1. A separate Bledisloe transfer occurred on 1 March 1933
The Waitangi Endowment Act 1932–33 records a separate transfer from Lord and Lady Bledisloe to His Majesty the King, dated 1 March 1933. The scheduled land was Lot 1 on DP 24475, approximately 1,138 acres, plus Lot 4 on the same plan, approximately 211 acres 2 roods. [Waitangi Endowment Act ↗]
Converted for comparison, that scheduled area is about 546.123 hectares. That is a different instrument, a different transferee and a different trust from the approximately 1,002-acre National Trust donor parcel. [Waitangi Endowment Act ↗]
Control point: National Trust land and Waitangi Endowment land must not be combined merely because both originated in Bledisloe transactions and both support Waitangi. [Waitangi Endowment Act ↗]
2. The Crown held the Endowment on defined trusts
Section 2 required the Crown to hold the Endowment for afforestation and silvicultural purposes, including maintaining a scenic background to the National Trust estate. It also required payment to the Waitangi National Trust Board of one-half of the net proceeds of revenue derived from development and use of the Endowment lands for the Board’s general purposes. [Waitangi Endowment Act ↗]
That makes the Board an intended revenue recipient under the Endowment scheme. It does not, by itself, make the Board the registered owner of the Endowment land. [Waitangi Endowment Act ↗]
3. The Act contemplated changes to the Endowment boundary
The Endowment Act also allowed Crown sale or exchange of Endowment land under statutory conditions and permitted adjacent Crown land to be brought under the Endowment trusts by Order in Council. Those powers mean the 1933 scheduled acreage cannot safely be treated as the permanent area for every later year without checking subsequent instruments. [Waitangi Endowment Act ↗]
4. Parliament removed specific Endowment parcels from trust in 1981
The Reserves and Other Lands Disposal Act 1981 identified 43.8120 hectares of Endowment land intended for the Puketona Farm Settlement and 1.3100 hectares intended to be incorporated with National Trust land. The operative provision declared the specified land Crown land free from the Endowment trust. [Endowment Act ↗] [1981 Act ↗]
As a pure working arithmetic position, 546.123 ha less those 45.122 ha leaves about 501.001 ha. That is not asserted as the current registered Endowment area because other sales, exchanges, additions or title adjustments may exist. It is simply the balance produced by the two primary statutory area figures presently proved. [Endowment Act ↗] [1981 Act ↗]
5. The ownership question is therefore two ledgers, not one
National Trust ledger: land vested in, conveyed to or held by the Waitangi National Trust Board. [Waitangi Endowment Act ↗]
Endowment ledger: land held by the Crown under the Waitangi Endowment Act, together with later statutory releases, additions, exchanges and any eventual transfer to the Board. [Waitangi Endowment Act ↗]
Revenue can move from the second ledger to the first without title moving with it. That distinction is essential when reconstructing both acreage and money. [Waitangi Endowment Act ↗]
Sources
Waitangi Endowment Act 1932–33 ↗ — transfer, scheduled land, trusts, revenue and land-management powers.
Reserves and Other Lands Disposal Act 1981, s 3 ↗ — Endowment parcels freed from trust.