LAND FOR SETTLEMENTS ACT, 1925 (REPORT ON THE).

Appendix to the Journals of the House of Representatives, 1937 Session I, C-05

G.—ô.

1937. NEW ZEALAND.

LAND FOR SETTLEMENTS ACT, 1925 (REPORT ON THE).

Presented to both Houses of the General Assembly pursuant to Section 109 of the Land for Settlements Act, 1925.

The Land Purchase Controller to the Hon. the Minister of Lands. Bib, — Department of Lands and Survey, Wellington, C. 1, Ist September, 1937. I have the honour to submit a report on land-purchase operations for the year ended 31st March, 1937. The only purchase of any consequence during the year was a block of private land situated in the Rock and Pillar Survey District and containing an area of 1,591 acres approximately. The land was purchased on behalf of six approved applicants under the group-settlement scheme. After completion of purchase four of the applicants purchased their subdivisions for cash. The area will be known as the " Hyde Settlement." On the Galatea Block development operations continue to be satisfactory. On the Ist March, 1937, twenty-two sections, embracing an area of 2,391 acres, were offered for selection by ballot. Thirty-seven applications were received, and sixteen sections, with an area of 1,777 acres, were selected on renewable lease. The greater part of the estate continues to be worked as a sheep and cattle station, and, due to the good prices ruling for wool, sheep, and fat cattle, the results of the year's operations from a financial point of view have been highly satisfactory. Share-milking was continued on ten farms, the result being very encouraging. Butterfat returns showed a further increase, from 112,513 lb. to 123,2181b., for the months July, 1936, to March, 1937, as compared with the same period in the previous season. The stock carried as at 31st March, 1937, comprised 20,504 sheep, 904 dairy cattle, 5,800 run cattle, 25 horses, and 279 pigs. Development work on the Kakariki Block has been steadily proceeding, with further areas being gradually brought into fuller production. 1,460 acres have been cleared during the year, and up to date 9,291 acres of new pasture have been laid down. The stock comprises 15,800 sheep and 1,360 cattle. Improved results are shown each year, and net returns for the year have been eminently satisfactory. Further experiments on areas reputed to be bush-sick have been conducted on the Tapuwae Block. At the close of the year a good profit was revealed after meeting interest on capital. The stock at the 31st March, 1937, consisted of 5,730 sheep, including 3,270 ewes, and 850 cattle. Tables are attached giving particulars of the properties considered and land acquired during the year, together with statement of receipts and payments, revenue account, and balance-sheet, duly certified by the Controller and Auditor-General. I have, &c., W. Robertson, Land Purchase Controller. The Hon. the Minister of Landf. I—C. 5.

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Table A. —Number of Properties considered during Year ended 31st March, 1937.*

Table B. —Summary of Private Estates acquired to 31st March, 1937.*

Table C. —Return of Private Land purchased and paid for during Period from 1st April, 1936, to 31st March, 1937.

Table D. —Payment from Land for Settlements Account pursuant to Section 10 (1) of the Native Land Amendment Act, 1932, during Period from 1st April, 1936, to 31st March, 1937.*

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Land District. Number, Land District. Number. Acres. Acres. North Auckland . . . . .. Nelson Auckland . . .. 1 33 Westland Gisborne .. .. .. .. Canterbury . . .. 1 305 Hawke's Bay .. .. .. .. Otago .. . . 1 1,591 Taranaki .. .. .. .. Southland Wellington .. .. . . .. Marlborough .. .. .. .. Totals .. 3 1,929 * Not including Native lands for general settlement considered pursuant to section 7 (3) of the Native Land Amendment Act, 1932.

Land District. Number. Area. Purchase-money. Acres. £ North Auckland .. .. 53 48,924 455,060 Auckland .. .. .. 76 376,106 1,243,883 Gisborne .. .. .. 26 86,380 790,131 Hawke'sBay .. .. .. 59 264,783 1,714,292 Taranaki .. .. .. 26 30,978 375,881 Wellington .. .. .. 155 160,828 2,350,297 Marlborough .. .. .. 22 224,090 755,482 Nelson . . .. .. 14 48,821 150,473 Westland .. .. .. 3 6,032 14,062 Canterbury .. .. .. 179 451,506 3,523,526 Otago ' .. .. .. 82 336,803 2,036,018 Southland .. .. .. 34 94,396 522,280 Totals .. .. 729 2,129,647 13,931,385 * Exclusive of purchases under the Native Land Act, 1931, for general settlement.

(For Native Land, see next Table.) Name of Owner. ! Locality. AwWMon. ! Arra ' | A pa"d"' A. R. P. £ s. d. H. L. Andrews .. Te Kuiti . . . . By agreement I . . 33 1 39-8 108 7 0 Estate of John Gardiner .. Ashburton .. By agreement | Acton .. 305 i 24 2,003 4 6 T.R.Connolly .. .. Town of Hyde .. By agreement ! ITyde .. 1,591 0 07 j 6,609 0 0 Totals .. .. .. .. .. 1,929 3 30-8 (8,720 11 6 " I

j I Payee. ; Land. 1 Area. | Amount paid. A. It. P. £ s. d. Native owners . . .. .. Mangatoro ] a 3c 3b .. .. 34 3 17 315 18 3 Native owners .. .. Te Aim Ahu 3a No. 2 . . . . 4 1 10 7 10 0 „ T . f Moana Ivapiti Ilutu .. 1 o -i 1 Native owners .. .. { Raumati 1) 4c, D 4b .. / 2 ' 2 16 116 6 Totals .. .. _ ___ _ i 41 3 __3_ 325 4 9 * Not including payments pursuant to section 3 (2) of the Native Purposes Act, 1934.

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LAND FOR SETTLEMENTS ACCOUNT. Receipts and Payments Account for the Year ended 31st March, 1937. Receipts. Balance as at Ist April, 1936 .. .. .. .. .. _ _ jgo ggg 13 4 S Investmrnt Account .. .. .. ~ __ 167,865 0 0 Credits in Aid —Vote, Land for Settlements— Valuation fees, sections 7 and 14, Land Laws Amendment Act, 1929 .. .. 93 7 6 Miscellaneous .. . . .. .. .. .. ~ > 14 0 Sales and capital receipts— Sales of land — Estates — £ s , d. Cash sales .. .. .. .. .. .. 50,475 16 7 Instalments of principal under deferred-payment licenses .. 28.236 9 11 — 78.712 6 6 Hutt Valley lands — Cash sales .. .. .. .. .. .. 230 0 0 Instalments of principal under deferred-payment licenses .. 8,432 3 3 8,662 3 3 Land developed under section 8, Land Laws Amendment Act, 1929— Cash sales .. .. .. .. .. .. 1,637 18 6 Instalments of principal under deferred-payment licenses .. 844 3 5 2,482 1 11 Crown lands under section 20, Land Act, 1924— Cash sales .. .. .. .. .. .. 68,797 6 5 Instalments of principal under deferred-payment licenses .. 29,804 711 98,601 14 4 National-endowment lands under section 302, Land Act, 1924 — Cash sales .. .. .. .. .. .. 11,714 15 6 Instalments of principal under deferred-payment licenses .. 2,539 13 10 14,254 9 4 Mortgages—Advances for development of Crown and settlement lands, &c. — Repayment of advances for — Development of occupied Crown lands .. .. .. 13,301 11 7 Development of occupied settlement lands . . .. 930 3 5 Fencing-material, lime, &c., under Deteriorated Lands Act, 1925 .. .. .. .. .. .. 1,475 17 a 15,707 12 11 Advances for roading of endowment lands — Repayment of principal .. .. . . .. .. . , .. 37 22 Deposits by lessees of Crown lands under section 208, Land Act, 1924, on account of capital value of land . . . . . . . , 3,345 8 6 „ , , —— 221,802 IS 11 Buildings loading on leases (principal)— Estates .. .. 5,905 1 5 Buildings loading on leases (principal)— Land-development .. 185 5 5 Rents and interest — Rents — Derived from estates .. .. .. .. .. 434,181 7 9 Hutt Valley lands .. .. .. .. . . 120 14 8 Lands developed under section 6, Land Laws Amendment Act, 1929.. .. .. .. .. .. .. 3,992 511 444,384 15 2 Interest — On sales under deferred-payment licenses — : Estates .. .. .. .. .. .. 21,280 13 9 Hutt Valley lands .. .. .. .. .. 5,617 311 Lands developed under section 6, Land Laws Amendment Act, 1929 .. .. .. .. .. .. 651 2 5 27,549 0 1 On advances —Mortgages— Development of occupied Crown lands .. .. .. 7,005 5 8 Development of occupied settlement lands .. .. 1,236 12 10 Deteriorated Lands Act, 1925 .. .. .. .. 365 15 9 8,607 14 3 On advances for roading of endowment lands .. .. .. 152 1 4 480,693 10 10 Sales of produce, live-stock, and miscellaneous receipts— Seasonal farming receipts— Estates farmed .. .. .. .. .. .. 12,578 15 0 Crown lands under development .. .. .. .. 23,996 19 10 Settlement lands under development .. .. .. 47,852 18 4 84,428 13 2 Miscellaneous receipts— Estates .. .. .. .. .. .. 646 16 2 Crown lands under development .. .. .. .. 2,609 11 4 Settlement lands under development .. .. .. 13,375 10 9 16,631 18 3 — 101,060 11 5 Recoveries on account of expenditure of previous years .. .. .. .. .. 87 0 0 Receipts from Hutt Valley Settlement lands applied towards money expended for the acquisition of land subject to the Hutt Valley Land Settlement Act, 1925, or in respect of the preparation of the land for disposal .. .. .. .. .. .. .. .. .. 14,251 15 8 Interest on investments .. .. .. .. .. .. .. .. 5,657 4 5 £1,152,393 6 1

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LAND FOR SETTLEMENTS ACCOUNT—continued. Receipts and Payments Account fob the Year ended 31st March, 1937—continued. Payments. Annual Appropriation—Vote, Land for Settlements— £ s. d. £ s. d. £ ». d. Sundry administrative charges .. .. •• •• I,u Administration expenses— Development of Crpwn and settlement land under Parts 1 and 11, Land Laws Amendment Act, 1929 .. .. 2,288 4 4 Lands acquired under Land for Settlements Act . . .. 10,48b 1Z 7 Cheviot Estate lands .. .. ° 4 Hutt Valley Settlement lands .. . . • • • • +48 " |;i 77Q 0 g Audit fees • • • • •• • ■ 250 0 0 Accident compensation paid to workmen on development works .. 95 19 10 Acquisition of lands and interests therein— Freehold lands acquired .. •• •• 'XI. ' £ Native land acquired for general settlement . . • • ® 4 9 Mergers of Discharged Soldiers Settlement Account interests .. 602 7 0 Crown land declared settlement land .. •• •• 124 8 6 10 057 n 9 Advances for development of occupied lands — Crown lands 25,102 17 9 Settlement lands .. •• •• ■■ •• 2 '® 4 ® Deteriorated Lands Act, 1925 .. .. • • • • Development of unoccupied lands — Crown lands— , ~ . Improvements and equipment .. .. •• *><>"« j! u \ Seasonal farming expenditure .. .. •• 12,42b 17 032 16 2 Settlement lands— Improvements and equipment .. .. " 07'Vni fi 7 Seasonal farming expenditure .. .. • • • • 37,101 b 7 Grants to County Councils for maintenance of county roads serving lands farmed by the Department .. .. • ■ • • 94b b / Improvements to and protection of settlement lands Expenses incidental to estates .. .. •• •• -Uj>4s 7 Seasonal expenses—Estates farmed .. • • • • 9,040 u d 1Q 3gg ? 7 Lodgments on account of capital value of leases — Interest on fin a n Refunds - 439 15 2 Payment to outgoing lessees for improvements .. -. • • 12 2 Refund of valuation fees .. . ■ ■ • • • • • Deductions from Hutt Valley Settlement receipts towards purchase-money and costs of preparation of the land for Ti .. .• 14,Z0l ID o disposal .. •• •• •• •• 169,982 11 9 Interest and other charges on loans and capital liability— Interest payments— To Consolidated Fund in respect of interest payable 011 loan capital liability .. •• •• •• •• 420,913 0 10 On capital moneys received from the sales of Crown lands (on account 1935-36) .. •• •• ,5 „ On value of Crown lands included in estates .. .. 8,477 12 0 On capital moneys received from the sale of national-endowment lands .. •• •• •• •• •• 3,149 5 1 On Cheviot Estate accumulated fund .. .. •• 18,534 3 0 485,136 6 1 Other charges— Recoupment of management charges of New Zealand Consolidated Stock !> 54 6 il 3 Recoupment of stamp duty on transfers of Stock .. .. 14-5 Charges and expenses of raising loans —Issues in renewal and 2 ' 4,081 6 10 489,217 12 11 Carried forward •• 659 " 200 4 8

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AND FOR SETTLEMENTS ACCOUNT —continued. Receipts and Payments Account for the Year ended 31st March, 1937 —continued. Payments—continued. £ s. d. £ s. d. £ s. d. Brought forward .. .. .. .. ~ .. 659,200 4 8 Expenditure charged on proceeds of sales of lands — Crown lands —Sales under section 20, Land Act, 1924— Payment to the Public Works Fund of the value of lands set apart or acquired for the purposes of the Post and Telegraph Department but no longer required .. .. . . 2,032 14 0 Payment to the Discharged Soldiers Settlement Account in respect of amounts added to the capital value of deferredpayment licenses .. ~ .. .. .. 378 5 1 Payment in respect of settlement land declared to be ordinary Crown land . . . . .. . . . . .. 4,152 16 3 Acquisition of undivided interests in Native lands under section 3, Native Land Purposes Act, 1934 . . . . 123 5 5 Purchase of land for a public domain from proceeds of sales of reserves in Fendalton County, Waimairi County .. 67 0 0 "Thirds" and "Fourths" paid to Local Bodies' Deposit Account under section 139, Land Act, 1924 . . . . . . 39 0 8 Payment to the Discharged Soldiers Settlement Account for interest in land now included in leasehold capital value of Crown land .. .. .. .. .. .. 1,754 16 8 8,547 18 1 National-endowment lands—Sales under section 302, Land Act, 1924 —" Thirds " paid under section 139, Land Act, 1924 . . .. 42 7 8 8,590 5 9 Balance as at 31st March, 1937— Cash .. .. .. .. .. .. .. .. 468,237 15 8 Investments .. .. .. .. .. .. .. 16,365 0 0 484,602 15 8 £1,152,393 6 1

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LAND FOR SETTLEMENTS ACCOUNT—continued. Revenue Account for the Year ended 31st March, 1937.

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-— General. Cheviot. Hutt Valley. Total. Dr. Interest on— £ s. d. £ s. d. £ s. d. £ s. d. Loan capital liability .. .. .. .. .. 405,302 13 7 5,632 2 7 .. 410,934 16 2 Capital from proceeds of sales of Crown lands .. .. 81,300 1 1 .. .. 81,300 1 1 Value of Crown lands in estates .. .. .. .. 8,477 12 0 .. .. 8,477 12 0 National Endowment Trust Funds .. .. .. 3,149 5 1 .. .. 3,149 5 1 Cheviot Estate—Accumulated fund transferred .. .. 18,534 3 0 .. .. 18,534 3 0 Deposits by lessees under section 208, Land Act, 1924 .. 293 4 5 .. .. 293 4 5 Capital from Land for Settlements Account .. .. .. .. 3,237 16 0 3,237 16 0 Sundry charges re loans— Expenses of raising loans .. .. .. .. 2,520 13 2 .. .. 2,520 13 2 Stamp duty on transfer of stock . . . . .. 14 2 5 .. .. 14 2 5 Recoupment of management charges of New Zealand Con- 1,546 11 3 .. .. 1,546 11 3 solidated Stock Proportion of premium on loan conversions .. .. 2,563 0 0 .. .. 2,563 0 0 Administration expenses— Estates .. .. .. .. .. .. 10,486 12 7 847 6 4 148 6 2 11,482 5 1 Land Laws Amendment Act, 1929 .. .. .. 1,667 6 9 .. .. 1,667 6 9 Rebates — Rents, &c., from estates .. .. .. .. 26,433 4 3 1,396 17 4 .. 27,830 1 7 Rents, &c., under Land Laws Amendment Act, 1929 .. 294 15 11 .. .. 294 15 11 Remissions of rent and interest — Land Board recommendations — Rents, &c., from estates .. .. .. .. 103,037 16 3 590 16 7 .. 103,628 12 10 Rents, &c., under Land Laws Amendment Act, 1929 .. 501 2 5 .. .. 501 2 5 Under Mortgagors and Tenants Relief Act, 1933 — Rents, &c., from estates .. .. .. .. 3,994 16 4 .. .. 3,994 16 4 Under Mortgagors and Lessees Rehabilitation Act, 1936 — Rents, &c., from estates .. .. .. .. 424 5 5 .. .. 424 5 5 Under Deteriorated Lands Act, 1925 .. .. . . 409 12 10 .. .. 409 12 10 Irrecoverable rents, &c., transferred to Suspense Accounts— Rents, &c., from estates .. .. .. .. 9,101 13 9 562 9 7 131 8 8 9,795 12 0 Rents, &c., under Land Laws Amendment Act, 1929 .. 15 9 6 .. .. 15 9 6 Te Wera Estate Farm Account —Accumulated loss .. .. 21,303 7 0 .. .. 21,303 7 0 Miscellaneous expenditure on estates .. . ■ .. 145 11 7 .. 2 7 6 147 19 I Compensation for injuries incurred on development works .. 95 19 10 .. .. 95 19 10 Audit fees .. .. .. .. .. . • 250 0 0 .. .. 250 0 0 Salaries .. .. .. •. • ■ ■ • 972 4 9 .. .. 972 4 9 Travelling-expenses .. . . .. .. ■ • 32 10 3 .. .. 32 10 3 Depreciation of plant, &c. . . . . • • •. 193 17 0 .. .. 193 17 0 Interest on Cheviot Estate fixed capital (see contra) .. .. .. 7,309 11 7 .. 7,309 11 7 Balance carried down .. .. .. .. •• .. 1,656 2 1 13,079 7 8 14,735 9 9 £703,061 12 5 £17,995 6 1 £16,599 6 0 £737,656 4 6 £ s. d. £ s. d. £ s; d. £ s. d. Balance brought down .. .. .. .. .. 78,685 14 1 .. .. 78,685 14 I Transfer to Profit and Loss Appropriation Account .. .. .. .. 13,079 7 8 13,079 7 8 Transfer to reserve .. .. .. .. .. 1,65621 .. 1 J 656 2 1 £78,685 14 I £1,656 2 1 £13,079 7 8 £93,421 3 10 Or. =— Rents and royalties— £ s. d. £ s. d. £ s. d. £ s. d. Estates .. •• •• .. •• 496,452 9 10 16,151 3 9 150 10 4 512,754 3 11 Land Laws Amendment Act, 1929 .. .. .. 4,115 1 7 .. .. 4,115 1 7 Interest on sales — Estates .. .. •• .. •• •• 23,634 15 10 1,697 14 5 5,566 10 5 30,899 0 8 Land Laws Amendment Act, 1929 .. • ■ • • 620 15 3 .. .. 620 15 3 Interest on capital expenditure— £ s. d. Te Wera Estate .. .. •. 4,029 5 4 Brinklands Estate .. .. .. 862 4 8 Hutt Valley .. .. .. .. 3,237 16 0 Land development .. .. .. 15,759 13 9 23,888 19 9 .. .. 23,888 19 9 Interest on advances — Land Laws Amendment Act, 1929 .. .. .. 8,553 18 9 .. .. 8,553 18 9 Deteriorated Lands Act, 1925 .. •. •. ■ • 484 10 1 .. .. 484 10 1 Interest on loans for roading of endowment lands under section 48, Land for Settlements Act, 1925 — £ s. d. Wanganui River Trust Endowment . . .. 92 5 10 Otago University Endowment .. .. .. 85 0 3 177 6 1 .. .. 177 6 1 Interest on investments .. .. •• .. 5,420 16 .1 .. .. 5,420 16 1 Interest on investments in Public Debt Redemption Fund .. 53,622 6 2 146 7 11 .. 53,768 14 1 Valuation fees under sections 7 and 14, Land Laws Amendment 89 15 4 .. .. 89 15 4 Act, 1929 Miscellaneous .. .. •• .. .. .. 5 12 0 .. 100 6 12 0 Interest on Cheviot Estate (see contra) .. .. .. 7,309 11 7 .. .. 7,309 11 7 Gross profit on trading .. .. .. .. .. .. .. 10,881 5 3 10,881 5 3 Balance carried down .. .. .. .. .. 78,685 14 1 .. .. 78,685 14 1 £703,061 12 5 £17,995 6 1 £16,599 6 0 £737,650 4 6 £ s. d. £ s. d. £ s. d. £ s. d. Balance brought down .. .. .. .. .. .. 1,656 2 1 13,079 7 8 14,735 9 9 Transfer from reserve .. .. .. .. .. 78,685 14 1 .. .. 78,685 14 1 £78,685 14 1 £1,656 2 1 £13,079 7 8 £93,421 3 10

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LAND FOR SETTLEMENTS ACCOUNT —continued. Balance-sheet as at 31st March, 1937. Liabilities.

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General. Cheviot. Hutt Valley ' Total - Loan Capital — £ s. d. £ s. d. £ s. d. £ g. d. £ s. d. £ s. d. 3 per cent. .. 215,029 0 0 3J per cent. .. 6,182,988 5 11 .. 160,918 0 0 3f per cent. .. 364,150 0 0 4 per cent. .. 4,124,924 3 11 4J per cent. .. 37,739 12 3 5 per cent. .. 118,520 0 0 5J per cent. .. 2,180 0 0 Funded debt, £4 19s. 33,446 6 11 5-88d. Debentures not con- 200 0 0 verted — 11,079,177 9 0 Crown lands included in estates .. 211,986 19 II Sales of Crown land .. .. 2,642,202 10 11 13,933,366 19 10 Less amount expended in opening up 191,802 1 10 Crown lands 13,741,564 18 0 160,918 0 0 .. .. 13,902,482 18 0 Accumulated funds — Cheviot Estate .. .. .. .. 463,352 18 7 .. .. 463,352 18 7 National Endowment Trust .. .. .. .. 137,174 2 0 .. 137,174 2 0 Deposits by lessees under section 208, 12,923 14 1 .. .. .. 12 923 14 1 Land Act, 1924 Sundry creditors— Interest on capital from proceeds of 125,982 17 1 sales of Crown land Interest on loans due and unpaid .. 32 0 0 Turakina Domain .. .. .. 317 3 1 Departmental .. .. .. 1,245 13 1 Miscellaneous .. .. .. 1,355 4 1 128,932 17 4 .. .. .. 128,932 17 4 Interest on loans accrued but not due .. 103,423 10 9 1,373 6 3 .. .. 104- 796 17 0 Interest unrecouped to Consolidated Fund 28 0 4 . . .. .. 28 0 4 Hutt Valley Estates — Purchases .. .. .. .. .. 164,760 11 0 Roading and incidental expenses .. .. .. .. 228,389 II 6 Interest .. .. . . .. . . . . .. 79,318 1 8 472,468 4 11 Less deductions under section 11 . . .. 339 826 10 1 (2) (a), Finance Act, 1932 132,641 14 10 132,641 14 10 Railway Improvements Authorization Act, .. .. .. 1,014 14 1 1 014 14 1 1914—Interest on capital Land Laws Amendment Act, 1929— Land subject to section 8— Crown Lands Account - .. 35,306 16 11 National Endowment Account .. 8,711 10 2 Primary Education Endowment Account 177 19 1 44,196 6 2 .. .. .. 44,196 6 2 Discharged Soldiers Settlement Account— Merged interests under section 20, Discharged Soldiers Settlement Amendment Act, 1923 — Principal .. .. .. I 3,369 4 9 Instalments outstanding .. .. 88 0 10 3,457 5 7 .. .. .. 3,457 5 7 Payments in advance— Rents, &e., on estates .. .. 3,767 13 10 17 5 7 .. 25 9 10 Principal instalments —Sales of Crown 1,529 5 9 .. 15 17 5 land Interest on advances for roading of 10 9 5 endowment lands Land Laws Amendment Act, 1929 .. 459 8 9 5,766 17 9 17 5 7 15 17 5 25 9 10 5,825 10 7 Carried forward .. .. 10 0 625,661 10 5 137,189 19 5 I 133,681 18 9 ! 14,936,826 18 7

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LAND FOR SETTLEMENTS ACCOUNT —continued. Balance-sheet as at 31st March, 1937 —continued. Liabilities —continued.

Assets.

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General. Cheviot: Tmst° W " Hutt YalIey ' Total " Brought forward .. .. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. Rents charged in advance .. .. 14,040,293 10 0 625,661 10 5 137,189 19 5 133,681 18 9 14,936,826 18 7 127,436 5 11 5,211 2 7 .. 0 17 6 132,648 6 0 Writings-off in suspense— Estates ........ Land Laws Amendment Act, 1929 .. 10,375 17 9 .. .. 53 16 0 1,786 18 3 12,162 16 0 .. .. 53 16 0 12,216 12 0 Suspense Account—Deteriorated Lands Act, 1925 644 6 2 .. .. .. 644 6 2 Suspense Account —Buildings and Improvements 355 2 3 .. •. • • 355 2 3 Reserve for capitalized interest on landdevelopment schemes 41,060 13 .. .. . • 41,060 1 3 Reserve Account, including unexpended loading for roads, &c. 586,842 10 5 9,940 6 1 .. .. 596,782 16 6 Development expenditure— Employment Promotion Fund (contra).. Consolidated Fund (contra) .. 11,329 8 3 .. .. •• 11,329 8 3 Profit and Loss Appropriation Account .. 4,231 119 .. • • • ■ 4,231 11 9 Cheviot Estate Account (see contra) .. .. .. •• 136,771 13 5 136,771 13 5 National Endowment Trust Account (see 283,898 15 0 .. .. •• 283,898 15 0 contra) 89,525 8 9 .. .. .. 89,525 8 9 £15,197,779 15 9 £640,812 19 1 £137,189 19 5 £270,508 5 8 £16,246,290 19 11

I General. Cheviot. | Na "2StTrSst° W " j Hutt Valley. Total Land Account— £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. Estates leased .. .. .. 10,261,465 11 5 328,020 1 1 Estates unlet 263,207 19 0 325 0 0 .. 59.850 0 0 10,524,673 10 5 328,345 11 .. 59,850 0 0 10,912,868 11 6 Land Laws Amendment Act, 1929 — Land leased 118,237 0 0 Land unlet .. .. .. 9,368 12 4 127,605 12 4 .. .. .. 127,605 12 4 Provisional State Forest .. .. 3,158 6 6 .. . . . . 3,158 6 6 11,043,632 10 4 Unpaid purchase-price (not yet payable)— Buildings on estates ■ .. .. 98,893 7 10 9 4 7 Sales of settlement land .. .. 416,466 4 0 18,320 17 6 .. 106,709 13 0 Sales of Crown land .. .. 486,839 15 7 ... 47,298 14 4 Land Laws Amendment Act, 1929— Buildings .. .. .. 777 13 9 Sales of land .. .. .. 10,635 15 2 1,013,612 16 4 18,330 2 1 47,298 14 4 | 106,709 13 0 1,185,951 5 9 Carried forward .. .. 11,669,050 5 7 346,675 3 2 47.298 14 4 | 166,559 13 0 12,229,583 16 1 I

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LAND FOR SETTLEMENTS ACCOUNT—continued. Balance-sheet as at 31st March, 1937 —continued. Assets—continued.

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General. Cheviot, N ®rast° W " Hutt Valle y- Total - £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. Brought forward .. .. 11,669,050 5 7 346,675 3 2 47,298 14 4 166,559 13 0 12,229,583 16 1 Realization Account .. .. .. 5,863 16 5 .. .. .. 5,863 16 5 Hutt Valley estates — Purchases .. . • •• 164,760 11 9 Roading and incidental expenses .. 228,389 11 6 Interest .. .. •• .. 79,318 1 8 472,468 4 11 Less deductions under section 11 (2) 339,826 10 1 (a), Finance Act, 1932 — 132,641 14 10 .. .. 132,641 14 10 Railway Department—Balance unpaid on .. .. .. 26,389 8 0 26,389 8 0 area taken for workshops Advances on mortgage — Land Laws Amendment Act, 1929 — Current account —Crown land .. 152,963 6 3 Current account —Settlement land .. 22,900 13 II Instalment mortgage —Crown land .. 9,798 8 9 Instalment mortgage —Settlement land 839 1 8 186,501 10 7 .. .. .. 180,501 10 7 Deteriorated Lands Act, 1925— Current account .. .. . ■ 7,738 5 0 Instalment mortgage . . .. 1,233 3 4 8,971 8 4 .. .. •• 8,971 8 4 Advances for roading of endowment lands under section 47, Land for Settlements Act, 1925— Wanganui River Trust Endowment . . 2,022 8 1 Otago University Endowment .. 1,608 15 4 3 ,631 3 5 .. . • • • », 631 3 5 Land Laws Amendment Act, 1929 —Expenditure on development of Crown and settlement lands— Crown lands— Improvements .. . • • ■ 63,834 10 5 Equipment .. .. .. 9,041 0 11 Stock and farm accounts .. .. 2,134 9 7 Settlement lands — Improvements .. .. 125,879 10 9 Equipment .. 13,052 11 6 Stock and farm accounts .. .. 46,398 17 8 260,341 0 10 .. •• •• 260,341 0 10 Interest on capital expenditure .. 41,060 1 3 .. •• 41,060 1 3 Station accounts, including improvements 130,495 2 5 .. •• 130,495 2 5 and live-stock Plant and machinery .. • • 3,863 0 0 Less depreciation reserve thereon . . 2,893 1 0 969 19 0 .. 969 19 0 Postponements of rent, interest, &c.— Under Land Act, 1924 — Rents, &c., from estates .. .. 60,492 19 9 172 1 3 Instalments—Sales of Crown lands .. 335 8 7 .. 4 2 0 Land Laws Amendment Act, 1929 — 425 19 4 Rents, &c. Under Mortgagors and Tenants Relief Act, 1933— Rents, &c., from estates .. .. 2,346 13 4 Instalments —Sales of Crown lands .. 6 18 6 Land Laws Amendment Act, 1929 — 62 19 '2 Interest on advances Under Deteriorated Lands Act, 1925 — Interest on advances .. .. 35 18 I 63,706 16 9 172 13 4 2 0 .. 63 r 883 0 0 Carried forward .. .. 12,503,232 19 5 346,847 4 5 47,302 16 4 J 192,949 1 0 13,090,332 1 2

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LAND FOR SETTLEMENTS ACCOUNT —continued. Balance-sheet as at 31st March, 1937 —continued. Assets —continued.

W. Robertson, Under-Secretary for Lands. W. E. Shaw, Chief Accountant. I hereby certify that the Revenue Account and Balance-sheet have been duly examined and compared with the relative books and documents submitted for audit, and correctly state the position as disclosed thereby, subject to the following exceptions No interest has been allowed to the Cheviot Estate in respect of the assets of the Cheviot Estate Account, which have been transferred to the Land for Settlements Account; and, moreover, the Cheviot Estate has been charged interest on the value of such assets other than cash. As a result, the accounts do not show the true amount of revenue earned by the Cheviot Estate and the Land for Settlements Account respectively. The following comments are appended: (1) The account contains no charge for the cost of exchange on payments of interest made in London; (2) to avoid delay the accounts of some land districts, the audits of which have not yet been completed by the Local Audit Inspector, have been accepted from the Department's records.—-J. H. Fowler, Controller and AuditorGeneral. Approximate Cost of Paper.—Preparation, not given ; printing (540 copies), £18.

By Authority: E. V. Paul, Government Printer, Wellington.—l 937.

Price 6d.]

10

General. Cheviot. Ka £ent Trurt° W " Hutt Valley. Total. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. Brought forward .. .. 12,503,232 19 5 346,847 4 5 47,302 16 4 192,949 1 0 13,090,332 1 2 Sundry debtors for — Rents and royalties from estates .. 466,861 19 7 5,112 6 1 .. 16 3 Sale of land —Housing Account .. •• 65,000 0 0 Principal instalments — Buildings .. .. •• 18,169 5 8 Sales of Crown lands .. .. 16,876 14 0 .. 361 14 4 Sales of settlement lands .. .. 28,388 6 5 509 0 0 .. 4,113 18 5 Advances under Deteriorated Lands 36 15 2 Act, 1925 Loans for roading endowment lands 478 18 6 under section 47, Land for Settlements Act, 1925 Interest on loans for roading of endow- 910 3 7 ment lands under section 47, Land for Settlements Act, 1925 Interest on sales of — Crown lands .. . • • • 186 19 4 Settlement lands .. 17,333 13 9 410 8 2 .. 7,696 14 0 Interest on advances under Deteriorated 1,008 14 9 Lands Act, 1925 Land Laws Amendment Act, 1929 — Rents 1,549 12 2 Interest on sales .. .. .. 129 14 10 Interest on advances under sections 7 9,291 0 2 and 14 Principal instalments — Sales under section 8 .. 82 19 6 Mortgages .. ■. • ■ 75 2 11 Insurances, &c. .. .. • • 40 0 11 Departmental .. .. •• 2,773 9 6 Miscellaneous .. • ■ • • 556 7 11 Interest on investments due but unpaid 147 4 2 564,897 2 10 6,031 14 3 361 14 4 77,053 8 8 648,344 0 1 Orakei Block (see separate balance-sheet) 47,218 8 5 .. .. •• 47,218 8 5 Interest accrued but not due on — „,, „ „ „ Investments .. •• 344 18 1) .. .. •• 344 18 0 Sales under deferred-payment licenses 5,917 0 4 229 0 3 .. 452 0 0 6,598 0 7 Outstanding losses —Suspense Account — Estates 10,375 17 9 .. .. 53 16 0 Land Laws Amendment Act, 1929 .. 1,786 18 3 12,162 16 0 53 16 0 12,216 12 0 Development expenditure— Q Employment Promotion Fund (contra) 11,329 8 3 .. .. •• 8 3 Consolidated Fund (contra) .. •• 4,231 11 9 .. .. 4,231 11 9 Investment in Public Debt Redemption 1,394,180 1 10 3,806 5 2 .. .. 1,397,986 7 0 Consolidated Fund —Proportion of interest 154,284 13 3 .. .. •• 154,284 13 3 on Loan Account _ Premium on loan conversions .. .. 15,378 0 0 .. 15,378 0 O Land for Settlements Account—General .. 283,898 15 0 89,525 8 9 .. 373,424 3 9 as per contra Cash .. •• 468,237 15 8 .. .. .. 468,237 15 8 Investment Account—Securities held .. 16,365 0 0 .. ■■ .. 16,365 0 0 £15,197,779 15 9 £640,812 19 1 £137,189 19 5 £270,508 5 8 £16,246,290 19 11