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The General Board of the oflice held its first meeting on the 16th January ,_ 1895, when the question of valuation was considered, and when it was resolved that the Superintendent should specially select, after the receipt of the application for the relative advance, and from among the valuers of acknowledged reputation, the valuer to be casually employed, subject to the special approval of the Board, after the making of the valuation. As soon afterwards as it could be ascertained that valuers, whose reports the Board might be expected to approve, would, for the small valuation-fees that could be paid, undertake the required service, the valuation was ordered of the properties which had been offered as securities in the applications already received for loans, and which did not clearly appear without a valuation to be of insufficient value. In general, the valua-tion-fees yield to the valuer an approximate average allowance of a little over £1 Is. for each report. It has sometimes happened, however, that a fee of 10s. 6d. has been paid by the applicant in a case where the valuation could not be made for less than from £1 Is. to £2 55., and, of course, this allowance has been made. On the other hand, it has happened that a valuation for which a fee of a guinea and a half or two guineas is paid may, from the accessibility of the property to the valuer, be made for a smaller allowance than the fee would afford. The fees which the applicants are required to pay would not sufficiently remunerate the valuers if there were not some compensation in the number of valuations to be made. But though the remuneration may, notwithstanding, be insufficient to render the work attractive, there is no doubt that those who have undertaken it are men of high character, who would regard a good service as a professional obligation. This conclusion would be obvious from a perusal of their reports. The following are the circular instructions to all persons employed in the business of the Government Advances to Settlers Office, the form of instruction to the Valuer, and the form of Valuer's report: — " Government Advances to Settlers Office, Wellington, 23rd January, 1895. " To all persons employed in the business of the Government Advances to Settlers Office. " Any Valuer who may receive an instruction to value a property offered as security for an advance , under " The Government Advances to Settlers Act, 1894," must take especial care that neither the instruction nor any of the particulars of the instruction should become known to any other than the persons to whom the information must be given for the purpose of the valuation. The Valuer should, of course, inform the applicant of the instruction, in order that the applicant may be prepared to facilitate the valuation. " The following provisions of the Act should be known to every applicant or person who makes application for an advance, as well as by every person employed as a Valuer or otherwise in the business of the Advances to Settlers Office :— " Section 41. (1.) No advance on the security of freehold lands shall be granted for an amount exceeding three-fifths of the value of the security.. " (2.) No advance on the security of leasehold lands shall be granted unless and until all covenants and conditions on the lessee's part contained or implied in the lease are complied with up to the date of the application for the advance; and " (3.) No advance on the security of leasehold lands shall be granted for an amount exceeding one-half of the value of the lessee's interest in the lease. " (4.) The valuation of every security shall be made by or on behalf of the Superintendent, and to the satisfaction of the General Board. " (5.) The security shall consist of some one or more of the several classes of land mentioned in section twenty-five of the Act, free from all encumbrances, liens, and interests other than leasehold interests. " (6.) The Valuer's report shall, in each instance, be signed by him and addressed to the Superintendent, and particulars thereof shall be noted in the minute-book of the General Board. " Section 58. Every person employed in the business of the Advances to Settlers Office who, directly or indirectly, takes any fee or reward from any applicant for a loan under this Act shall be dismissed from his office, and be liable to imprisonment for any term not exceeding two years, with or without hard labour. " Section 59. Every person who — " (a.) Having any pecuniary interest in any land tendered as security for a loan under this Act; or, " (5.) Being a partner of the applicant for a loan, " acts as Valuer in connection with such land or loan, or sits and votes at any meeting of the General Board, or a local Board, upon any resolution having reference to such land or loan, shall be liable to a penalty of not less than fifty pounds, nor more than two hundred pounds, and shall also be dismissed from his office. " Section 60. Every person who, in respect of any loan or application for any loan, bribes, or attempts to bribe, or corruptly influences any person whomsoever appointed or acting under this Act, is liable to imprisonment for any term not exceeding two years, with or without hard labour. "J. K. Warbueton, Superintendent."