawke's Bay Taranaki Wellington Nelson Mail borough Westland Canterbury Otago Southland - 7O7 1,187 05 33 18,808 50,10!) 57,461 18,783 38,250 29,441 14,585 "C5 33 18,808 50,109 57,401 18,783 38,957 30,628 14,585 44,834 17,652 2,535 iss 42,320 45,241 5,674 i.83 87,160 02,893 8,209 Totals 00,915 231 320,798 231 387,713 National Endowment — North Auckland Auckland Hawke's Bay Taranaki Wellington Nelson Marlborough Westland Canterbury Otago Southland 439 22,020 31,538 3,732 2,826 899 13,465 439 22,020 31,538 3,732 2,820 899 13,405 5,887 209,567 134,216 6,593 5,887 209,507 134,210 6,593 Totals 439 430,743 439 430,743 Grand totals 1,397,339 439 698,715 29,149 098,024 29,588 Note.—During the year Proclamation! land for discharged soldiers were revoked. setting apart 46,546 acres o: Crown land ai id 3,812 acres of settlemeni

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TABLE 2.—Applications received and Land allotted during the Year ended 31st March, 1923, under the Discharged Soldiers Settlement Act.

14

Lands allotted during the Year. received during the Year. Under Section 3 of Act (Ordinary Tenures). Under Section 4 of Act (Special Tenures). Totals. District. Sale (including Deferred Payment). Lease and License. Total. Sale (including Deferred Payment). Lease and License. Total. Sale (including . Deferred Payment). Lease and License. Total. Under Section 3 of Act (Ordinary Tenures). Under Section 4 of Act (Special Tenures). Total. Number of Allot- Area. ments. Number Number of Allot- Area, of Allotments, ments. Area. Number Number Number . Number of Allot- Area, of Allot- Area, of Allot- Area, of Allot- Area, ments. | ments. : ments. ments. . j J i I i I Number of Allotments. Area. Area. Number of Allotments. Ordinary Crown Lands — North Auckland Auckland Hawke's Bay Taranaki Wellington Kelson Marlborough West land Canterbury Otago Southland Acres. Acres. Acres. Acres. 54 64 Acres, j 4,115 2,429 I 3,856 i 492 ! 1,774 17 16 11 3 12 Acres. I 4,169 2,493 3,856 492 i 1.774 1 2 Acres. 54 64 Acres. 4,115 2,429 5,111 492 1,774 17 16 12 i Acres. 4,169 2,493 5,111 492 1,774 ■• 22 46 37 46 22 46 37 3 46 •• 1 1,255 1 1,255 1 2 16 14 11 3 12 16 14 12 3 12 .. 1 821 : 1 82] \ 1 821 821 •• •• •• 1 3,115 l i 3,iio 2 44 3 227 5 271 , 2 44 3,342 •■ 3,386 4 4 4 6 i .. Totals 158 158 4,370 4,370 162 60 65 13,876 : 162 62 18,246 13,714 5 18,084 67 Cheviot Estate, Canterbury •• i I •• Settlement Lands- — North Auckland Auckland Hawke's Bay Taranaki Wellington Nelson Marlborough Westland Canterbury Otago Southland 3 42 13 1 15 3 42 13 I 1 15 3 15 8 1 15 516 1,405 596 1,224 3 15 8 1 15 516 1,405 596 7 1,224 3 15 8 1 15 516 1,405 596 7 1,224 3 15 8 1 15 516 1,405 596 1,224 • ■ 6 3 635 3 635 3 27 873 ! 26 3 22 1 27 6 662 6 662 3 3 I 35 I 1 j 35 2 1 5 21 1 878 26 1 5 21 2 873 655 22 2 878 655 ■• 1 629 1 629 1 Totals 113 117 4 1,264 J 1,264 5 l>7 4,674 { OS 4,679 1 71 5,938 72 5,943 National-endowment Lands North Auckland Auckland Hawke's Bay Taranaki Wellington Nelson Marlborough Westland Canterbury Otago Southland 6 9 6 4 2 744 69 4 2 744 69 4 2 744. 69 4 2 744 69 ! •■ 1 1 1 111 1 ill •• 111 1 111 i ] i .. .. Totals 9 i 9 924 924 924 i 924 Grand totals A 284 13] 271 13 6,558 13 6,558 167 127 18,388 133 18,555 6 167 140 J24,946 146 25,113

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TABLE 3.

Total Lands acquired from the Crown by Discharged Soldiers, and held at the 31st March, 1923.

Statement of Advances authorized from Inception of Act to 31st March, 1923.

Note. —The numbers above represent the number of loans authorized. A large proportion of soldiers who received advances to assist in the purchase of farms and discharge of mortgages also received advances on Current Aeeoiint for stock, &c. The actual number of soldiers to whom advances had been authorized is 21,584.

Sale (including Deferred Payment). Lease and License. Totals. .Land District. Number. Number. Area. Price. Number. Area. $%£ Number. Area. Under the Disc* the Disci '.arged Si Acres. 2,407 919 9 779 61 1,216 Idiers Seh tlement A ct, 1915, am Amendme , , is. Jorth Auckland .. 11 Luckland .. 38 lawke's Bay .. 4 .. 8 Wellington .. 9 kelson .. .. 3 larl borough Vestland .. 1 Canterbury .. 11 )tago .. .. 13 Southland .. 17 11 38 4 8 9 3 £ 2,715 9,980 575 3,300 2,520 740 325 632 389 172 674 29 65 27 334 223 105 Acres. 64,507 115,464 166,698 43,789 161,174 19,076 19,365 23,659 561,995 249,820 26,873 £ 16,018 38,935 64,511 13,945 96,119 1,893 6,455 317 48,823 22,115 6,117 336 670 393 180 683 32 65 28 345 236 122 Acres. 66,914 116,383 166.707 44,568 161,235 20,292 19,365 23,807 562,201 250,392 29,702 1 11 13 17 148 206 572 2,829 160 9,100 5,160 6,900 Totals .. 115 9,146 41,150 2,975 1,452,420 315,248 3,090 1,461,566 Jnder other Acts. (This inch » auction, Auckland .. , 3 Auckland .. 21 lawke's Bay Caranaki .. 2 Wellington .. 1 kelson .. .. 3 tlarl borough Westland Janterbury .. 2 )tago southland .. 1 'Jtdes landi and hoh 104 5,838 298 1 1,099 s selected at ordina lings acquired by h 1,440 122 5,860 253 71 700 234 128 1,060 132 109 70 680 396 229 14 ry ballots, le •ansfer or ot, 25,944 157,186 59,322 103,755 39,870 93,579 310,507 21,333 358,645 727,056 45,103 ises and lit \erwise.) 2,354 7,176 9,802 4,337 30,916 3,169 7,653 505 50,438 10,187 982 mses fu\ 125 274 71 236 129 135 109 70 398 229 15 •hased at 26,048 163,024 59,322 104,053 39,871 94,678 310,507 21,333 358,655 727,056 45,230 10 127 Totals .. 33 33 . 7,477 9,740 1,758 1,942,300 127,519 1,791 1,949,777 Grand totals .. 148 148 16,623 4,733 3,394,720 3,411,343 50,890 442,767 4,881

Current Account Authorities. Farms, &c, Authorities. Purchas Autl io Dwellings horities. Erect Ant Dwellings horities. Totals. District. Number. Amount. Number. Amount. Number. A m<>u ■>I.. Number. Amount. Number. Amount. North Auokland Auckland . . Ilawko's Bay .. Taranaki Wellington Marlboro ugh Nelson Westland Canterbury Otago Southland 1,447 1,687 731 1,016 1,710 265 588 141 1,171 865 448 £ 051,453 900,140 345,295 551,394 895,654 60.821 148,789 42,475 317,192 183,386 134,500 1 ,082 824 249 505 774 108 429 80 748 299 271 £ 1,078,570 1,345,217 459,912 1,030,390 1,428,493 298,310 r>01.710 80,020 1,108,982 372,231 426,035 1,741 380 020 310 1,407 110 156 50 1,417 914 382 £ 1,244,032 251,213 428,953 216,703 997,41.7 69,400 94,218 21,840 855,952 504,532 212,875 1,184 350 254 220 929 50 28 9 002 123 49 £ 1,052,047 290,543 215,045 197,742 701,209 44,814 20,059 5,705 500,870 93,790 34,035 £ 5,454 4,027,308 3,247 2,787,113 1,854 1,449,205 2,117 1,990,229 4,820 '4,082,833 599 479,411 1,201 828,370 280 150,700 3,998 2,908,990 2,001 1,153,939 1,150 808,105 Totals 9,809 4,237,159 5,489 8,800,082 7,487 4,897,801 3,870 3,283,179 20,721 21,278,221

C—9

16

Statement of Mortgage Transactions.

DISTRICT. Balance at 4181 March, 19S2. during Year. PRINCIPAL. i> t Balance on Mori ui.'i'wf™ vL i at 31st March, 1923, Balance at ssre^; jaafca 31stMarct " 1922 - Charges during Year. INTEREST. Losses, Rebates and Remissions, and Transfers to other Accounts. Balance at 31st March, 1923, including Postponements. Repayments during Year. Receipts during Year. i i North Auckland — £ s. d. Current Account .. .. 444,542 11 3 Farms, orchards, &c. .. .. 1,586,553 19 3 Dwellings, business premises, &c.. 1,887,669 1 4 £ s. d. 444,542 11 3 1,586,553 19 3 1,887,669 1 4 £ s. d. 113,783 4 0 49,735 0 0 154,451 11 6 £ s. d. 30,583 15 8 11,659 19 7 75.245 3 11 £ s. d. J £ s. d. £ s. d. 24,629 8 3 ! 503,112 11 4 17,178 14 6 64,854 17 10 |l,559, 774 1 10 37,906 12 7 14,817 18 9 ]1.952,057 10 2 3,812 13 3 £ s. d. 24,629 8 3 64,854 17 10 14,817 18 9 £ s. d. 503,112 11 4 1,559,774 1 10 1.952,057 10 2 £ s. d. 17,178 14 6 37,906 12 7 3,812 13 3 £ s. d. 23,996 12 3 78,623 14 5 95,924 13 2 £ s. d. 19,579 16 4 43,361 7 6 82,961 5 1 £ s. d. 1,258 4 5 7,710 5 0 8,358 18 7 £ s. d. 20,337 6 0 65,458 14 6 8,417 2 9 Total .. .. 3,918,765 11 10 3,918,765 11 10 317,969 15 6 117,488 19 2 104,302 4 10 4,014,944 3 4 58,898 0 4 198,544 19 10 145,902 8 11 17,327 8 0 94,213 3 Auckland — Current Account .. .. 649,155 8 5 Farms, orchards, &c. .. .. 1,279,763 19 5 Dwellings, business premises, &c... 464,719 3 6 649,155 8 5 1,279,763 19 5 464,719 3 6 163,194 12 3 43,842 0 0 32,678 4 2 40,877 5 5 6,080 19 8 15,022 6 6 52,530 3 8 95,071 0 11 9,915 9 0 718,942 11 7 1,222,453 18 10 472.459 12 2 24,245 7 3 38,735 5 8 2,610 8 0 34,815 0 10 62.424 8 4 23,345 2 0 24,470 5 2 30,758 5 6 19,798 4 8 3,319 4 8 10,422 5 0 2,315 3 1 31,270 18 59,979 3 3,842 2 3 6 3 Total .. .. 2,393,638 11 4 2,393,638 11 4 239,714 16 5 61,980 11 7 157,516 13 7 2,413,856 2 7 65,591 0 11 120,584 11 2 75,026 15 4 16,056 12 9 95,092 4 ] Hawke's Bay — Current Account .. .. 251,088 9 7 Farms, orchards, &c. .. .. 426,921 2 4 Dwellings, business premises, &c... 563,861 7 6 251,088 9 7 426,921 2 4 563,861 7 6 87,197 18 5 12,220 0 0 27,997 6 11 47,886 12 11 4,966 4 0 13,945 6 3 11,341 5 7 5,679 17 5 11,479 3 8 279,058 9 6 428,495 0 11 566,434 4 6 5,635 2 7 10,303 18 4 1,906 1 5 13,299 15 10 21,027 10 11 28,110 14 2 12,198 0 8 11,627 14 8 23,615 6 8 157 18 3 1,616 19 7 2,924 3 6 6,578 19 18,086 15 3,477 5 Total .. . . 1,241,870 19 5 Taranaki — Current Account .. .. 375,916 8 10 Farms, orchards, &c. .. .. 1,043,166 8 2 Dwellings, business premises, &c... 375,819 5 3 127,415 5 4 66,798 3 2 28,500 6 8 1,273,987 14 11 17,845 2 4 62,438 0 11 47,441 2 0 4,699 1 4 28,142 19 1 93,446 3 4 9,268 14 3 18,766 9 0 75,296 3 11 7,033 7 1 11,506 10 0 47,218 4 8 115,368 7 7 12,856 19 10 346,848 3 7 930,033 7 9 370,222 4 5 8,119 4 9 38,877 16 5 1,284 12 9 23,039 6 1 48,890 0 4 19,553 6 6 13,747 10 1 25,204 9 3 17,272 18 8 3,766 17 11 14,379 9 5 2,283 12 1 13,644 2 11 48,183 18 : 1,281 8 I Total .. .. ii,794, 902 2 3 Wellington — Current Account .. .. 662,010 18 11 Farms, orchards, &c. .. .. 1,336,237 7 6 Dwellings, business premises, &c... 1,480,089 7 4 Total .. .. 3,478,337 13 9 121,481 6 7 95,552 4 6 27,248 18 6 98,688 17 0 93,836 56,907 18 1 13,751 13 11 57,577 1 5 1 0 175,443 12 37,351 10 9 104,271 1 2 13.130 13 4 1 1,647,103 15 9 663,303 14 7 1,245,463 10 11 1,508,070 9 7 48,281 13 11 27,617 6 1 45,496 11 6 2,720 19 5 91,482 12 11 32.870 10 8 65,939 1 5 74.871 4 7 .35.224 18 0 24,666 0 2 32.953 4 11 67,455 19 3 20,429 19 5 1,560 15 7 13,360 19 7 6,645 12 2 63,109 9 34,261 1 65,121 8 3,490 12 221,490 0 0 128,236 13 5 154,753 5 3 3,416,837 15 1 75,834 17 0 173,860 16 8 125,075 4 4 21,567 7 4 102,873 2 Marlborough — Current Account .. .. 51,028 9 9 Farms, orchards, &c. .. .. 286,437 19 9 Dwellings, business premises, &c. 92,109 11 9 Total .. .. 429,576 1 3 8,637 12 7 2,450 0 0 11,590 7 1 4,123 13 6 4,616 3 4 2,951 4 6 2,574 13 6 6,569 17 11 1,164 2 ] 52,967 15 4 277,701 18 6 99,584 12 3 1,601 5 1 7.895 9 11 135 12 8 2,574 14 5 13.965 17 7 4,760 7 9 1,644 12 8 7,339 11 3 4,335 16 4 104 16 8 4,077 14 4 454 10 3 2,426 10 : 10,444 1 1 105 13 l< 22,677 19 8 11,691 1 4 10,308 13 6 430,254 6 1 9,632 7 8 21,300 19 9 13,320 0 3 4,637 1 3 12,976 5 1

3—C. 9.

C—9.

Statement of Mortgage Transactions— continued.

17

PRINCIPAL INTEREST. DISTRICT. Balance at 3lst March, 1922. Advances during Year. Repayments during Year. Transfers to Balance on Mortgage v „? .ft™ ™i at 31st March, 1923, ?th including Instalother A ccounts. mem>s Balance at 31st March, 1922. Charges during Year. Receipts during Year. Losses, Rebates, Balance at and Remissions, 31st March, 1923, and Transfers to including other Accounts. Postponements. Nelson — Current Account Farms, orchards, &c. Dwellings, business premises, &c... £ s. d. 121,167 9 1 540,843 10 0 89,363 18 2 £ s. d. 12,100 19 0 6,681 13 1 3,096 6 6 £ s. d. 10,636 4 3 7,041 17 11 8,167 19 10 £ s. d. 6,753 17 3 35.628 7 7 646 12 8 £ s. d. 115,878 6 7 504,854 17 7 83.645 12 2 £ s. d. 4,638 5 5 16,719 4 10 131 18 4 £ s. d. 6,052 12 4 26,222 10 4 4,322 4 9 £ s. d. 3,143 6 11 13,242 1 10 3.788 5 9 £ s. d. 667 15 3 4,789 7 5 377 5 4 £ s. d. 6,879 15 7 24,910 5 11 288 12 0 Total 751,374 17 3 21,878 18 7 25,846 2 0 43,028 17 6 704,378 16 4 21,489 8 7 36,597 7 5 20,173 14 6 5,834 8 0 32,078 13 6 Westland — Current Account Farms, orchards, &c. Dwellings, business premises, &c... 30,885 9 10 78,128 5 11 24,629 8 10 5,448 0 5 1,200 0 0 961 0 0 2,311 4 8 367 0 0 1,042 6 3 270 3 10 800 0 0 330 0 0 33,752 1 9 78,161 5 11 24,218 2 7 733 19 10 1,548 18 4 129 7 10 1,653 4 S 3,894 7 1 1,221 9 10 867 12 1 1,501 19 3 1,048 5 1 23 0 7 194 2 6 122 18 9 1,496 11 10 3,747 3 8 179 13 10 Total 133,643 4 7 7,609 0 5 3,720 10 11 1,400 3 10 136,131 10 3 2,412 6 0 6,769 1 7 3,417 16 5 340 1 10 5,423 9 4 Canterbury — Current Account Farms, orchards, &c. Dwellings, business premises, &e... 208,833 14 0 1,090,460 19 5 1,087,065 12 11 73,052 16 4 31,682 0 0 126,636 8 3 42,863 18 7 16,303 8 3 63,244 5 0 7,417 8 8 35,695 2 7 13.742 5 9 231,605 3 1 1,070,144 8 7 1,136.715 10 5 5,449 7 4 20,514 18 10 1,866 5 6 11,048 10 10 54,608 5 5 56,961 0 9 9,457 16 1 39,006 15 4 51,094 13 0 286 9 10 6,368 6 9 5,339 17 8 6,753 12 3 29,748 2 2 2,392 15 7 Total 2,386,360 6 4 231,371 4 7 122,411 11 10 56,854 17 0 2,438,465 2 1 27,830 11 8 122,617 17 0 99,559 4 5 11,994 14 3 38,894 10 0 Otago — Current Account Farms, orchards, &c. Dwellings, business premises, &c... 127,730 13 11 351,509 12 1 484,163 18 1 35,108 16 7 8,358 15 1 16,303 3 5 21,689 10 11 7.298 7 0 27,490 11 9 2,753 18 5 5,160 16 3 310 3 8 135,396 1 2 347,409 3 11 472,666 6 1 4,717 2 7 5,139 1 5 680 13 0 6,620 5 0 17,555 8 5 24,361 12 5 4,003 5 1 12,159 11 8 22,007 5 10 1,039 13 7 2,129 1 1 2,126 5 1 6,294 8 11 8,405 17 1 908 14 6 Total 963,404 4 1 59,770 15 1 59,478 9 8 8,224 18 4 955,471 11 2 10,536 17 0 38,537 5 10 38,170 2 7 5,294 19 9 15,609 0 6 Southland — Current Account Farms, orchards, &c. Dwellings, business premises, &c... 91,953 5 2 394,774 13 1 192,349 18 0 22.432 8 7 1,666 9 4 5,175 0 0 10,561 10 8 3,565 13 7 9,838 5 3 943 5 5 15,011 8 10 102,880 17 8 377,864 0 0 187,686 12 9 2,314 14 0 7,425 9 3 114 5 2 4,905 8 8 19,330 0 2 9,629 13 5 3,937 17 1 12,534 1 5 8,679 12 1 42 0 11 2,210 6 4 783 9 6 3,240 4 8 12,011 1 8 280 17 0 Total 679,077 10 3 29,273 17 11 23,965 9 6 15,954 14 3 668,431 10 5 9,854 8 5 33,865 2 3 25,151 10 7 3,035 16 9 15,532 3 4 Current Account Farms, orchards, &e. Dwellings, business premises, &c. 3,014,312 18 9 8,414,797 16 11 6,741,840 12 8 18,170,951 8 4 709,954 16 0 183,353 10 3 496,344 13 10 346,737 18 7 82,684 14 4 286,031 0- 8 Summary. 193,784 0 0 484.110 18 1 78,393 8 9 3,183,745 16 2 8,042,355 14 9 6,873,760 17 1 102,250 9 5 230,563 7 1 15,392 17 4 160,876 1 7 412,481 4 5 343,061 9 4 117,716 2 4 229,689 2 7 302,057 12 5 12,226 17 8 67,258 17 0 31,731 16 0 133,183 11 0 346,096 11 11 24,664 18 3 Grand totals 1,400,653 0 1 715,453 13 7 756,288 6 10 18,099,862 8 0 348,206 13 10 916,418 15 4 649,462 17 4 111,217 10 8 503,945 1 2

C—9

DISCHARGED SOLDIERS SETTLEMENT ACCOUNT. Receipts and Payments Account. Dr. . £ s. d. Or. Cash in hand, Ist April, 1922 .. .. 832,754 16 9 Advances on mortgage— £ s. d. £ s. d. Debentures issued .. .. • .. 304,434 16 11 Current Account .. 681,622 18 3 Premium on debentures .. .. 36 2 6 Section 2, farms, &c. .. 74,344 13 11 Repayment of advances — £ s. d. Section 2, dwellings . . 469,785 0 2 Current Account .. 346,737 18 7 . 1,225,752 12 4 Section 2, farms, &c. .. 82,684 14 4 Miscellaneous advances .. .. .. 1,876 13 2 Section 2, dwellings .. 286,031 0 8 Plant Account—Purchase of motor-cars .. 789 9 6 Miscellaneous advances.. 1,213 12 9 Office requisites .. .. .. 9 4 7 —■ 716,667 6 4 Purchases of and charges on dead and live Property Account .. .. .. 6,015 11 2 stock .. .. .. .. 762 13 11 Realization Account .. .. .. 29,881 7 0 Sundry Estates Account —Purchases of dead Sales of dead and live stock .. .. 1,217 17 11 and live stock and working-expenses .. 6,533 15 11 Sale of farm-produce .. .. .. 1,657 6 0 Working-expenses of farms acquired under Sundry Estates Account—Sales of live and exercise of power of sale .. .. 559 12 10 deadstock .. .. .. .. 8,693 13 1 Expenditure on development of land .. 21 7 2 Repayment of expenditure on development Property Account, Freehold and Leasehold— of land .. .. .. .. 695 10 6 Capital expenditure .. .. .. 1,472 11 8 Interest on advances— £ s. d. Instalments on State Advances mortgages 43 14 9 Current Account .. 117,716 2 4 Realization Account—Expenses incidental to Section 2. farms, &c. .. 229,689 2 7 acquisition by Crown and purchase of Section 2, dwellings, &c. 302,057 12 5 stock, &c. .. .. .. .. 12,255 14 0 649,462 17 4 Sundry Creditors Account—Accounts not Interest on investments .. .. 40,867 17 9 cleared in Treasury books in previous year 25,145 7 3 Interest on overdue instalment of loan .. 514 9 Sinking Fund Account—Section 4, Finance Rents and grazing-fees .. .. .. 2,102 3 6 Act, 1919 .. .. .. .. 21,042 9 5 Valuation fees .. .. .. .. 2,607 4 0 Interest on debentures .. .. .. 869,157 15 3 Suspenso Account .. .. .. 1,26 J. 6 7 Charges and expenses in raising loans .. 4,833 1 3 Fire Loss Suspense Account .. .. 9,028 11 6 Stamp duty on loans raised .. .. 457 8 11 Production and transfer fees .. .. 412 10 6 Loan Redemption Account —Loans redeemed 45,210 0 0 Sundries .. .. • • ■ • 25 3 8 Management expenses of Consols .. .. 28 7 0 Vote, Expenses of Management — Supervision and manage- £ s. d. ment of securities .. 39,170 11 0 Inquiry Board exponses 4,680 13 1 43,851 4 1 Less recoveries .. 951 14 11 42,899 9 2 Audit fees .. .. .. .. 359 0 0 Travelling-expenses of Supervisors and Inspectors .. .. .. .. 2,708 8 6 Maintenance and upkeep of plant .. 967 6 11 Rent of Supervisor's office .. .. 13 0 9 Printing and stationery .. .. .. 579 15 6 Valuation expenses .. ... .. 4,679 19 6 Suspense Account .. .. .. 649 12 11 Fire Loss Suspense Account .. .. 4,684 7 10 Realization Suspense Account .. .. 15 0 3 Rents on leasehold properties bought in 2 13 4 Sundries .. .. .. .. 731 11 1 Balance (vide Treasury Ac- £ s. d. counts) 31st March, 1923 355,781 18 1 Less accounts paid by imprestees but not cleared in Treasury books at 31st March, 1923 .. 22,196 5 0 333,585 13 1 £2,607,827 17 9 £2,607,827 17 9 Revenue Account. £ s. d. I £ s. d. £ s. d. Interest on debentures .. .. .. 873,294 1 2 I Interest on advances — Charges and expenses raising loans —Propor- Current Account .. 155,777 10 6 tion written off .. .. .. 14,833 1 3 Kannx, orchards, &c. .. 408,685 3 4 Management expenses of Consols .. 28 7 0 Dwellings, business preStamp duty ou loans raised .. .. 457 8 11 misc3, &c. .. .. 342,468 8 3 Expenses of management .. .. 38,989 9 0 906,931 2 1 Inquiry Board expenses .. .. 3,332 17 7 Interest on surplus funds temporarily inAudit fees .. .. .. .. 359 0 0 vested .. .. .. .. 33,103 11 :! Printing and stationery .. .. .. 579 15 6 Interest on sundry sales .. .. 80 14 1 Depreciation on plant .. .. .. 648 15 3 Interest on securities in Realization Account 537 9 4 Maintenance and upkeep of plant .. 952 4 5 Interest on purchase-price of stock, Matai-Travelling-expenses of Supervisors and In- kona Settlement .. .. .. 609 4 8 spectors .. •• •• •• 2,574 13 10 Interest on overdue instalments of loan .. 5 14 9 Rent of Supervisor's office .. .. 13 0 9 Premium on debentures .. .. 36 2 6 Valuation expenses .. .. .. 4,679 19 6 Rent of properties .. .. .. 2,944 10 4 Rebate of interest .. .. .. 39,465 15 4 Hire of buildings and plant, Swanson Block 249 18 11 Remission of interest .. .. .. 2,662 15 8 Profit on sale of properties .. .. 494 7 1 Loss on live and dead stock .. .. 741 12 3 Profit on sale of dead and live stock .. 173 2 2 Loss on realization of securities .. .. 38,622 14 6 Sale of farm-produce .. .. .. 1,057 6 0 Interest written off—Postponements under Valuation fees received .. .. .. 2,607 4 0 section 16 of Discharged Soldiers Settle- Production and transfer foes .. .. 412 10 6 mont Amendment Act, 1921 .. .. 5,154 7 3 Sundries .. .. .. .. 010 0 Rent on leasehold property acquired by Not loss for year .. .. .. 78,892 11 4 Crown .. ' .. •. • • 3 11 Working-expenses of farms acquired by Crown r>s9 12 10 Sundries .. .. .. •• 783 5 11 £1,028,735 19 0 £1,028,735 19 0 £ s. d. Net loss for year carried down .. .. 78,892 11 4 Loss forward from previous year .. 43,154 12 8 Balance —Net loss to 31st March, 1923 .. £122,047 4 0 £122,047 4 0 £122,047 4 0

18

0.—9.

DISCHARGED SOLDIERS SETTLEMENT ACCOUNT— continued. Balanoe-shkkt as at 31st March, 1923. Liabilities. £ s. d. Assets. Loan Account .. .. .. 20,036,904 16 11 £ s. d. £ s. d, Interest on loans accrued to 31st Maroh, Advances on mortgages— 1923, but not payable on that date .. 96,823 17 2 Current Account ..3,183,872 1 7 Sundry creditors—Payments in advance.. 2,146 8 3 Farms, orchards, &c 7,956,471 10 5 Land for Settlements Account —Accrued Dwellings, business interest on purchase-money, Mataikona premises, &c. .. 6,856,710 11 10 Settlement.. .. .. .. 9,715 10 0 17,997,054 3 10 Land for Settlements Account (Discharged Instalments of principal outstanding— Soldiers Settlement Account)-—Amount Farms, orchards, &o. .. 74,298 12 6 due for supplies, Mataikona Settlement 64 0 6 Dwellings, business preSundry creditors for—■ mises, &c. .. .. 17,338 15 1 Miscellaneous services, other Depart- 91,637 7 7 ments .. .. .. .. 26 13 11 Instalments of principal postponed .. 11,679 12 5 Rent on leases acquired by Crown .. 199 16 2 j Interest outstanding— Advances from State Advances on pro- Current Account .. 132,184 1 1 perties acquired by Crown .. 3,256 18 0 Farms, orchards, &c. .. 292,127 9 7 Suspense Account .. .. .. 661 11 8 Dwellings, business preReaiization Suspense Account .. .. 387 1 3 mises, &c. 25,176 11 5 Kiro Loss Suspense Account .. .. 4,420 2 0 449,488 2 1 Interest accrued but not due— Farms, orchards, &c. .. 99,909 18 1 Dwellings, business premises, &c. .. .. 50,829 8 3 ■ 150,739 (i 4 Interest postponed .. .. .. 55,484 18 8 Interest accrued and unpaid on surplus funds temporarily invested .. .. 1,666 14 10 Sundry debtors, for sale of stock, &c. .. 1,487 19 2 Sundry debtors, for rent of properties .. 903 16 1 Bills receivable .. .. .. 138 7 10 Sundry debtors, for miscellaneous advances 708 8 9 Sundry debtors, for other accounts — Land for Settlements Ac- £ s. d. count .. .. 686 19 3 Land for Settlements Account (D.S.S. Account) 484 10 0 1,171 9 3 Machinery and plant .. .. .. 1,791 6 8 Property Account—Properties acquired by the Crown .. .. .. 523,783 5 10 Realization Account—Securities in course of realization .. .. .. 150,242 5 0 Land - improvement — Fencing, buildings, &o. .. .. .. ... 532 18 5 Live-stook on hand .. .. .. 20,923 14 10 Chattels on hand .. .. .. 6,407 14 0 Sundry Estate Accounts —Live and dead stock .. .. .. .. ]5,633 19 2 Office requisites .. .. .. 12 9 7 Sinking fund .. .. .. 32,485 18 5 Charges and expenses raising loans .. 185,000 0 0 Revenue Account—Net loss .. .. 122,047 4 0 Cash in hand —Balance £ s. d. as per Treasury Accounts .. .. 355,781 18 1 Less accounts paid by imprestees but not cleared in Treasury.. 22,196 5 0 333,585 13 1 £20,154,606 15 10 . £20,154,606 15 10 J. B. Thompson, Under-Secretary. J. H. O'Donnell, Chief Accountant.

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19