0.--5

2

ment Account in 1908-9 and £1,032 in 1907-8, and these sums are contributions by the Land Fund. Holders of renewable leases may also pay up to 90 per cent, of the capital value of their leaseholds, and receive a relative reduction in rent. For this object £2,467 18s. is now in the account, and is a debt owing to the leaseholders. 12. The area of land opened for selection this year for the first time is 71,219 acres. 13. The area of land selected during the year, less forfeitures and surrenders, is 81,909 acres, and there is an increase of 200 tenants of rural lands, besides occupiers of workers' dwellings. 14. The total area leased, excluding workers' dwellings, is 1,053,640 acres to 4,417 tenants. Of this area, 678,923 acres are held under leases in perpetuity, 155,982 acres under renewable leases, and 218,735 acres under small grazing-runs and short tenures. 15. The area unlet at 31st March, 1909, is 141,648 acres, estimated to be worth a rental of £9,746 per annum. 16. Of the area selected 347,427 acres are now in cultivated grass, 86,731 acres in white crop, 60,371 acres in green crop, and 559,111 acres in native grass, bush, orchards, &c. 17. The total number of sheep depastured is 881,854; cattle, 60,374; horses, 15,687; and pigs, 10,044. 18. The number of tenants occupying workers' dwellings acquired under the Land for Settlements Act is now 72, and the holdings aggregate 11 acres 1 rood 37-5 perches, an average tenancy of 24 perches. There are also 36 occupiers of dw llings on ordinary Crown lands. The rents actually collected come to £2,455 10s. 9d. 19. The purchase of private land for settlements began with the Act of 1892, and the first report of any transactions is that of Mr. S. Percy Smith in 1894. Under his chairmanship there were acquired twenty-eight estates, having an area of 86,919 acres, and costing up to 31st March, 1896, £389,315, an average price per acre of £4 10s. The rents collected that year were £5,946, equal to 1-53 per cent, of the capital cost. 20. From the passing of the Act of 1895 until 1902 Mr. McKerrow was Chairman, and purchased seventy-nine estates, making the total acquisitions at the end of his term 107 estates of 448,349 acres, the capital cost of which was £2,229,128, averaging £5 per acre nearly. The rents collected in 1902 came to £90,053, equal to 4-04 per cent. 21. At the end of the year 1908-9 the investments amounted to £5,599,680, in 187 estates, of an area of 1,195,291 acres, an average of £4 13s. 6d. per acre; and the rents collected came to £237,831, about 4J per cent, of the capital cost. 22. In the Auckland District the returns are equal to 4-24 per cent, of the capital cost; in Hawke's Bay the returns are 4-06 per cent.; in Taranaki, 4-11 per cent. ; in Wellington, 3-92 per cent.; in Nelson, 45 per cent.; in Marlborough, 4 - 61 per cent.; in Canterbury, 4-39 per cent.; in Westland, 3-92 per cent.; in Otago, 4-21 per cent.; and in Southland, 4-5 per cent. Last year at 31st March, 1908, the rents collected were : In Auckland, 3-54 per cent.; Hawke's Bay, 4-29 per cent.; Taranaki, 4-26 per cent.; Wellington, 4-68 per cent.; Nelson, 4-85 per cent.; Canterbury, 4-7 per cent.; Otago, 4-24 per cent.; Southland, 4-98 per cent.; Westland, 4-81 per cent.; and Marlborough, 4-54 per cent.; an average for that year of 4-41 per cent. 23. Only a small area of the land acquired for workers' dwellings is yet built upon, and the revenue derived gives only a partial return for the investment. The capital cost of these small properties is distributed as under : — Area. Cost. Last Year's Return. Acres. £ Per Cent. Auckland .. .. .. .. 219J 39,167 2-16 Wellington ..535 115,648 0-09 Otago .. .. llf 10,361 5-00 Canterbury .. , . .. .. 3| 4,568 0-07 The whole 770 acres cost 169,744, and paid 1-45% interest. If this suburban land is omitted from the ordinary settlement lands, it would show the year's earning of the latter portion to be per cent, instead of 4J per cent. 24. Negotiations are in progress for the purchase of estates in Canterbury, Otago, Marlborough, Wellington, Hawke's Bay, and Southland. The Land for Settlements Account at the 31st March, 1909, stands as under :— Dr. £ Or. £ Proceeds of loans current ~ .. 5,708,042 Purchase-money.. .. .. 5,146,999 Eents, &c, received .. .. 1,710,032 Incidental expenses .. .. 452,681 Interest .. .. .. 1,331,980 Sinking fund .. .. . . 162,593 Balance .. .. .. 323,821 £7,418,074 £7,418,074 The usual tables are appended, I have, &c, A. Barron, Land Purchase Inspector, Chairman of the Board of Land Purchase Commissioners. The Right Hon. Sir Joseph Ward, Minister of Lands.