8.—6

VIII

Lands Improvement Account — Balance ... ... ... ... ... ... £136,573 Proportion of £250,000, Aid to Public Works, &c, Loan, to be received ... ... ... ... ... 62,500 £199,073 Native Lands Purchase Account — Balance ... ... ... ... ... ... 95,222 . Proportion of £250,000, Aid to Public Works, &c, Loan, to be received ... ... ... ... ... 62,500 £157,722 In addition to the above moneys there will be the sum or sums found to be available which Parliament may set aside in aid of these accounts during the current year. THE CHEVIOT ESTATE ACCOUNT. Eeceipts from rents and other sources amounted during the year to ,£15,333, out of which £11,980 was charged in recoupment of interest, and £2,973 for surveys, roading, &c, leaving a balance in the account at the close of the year amounting to £380. THE LAND FOE SETTLEMENTS ACCOUNT. A small balance of £1,357 was at the credit of the account at the commencement of the year. Debentures to the amount of £305,990, under " The Land for Settlements Act, 1894," have been issued, and rents and lease-fees amounting to £19,629 have been received and credited. The expenditure on the acquisition of lands during the year has been unusually large : £300,159 as purchase-money and £11,313 for expenses. £8,690 of debentures issued in July, 1893, fell due on the 31st March last, and were renewed. The balance at the close of the year amounted to £4,714. THE CONVERSION ACCOUNT. Conversion operations have been unimportant: £30,271 of 3j-per-cent. stock) and £26,620 of 3-per-cent. stock, have been inscribed in exchange for debentures; the former amount to redeem 5-per-cent. 1867 debentures, together with a small parcel of 1862 and 1863 debentures, and the latter to redeem 4-per-cent. Land for Settlements debentures, having a currency to 1926. Out of stock already inscribed, further parcels of debentures belonging to the 1867 loan and the Auckland loan of 1863 were redeemed, and expenses amounting to £3,129 paid. Detailed particulars will be found in the table appended. THE LOANS TO LOCAL BODIES ACCOUNT. During the year, £93,800 of debentures were created and issued under " The Government Loans to Local Bodies Act, 1886 "; and refunds under the provisions of section 8 of " The Government Loans to Local Bodies Act Amendment Act, 1896," amounting to £2,495, have been received. These amounts, together with the balance of £859 at the commencement of the year, provided sufficient funds to enable grants to be made during the year of £66,133 to the local bodies, and £31,017 towards opening up blocks of land for settlement, and left a balance in hand of £4 at the end of the year. Up to the 31st March last the total amounts raised were : (1) For granting loans to local bodies, £786,439 ; (2) for loans under the provisions of section 2of " The Government Loans to Local Bodies Act Amendment Act, 1891," £177,861; and (3) for payment of £89,800 to the Public Works Fund, on account of the debt of £89,878 Bs. 9d. due to the said fund for debentures issued under " The Eoads and Bridges Construction Act, 1882," and now converted and inscribed as debts under Part 11. of " The Government Loans to Local Bodies Act, 1886." The total sums thus raised by debentures amount to £1,054,100, and the proceeds have been carried into the Loans to Local Bodies Account. The total disbursements to the same date (31st March last) have been : (1) To local bodies, £786,435; (2) to Lands and Survey Department for roading