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In accordance with subsections (14) and (15) of section 11 of the Land Laws Amendment Act, 1920, a schedule is appended giving the particulars prescribed for the period from the 11th November, 1920, the date of the passing of the Act, to the 31st March, 1924. There has been a considerable increase during the year in the area removed from the national endowment to afford the lessees an opportunity of acquiring the fee-simple, as a comparison of the following figures with last year's report will show : — Schedule. (a.) Aggregate area excluded from national endowment, 69,235 acres ; capital value, £39,062. (b.) Aggregate of area so excluded of which fee-simple has been acquired on the 31st March, .1924, 10,352 acres. (c.) Aggregate of area so excluded and still held under lease or license on the 31st March, 1924, 58,930 acres ; annual rent, £1,023. (d.) Aggregate of area so excluded and not disposed of by way of sale or lease, nil. (c.) Area of land purchased by the Crown out of moneys in National Endowment Trust Account, nil. The total area comprised in the national endowment on the 31st March, 1924, was approximately 9,007,190 acres. Of this an area of 6,897,765 acres was held on lease or license, subdivided into 4,455 holdings, the annual rental payable being £138,780, while 1,692,240 acres have been set aside as provisional State forest. The total revenue derived from this endowment during the past year was £163,169.

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