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FOURTH ANNUAL REPORT OF THE LAND SETTLEMENT BOARD OF THE PROVINCE OF BRITISH COLUMBIA FOR THE YEAR ENDING… British Columbia. Legislative Assembly 1921

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 FOURTH ANNUAL REPORT
THE LAND SETTLEMENT BOARD
OF  THE  PROVINCE  OF
BRITISH COLUMBIA
FOR  THE   YEAR   ENDING
DECEMBEB 318T, 1920
PRINTED BY
AUTHORITY   OF  THE  LEGISLATIVE   ASSEMBLY.
VICTORIA, B.C.:
Printed by William H. Cullin, Printer to the King's Most Excellent Majesty.
1921.  To His Honour Walter Cameron Nichol,
Lieutenant-Governor of the Province of British Columbia.
May it please Your Honour :
I have the honour to submit for your consideration herewith the Annual Report
of the Land Settlement Board for the year 1920.
E. D. BARROW,
Minister of Agriculture.
Department of Agriculture,
Victoria, B.C., February 21st, 1921. Land Settlement Roard of Rritish Columbia,
Victoria, R.C, February 18th, 1921.
The Honourable E. D. Barrow,
Minister of Agriculture, Victoria, B.C.
Sir,—I have the honour to transmit herewith the Fourth Annual Report of the
Land Settlement Board for the year ending December 31st, 1920.
I have the honour to be,
Sir,
Your obedient servant,
P. D. DAVIES,
Director. Land Settlement Board of British Columbia.
Agricultural Loans.
During 1920 loan business decreased in volume as compared with previous years. This
condition, while partly due to a falling-off in number of applications, was also caused to some
extent by the preference given to applications for development purposes from new settlers as
against applications for loans to discharge existing debts.
The amendments to the " Land Settlement and Development Act " passed during 1920 permit
the making of loans on the progressive system and allow the allotment of moneys in such cases
to be paid from time to time as specific improvements are completed.
While this type of loan has only been tried out in a small way, results appear to be
satisfactory. The important feature of such a system is that moneys loaned in this way are
secured for the making of specific improvements in such a way as to exactly fulfil the intention
of the " Land Settlement and Development Act"—viz., the promotion of increased agricultural
production.
As an instance of this system, over 100 settlers in the Development Area at Merville are
working under a progressive-payment system. A similar system will be put into force in the
Creston Area, in the case of any necessary assistance to settlers, after present development-work
is complete.
The repayment of agricultural loans has been fairly regular. The majority of cases where
payments are in arrears occur in districts where crop-shortage has been brought about through
flood or other causes. Foreclosure proceedings have been taken in two cases during the past
year where abandonment and serious neglect made such action necessary.
Settlement Areas.
During the year settlement-area work proceeded in the ten areas established during the
previous year, according to the provisions of section 42 of the " Land Settlement and Development
Act," whereby owners of selected unimproved lands in declared areas are required to commence
improvements to such lands within a specified time, failing which a penalty tax of 5 per cent, of
the appraised value of such lands is levied in addition to all other taxation, the owners having the
option to surrender such lands to the Board at the appraised price to sell to bona-fide settlers.
The total acreage included in settlement areas to date is 121,141 acres, of which 46,647 acres
have been surrendered to the Board at a cost approximating $200,000; 19,156 acres have been
resold to bona-fide settlers, including fifty-three returned British Columbia soldiers, each of
whom was allowed the statutory rebate of $500 on the purchase price of lands selected.
The following table shows the present situation in the various areas:—
Area.
Total
Acreage.
Acquired.
Sold.
Available
for Sale.
10
Telkwa    	
Vanderhoof     	
Marten  Lake   	
Prince  George   	
Smithers   	
Rose Lake   	
Alexandria   	
10-Mile  Lake   	
Francois  Lake   	
Total all areas
17,214
35,35S
14,268
18,603
5,310
6,521
3,311
4,875
15,621
121,141
5,4S4
13,730
3,872
11,001
1,368
1,582
1,625
4,058
3,327
46,047
4,710
6,970
1,617
4,160
466
1,223
19,155
765
6,760
2,255
7,441
90i2
1,582
1,625
4,058
2,104
27,492
As an indication of the results attending the settlement-area system, all lands to which
title was acquired in Area No. 1, Telkwa District, the first area to be established, have been
sold to bona-fide settlers, while more than one-half of the lands available in Area No. 2, Vanderhoof District, have also been sold.    In Area No. 5, Prince George, the only other large area T 6 Land Settlement Board. 1921
established by the Board. 11,001 acres have been acquired out of a total of IS,663. Although this
area was only recently established, 4,160 acres have been sold to twenty-six new settlers, while
1,040 acres were improved privately to escape the penalty tax. A considerable number of applications for land in this and other areas at present are under consideration by the Board's
representatives.
The indirect effect of the Board's operations is, perhaps, even greater than the results
detailed above, as many private owners and land companies are now selling their holdings at
reduced prices in order to conform with the invariably reasonable valuations placed on similar
lands by the Board's Appraisers. Lands improved privately to escape the penalty tax in Areas
1 and 2 during 1919-20 total 10,927 acres, making, with the Board's settlers, a total of 37,466
acres under improvement, as against 14,850 acres before these two areas were established.
It may therefore be said that the settlement-area policy, wherever put into force, has had a
decided tendency to stimulate sales and to regulate prices.
Assessment of penalty tax for non-improvement amounts to $15,670 to date. This amount
will be materially increased when full returns from inspection of areas during the year are
received.
In conjunction with land-settlement work proper, stock has been supplied to new settlers
and established farmers in several of the newer districts in the Province, under the " Cattle
Club " system, by which plan not less than six farmers may make a joint application for the
supply of selected live stock by the Band Settlement Board, repayment being spread over a
period of three years. Up to date over 1,000 head of grade stock have been supplied under
this system.
General assistance has been given by the Board's representatives to settlers outside established
areas. Following the supply of dairy stock, assistance has been given in the construction of
silos, and in co-operation with the Agricultural Department creameries have been established
at Vanderhoof and Quesnel in order to ensure a ready local market for dairy produce.
Development Abeas.
During the early part of 1920 the small development areas in the Fernie and Kelowna
Districts were closed as such. In the former case the area was subdivided and thrown open
for settlement under regulations provided for the sale of land in settlement areas. In the case
of the Kelowna Area, delay to the securing of irrigation rights for the whole area adequate to
a system of subdivision for intensive farming necessitated the postponement of development
operations until more complete provision could be made for the irrigation of all subdivided
acreage.
In the Merville Area development operations on a pay-roll basis were terminated during
May of the past year, following which allotment was made of all lands subdivided, totalling
126 farm units, averaging, exclusive of small allotments, between 50 and 60 acres each.
Development-work is now proceeding under a system of progressive payments, by which
each settler may, if necessary, secure assistance each month to an amount not exceeding
60 per cent, of the estimated value of actual improvements completed during the month.
Assistance is also given in purchases of stock, implements, and seed for settlers.
In many cases settlers at Merville are able to undertake and finance improvements without
assistance. Between fifty and sixty head of dairy stock were purchased during the autumn,
returns from which have been a substantial help to settlers. During the coming season, with
the increase of feed available from lots seeded down in 1919, it is proposed to increase the
number of stock and to enable, as far as possible, all settlers to become self-supporting. The
erection of houses, barns, and fencing is being continued also under the progressive-payment
system, a close supervision of all plans and work being exercised by the Board's Supervisor.
In the Camp Lister Area, near Creston, development operations have been continued during
the year on a pay-roll and contract basis as being more suitable to conditions in that area.
It is expected that improvements will be completed on all farms now allotted during the early
part of the summer, when it is proposed to place all settlers in the area under a similar system
to that now in use in the Merville Area, as described above.
To provide for the planting of fruit-trees on all farms in the Lister Area during the coming
spring, orders have been placed with nursery firms in the Province. Planting will be done by
the settlers under the supervision of the Department of Agriculture. 11 Geo. 5 Fourth Annual Report. T 7
Coincidental with the change from actual control of all operations in these areas by the
Land Settlement Board to the individual management of farms by settlers, arrangements have
been completed to transfer to local management the general stores now operated by the Board.
Reference should be made to the strong community spirit which has developed in both the
Merville and Lister Areas and to the determination to succeed shown by the settlers. In each
area a committee of the settlers is elected to confer with representatives of the Land Settlement
Board on all matters affecting relations between the Board and settlers and to investigate
complaints. This arrangement has been productive of good results and has assisted materially
in the settling of difficulties.
Although sharp differences of opinion have arisen from time to time between the settlers
and those charged with administration, entailing considerable difficulty in the organization of
development-work, a more friendly spirit now exists. These two communities are becoming
firmly established and must now be regarded as permanent.
Dyking and Drainage.
Acting as Commissioners under the '.' Drainage, Dyking, and Development Act," the administration of the Sumas and West Nicomen Island Dyking Districts has been part of the work
of the Land Settlement Board during the past year.
In the Sumas District, with the approval of the ratepayers, tenders were invited for the
construction of dykes and other works necessary to the reclamation of approximately 32,000
acres of land underlying and adjoining Sumas Lake, according to the plan prepared by'Mr. F. N.
Sinclair, now Chief Engineer, Sumas Dyking District.
On April 29th the contract was signed with the Marsh Construction Company, of Vancouver,
for this work. Unusual high-water conditions prevented the commencement of this work until
late in the month of August, when excavation began on the McGillivray Creek interception ditch.
Clearing of right-of-way for the dykes proceeded and in October excavation commenced on the
Fraser River Dyke. Work on this dyke has progressed rapidly, 47,000 cubic yards of material
having been placed by a single machine in one month, working two shifts of eight hours each.
With the completion of the electric-power line now under construction, three additional dredges
which are now available will commence work on the main dykes.
In the West Nicomen Island Dyking District serious damage to the existing dyke occurred
during the high-water period. Necessary repairs to all breaks are now under way and will be
complete in the near future. In addition, a survey has been carried out by the Land Settlement
Board looking to an improved system of protection of lands within this district and to provide
for the inclusion of additional lands.
A small drainage project was brought to completion, known as the Cameron Drainage
District, in the vicinity of Nanaimo.
Surveys were also completed and plans prepared for the drainage of an area adjacent to
the town of Cranbrook, where 629 acres of arable land requiring drainage have been acquired
by the Land Settlement Board.
AGRICULTURAL CREDIT COMMISSION.
Report of Loan Applications for the Year ending December 31st, 1920.
8 appraised  (as at January 1st, 1920)     $13,250
Disposed of as follows:—
S rejected or withdrawn  ^13,250
19 unappraised (as at January 1st, 1920)     $14,200
Disposed of as follows:—
3 awaiting appraisal (Peace River District)      $ 3,100
16 cancelled or withdrawn      11,100
Particulars of above— $14,200
No. Amount. Fee.
597      $1,500 $ 7 50
600        1,000 5 00
S64        600 5 00
3 $3,100 $17 50 	
Land Settlement Board. 1921
Status of Agricultural Credit Commission Loans as at December 31st, 1920.
341 loans in force as at end of 1919 for   $693,250 00
42 loans granted during 1920 for        44,100 00
383 $737,350 00
4 loans cancelled or withdrawn      $ 4,300
26 loans paid off      37,550
30 41,850 00
353 loans in force at December 31st, 1920, for   $695,500 00
Less 2 mortgages foreclosed        3,500 00
16 loans granted, principal not yet paid         15,800 00
Amount still due to borrowers on same        14,311 65
Balance of loans as at December 31st, 1920—
Principal     $609,540 42
Interest          11,226 47
    620,766 89
Revenue and Expenditure Accounts for Year ending December 31st, 1920.
Expenditure.
Proportion expenses, L.S.B $ 6,113 60
Exchange,  discount,  and commission     32 21
Postage and stationery            167 10
Trustee fees,  legal             200 00
Depreciation,   furniture and equipment   (10 per
cent,   written  off)      50 00
Interest on  debentures      45,000 00
U.S.  premium paid on interest coupons        5,070 04
Discount on debentures   (>./« written off)   ....    6,112 00
Appraisal fees received   $       17 00
Legal  fees            383 95
Interest—
On loans  $41,017 31
Less rebates      21 60
 $40,995 71
On Sinking Funds         9,178 90
On bank deposits         1,723 5S
 51,898 19
Discount on purchase of Victory Loan bonds . .        530 00
Balance,    being    deficit    for    year    carried    to
balance-sheet         9,915 81
$62,744  95
Statement of Assets and Liabilities as at December 31st, 1920.
Cash in bank—
Current Account    $41,319 96
Coupons   Account     900 00
 $      42,219 96
Discount on debenture sales     124,277 34
Furniture and equipment    450 00
Mortgages foreclosed    '.  4,0S1 01
Loans on security of first mortgage            609,542 42
Interest outstanding on loans *  11,226 47
Accrued interest on loans     9,695 63
Sinking Funds—
Victory Loan bonds    $173,050 00
Canadian   Bank  of Commerce 1 05
Accrued   interest   on   Victory
Loan  bonds           1,341 67
         174,392 72
Balance—
Deficit as at Dec. 31st, 1919. .$ 55,006 74
Deficit  for  year  ending  Dec.
31st,   1920            9,915  81
64,922  55
$1,040,808 10
Debentures due May 1st, 1941     $1,000,000 00
Appraisal fees unearned      17 50
Coupons  unpaid     900 00
Accrued  interest  on  debentures     7,500 00
Accounts payable—
Sundry    $32,295 70
Registry  Offices     94 90
 32,390 GO
$1,040,808 10 11 Geo. 5 Fourth Annual Report. T 9
Deficit, 1916    $19,015 32     '
1917       22,200 92
1918        6,045 57
1919       7,744 93
1920         9,915 81
Total deficit   $64,922 55
Accrued Interest on Victory Loan Bonds as at December 31st, 1920.
$119,750 from November 1st to December 31st at 5% per cent  $1,100 72
53,300 from December 1st to 31st at 5y2 per cent        240 95
$173,050 $1,341 67
Less amount already credited      1,261 22
$    SO 45
LAND SETTLEMENT BOARD.
Report of Loan Applications as at December 31st, 1920.
1918 Applications.
6 appraised (as at January 1st, 1920)      $    7,600 00
Disposed of as follows :—
6 rejected    ,   $    7,600 00
6 unappraised           9,700 00
Disposed of as follows :—
4 cancelled or withdrawn  $   7,200 00
1 granted            2,000 00
1 unappraised (Peace River District)     500 00
$   9,700 00
(No. 1723 for $500, fee $3.)
1919 Applications.
33 unappraised (as at January 1st, 1920)     $ 66,600 00
Disposed of as follows:—
16 rejected or withdrawn     $ 38,850 00
16 granted  (for $24,050)          27,150 00
1 unappraised (Peace River District)     600 00
33 $66,600 00
(No. 1956 for $600, fee $3.) T 10
Land Settlement Board.
1921
1920 Applications.
160 applications received for   $314,600 00
Disposed of as follows :—
65 applications granted   (for $88,650)     $113,450 00
74 rejected     163,250 00
5 appraised, action pending          7,750 00
16 unappraised (fees $104)          30,150 00
160
Unappraised—
No. Amount.
1973  $ 4,000 00
1974   2,000 00
1975   1,500 00
1980   1,500 00
2041   1,500 00
2086   1,000 00
2088   2,000 00
2089   750 00
2094   1,000 00
2103  4,700 00
2106   1,500 00
2111   3,000 00
2112   2,500 00
2116   600 00
2119   600 00
2120   2,000 00
$314,600 00
Fees.
$ 9 00
7 00
7 00
7 00
7 00
5 00
7 00
3 00
7 00
10 00
7 00
8 00
7
00
3
00
3
00
7
00
16   $30,150 00 $104 00
Status of Land Settlement Board Loans as at December 31st, 1920.
277 loans in force as at end of 1919 for ".    $584,200 00
42 loans granted during 1920 for        71,440 00
319 loans granted for   $655,640 00
17 loans cancelled or withdrawn during 1920 for   $36,750 00
18 loans paid off during 1920 for      22,050 00
35 loans disposed of for         5S,800 00
284 loans in force at December 31st, 1920, for    $596,840 00
6 loans granted, principal not yet paid         16,600 00
Amount still due to borrowers on same       16,166 70
Balance of loans as at December 31st, 1920—
Principal     $538,100 97
Interest          10,180 16
 548,281 13 11 Geo. 5
Fourth Annual Report.
T 11
Statement of Revenue and Expenditure foe Year ending December 31st, 1920.
Exuenditure.
Revenue.
Salaries—
Directors      $ 6,747 82
Office  staff       13,092 80
  $ 19,840 62
Travelling expenses—
Directors     $ 4,088 25
Office staff            175 70
 4,263 95
Office expenses—
Stationery     $     547 04
Postage            400 00
Telegrams and telephone            243 41
Sundry             133 51
  1,323  96
Interest on Treasury advances      110,157 86
Rebates on Returned Soldiers' land purchases      11,000 00
Transfer of outstanding accounts     404 35
General expenses—
Appraisals     $     293 20
Live-stock purchases      25 00
Advertising re silos            399 10
Trip,   Soldier   Settlement   Board
officials     90 00
Vanderhoof feed purchase     51 30
Cranbrook  Office            212 57
         1,071 17
Depreciation—
Office  furniture  and  equipment.$     200 80
Office alterations     73 40
Telkwa   furniture     2S 00
Vanderhoof  furniture     20 00
  322 20
Motors—•
Vanderhoof car    $ 1,040 55
Prince   George  car            653 08
         1,693 63
Cost of investigations written off—
Sayward District lands    $     494 50
Pritchard lands    '         810 14
Nitinat lands     34 95
6-Mile Lake lands     274 60
Beaver Valley lands     308 90
Basque Eanch lands           661 45
Burnaby lands            151 35
Richlands  investigation     66 60
  2,802 49
$152,880 23
Appraisal   fees	
Exchange, discount, and commission  	
Legal  fees	
Kelowna Office furniture-sale   	
Interest—
On   loans    $39,802 76
Less rebates           255 S4
 $39,546 92
9 S3  00
29 31
31  56
5 00
2,650 6S
2,011 97
141 38
4,228 67
401 29
Agricultural Credit Commission, proportion
of operating expenses   	
Balance, being deficit for year, carried to
balance-sheet     	
Live-stock sales   	
Land-sales   	
Feed-sales   	
Drainage and dyking works  ..
Bank deposits   	
48.9S0 91
6,113 60
96,736 85
$152,880 23
Statement of Assets and Liabilities as at December 31st, 1920.
Assets.
Cash and advances—
Cash in bank     $       882 22
Advances to Directors and sub-offices for expenses          1,862 25
Loans—■
Loans granted    $656,590 00
Less amounts due to borrowers      108,30S 87
Accrued interest—
On loans   $    8,905 62
On live-stock sales   494 61
On land-sales   1,411 74
On feed-sales   141 38
Carried forward 	
$      2,744 47
548,281 13
10,953 35
561,978 95 T 12 Land Settlement Board. 1921
Brought forward   $   561,978 95
Accounts receivable—
Live-stock sales  $ 34,815 51
Live-stock purchase  s  21 00
Agricultural Credit Commission    30,869 56
Feed-sales     8,743 09
Sundry accounts   85 40
Land purchases and development—■
<_„„ Purchase
Area- Price.
Courtenay     $ 69,699 91
Creston     187,431 46
Creston timber  ^  31,330 19
Kelowna  (Christian Ranch)     33,070 50
Fernie  .  10,256 65
Telkwa     30,200 60
Vanderhoof     72,672 07
Marten Lake   16,735 17
Prince George  55,643 21
Lot 341, Range 5, Coast District  3,215 35
Cranbrook estates    4,741 99
Smithers     5,318 40
Rose Lake  23 01
Alexandria     1,448 SS
Francois Lake     14,482 30
10-Mile Lake   14,100 65
Development
Costs.
$437,221 89
286,195
81
24,665
07
24,572
57
3,240
32
7,815
23
1,450
06
2,602
61
735
10
1,042
25
890 41
576 03
2,950
31
539
00
74,534 50
$550,370 34 $794,498 22
550,370 34
Investigations—  1,344,868 56
Nazko River lands   $        91 55
Barrett Ranch  1,568 3S
Terrace lands  375 18
Woodpecker Island lands     2,115 83
Engeu Block-Vanderhoof lands    440 58
Bulkiey-Forestdale lands    220 42
Cariboo  lands     1,383 77
Palling lands    251 00
Bulkley-Houston lands    185 55
Bulkley-Telkwa lands    157 98
Bulkley-Deep Creek lands    168 84
Bulkley Valley lands  63 35   .
Bulkley-Hazelton lands  427 41
Bulkley-Doughty lands    41 03
Elk Creek  (drainage)    60 80
  7,551 67
Dyking and drainage projects—
Capital Account—
Cameron drainage    $    8,502 90
Sumas Dyke  129,05S 05
Cherry Creek   1,577 48
Langley Dyking District    543 65
Maintenance Account—
West Nicomen Dyke    8,355 93
 148,038 01
Carried forward   $2,136,971 75 11 Geo. 5
Fourth Annual Report.
T 13
, Brought forward   $2,136,971 75
Office furniture and equipment  (less depreciation) —
Victoria furniture      $    1,458 00
Victoria  alterations    630 00
Sub-offices     S74 93
Surveyors' and Directors' equipment   464 25
 3,427 18
Motor-cars—
Prince George     $      700 00
Vanderhoof  300 00
  1,000 00
Stationery     400 00
Quesnel  Creamery   6,333 78
Balance—
Deficit as at December 31st, 1918     $ 16,731 67
1919         51,856 52
1920        96,736 85
       165,325 04
$2,313,457 75
Liabilities.
Loans—
Provincial Treasury      $2,216,108 62
Accounts payable—
Sundry    $    2,773 10
Development  areas          22,612 27
Medical-aid fees  817 40
         26,202 77
Land-sales—
Part Lot 341, Range 5, Coast District   $   1,100 00
Telkwa Area         21,182 03
Vanderhoof Area   :       32,688 45
Courtenay Area     639 06
Marten Lake Area          2,521 92
Prince George Area        10,147 90
Smithers Area   212 00
Francois  Lake Area     1,191 60
Fernie Area           1,353 40
         71,036 36
Appraisal fees unearned   110 00
$2,313,457 75
Cameron Drainage Districts.
Statement of Assets and Liabilities as at December 31st, 1920.
Assets.
Liabilities,
   $     40 60
   $S,502 90
           70 00
           71 25
                  93
          896 42
Construction  charges   .
Registration  charges   .
      6,755 70
            58 25
          523  77
            85 98
$8,502 90
$8,502 90 T 14
Land Settlement Board.
Sumas Dyke Project.
Statement of Assets and Liabilities as at December 31st, 1920.
Liabilities.
Engineering      $ 40,615 03
Pay-roll      4,216 07
Commissary  Account     1,368 06
Instruments   and  equipment    :  1,903 43
Office  supplies and expenses     651 52
Buildings  and  equipment     4,213 46
Construction  Account      59,023 49
Right-of-way   purchase     377 52
Old Commissioners'  accounts     11,601 24
Commissioners' expenses     144 55
Power  and light plant     591 08
Administration      1,065 00
Interest charges     3,287 60
$129,058 05
Land Settlement Board
$129,05S 05
$129,05S 05
West Nicomen Dyke.
Reconciliation of Tax and Interest Account.
Tax.
1. Watson     $    45 81
2. Woodworth     383 71
3. „                169 88
10.         „                 236 48
14. Handy     118 37
16.        „         352 30
20. Randall, C.    12 96
22a. Seymour, A  116 94
27. Gourlay, J., Estate    SOS 70
31. Mcintosh    152 70
34. Miller Bros  IS 33
36.           „               8 6S
40. Gourlay,  Thos  54S 63
41. Gourlay Estate    183 23
46. Clarke,  Jane     68 16
49. Ross, Julia   528 11
53. Brown, Ada    164 30
66. Gibbs, S. M  14 32
$3,431 61
Taxes,  1916      $1,876 40
1917       1,555 21
  $3,431 61
Interest     1,223 03
Interest.
$ 16
30
154 23
69
63
89
',)'.)
42
84
134
16
4
78
38
90
97
60
55
09
53
170
93
54
S3
26
65
197 30
61
38
7
89
$1,223 03
:,654 64 11 Geo. 5
Fourth Annual Report.
T 15
West Nicomen Dyke.
Statement of Revenue and Expenditure as al December 31st, 1920.
Expenses.
Engineering      $     646 07
Solicitors'  fees     56 00
Expenses, Commissioners      649 40
Administration   salaries      720 00
Expenses,  sundry     324 51
Maintenance charges         12,464 08
Power     2,113 05
Bonds, expenses new issue   356 47
$17,329 58
Interest, Bank deposits, etc   $     188 63
Interest on arrears of taxes           1,865 70
Balance,  carried to Surplus Account        15,275 25
817,329 58
Statement of Assets and Liabilities as at December 31st, 1920.
Liabilities.
Dyke Construction Account      $ 94,867 96
Sinking Fund—
Mortgage investment     3,000 00
Sundry charges     312 32
Insurance premiums    51 00
Sundry book debts     714 53
Interest  on debentures     5,220 00
Taxes for 1916 and previous    1,S76 40
Taxes for 1917     1,555 21
Interest  on  overdue taxes     1,223 03
Mr.   MacLean,   tax   payments   collected,   not
yet  remitted     65 97
8108,886 42
Debentures  authorized    $90,000 00
Less   unsold         3,000 00
Land Settlement Board advances   	
Surplus  Account    $28,805 74
Less  transfer from  revenue....   15,275 25
S7.000 00
8,355 93
13,530 49
$10S,8S6 42
I hereby certify that the accompanying balance-sheets aixl revenue and expenditure statements are in agreement with the books of the Land Settlement Board (including the separate
books of the Agricultural Credit Commission), and exhibit a true and fair statement of the
financial position of the Board as at December 31st, 1920, and the result of the operations for
the year ended that date.
A. N. Mouat, C.A.,
Comptroller-General.
Victoria, B.C., February 16th, 1921.
VICTORIA, B.C.:
Printed by William H. Cdllin, Printer to the King's Most Excellent Majesty.
1921. 

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