19

C.—s

The following figures will show the position as at the 31st March last : — £ Cost of estates that have been offered for selection ... ... 1,413,149 Cost of roads, surveys, administration, on estates offered for selection, 73,313 and preliminary expenses £1,486,462 The lands disposed of are let at an annual rental of ... ... 72,656 The lands unlet (exclusive of roads and reserves, &c.) are valued at a rental of ... ... ... ... ... ... 3,671 £76,327 Taking the lands actually let, it will be seen that the rentals will pay interest on the capital expended at the rate of 4'B per cent., or exactly the same as for the previous year. If the unlet lands are included, the interest would be at the rate of s'l per cent, on capital. It is understood that that part of the capital raised on loan is paying interest at the rate of not quite & per cent., consequently the estates are more than paying their way, even after allowing for the arrears of rental due, which, however, are a good asset. S. Pbecy Smith, Surveyor-General and Secretary for Crown Lands. The Hon. the Minister of Lands.