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Printed by William H.  Cullin, Printer to the King's Most Excellent Majesty.
1922.  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 vear 1921.
Department of Agriculture,
Victoria, B.C., September 5th, 1922.
Minister of Agriculture. Land Settlement Board of British Columbia,
Victoria, B.C., September 1st, 1922.
The Honourable E. D. Barrow,
Minister of Agriculture, Victoria, B.C.
Sir,—I have the honour to transmit herewith the Fifth Annual Keport of the
Land Settlement Board for the year ending December 31st, 1921.
I have the honour to be,
Your obedient servant,
.Agricultural Loans.
On account of the sharp decline in prices obtainable for agricultural commodities, and owing
to other temporary conditions unfavourable to the undertaking of new projects for development
or production, it was decided during the early part of 1921 to restrict very materially the
making of new loans, and to confine business to the inspection of existing loans and other
necessary administrative work. Until July, however, a number of small progress advances were
made.    Practically all of these loans were to new settlers engaged in development-work.
During July loaning was entirely suspended largely for the reasons stated above, and a
review of the system was commenced, looking to its better adaptation to existing conditions and
to the needs of agricultural development in the Province.
From an examination of loans granted since the introduction of the agricultural-credit
system into British Columbia it is apparent that a large proportion of the moneys advanced has
been applied to the clearing of previous encumbrances on properties offered as security. While
the " Land Settlement and Development Act" gives full sanction to such application of funds,
it must be evident that in order to carry out the main intention of the Act—namely, increased
production—it is desirable that as large a proportion as possible of the moneys made available
shall be more directly applied to development in the shape of permanent improvements, and
particularly in the bringing of increased acreage under cultivation.
Accordingly, during 1920 and the current year very decided preference was given to the
making of small loans to new settlers and generally to the favouring of applications where the
Land Settlement Board was in a position to secure the expenditure of moneys to specific work,
such as land-clearing, erection of buildings, or purchase of stock and equipment. Many of these
loans were made on the progress system and single advances were restricted to such an amount
as could be properly expended during the current season by the borrower.
The significance of this change is that, while perhaps from ordinary business standpoints
the making of loans to fully established farmers would be preferable on account of the greater
value of the security offered, the economic value created through a system of progress loans to
aid the struggling settler in developing new land is considered to be of greater moment to the
Province as a whole.
It has been found, however, that certain other difficulties have arisen in connection with
the change referred to.
The making of loans on the progress system and the principle of securing application of
moneys strictly to development-work entails close and continued inspection. Moreover, the
restriction of advances to new settlers confines work very largely to the more undeveloped
districts in the Province, where cost of administration is materially increased by delays and
expense incidental to the lack of transportation facilities.
After short experience with progress loans certain definite conclusions were arrived at. In
stating these conclusions it is necessary to mention that in considering any7 changes the broad
objective indications of the " Land Settlement Act" were taken as a basis. On this foundation
it was clearly essential that the duty of the Department making agricultural loans was to furnish
productive credit; i.e., credit that would tend in its application to create something of permanent
material value as distinct from the course of ordinary loaning business, in which necessary
requirements would be fulfilled by the mere advance and return of moneys without increasing
the productive security.
The conclusions were as follows: (1.) That the system of small progress advances for
development was best suited to present conditions in this Province. (2.) That in order to provide
for the extension of such a system on a more adequate scale and for the highest degree of
economy in administration a new plan for appraisal and inspection work was required.
Acting on these conclusions, the question of the provision for the proper extension of the
system was taken up. It was decided that to obviate the difficulty in connection with the high
cost of appraisal and inspection work in outlying districts the appointment of local representatives wrould be advisable.    A ready . means to this end was available through the close co-operation existing with the other branches of the Department of Agriculture. Field
representatives of that Department were available in many of the districts, whose services in
the making of appraisals and inspections have been utilized as far as possible, thus providing
an expert and economical means of dealing with loan applications.
At present, however, the system of field representatives does not entirely cover the
agricultural districts of the Province. This is particularly the ease in Central British Columbia,
where the activities of the Land Settlement Board are necessarily greater than in the older-
established agricultural districts. With the possible extension, however, of the field service of
the Department of Agriculture in the future, a very satisfactory basis for proper co-operation
in connection with agricultural loans will be afforded.
Settlement Areas.
With the establishment of four new areas during 1921, the preparatory work of examination
and selection of lands in Central British Columbia which has proceeded steadily during the past
four years was brought to a conclusion. The net results are that a careful examination has been
made of all lands that are at present adjacent to transportation throughout Central British
Columbia, and that approximately 200,000 acres of new land suitable for agricultural production
have been selected as a basis for future settlement. By the provisions of the " Land Settlement
and Development Act " governing settlement areas these selected lands are also controlled in the
matter of price, so that the new settler on whom the burden of development-work falls is
secured against the handicap entailed by the payment of an excessive price for land suitable for
The following table shows the position of all settlement areas at the close of the fiscal year
ending March 31st, 1922 :—
Total  Acreage
in   Areas.
A creage  to
which   Board
has Title.
%H u
Acreage improved   indirectly through
Operation  of
Total Penalty
Tax Assessed
against  Unimproved Lands.
Bulkley Valley, Areas 1, <i, and 11  	
Prince George and Cariboo District, Areas 5,
7, S, 9, 13, and 14
$ 5,4'65 78
17,338 17
1,375 00
2,303 m
$26,482. 04
In explanation of the above table it is pointed out that the total acreage in areas refers to
the total lands selected by the Board. Of these lands, 56,957 acres have been actually acquired,
partly by purchase from owners at the Board's appraised price and partly by free transfer in
the case of Crown lands from the Department of Lands. Of the lands so acquired, 27,144 acres
have been sold to bona-fide settlers.
Out of the total acreage in areas a further 24,942 acres have been improved by owners to
escape the penalty tax levied in cases where no improvements are made. On the remaining
lands held by private owners penalty tax amounting to $26,482.04 has been levied.
In considering the total number of families placed directly by the Land Settlement Board,
it is-important to note that discriminatory powers are given to the District Representatives of
the Board who deal with applications for land. Each representative is held responsible that
no application is forwarded unless the prospective settler is possessed of some capital or its
equivalent in stock and equipment, and has also sufficient experience to enable him to undertake
the work of development with reasonable prospect of success. On account of this necessary
safeguard a large number of applications have been refused. It should furthermore be understood that it has been necessary, particularly in the year just closed, to discourage settlement to
some extent in districts where conditions were considered temporarily unfavourable for the new
settler. 12 Geo. 5 Fifth Annual Report. BB 7
From the foregoing it will be seen that the work of the Land Settlement Board has not been
restricted to any stereotyped plan for the general encouragement of new settlement, but that an
effort has been made to regulate and direct settlement along sound and permanent lines.
In the past year, on account of the growing number of settlers in the districts covered by
the settlement-area system, attention has been turned to the carrying-out of work by the local
offices to promote the welfare of new settlers.
For convenience in administration, Central British Columbia, which had been previously
administered as a single district, was divided into two districts. R. G. Sutton, a graduate of
Guelph Agricultural College, who had already considerable experience in Central British
Columbia as Field Supervisor for the Soldier Settlement Board, was appointed District Representative of the Land Settlement Board at Prince George, his district extending from Prince
George to Williams Lake in the Cariboo, and from Prince George westward to Endako, comprising the settlement areas in the Nechako Valley, Prince George District, and the Northern Cariboo.
D. D. Munro, District Representative at Telkwa, continued in charge of the territory between
Endako and Prince Rupert, comprising settlement areas in the Bulkley Valley and Francois
Lake Districts.
Cattle Clubs.
The cattle-club system was continued, large shipments of live stock being made under this
plan. During the summer new clubs were formed at Mud River, Quesnel, and Telkwa, the total
number of live stock supplied reaching 1,523 at the end of the year.
Development Areas.
During the year 1921 Area No. 1 at Merville has continued to make strides towards becoming
an entirely self-supporting community. Advances have been made to settlers on the progress-
loan system to enable them to carry on work of development on their farms, also to assist in
the purchase of stock, implements, seed, etc. With this assistance rendered by the Board,
settlers cleared a considerable acreage during the season and cropped over 350 acres. Twenty-
five houses and forty barns, besides a number of smaller buildings, were erected, making a
total of sixty permanent dwellings and fifty first-class barns erected on the area to date.
The principal crops grown were clover, oats, potatoes, and garden-truck. The clover turned
out to be an exceptionally fine crop. Potatoes and all garden-truck also did very well considering
the lack of fertilizer.    The oat-crop, as is usual on new land, was somewhat light.
Thirty-six head of horses and 145 head of dairy stock were purchased by settlers through
the Board, besides which, settlers, without Board assistance, provided themselves with some
eighty head of horses and cattle, also a considerable number of chickens, pigs, etc.
All the stock purchased was good grade stock selected by the District Agricultural Representative in company with the settler concerned. Upwards of twenty settlers have by this
means been enabled to commence shipping cream to the creamery at Courtenay, and a considerable
amount of interest is being shown in this branch of farming, to the extent that over sixty shares
in the Comox Creamery have been purchased by various settlers.
In the spring of J 921 the Board secured expert advice on the suitability of the area for
small-fruit growing. As a result of the report received, 50,000 strawberry-plants and 6,500
raspberry-canes, as well as logans, currants, etc., were supplied by the Board and distributed
amongst the settlers. These were planted out in small plots of t/4 to y2 acre each in various
parts of the area.    The strawberries particularly made splendid growth during the summer.
The Merville growers, almost without exception, joined the Comox Fruit-growers' Association last season, and had by the end of December made arrangements for marketing the next
year's crop.
In April, 1921, the store operated by the Board was satisfactorily disposed of to a private
party, who has continued to operate same throughout the year. A substantial two-story building
was erected on corner lot in Community Centre at a cost of $2,500 and has been leased for a
period of five years to the storekeeper. In this building there is ample accommodation for a
good general store, as well as living apartments for storekeeper and family.
A comfortable building for the purpose of providing accommodation and refreshments to
visitors and travellers has also been erected in Community Centre and leased to a private party
for a term of years.    A garage and blacksmith-shop have also been built and are in operation. BB 8
Land Settlement Board.
In Development Area No. 2, at Camp Lister, near Creston, the original plan, of development
—i.e., to clear 5 acres on each farm, build dwelling-house, and completely fence the farm—has
been practically carried through to completion.
The first development Unit, comprising ninety lots (approximately 2,000 acres), has been
finished and some seventy settlers previously employed by the Board on development-work have
been allotted the farms. It is the intention of these settlers to purchase same and make their
homes permanently in the area. In all, 450 acres have been cleared, of which 305 are also
ploughed. Forty-nine permanent houses have been built and over 50 miles of fencing completed.
Fourteen miles of roads have also been cleared and graded in order to give access to all farms.
In addition to above, in the spring of 1921 the Board purchased 10,500 fruit-trees, principally
apples, and twenty-eight of the 5-acre plots were planted out to trees during the season.
Arrangements have been made for the further planting of at least thirty additional 5-acre plots
in 1922.
The general store operated by the Board in this area has been disposed of and a similar
store is now being conducted by the settlers themselves in the Community Centre under the
co-operative plan.
Development Area No. 3, near Kelowna, on account of unavoidable delay in securing
irrigation rights, has been advantageously leased for a term of years pending an adequate supply
of water for intensive farming purposes.
Development Area No. 4, near Fernie, has been entirely disposed of to settlers, who are now
making good progress in the development-work on their own farms.
Sumas Reclamation Project.
During the first two months of the last fiscal year very material additions were made to
the dredging equipment provided for construction-work on the Sumas Project. The power-line
also, to enable the two electric dredges to work, was brought to completion. The heavy delaj7s,
however, in the equipping and the building of this plant had a very serious effect on the progress
of the work. As a result the high-water period of 1921 set in before the new dredges had fairly
settled down to work.
In May7 the rapid rise of flood-water necessitated the closing-down of practically all dredges.
This condition prevailed throughout the month of June owing to flood-levels which were again
abnormal. During the high-water period floods reached the highest level experienced in sixteen
In view of the continual difficulties encountered under the system followed since the letting
of this contract, advantage was taken of the cessation of work during the flood period to arrange
with the contractors for certain changes in organization looking to much closer co-operation
between the Land Settlement Board and the contractors, and also to a more clearly defined
system for the direction of construction-work.
An agreement was reached with the contractors on all important points at issue, under
which agreement direction of all construction-work was assumed by C. A. Strong, who was
already associated with the contractors.
Mr. Strong has had considerable previous experience both as a civil engineer and as a
dredging superintendent. His record, moreover, includes the successful carrying-out of a number
of projects similar in character and difficulty to the Sumas scheme, and the building of high
dykes which have successfully resisted flood conditions of a nature and severity similar to those
occurring in the Sumas District.
Arrangements were also made by the contractors during the flood period to secure a large
suction-dredge for the excavation of the A^edder Canal and the building of the dykes on either
It should be noted that the Sumas Reclamation Project, marking as it does a considerable
advance in reclamation-work, involves the construction of a more elaborate system of dykes
than hitherto attempted. It was therefore found necessary to secure special equipment for the
work and to import certain dredges not available in Canada.
It is furthermore of importance to note that the special difficulty of the work is due to the
necessity of the building of the A7edder Canal and the turning of the A^edder River during a
single lowrwater period. The large dykes also which run parallel to the main canal require to
be carried at least to average flood-level in the same period. Allowing for possible delays due
to adverse weather conditions, this period could not be estimated at more than seven working 12 Geo. 5 Fifth Annual Report. BB 9
months, and the very severe conditions encountered during the past winter due to frost and
flood, although unusual, have nevertheless borne out the necessity for this conservative estimate.
Early in July the abatement of flood conditions enabled work to proceed on the various
units. Excepting for preparatory work on the West Vedder Dyke, the Vedder Canal unit had
not been touched before the high-water period, work being confined to subsidiary units, with
the single exception of the large Eraser Dyke, which had been practically completed for about 2
miles between its junction with the East Vedder Dyke and Cannor Station.
On August 23rd the suction-dredge " Tacoma " commenced to work on the Vedder Canal at
the point of its junction with the Sumas River. In its first running month (September) 427,953
cubic yards of material were dredged from the canal' cut by this machine. In order to hold
material in place in the dyke bulk-heading was used, the dyke being carried in three lifts to
elevation 95 by this means.
As work proceeded it was found that the. action and settlement of material in the dykes
fully bore out the expectations based on the plan adopted.
The excavation of the main canal proceeded at the same rate until the end of October,
when a severe freshet in the Vedder River, followed by heavy and continued frost and accompanied by ice-storms, gave a decided check to progress.
From this time until late in February frozen ground, ice in the canal, and inclement weather
hampered progress considerably. As these conditions became more severe the drag-line
excavators working on dyke units were shut down, but the excavation of the canal cut and the
building of the West Vedder Dyke was steadily continued. That this work was sustained during
such adverse conditions, and that the completion of the canal in. the period set was thus
assured, reflects great credit on the contractors' organization.
On account of the difficulties stated above the yardage output on the Vedder Canal unit fell
considerably below the average established in the first two months. Serious trouble also was
encountered in places where old slough-bottoms intersected the canal line. During the freshets
occurring in the winter heavy loss was encountered by the contractors through the washing-out
of temporary work, and a large amount of material was expended in filling up low ground
adjacent to the dyke.
In February, on account of heavy delays, it was found necessary to provide additional equipment for work on the Vedder Canal. Accordingly, the suction-dredge "King Edward" was
secured under a rental agreement from the Dominion Government Department of Public Works
and the suction-dredge "Robson" from the Pacific Dredging Company of Vancouver. These
two machines commenced work on the East Vedder Dyke during March. At this time the canal
cut was approaching its intersection point with the Vedder River, and for the previous two
months the suction-dredge "Tacoma" had been building both East and West Vedder Dykes
simultaneously. Extreme low water, following the continued cold weather, made it necessary
for the suction-dredges to work below the grade set for the canal in order to secure flotation.
Towards the end of March the actual diversion of the Vedder River was carried out very
successfully by cutting a small ditch to connect the new cut with the river-channel and by
gradually filling in the old river-bed as the stream scoured out its new course.
In November a contract was let to the Canadian Fairbanks Company, of Vancouver, for
pumping machinery in connection with the McGillivray Creek Dam, consisting of two 24-inch
centrifugal pumps directly connected to 60-horse-power Westinghouse motors. In January the
contract for the building of the culvert and sluice-way for this dam was let to Hodgson, King
& Marble, of Vancouver. AVork on this culvert was commenced in January and will be complete
early in April.
At the close of the fiscal year work on all units in the Sumas Project was being maintained
at a good rate, the working force employed averaging 300 men.
AVhile, as indicated in the above report, progress has been hampered very seriously by
weather conditions, it is now considered that the soundness of the scheme for the reclamation
of the Sumas lands has been fully demonstrated, and that while delays and the losses incidental
thereto cannot be avoided during freshet periods until the termination of the construction phase,
the ultimate and satisfactory completion of the project is assured.
On account of the very low-water conditions during March it was possible to examine the
lands in the lake-bed. As far as may be determined by inspection, these lands appear to be
quite equal in value for agricultural purposes to any lands within the district. BB 10
Land Settlement Board.
In submitting the above report, I desire to call attention to the excellent service rendered
by the officials in charge of special work in the field.
The successful completion of the selection and appraisal of lands during the establishment
of the fourteen settlement areas in Central British Columbia reflects great credit on D. D. Munro,
who has personally directed this work from its commencement.
In the Prince George District R. G. Sutton has given excellent service since his appointment
as District Representative.
The development areas at Merville and Creston have been under the direction of District
Representative W. S. Latta, assisted by Supervisors A. H. Rowberry and K. G. Halley. The
fact that this branch of the Board's work is a new departure, for which there exists no working
precedent, has entailed the creation of a system largely by the officials in immediate charge, who
have also been called upon to work under most trying conditions.
Report of Loan Applications as at December 31st, 1921.
1 unappraised application from 1918, Peace River District, No. 1723, for $500; fee, $3.
1 unappraised application from 1919, Peace River District, No. 1956, for $600; fee, $3.
16 unappraised applications from 1920 for $30,150; fees, $104; disposed of as follows:—
3 applications granted  ($5,000)      $ 5,250 00
11 applications cancelled or withdrawn      18,900 00
2  unappraised          6,000 00 $16 00
16                                                                                                           $30,150 00
1921 Applications.
143 applications received for $1S0,450, disposed of as follows:—
56 applications granted (for $48,925)     $ 60,650 00
68 applications rejected or withdrawn    97,100 00
5 applications appraised; no action   5,250 00
14 applications unappraised    17,450 OO
143 $180,450 00
Recapitulation  of   Unappraised Applications.
(1918)      $ 500 00
(1919)     600 00
(1920)     4,000 00
,  2,000 00
(1921)     500 00
  1,750 00
  500 00
  1,000 00
  800 00
  2,500 00
  750 00
,  750 00
  1,200 00
  1,000 00
  1,000 00
  2,500 00
  2,000 00
  1,200 00
$24,550 00
$ 3
7 00
7 00
$104 00 12 Geo. 5 Fifth Annual Report. BB 11
Status of Land Settlement Board Loans as at December 31st, 1921.
284 loans in force at December 31st, 1920   $596,840 00
11 loans granted during 1921 for        13,775 00
295 $610,615 00
17 loans paid off     $32,150 00
1 loan foreclosed     750 00
18 loans disposed of for       32,900 00
277 loans in force at December 31st, 1921    $577,715 00
Balance of loans as at December 31st, 1921—
Principal     $517,011 39
Interest         19,324 67
$536,336 06
Report of Loan Applications as at December 31st, 1921.
There were at the end of 1921 three applications outstanding unappraised:—
No.                                                                                                          Amount. Fee.
597, Peace  River  District     $1,500 00 $ 7 50
600,           „               „                  1,000 00 5 00
864,            „                „                      600 00 5 00
3 $3,100 00 $17 50
Status of Agricultural Credit Commission Loans as at December 31st, 1921.
351 loans in force at December 31st, 1920, for $692,000 00
58 loans granted        55,950 00
409 . $747,950 00
2 loans cancelled     $ 5,500 00
13 loans paid off     10,500 00
15 22,000 00
394 loans in force, December 31st, 1921   $725,950 00
4 loans granted, principal not yet paid   $    2,400 00
Amount still due to borrowers on same  '.         2,057 50
Balance of loans as at December 31st, 1921—
Principal     $633,645 37
Interest         18,879 61
$652,524 98
Victoria, B.C., July 28th, 1922.
I have examined the accounts of the Land Settlement Board (including the separate accounts
of the Agricultural Credit Commission) for the year ended December 31st, 1921, and append
hereto the following statements:—
(a.) Balance-sheet as at December 31st, 1921, Land Settlement Board.
(&.)  Statement of Revenue and Expenditure, Land Settlement Board. BB 12
Land Settlement Board.
(c.)  Balance-sheet as at December 31st, 1921, Sumas Dyke.
(d,)  Balance-sheet as at December 31st, 1921, West Nicomen Dyke.
(e.)  Statement of Revenue and Expenditure, AVest Nicomen Dyke.
(f.)  Balance-sheet as at December 31st, 1921, Cameron Drainage District.
(g.)  Statement of Revenue and Expenditure, Cameron Drainage District.
(ft.)  Balance-sheet as at December 31st, 1921, Agricultural Credit Commission.
(1) Statement of Revenue and Expenditure, Agricultural Credit Commission.
I hereby certify that the appended balance-sheets and 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 in my opinion are properly drawn up so as to exhibit
a true and fair statement of the financial position of the Board as at December 31st, 1921, and
the result of the operations for the year ended that date, according to the best of my information
and the explanations given to me.
A. N. Mouat, C.A.,
Comptroller-General, Province of British Columbia.
(a.) Balance-sheet as at December 31st, 1921, Land Settlement Board.
21,926 86
Provincial Treasury advances   . . .
Loans granted $   651,040 33
Less amounts due
....              10!4
to borrowers   . .      134,0128 94
517,011 39
976 65
Overdue  Interest   	
18,324 67
13,644  74
111,592 85
Land purchases and development—
Purchase price   $   587,633 53
Development   costs   . .      95.9,538 36
$lv54'7,171 89
Less   areas   under
agreement  ot
sale       36:0.599 51
I,18i6,602 38
Land under agreement of sale—
Less receipts and
rebates         155,042' 37
205,527  14
Dyking  and  drainage  projects—
Cameron Drainage Dis
trict,  Capital Acct..$        8,420 00
Sumas   Dyke,   Capital
Acct      602,942 59
West" Nicomen    Dyke,
Maintenance Acct.. .        '20,940 SO
632,303 39
Office supplies, furniture, and equipment
5,158 00
8,083 92
722,151    9-9
Deficit as at December
Deficit for year ended
December 31st, 1921     186,088 S3
351,4113 97
$3,073,565 96
96 12 Geo. 5
Fifth Annual Report.
BB 13
(6.)  Statement of Revenue and Expenditure for Year ended December 31st, 1921, Land
Settlement Board.
Salaries     $ 33,191  19
Travelling  expenses         4,709 71
Office expenses        3,692 02
General  expenses           1,368 73
Interest  on  Treasury  advances       169,201 08
Rebates on Returned Soldiers' Land Purchases         60,512 64
Depreciation,   furniture and  equipment   . . 443 59
Costs of investigations written oft          4,911 40
$268,030 36
Appraisal  fees    $     504 50'
Exchange,   discount,   and   commission. . . 21 51
Legal   fees     79 55
Advertising   silos      93 45
Interest        116,078' 62
Agricultural  Credit Commission,  proportion  of operating expenses         5,163 80
$81,941 43
Balance, being deficit for year carried to
balance-sheet        186,088 93
$268,030 36
(c.)  Balance-sheet as at December 31st, 1921, Sumas Dyke.
Equipment   . :	
Preliminary   expenses
Overhead expenses   . ..
Contractors'   Account
Land Settlement Board advances    $602,942 59
Accounts payable         36,542 57
Holdback  on  construction  contract   .. .     62,907 57
$702,392 73
(d.)  Balance-sheet as at December 31st, 1921, West Nicomen Dyke.
Dyke-construction     $ 94,867 90
Pumps  682 01
Sinking Fund     3,378 98
Accounts receivable    780 50
Assessments due and uncollected     22,4158  11
Accrued interest on assessments     1,347 57
$123,515 13
Debentures,  due  May  1st,   1953—
Authorized     : $90,000 OO
Less   unsold        3.000 00
 $ 87,000 00
Land  Settlement  Board  advances         20,940 80
$107-,»40 80
Surplus   as   at   December
31st,   1920    $13,530 49
Surplus   for   year   ended
December 31st, 1921. .     2,043 84
115,574 33
$123,515 13 Land Settlement Board.
(e.)   Statement or Revenue and Expenditure for Year ended December 31st, 1921, West
Nicomen Dyke.
Maintenance     $12,606 19
On advances    $   950 04
On  debentures       8,700 00
     9,650 04
Administration   charges            360 00'
Sundry expenses           157 93
Rebates,  taxes  and  interest     27 54
$22,801  70
Balance, being surplus for year carried to
balance-sheet          2,043 84
$24,845  54
May,  1921    $ 7..401 80
November,  1921       17,031 S3
Interest on past due assessments
$24,433 63
411  91
$24,845 54
{f.) Balance-sheet as at December 31st, 1921, Cameron Drainage District.
       7.33 17
Land  Settlement
Mortgage    .
...       .     $8 420 00
       5,41 86
Accrued interest
Accounts payable
Balance,  surplus
31st,  1921   . .
       103  13
         10 27
$9,075 26
         74 83
$9,160 09
$9,150 09
(fir.)  Statement of Revenue and Expenditure for Year ended December 31st, 1921, Cameron
Drainage District.
Interest on mortgage    $627 98
Accrued interest on mortgage    103  18
Incidental   expenses         IS 35
$744 46
Balance,   being   surplus   for   year   carried   to
balance-sheet          74 83
$819 29
April,   1921   . .
October,  1921
.$409' 64
. 409 65
 -$81.9 29
$S19 29 12 Geo. 5
Fifth Annual Report.
BB 15
(h.) Balance-sheet as at December 31st, 1921, Agricultural Credit Commission.
On hand   $     90 00
In  bank       3,487  18
 $ 3,577 18
Loans    633,645 37
Mortgages foreclosed   6,927 32
Overdue interest     18,879 61
Accrued interest     10,352 13
Sinking Funds     184,380 62
Furniture and equipment  400  00
Discount on debentures     118',1'6'5 34
Deficit   as   at   December
,31st,  1920    $64,922  55
Deficit    for    year    ended
December 31st,  1021..    7,582 60
72,505  16'
$1,04S,SS2 72
Debentures, due May 1st, 1941    $1,000,000 00
Accounts   payable             40,977 72'
Accrued interest on debentures    7,500 00
Appraisal fees   (unearned)     17 50
Coupons unpaid     337 50
$1,048,832 72
(i.)  Statement of Revenue and Expenditure for Year ended December 31st, 1921,
Agricultural Credit Commission.
Land     Settlement     Board,     proportion     of
operating  expenses    $ 5,163 80
Interest  on  debentures     45,000 00
Discount,  premium,  and  exchange     4,715  17
Legal  expenses,  trustee  fees     200 00
Postage and stationery     252 25
Depreciation,  furniture  and  equipment   ... 50 00
Discount on debentures   (1/25 written off) 6,112 OO
$61,493 22
Appraisal  fees    $ 7 50
Legal   fees           396 31
Interest       53,219 14
Discount on purchase of bonds        287 67
$53,910 62
Balance, being deficit for year carried to
balance-sheet         7,582 60
$61,493 22
Printed by William H. Cullin, Printer to the King's Most Excellent Majesty.


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