8.—6

XVII

NATIVE. During the year 29,560 acres of Native land were purchased for the Crown, at a cost of £206,385. The gross area of Native land acquired by Crown purchase since 1910 is 1,328,283 acres, for which £3,218,576 was paid. The figures comprise land purchased for European lessees, which includes Interests in the various Native townships, the purchase-money of which is being recouped by the tenants. This accounts for a higher average cost than usual. The receipts by the Native Land Courts and Maor Land Boards for fees and commission totalled £16,009, as against £13,913 for the previous year. PUBLIC TRUST OFFICE. The value of estates and funds actually under the control of the Public Trustee on the 31st March, 1924, was £32,404,724. This represents an increase of £3,499,926 for the financial year. The new estates accepted for administration during the year numbered 2,739, with assets of a total value of £3,781,155. The administration of 478 of these new estates was completed before 31st March, 1924, while 1,574 others were also closed —the total value being £.1,1.08,254, The rates of commission were reduced from the Ist April, 1923, and also made inclusive of certain fees previously charged to the estates, and there is no doubt that the volume of new business has been increased as a result. The investments held on the 31st March, 1924, on behalf of the Common Fund and on behalf of estates and funds, the moneys of which are specially invested, amounted to £19,895,285, made up as follows : — £ Mortgages .. .. .. .. .. 12,997,242 Local bodies'debentures .. .. .. 5,079,135 Government securities .. .. .. .. 1,364,543 Land Settlement Finance Act debentures . . .. 55,698 Fixed deposits with banks .. .. . . 7,062 Private debentures and shares in companies . . 4,943 Overdrafts by way of advances to estates and to beneficiaries .. .. .. .. 315,203 Properties acquired by foreclosure .. .. 71,459 £19,895,285 Of this sum the total advances made during the year amounted to £2,198,185, made up as follows £ Mortgages .. . „ .. .. .. 1,422,870 Local bodies' debentures .. .. .. 438,745 Government securities .. .. .. .. 336,570 £2,198,185 AGRICULTURE. The dry summer to a certain extent reduced the production of grass, cereals, and fodder crops, and as a consequence the output of butter was somewhat affected, but nevertheless the total value of the dairy-produce of all kinds exported during the year was well ahead of that for the previous year, the respective figures being £18,576,474 and £16,207,053. The importance to the country of the dairy industry is well illustrated by the fact of its exportable surplus being valued at over 18| millions sterling. The wool-clip for the 1923-24 season was good, and in clean condition, and a marked continuous increase in prices was maintained throughout the series of sales,

iii—B. (>.