7

a—9

Adjustments by Dominion Revaluation Board in terms of the Discharged Soldiers Settlement Amendment Act, 1924, as at 31st March, 1928.

FINANCIAL REVIEW. Discharged Soldiers Settlement Account. The following table indicates the loans authorized during the year for the purposes stated : —

Of the sum of £28,360 authorized for the erection of dwellings, &c., £7,735 represents additional advances granted to fifty-four owners of properties to assist them in improving and increasing their house accommodation to meet the growing needs of their families. New loans aggregating £20,625 (being portion of £28,360) for the purchase and erection of dwellings and £14,500 to finance some fourteen settlers on farming propositions relate principally to soldiers who suffered physical disability through the war. As funds permit, this policy will be continued. Current Account Advances. —The amount outstanding at the end of the year on open accounts was £2,575,000, being a reduction of £226,000 on the outstanding balance of the previous year. The reduction is caused partly by transfers to Realization Account, but mostly through favourable returns from last season's produce. An examination of a number of the accounts discloses that although a severe drought was experienced the returns were better than expected. The favourable prices for butterfat obtained previous to tho drought, combined with, increased production through the liberal use of fertilizers, avoided what otherwise might have been a bad position. There is little doubt that but for the drought settlers' returns would have been considerably improved. The high prices obtained from wool and lambs were responsible for improving the position of a number of soldiers employed in sheep-farming. Receipts and Payments Account. —The total receipts for the year under all headings are £1,792,006, which constitute a record. The average monthly receipts amounted to £149,334, as against £137,807 for the previous year. It is evident that the adjustment work of the Revaluation Board, followed by mutual working understanding between the Department and settlers, is producing good results. The following statement shows the position of the receipts as compared with previous years : — 1923-24. 1924-25. 1925-26. 1926-27. 1927-28. rt rt rt rt O Principal .. .. 795,841 882,977 940,596 934,374 1,009,346 Interest .. .. 627,921 726,674 689,167 719,310 782,660 Cash advances during tho year show an increase of £49,143 over the previous year, which is mainly confined to advances on Current Account. The withdrawals in the Trading Accounts of settlers for the payment of instalments, interest, and rent are largely responsible for this increase, the increased receipts enabling this to be done. This is a natural corollary to a successful year for the farmer. As a result of the improved turnover in the account, the Treasury has been able to repay debentures to the value of £533,620, while a payment of £320,000 has been made to the Consolidated Fund in respect of interest on the accumulated surplus invested in the account.

Adjustments in ( Hnrrent Account Adjustments in ] ..urrent Account. . { aM Jor geM Buildings under dements Act. Districts. Total Capital invested. Reduction of Capital. Transferred to n-*«i i i7„i„.. Suspense Account. 0ll 8 inal Vamc - Reduced by 1 Nortli Auckland Auckland Gisborne Hawke's Bay .. Taranaki Wellington Marlborough .. Nelson Westland Canterbury Otago Southland i £ s. d. £ s. d. ! 500,072 0 0 37,702 0 4 802,751 6 1 35,689 5 9 115,510 0 0 350 0 0 224.404 19 1 5,762 7 6 297,530 12 9 24,874 0 8 633.405 0 0 48,659 0 0 58,280 0 0 1,235 18 8 106,184 13 3 2,116 0 0 34,176 9 8 640 0 0 250,967 8 6 3,572 6 3 127,808 8 2 3,274 1 0 111,080 8 10 2,453 16 10 I £ s. d. £ s. d. 2,600 0 0 14,210 0 0 13,080 0 0 16,959 0 0 7,114 0 0 380 0 0 9,990 0 0 850 0 0 5,030 0 O 2,040 0 0 .17,375 0 0 200 0 0 200 0 0 762 0 0 4,610 0 0 200 0 0 2,035 0 0 38,712 8 10 90 0 0 11,080 2 1 700 0.0 6,080 0 0 £ s. d. 2,173 2 2 1,406 17 I 114 0 9 1,507 11 2 1,941 .10 2 8,092 0 0 56 10 7 1,736 4 8 699 7 2 689 0 7 Totals 3,262,171 6 4 166,328 17 0 22,937 0 (I 131,360 10 11 18,416 4 4

Number of Returned Soldiers. Amount authorized. Section 6, Discharged Soldiers Settlement Act, 1925 —Advances on Current Account Section 2, Discharged Soldiers Settlement Amendment Act, 1917 —Advances towards purchase of farms, market-gardens, orchards, and discharge of mortgages ' Section 2, Discharged Soldiers Settlement Amendment Act, 1917 —Erection of dwellings, &c. 68 14 £ 94,741 14,500 28 28,360 Totals .. no £137,601