STATE-GUARANTEED ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1913.

Appendix to the Journals of the House of Representatives, 1913 Session I, B-13

B—l3

1913. NEW ZEALAND.

STATE-GUARANTEED ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1913.

Laid before Parliament pursuant to subsection 3 of section 98 of the Neiv Zealand State-guaranteed Advances Act, 1909.

ADVANCES TO SETTLERS BRANCH. Nineteenth Annual Report and Balance-sheet. The advances actually paid over to settlers during the year by the Board numbered 2,019, and the loans so paid amounted to £850,300. The total amount of advances actually paid over during the year for both the Advances to Settlers and Advances to Workers Branches was £1,299,560. Classified according to provincial districts, the advances authorized during the year ended 31st March, 1913, were — n■ • , at i. * Amount of Advances Provincial Number of .. j j District. Applications. autnorizea. Auckland .. .. .. .. .. 1,005 354,285 Taranaki .. .. .. .. .. 115 50,470 Hawke'sßay .. .. .. .. .. 99 36,425 Wellington .. .. .. .. ..361 144,110 Marlborough .. .. .. .. .. 45 18,845 Nelson .. .. .. .. .. 61 15,390 Westland 34 9,790 Canterbury .. .. .. .. ..206 66,300 Otago.. .. .. .. .. .. 68 19,025 Southland 120 34,950 Totals .. .. .. .. 2,114 £749,590 The advances now current are as follows : — Number Amount. £ s. d. Not exceeding £500 14,024 2,897,485 12 5 Exceeding £500 but not exceeding £1,000.. .. 2,841 2,115,986 711 Exceeding £1,000 but not exceeding £2,000 .. 1,323 1,913,311 4 2 Exceeding £2,000 but not exceeding £3,000 .. 209 531,034 6 7 Totals .. .. •• •• 18,397 £7,457,817 11 1 The average amount of the current advances is £405. Number and amounts advanced on freehold and leasehold — , T , Amount. Number. „ , On freeholds 11,151 5,383,222 4 4 On leaseholds 6,974 1,909,063 7 2 On freeholds and leaseholds combined .. .. 272 165.53119 7 Totals 18,397 £7,457,817 11 1 The average freehold advance is £483, the average leasehold advance £274, and the average of advances secured on both freehold and leasehold combined £609.

I—B. 18.

8.—13

2

Number and amounts advanced on rural and urban and suburban land — •v, . Amount. Number. „ , £ s. d. On rural land .. .. .. .. .. 11,589 4,873,592 2 4 On urban and suburban land .. .. .. 6,808 . 2,584,225 8 9 Totals .. .. .. .. 18,397 £7,457,817 11 1 The average rural advance is £421, and the average urban and suburban advance is £380. The amounts of the advances actually paid over to settlers during the year ended 31st March" 1913. are as follows: — „ , Amount. Number. „ , £ s. d. Not exceeding £500 .. .. .. ..1.654 502,010 0 0 Exceeding £500 but not exceeding £1,000 . . ' .. 258 182,640 0 0 Exceeding £1,000 but not exceeding £2,000 .. 94 134,110 0 0 Exceeding £2,000 but not exceeding £3,000 .. 13 31,540 0 0 Totals.. .. ... .. .. 2,019 £850,300 0 0 The average amount of the advances granted for the year is £421, and the tenure of the securities is >— Number. Amount. £ s. d. On freeholds .. .. .. .. .. 1,033 407,800 0 0 On leaseholds .. .. .. .. .. 960 426,010 0 0 On freeholds and leaseholds combined .. .. 26 16,490 0 0 Totals.. .: ..,._.. .. .. 2,019 £850,300 0 0 For the year the average freehold advance was £395, the average leasehold advance £444, and the average secured on freehold and leasehold combined £634. The total sum raised by the Government for investment on mortgage since the Department was started is £8,085,644 Is. 7d. Eighteen thousand three hundred and ninety-seven mortgagors are now indebted to the Department to the extent of £7,457,817 lis. Id. in respect of principal moneys, an increase during the year of 500 mortgagors, owing £156,789 6s. sd. The gross profits for the year ended 31st March, 1913, were £85,502 2s. 6d., and the cost of management and expenses of the Department £11,385 155., being 0-14 per cent., or 2s. 10d. per £100 on capital employed (the cost of the previous year being the same). The net profits amounted to £73,864 Is. 9d., of which the sum of £44,958 15s. 6d. has been applied in writing down loan-charges. A sum of £80,856 Bs. lOd. has been added to the sinking fund established under section 30 of the State-guaranteed Advances Act, 1909, which, with £10,463 Bs. interest earned and added to the fund held by the Public Trustee, brings the total amount standing to the credit of that account to £352,904 13s. 9d. No securities were realized by the Department during the year. Losses debited .amount to £6 Is. 6d. Two securities which are unsatisfactory still remain on the Department's hands. They are leased at a nominal rental, awaiting a favourable opportunity to quit. Mortgagors continue to meet their half-yearly payments of interest and principal in a manner creditable to themselves and satisfactory to the Department. G. F. C. Campbell, Superintendent. State-guaranteed Advances Office, Wellington, 26th June, 1913.

ADVANCES TO WORKERS BRANCH. Sixth Annual Report and Balance-sheet. The advances actually paid over to workers during the year numbered 1,321, and amounted to £449,260. Classified according to provincial districts, the advances authorized during the year ended 31st March, 1913, were — Provincial Number of Amount of Advances District. Applications. authorized. Auckland .. .. .. .. .. 416 136,515 Taranaki .. .. .. .. ... 48 13,530 Hawke's Bay .. .'. .. .. .. 63 18,370 Wellington ' .. .. .. .. .. 262 85,185 Marlborough .. .. .. .. .. 32 10,510 Nelson .. .. .. .. .. 17 4,420 Westland .. .. .. .. .. 8 1,680 Canterbury .. .. .. .. ..266 85,025 Otago .. .. .. .. .. 92 27,785 Southland .. .. .. .. .. 50 14,155 ' Totals .. ~ ~ ~ .. 1,254 £397,175

8.—13

3

The tenure of the advances now current is as follows :—• Number. t Vmount - , £ s. d. On freeholds .. .. .. .. .. 6,415 1,933,143 3 4 On leaseholds .. .. .. .. .. 428 74,774 1 11 Totals .. .. .. .. .. 6,843 £2,007,917 5 3 The average freehold advance is £301, and the average leasehold advance £175. The advances actually paid over during the year ended 31st March, 1913, on freehold and leasehold are as follows: — XT , Amount. Number. .. . £ s. d. On freeholds .. .. .. .. .. 1,269 437,835 0 0 On leaseholds .. .. .. .. .. 52 11,425 0 0 Totals .. .. .. .. .. 1,321 £449,260 0 0 For the year the average freehold advance was £345, and the average leasehold advance £220. The total sum raised by the Government for investment on mortgage to workers is £2,096,941 12s. 7d. Six thousand eight hundred and forty-three mortgagors are now indebted to the Department to the extent of £2,007,917 ss. 3d. in respect of principal moneys, an increase during the year of 1,244 mortgagors, amounting to £364,489 2s. 9d. The gross profits for the year ended 31st March, 1913, were £13,835 7s. 7d., and the cost of management and expenses of the Department £2,392 13s. 4d., being 0-11 per cent., or 2s. 2d. per £100 on the capital employed. (The cost of the previous year was 0-12 per cent., or 2s. 6d. per £100.) The net profits amounted to £11,262 16s. lid., of which the sum of £10,000 has been applied in writing down loan-charges. A sum of £20,969 Bs. sd. has been added to the sinking fund established under section 30 of the State-guaranteed Advances Act, 1909, which, with £1,221 interest earned and added to the fund held by the Public Trustee, brings the total amount standing to the credit of that account to £52,715 17s. 9d. Two freehold securities were realized, by the Department during the year. Losses debited amount to £179 17s. 4d. G. F. C. Campbell, Superintendent. State-guaranteed Advances Office, Wellington, 26th June, 1913.

ADVANCES TO LOCAL AUTHORITIES BRANCH. During the year ninety-three new applications for loans to local bodies were provisionally approved —that is, they were approved by the Board subject to sufficiency and validity of the security offered. The applications provisionally a.pproved from the different provincial districts were, — Amount of Advances Provincial Number of provisionally District. Applications. approved. £ Auckland .. .. .. .. .. ..37 57,583 Taranaki .. .. .. .. .. ..14 15,750 Hawke'sßay .. .. .. .. .. 4 26,725 Wellington .. .. .. .. .. ..25 13,955 Marlborough.. .. .. .. .. .. 1 3,000 Westland .. .. .. .. .. .. 1 3,000 Canterbury .. .. .. .. .. .. 8 11,800 Otago .. .. .. .. .. .. 2 3,500 Southland .. .. .. .. .. .. 1 1,200 Totals .. .. .. .. ..93 £136,513 The new applications finally approved during the year numbered eighty-seven, and amounted to £181,795. The amount actually paid over to local bodies during the year was £547,295. The total sum, including temporary advances from the Settlers Branch, raised by the Government for loans to local bodies is £1,784,215. Local bodies are now indebted to the Department to the extent of £1,713,834 in respect of principal moneys. The net loss for the year amounted to £635 6s. 3d., as against £10,578 10s. lOd. for the previous year—-a decrease of £9,943 4s. 7d. A sum of £18,580 has been added to the sinking fund established under section 30 of the Stateguaranteed Advances Act, 1909, which, with £1,392 lis. 2d. interest earned and added to the fund held by the Public Trustee, brings the total amount standing to the credit of that account to £54,786 7s. 9d. G. F. C. Campbell, Superintendent. New Zealand State-guaranteed Advances Office, Wellington, 26th June, 1913.

8.—13

4

PUBLIC DEBT SINKING FUND BRANCH. Classified according to provincial districts, the advances under this branch authorized during the year ended 31st March, 1913, were, — r, ■■ , Tv, . x. Amount of Advances P ™ v f m ° lal Number of autnorised . District. Applications. Auckland -.. .. .. .. .. ..44 24,330 Taranaki .. .. .. .. .. .. 7 4,575 Hawke'sßav .. .. .. .. 3 1,100 Wellington".. .. .. .. .. ..20 11,165 Marlborough.. .. .. .. .. .. 6 2,775 Nelson .. .. .. .. .. ..2 1,100 Westland .. .... .. .. .-. 1 350 Canterbury .. .. .. .. .. 14 6,520 Otago .. .. .. .. .. ..10 5,545 Southland .. .. .. .. .. .. 14 • 10,435 Totals .. ..121 £67,895 The amounts of the advances actually paid over during the year ended 31st March, 1913, are as follows :— Amount. Number. „ Not exceeding £500 .. .. .. .. ..123 46,870 Exceeding £500 but not exceeding £1,000 .. .. 24 17,300 Exceeding £1,000 but not exceeding £2,000 .. ..11 15,715 Exceeding £2,000 but not exceeding £3,000 .. .. 3 7,250 Totals .. .. .. .. ..161 £87,135 The tenure of the securities is,— Number. Amount. On freeholds .. .. .. .. .. ..159 84,910 On leaseholds .. .. .. .. .. 2 2,225 Totals .. .. ~ .. ..161 £87,135 G. F. C. Campbell, Superintendent , State-guaranteed Advances Office, Wellington, 26th June, 1913.

5

8.—13.

BALANCE-SHEET.— ADVANCES TO SETTLEES BBANCH. Statement of Liabilities and Assets as at 31st March, 1913. Liabilities. ■ Assets. £ ] '-.a. d. £ s. d. Sundry loans .. .. .. 8,085,644 1 7 | Investment Account, less total repayTemporary advance from Guaranteed ments .. .. .. .. 7,451,127 1 3 Mining Branch .. ... .. 10,000 0 0 * Plus mortgage instalments overdue Advances Suspense Account .. .. 25,620 10 6 —principal .. .. .. 6,690 9 10 Pire Loss Suspense Account .. .. 5,341 12 4 Suspense Account .. .. .. 2,982 12 9 Total principal owing by mortgagors at BeserveFund .. .. .. 50,000 0 0 31st March, 1913 .. .. ..7,457,817 11 1 Interest payable on loans, accrued but j 'Mortgage instalments overdue —interest 21,343 11 9 not due .. .. .. .. 58,832 18 10 i Interest on mortgages, accrued but not Interest payable on deposits, accrued due .. .. .. .. 70,903 13 4 but not due .. .. .. 7 19 5 Interest on temporary advances, accrued Interest payable on temporary advances, but not due .. .. .. 894 0 2 acorued but not due .. .. 103 12 7 j Loan Charges Account .. .. 40,000 0 0 Profit and Loss Account .. .. 237,441 12 0 Temporary advances to Local Authorities Branoh .. .. .. 200,000 0 0 Temporary advances to Land for Settlements Branch .. .. .. 60,000 0 0 Insurance Premiums Account .. 296 4 8 Office Furniture and Equipment Account 596 3 8 , ; Sinking Fund Acoount—Public Trustee 352,904 13 9 j Cash in hand and in bank at 31st Maroh, 1913 .. .. .. .. 271,219 1 7 £8,475,975 0 0 ! £8,475,975 0 0 • Oi the mortgage instalments overdue, a large percentage had been received by Postmasters at Blst Maroh, 1913, and was in course of transit to this office.

Statement of Pkopit and Loss Account for the Year ended 31st March, 1913. Dk. £ s. d. Gβ. £ s. d. To Management Expenses Aocount .. 11,385 15 0 By Interest Account—gross profits .. 85,502 2 (i Compensation paid to H. Voight, as recommended by the Publio Petitions Committee .. .. .. 50 0 0 Losses on securities .. .. 6 16 Doubtful securities —written down .. 196 4 3 Balance—net profits for the year ended 31st March, 1913.. .. .. 73,864 1 9 £85,502 2 6 . £85,502 2 6 Loan flotation charges—written down 44,958 15 6 Balance at 31st March, 1912 .. 208,602 10 7 Office Furniture and Equipment Ac- Net profits for the year .. .. 73,864 1 9 count —written down .. .. 66 4 10 Balanoe—net profits carried forward.. 237,441 12 0 £282,466 12 4 £282,466 12 i — = =

Statement of Intekkst Account for the Year ended 31st March, 1913. Dβ. £ s. d. £ s. d. Oh. £ s. d. £ s. d. To Interest paid on loans.. 265,712 12 6 By Interest received on Less accrued interest at mortgages .. 329,604 4 6 31st March, 1912 .. 53,054 5 7 Less overdue and ac- — 212,658 6 11 erued at 31st March, Accrued interest pay- 1912 .. .. 86,356 11 6 able on loans at 31st 243,247 13 0 March, 1913 .. 58,832 18 10 I Interest on bank balances .. .. 658 19 8 Interest paid on deposits 21 6 11 Interest on amounts temporarily adLess accrued interest at vanoed to other Branches .. 8,840 1 11 31st March, 1912 .. 9 3 7 Interest on temporary investments .. 1,976 1 1 12 3 4 Interest on sinking fund—Public Accrued interest payable on deposits at Trustee .. .. .. 10,463 8 0 31et March, 1913 .. .. 7 19 5 Interest acoraed but not due on tern paid on amounts advanced porary investments .. .. 894 0 2 from other Branches .. .. 1,210 5 4 Interest on mortgages— Accrued interest payable on advances Overdue at 31st from other Branches at 31st March, March, 1913 .. 21,343 11 9 1913 .. .. .. .. 103 12 7 Acoruedbutnotdue Balance —gross profits transferred to at 31st March, Profit and Loss Account .. .. 85,502 2 6; 1913 .. .. 70,903 13 4 92,247 5-1 £358,327 8 11 . £358,327 8 11

8.—13

6

Statement of Management Expenses Account for the Year ended 31st March, 1913. Dβ. £ s. a. Cβ. £ s. d. To Audit Office services .. .. 300 0 0 By Consent fees .. .. .. 24 5 6 Clerical assistance .. .. .. 134 15 0 Court coats .. .. .. 8 7 0 Petty general expenses .. .. 54 9 6 Release fees .. .. .. 426 13 8 Postages and telegrams .. .. 376 1 5 Production fees .. .. .. 514 17 6 Post Office services .. .. .. 614 9 1 Balance transferred to Profit and Loss Printing and stationery .. .. 491 1 3 Account .. .. .. .. 11,385 15 0 Rent of offioes .. .. .. 65 3 7 Salaries .. .. .. .. 9,602 6 6 Solicitor's costs .. .. .. 615 10 Sundries .. .. .. .. 36 8 1 Telephones .. .. .. .. 29 12 0 Travelling-expenses .. .. .. 178 16 0 Valuation Department—agency work .. 500 0 0 £12,389 18 3 £12,389 18 3

Statement of Receipts and Expenditure for the Year ended 31st March, 1913. Receipts. £ s. d. Expenditure. £ s. d. To Cash in hand and in bank at 31st By Advances on mortgage .. .. 850,300 0 0 March, 1912 .. .. .. 189,40117 1 Temporary loan to Public Trustee .. 62,527 0 0 Advanoes on account of loan .. 310,000 0 0 Temporary loan to Treasury .. 100,000 0 0 Stock created to cover loan-flotation Temporary advances to Workers charges .. .. .. '27,763 0 0 | Branch .. .. .. 195,000 0 0 Temporary loan to Treasury re- Temporary advance to Land for funded .. •■ .. 100,000 0 0 Settlements Branch .. .. 60,000 0 0 Temporary loan to Public Trustee Temporary advance to Local Authorefunded .. .. .. 62,527 0 0 rities Branch .. .. .. 200,000 0 0 Temporary advance from Mining Temporary advanoes from Public Branch .. .. .. 10,000 0 0 Debt Extinction Fund Branch Temporary advance from Public refunded .. .. 83,975 0 0 Debt Branch .. .. .. 500 0 0 Interest paid on loans .. .. 265,712 12 6 Temporary advances to Workers Interest paid on deposits .. .. 21 611 Branch refunded .. .. 525,000 0 0 Interest paid on temporary advances Interest on bank balances.. .. 658 19 8 from Public Debt Branch .. 1,018 2 11 Interest on temporary loan to Public Interest paid on temporary advance Trustee .. .. .. 887 0 3 from Guaranteed Mining Branch 192 2 5 Interest on temporary loan to Audit Department .. .. 300 0 0 Treasury .. .. .. 1,089 0 10 I Clerical assistance .. .. 134 15 0 Interest on advances made to Consent fees refunded .. .. 16 0 Workers Branch .. .. 5,722 4 7 : Court coats .. .. .. 0 6 0 Interest on advances made to Local . Petty cash .. .. .. 55 0 0 Authorities Branch .. .. 3,117 17 4 Post and telegraph services .. 1,014 9 1 Interest on mortgages .. .. 329,604 4 6 Postages and telegrams .. .. 680 17 7 Mortgages and instalments of prin- Printing and stationery .. .. 686 1 3 cipal repaid .. .. .. 693,510 13 7 Production fees refunded .. .. 6 6 6 Consent fees .. .. .. 25 11 6 ; Rent of offices .. .. .. 65 3 7 Court costs .. .. .. 813 0 Release fees refunded .. .. 2 5 0 Production fees .. .. .. 551 4 0 Salaries.. .. .. .. 11,268 7 11 Petty cash recredited by Receiver .. 010 6 Search and registration fees .. 465 7 8 Postages refunded .. .. 4 16 2 Solicitor's costs .. .. .. 13 7 2 Release fees .. .. .. 428 18 3 Sundries .. .. .. 70 1 4 Salaries refunded .. .. 14 1 5 Telephones .. .. .. 29 12 0 Searoh and registration fees .. 465 7 8 Travelling-expenses .. .. 180 3 0 Sundries .. .. .. 33 13 3 Valuation fees refunded .. .. 1,868 17 6 Solicitor's costs .. .. .. 6 11 4 Valuation fees transferred .. 133 5 7 Travelling-expenses refunded .. 17 0 Valuation DepartmentValuation fees .. .. .. 5,671 310 Agency work .. .. .. 500 0 0 Workers Branch refunds— Fees .. .. .. .. 3,669 0 9 Contribution to Post Office .. 300 0 0 Sinking fund—paid to Public Trustee 80,856 8 10 Postages and telegrams.. .. 150 0 0 Advances Suspense Account .. 70,789 9 6 Printing and stationery.. .. 95 0 0 Fire Loss Suspense Account .. 15,272 3 4 Salaries .. .. .. 1,496 0O! Suspense Account .. .. 12,25112 7 Local Authorities Branch refunds Insurance premiums paid by DepartContributions to Post Office .. 100 0 0 ment .. .. .. 987 12 2 Postages and telegrams.. .. 150 0 0 Loan charges .. .. .. 64,958 15 6 Printing and stationery.. .. 100 0 0 Office furniture .. .. .. 95 8 3 Salaries .. .. • • 156 0 0 Profit and Loss Account—doubtful Advances Suspense Account .. 60,550 0 0; securities written down, &c. .. 252 5 9 Fire Loss Suspense Account .. 15,244 14 0| Cash in hand and in bank at Suspense Account .. .. 10,203 18 1 31st March, 1913 .. .. 271,219 1 7 Insuranoe premiums refunded by mortgagors .. .. .. 1,034 7 4 £2,356,573 15 2 £2,356,573 15 2

Q. F. C. Campbell, Superintendent. W. N. Hinchlipfe, Accountant. New Zealand State-guaranteed Advances Office, Wellington, 11th June, 1913. Examined and found correct. —Eobeht J. Collins, Controller and Auditor-General.

7

B.—lB

ADVANCES TO WOKKEES BRANCH. Statement of Liabilities and Assets as at 31st March, 1913. Liabilities. £• s. d. i Assets Sundry loans .. .. .. 2,096,941 12 7 Investment Account— £ s. d. Interest payable on loans accrued but Less total repayments of principal .. 2,005,689 5 1 not due .. .. ... .. 22,182 3 1 'Plus mortgage instalments overdue— Advances Suspense Aocount .. .. 16,288 19 0 principal .. .. .. 2,228 0 '2 Fire Loss Suspense Aocount .. .. 650 0 0 Eeaerve Fund .. .. .. 12,542 5 3 Total principal owing by mortgagors at 31st March, 1913 .. .. 2,007,917 5 3 •Mortgage instalments overdue—interest 5,553 11 9 Interest on mortgages accrued but not due .. .. .. .. 18,972 9 9 Interest on temporary advances accrued but not due .. .. .. 405 12 4 Loan-flotation oharges .. .. 25,819 18 3 Insuranoe Premiums Account .. 87 8 10 Temporary advance to Native Land Settlement Branch .. .. 23,500 0 0 Sinking Fund Account .. .. 52,715 17 9 Suspense Account .. .. .. 14 3 7 Cash in hand and in bank at 31st March, 1913 .. .. .. 13,618 12 5 £2,148,604 19 11 • £2,148,604 19 11 - ■ " •; I - . , „.. * Of the mortgage instalments overdue, a large percentage had been received by Postmasters at 31st March, 1913, and was in course of transit to this office.

Statement of Profit and Loss Account for the Year ended 31st March, 1913. Dr. £ s. d. Or. £ s. d. To Management Expenses Account .. 2,392 13 i By Interest Account—gross profits .. 13,835 7 7 Loss on realization of securities .. 179 17 4 Balanoe —net profits for the year .. 11,262 16 11 £13,835 7 7 £13,835 7 7 " I Loan-flotation charges written down .. 10,000 0 0 Net profits for the year .. .. 11,262 16 11 Balance net profits transferred to Reserve Fund .. .. .. 1,262 16 11 £11,262 16 11 ! £11,262 16 11

Statement of Interest Account for the Year ended 31st March, 1913. Dβ. £ s. d. £ s. d. ! Cβ. £ a. A. £ s. d. To Interest paid on loans .. 58,645 9 5 By Interest on mortgages .. 76,886 10 2 Less interest accrued at Less interest overdue and 31st March, 1912 .. 15,832 5 7 acorued at 31st March, ■ 43,313 3 10! 1912 .. .. 18,184 16 10 Interest payable on loans at 31st 58,701 13 4 March, 1913, acorued but notjdue .. 22,182 3 1 Interest on bank balances .. .. 200 0 0 Interest paid on amounts transferred Interest on sinking fund .. .. 1,221 0 0 from Settlers Branch .. .. 5,722 4 7 Interest on temporary advance acorued Interest refunded .. .. .. 18 1 but not due .. .. .. 405 12 4 Balance — gross profits transferred to Interest receivable on Profit and Loss Account .. .. 13,835 7 7 mortgages— Overdue at 31st March, 1913 .. 5,553 11 9 Accrued but not due at 31st March, 1913 .. 18,972 9 9 24,526 1 6 £85,054 7 2 £85,054 7 2

8.—13

Statement of Management Expenses Account for the Year ended 31st March, 1913. Dβ. £ s. d. Cβ. £ s. d. To Audit Department's services .. .. 150 0 0 By Mortgage fees .. .. .. 0 10 0 Consent fees.. .. .. .. 0 5 0 Production fees .. .. .. 41 3 6 Post Office services .. .. .. 300 0 0 Belease fees .. .. .. .. 40 2 0 Postages and telegrams .. .. 146 910 Sundries .. .. .. .. 2 16 Printing and stationery .. .. 99 1 6 Balance transferred to Profit and Loss Salaries .. .. .. .. 1,496 0 0 Account .. .. .. .. 2,392 13 4 Solicitor's costs ...... 34 14 0 ..".'. Valuation Department—agency work .. 250 0 0 £2,476 10 4 £2,476 10 4

Statement of Beceipts and Expenditure for the Year ended 31st March, 1913. Receipts. £ s. d. Expenditure. £ s. d. To Gash in hand and in bank at 31st By Advanoes on mortgage .. .. 449,260 0 0 March, 1912 .. .. .. 1,215 2 9 Temporary advance to Native Land Advances on account of loans .. 757,000 0 0 Settlement Branch .. .. 23,500 0 0 Stock created to cover loan-flotation Temporary advances from Settlers charges .. .. .. .. 24,008 0 0 Branch refunded .. .. .. 525,000 0 0 Temporary advances from Settlers' Interest paid on loans .. .. 58,645 9 5 Branch .. .. .. .. 195,000 0 0 Interest paid on temporary advances Interest on bank balances .. .. 200 0 0 from Settlers Branch .. .. 5,722 4 7 Interest on mortgages .. .. 76,885 2 1 Audit Department .. .. .. 150 0 0 Mortgages and instalments of prinoipal Consent fee refunded .. .. 0 5 0 repaid .. .. .. .. 84,770 17 3 Court costs .. .. .. 0 6 0 Court costs .. .. .. 0 6 0 Postages and telegrams .. .. 150 0 0 Mortgage fees .. .. .. 010 0 Post Office services.. .. .. 300 0 0 Postages and telegrams .. .. 3 10 2 Printing and stationery .. .. 99 1 6 Production fees .. .. .. 41 15 6 | Production fees refunded .. .. 012 0 Release fees .. .. .. 40 7 0 Release fees refunded .. .. 0 5 0 Search and registration fees.. .. 446 9 0 Salaries .. .. .. .. 1,496 0 0 Sundries .. .. .. .. 2 3 0 Search and registration fees.. .. 446 9 0 Valuation fees .. .. .. 1,577 11 8 : Solicitor's costs .. .. .. 34 14 0 Advances Suspense Account.. .. 118,486 8 6 > Sundries .. .. .. .. 0 16 Fire Loss Suspense Account.. .. 1,861 10 0 j Valuation fees refunded .. .. 208 11 0 Suspense Account .. .. .. 856 7 8 , Valuation fees transferred .. . . 26 2 2 Insurance premiums refunded by Valuation Department,— mortgagors .. .. .. 259 17 11 Fees .. .. .. .. 1,342 18 6 Agency work .. .. .. 250 0 0 Loan-flotation charges .. .. 31,368 15 5 Profit and Loss—losses on realization of securities, &c. .. .. .. 179 17 4 Sinking fund —amount paid to Public Trustee .. .. .. .. 20,969 8 5 Advances Suspense Account.. .. 127,063 9 6 Fire Loss Suspense Account.. .. 1,232 10 0 Suspense Account .. .. .. 1,327 5 2 Insurance premiums paid by Department .. .. .. .. 263 0 7 Cash in hand and in bank at 31st March, 1913 .. .. .. 13,618 12 5 £1,262,655 18 6 , £1,262,655 18 6

G. F. C. Campbell, Superintendent. W. N. HiNCHLiPFB, Accountant. New Zealand State-guaranteed Advances Office, Wellington, 11th June, 1913. Examined and found correct.—Robert J. Collins, Controller and Auditor-General.

PUBLIC DEBT SINKING FUND BBANCH. Statement of Liabilities and Assets as at 31st March, 1913. Liabilities. £ s. d. Assets. £ s. d. Amount received from Treasury .. 294,228 0 0 Investment Account—tess total repayments Advances Suspense Account .. .. 125 0 0 of principal .. .. .. '.. 142,994 10 10 Suspense Account .. .. .. 3 3 0 Plus mortgage instalments overdue—prinProfit and Loss Account .. .. 7,051 711 oipal .. .. .. .. 123 1 3 Total principal owing by mortgagors at 31st Maroh, 1913 .. .. 143,117 12 1 Mortgage instalments overdue—interest .. 493 2 3 Interest on mortgages accrued but not due 1,528 1 2 Gash in hand and in bank at 31st March, 1913 .. .. .. .. 156,268 15 5 £301,407 10 11 ... £301,407 10 11

8

8.—13.

Statement of Profit and Loss Account for the Year ended 31st March, 1913. Dr. £ s. d. Gβ. £ s. d. To Balance—net profits for the year .. 6,711 6 9 By Interest Aocount .. .. .. 6,708 0 8 Management Aooount—sundry fees reoeived .. .. .. .. 3 6 1 £6,711 6 9 £6,711 6 9 Balance at 31st March, 1912 .. .. 340 1 2 Balance—net profits carried forward .. 7,051 711 Net profits for the year .. .. 6,711 6 9 £7,051 7 11 £7,051 7 11

Statement of Interest Account for the Year ended 31st March, 1913. Dβ. £ s. d. Or. £ s. d. £ s. d. To Balance transferred to Profit and Loss By Interest on mortgages .. 3,858 15 6 Account .. .. .. .. 6,708 0 8 Less interest accrued at 31st Maroh, 1912 .. 190 1 2 3,668 14 4 Interest on amount of temporary advanoe to Settlers Branoh .. .. 1,018 2 11 Interest on mortgages— Overdue at 31st March, 1913 .. 493 2 3 Aoorued but not due at 31st Maroh, 1913 .. .. .. .. 1,528 1 2 £6,708 0 8 £6,708 0 8

Statement of Management Expenses Account for the Year ended 31st March, 1913. Dr. £ a. a. Cβ. £ s. d. To Balance transferred to Profit and Lobs By Consent fees.. .. .. .. 0 5 0 Aooount .. .. .. .. 3 6 1 Production fees .. .. .. 110 0 Release fees .. .. .. .. 1 10 0 Sundries .. .. .. .. Oil £3 6 1 £3 6 1

Statement of Receipts and Expenditube for the Year ended 31st March, 1913. Receipts. £ s. d. Expenditure. £ s. d. To Cash in hand and in bank at 31st By Advances on mortgage .. .. 87,135 0 0 March, 1912 .. .. .. 809 3 6 Temporary advance to Settlers Branch 500 0 0 Amount received from Treasury .. 149,343 0 0 Valuation fees refunded £0 10 6 Temporary advances to Settlers Branoh Valuation fees paid to refunded .. .. .. 83,975 0 0 Valuation Department 261 19 6 Interest on mortgages £3,858 15 6 Valuation fees transferred 3 3 0 Interest on temporary 265 13 0 advanoes to Settlers Advances Suspense Account.. .. 3,000 0 0 Branch .. .. 1,018 2 11 Insurance premiums paid by DepartMortgages and instalment .. .. .. .. 6 911 ments of principal Suspense Acoount .. .. .. 58 16 0 repaid .. .. 5,427 7 11 Cash in hand and in bank at 31st March, Consent fees .. 0 5 0 1913 .. .. .. .. 156,268 15 5 Production fees .. 1 10 0 Eelease tees .. 1 10 0 Sundries .. .. 0 11 Valuation fees .. 265 13 0 10,573 5 5 Advances Suspense Acoount.. .. 2,480 0 0 Insurance premiums, refunded by mortgagors .. .. .. 6 9 11 Suspense Aooount .. .. .. 47 15 6 £247,234 14. 4 £247,234 14 i

Statement as required by Section 24 of the Public Debt Extinction Act, 1910. Amount invested .. .. .. .. .. .. £148,545. Securities held .. .. .. .. .. .. Mortgages of property. Rate of interest earned .. .. .. .. .. Five per cent., reducible to 4J per cent, provided instalments paid within fourteen days of due date. Amount of public debt repaid during the year .. .. Nil. Expenses of administration .. .. .. .. Nil. G. F. 0. Campbell, Superintendent. W. N. Hinchliffe, Accountant. New Zealand State-guaranteed Advances Office, Wellington, 11th June, 1913. Examined and found correct, Bobert J. Collins, Controller and Auditor-General.

2—B. 13.

9

10

8.—13

ADVANCES TO LOCAL AUTHOBITIES BEANCH. Statement of Liabilities and Assets as at 31st March, 1913. Liabilities. £ s. d. Assets. Sundry loans ■. • • 1,858,000 0 0 Investment Account, less & s. d. h s. d. Temporary advances from Settlers Branch 200,000 0 0 total repayments of Interest on loans accrued but not aue .. 31,357 11 9 principal- , 7iqm9 o o Local bodies .. 1,710,U12 d o Hauraki Plains .. 83,426 5 0 Opening up land for settlement .. 148,962 17 1 Bangitaiki land drainage .. .. 34,475 0 0 . 1,979,876 5 4 •Plus mortgage instalments overdue — principal (looal bodies) .. .. 821 16 9 Total balance of principal owing on mortgages .. .. .. 1,980,698 2 1 ♦Mortgage instalments overdue — interest .. .. .. 1,995 4 8 Interest on mortgages, acorued but not dve — Local bodies .. 13,347 16 7 Hauraki Plains .. 1,672 15 8 Opening up land for settlement .. 3,026 3 8 Rangitaiki land drainage 523 3 7 18,569 19 6 Interest on temporary investment, aocrued but not due .. .. 37 5 2 Temporary advanoe to Guaranteed Mining Branch .. .. .. 465 0 0 Sinking Fund—Public Trustee .. 54,786 7 9 Profit and Loss Acoount .. .. 23,192 10 8 Cash in hand and in bank at 31st March, 1913 .. .. .. 9,613 111 £2,089,357 11. 9 £2,089,357 11 9

*Of the mortgage instalments overdue, a large percentage had been received by Postmasters at 31st March, 1913, and was in course ol transit to this office.

Statement of Pbofit and Loss Account for the Year ended 31st March, 1913. Dr. £ s. a. Gβ. £ a. d. To Balance, Interest Account .. .. 1,924 5 2 By Management Expenses Account—fees in excess of expenses .. .. 1,288 18 11 Balance—loss for the year .. .. 635 6 3 £1,924 5 2 £1,924 5 2 £ s. d. £ s. d. To Balance as at 31st Maroh, 1912 .. 22,557 4 5 By Balance—total losses to 31st March, Losses for the year .. .. .. 635 6 3 1913 .. .. .. .. 23,192 10 8 £23,192 10 8 £23,192 10 8

8.—13

Statement of Interest Account for the Year ended 31sfc March, 1913. de. £ a. a. £ s. a. Cβ. £ s. a. & s. a. To Interest paia on loans .. 56,683 17 1 By Interest on mortgages— Less accrued interest at Local bodies .. .. 45,568 18 11 31st March, 1912 .. 26,323 3 8 Opening up land for 30,360 13 5 settlement.. .. 2,184 3 3 Interest on amounts transferred from Hauraki Plains .. 1,315 19 0 Settlers Branch .. .. .. 3,117 17 4 Rangitaiki land drainage 431 5 0 Accrued interest payable on loans at 49,500 6 2 31st March, 1913 .. .. .. 31,357 11 9 Less interest overdue and accrued at 31st March, 1912 .. .. .. 9,585 11 9 39,914 14 5 Interest on bank balances .. .. 382 12 6 Interest on sinking fund —Public Trustee 1,392 11 2 Interest on temporary advance to Mining Branch 65 9 2 Less interest accrued at 31st March, 1912 .. 46 10 2 18 19 0 Interest accrued on temporary investment at 31st March, 1913 .. .. 37 5 2 Interest on temporary investment .. .. 800 0 0 Less interest accrued at 31st March, 1912 .. 199 9 1 600 10 11 Interest receivable on mortgages— Overdue at 31st Maroh, 1913 .. .. 1,995 4 8 Accrued but not aue at 31st March, 1913— Local bodies .. 13,347 16 7 Hauraki Plains .. 1,672 15 8 Opening up lana for settlement .. 3,026 3 8 Rangitaiki land drainage .. 523 3 7 20,565 4 2 Balance transferred to Profit and Loss Account .. .. .. .. 1,924 5 2 £64,836 2 6 £64,836 2 6

Statement of Management Expenses Account for the Year ended 31st March, 1913. Dβ. £ a. d. Oβ. £ s. d. To Fees paid to Grown Law Office .. 158 11 0 By Certificate fees .. .. .. 116 11 0 Contribution to Audit Office .. .. 50 0 0 Commission fees .. .. .. 2,077 17 6 Post Office services .. .. .. 100 0 0 Sundries .. .. .. .. 0 19 Postages and telegrams .. .. 149 7 0 Printing and stationery .. .. 100 0 0 Salaries .. .. .. 347 13 4 Balance transferred to Profit and Loss Account .. .. .. .. 1,288 18 11 £2,194 10 3 £2,194 10 3

Statement of Eeceipts and Expenditure for the Year ended 31st March, 1913. Receipts. £ s. <J. Expenditure. £ s. d. To Cash in hand and in bank at 31st By Advances on mortgage— March, 1912 .. .. .. 143,618 1 3 Looal bodies .. .. .. 547,295 0 0 Proceeds of debentures issued by Hauraki Plains .. .. 15,000 0 0 Superintendent .. .. 261,000 0 0 Opening up land for settlement .. 38,270 0 0 Temporary advances from Settlers Rangitaiki land drainage .. 10,000 0 0 Branch .. .. .. 200,000 0 0 Temporary advance to Guaranteed Temporary investment to Public Mining Branoh .. .. 640 0 0 Trustee refunded .. .. 20,000 0 0 Interest on loans .. .. 56,683 17 1 Part temporary advance to Mining Interest on temporary advances from Branch refunded .. .. 200 0 0 Settlers Branoh .. .. 3,117 17 4 Interest on bank balances .. .. 382 12 6 Audit Department .. .. 50 0 0 Interest on mortgages .. .. 49,500 6 2 Post Office services .. .. 100 0 0 Interest on temporary investment to Certificate fees, &c, paid to down Public Trustee.. .. .. 800 0 0 Law Office .. .. .. 158 11 0 Interest on temporary advances to Postages and telegrams .. .. 150 0 0 Guaranteed Mining Branch .. 65 9 2 Printing and stationery .. .. 100 0 0 Interest on temporary advances to Salaries .. .. .. .. 347 13 4 Native Land Settlement Branch.. 607 6 8 Sinking fund—amount paid to Public Mortgages and instalments of Trustee .. .. .. 18,580 0 0 principal repaid .. .. 21,737 1 8 Suspense Acoount .. .. 220 16 1 Certificate fees .. .. .. 116 11 0 Cash in hand and in bank at 31st Commission fees .. .. .. 2,077 17 6 ' March, 1913 .. .. .. 9,613 111 Postages refunded .. .. 0 13 0 Sundries ...... 0 19 Suspense Account .. .. 220 16 1 £700,326 16 9 £700,326 16 9

G. P. C. Campbell, Superintendent. W. N. Hinchliffe, Accountant. New Zealand State-guaranteed Advances Office, Wellington, 11th June, 1913. Examined and found correct—Bobert J. Collins, Controller and Auditor-General.

3—B. 13.

11

8.—13

12

GUAEANTEED MINING ADVANCES BEANCH. Statement of Liabilities and Assets as at 31st March, 1913. Liabilities. £ s. d. Assets. £ s. d. Amount of loans .. .. .. 15,000 0 0 Investment Account, less repayments.. 5,300 0 0 Advances from Local Authorities Branch 465 0 0 Amount transferred to Settlers Branch 10,000 0 0 Interest payable on loans, accrued but Interest on mortgages, accrued but not not due .. .. .. .. 190 15 5 due .. .. .. .. 97 14 4 Insurance Premiums Account .. 18 9 Interest on amount transferred, accrued Profit and Losa Account .. .. 49 10 1 but not due .. .. .. 103 12 7 Sinking Fund Account .. .. 202 0 0 Gash in hand and in bank at 31st March, 1913 ... .. .. 374 £13,706 14 3 £15,706 14 3

Statement of Profit and Loss Account for the Year ended 31st March, 1913. De. £ s. d. Cβ. £ s. d. To Balance —net profits for the year .. 56 1 7 By Interest Account .. .. .. 55 16 7 Management Account .. .. 0 5 0 £56 17 £56 1 7 £ s. d. £ s. d Loan-flotation charges written off .. 50 0 0 Balance at 31st March, 1912 .. 43 8 6 Balance carried forward .. .. 49 10 1 Net profits for the year .. .. 56 1 7 £99 10 1 £99 10 1

Statement of Interest Account for the Year ended 31st March, 1913. Dβ. £ a. d. £ a. d. Cβ. £ s. d. £ s. d. To Interest paid on loans .. 300 15 5 By Interest on mortgages .. 235 15 9 Interest paid on amount Less interest accrued but transferred from Local not due at 31st March, Authorities Branch .. 65 9 2 1912 .. .. 90 12 4 366 4 7 Interest on amount transferred to Less interest aoorued but Settlers Branch .. .. .. 192 2 5 not due at 31st March, Interest on sinking fund .. .. 2 0 0 1912 .. .. 72 3 10 Interest on mortgages aocrued but not 294 0 9 due at 31st March, 1913 .. .. 97 14 4 Interest payable on loans aocrued but Interest on amount transferred to not due at 31st March, 1913 .. 190 15 5 Settlers Branch, accrued but not due Balance—transferred to Profit and Loss at 31st March, 1913 .. .. 103 12 7 Account .. .. .. .. 55 16 7 £540 12 9 £540 12 9

Statement of Eeceipts and Expenditure for the Year ended 31st March, 1913. Receipts. £ s. d. Expenditure. £ s. d. To Loan raised .. .. .. 10,000 0 0 By Advance on mortgage .. .. 400 0 0 Temporary advance from Local Advances Suspense Acoount .. 100 0 0 Authorities Branch .. .. 440 0 0 Interest on loans .. .. .. 300 15 5 Interest on mortgages .. .. 235 15 9 Interest on amount transferred from Interest on amount transferred to Local Authorities Branch .. 65 9 2 Settlers Branch .. .. .. 192 2 5 Loan-flotation charges .. .. 50 0 0 Insurance premium .. .. 18 9 Sinking fund—Public Trustee .. 150 0 0 Part mortgage repaid .. .. 200 0 0 Amount transferred to Settlers Production fee .. .. .. 0 5 0 Branch .. .. ~ 10,000 0 0 Cash in hand and in bank at 31st Maroh, 1913 .. .. .. 3 7 4 £11,069 11 11 . 11 11 G. F. G. Campbell, Superintendent. W. N. Hinchlippe, Accountant. New Zealand State-guaranteed Advances Office, Wellington, 11th June, 1913. Examined and found correct —Eobekt J. Collins, Controller and Auditor-General.

13

8.—13

LAND FOE SETTLEMENTS BEANCH. £ s. d. £ s. d. Capital liabilities transferred from Treasury—balance as at 31st March, 1912 .. 5,462,523 0 0 Less debentures redeemed and renewed during year ended 31at March, 1913 1,244,966 0 0 4,217,557 0 0 Total debentures issued under the New Zealand State-guaranteed Advances Act to 31st March, 1913.. .. .. .. .. .. .. .. .. .. .. 2,444,101 0 0 6,661,658 0 0 Plus amount for purchase of estates credited direot to Land for Settlements Account by Treasury .. .. .. .. .. .. .. .. .. 34,000 0 0 Plus amount of last loan raised in London not yet paid over .. .. .. .. 175,503 0 0 Total debt in accordance with Publio Debt Tables .. .. .. 6,871,161 0 0

Transactions for the Year ended 31st March, 1913. £ s. a. £ a. d. £ s. d. To Debentures issued and stock raised .. 706,920 0 0 By Advances made to Temporary advanoe from Settlers Land for SettleBranoh.. .. .. .. 60,000 0 0 ments Account— Sinking fund received from Treasury 66,856 11 7 Purchase of estates 399,497 0 0 Interest on loan-money Redemption of dereceived from Trea- bentures .. 360,700 0 0 eury .. ..£9,418 16 3 760,197 0 0 Interest on loan-money Sinking fund paid to Public Trustee 66,856 11 7 accrued but not due .. 8,080 9 5 Interest on loan-money 17,499 5 8 paid .. .. £9,418 16 3 Interest on loan-money aocrued but not due 8,080 9 5 17,499 5 8 Loan-flotation charges .. .. 6,723 0 0 £851,275 17 3 £851,275 17 3

Statement of Sinking Fund as at 31st March, 1913. £ s. d. Balanoe as at 31st March, 1912 .. .. .. .. .. .. 378,703 12 9 Amount paid to Public Trustee for the year ended 31st March, 1913 .. .. 66,856 11 7 Interest added by Public Trustee for year ended 31st March, 1913 .. .. 15,148 3 2 £460,708 7 6

NATIVE LAND SETTLEMENT BEANCH. Transactions for the Year ended 31st March, 1913. £ s. a. £ a. d. To Amount of loans .. .. .. 80,000 0 0 By Advances made to Native Land Interest on loan-money Settlement Account .. .. 103,500 0 0 received from Treasury 14,555 7 0 Interest paid on loanInterest on loan-money moneys .. .. 13,948 0 4 aocrued but not due .. 9,935 14 6 Interest paid on tern-. 24,491 1 6 porary loans from Sinking fund received from Treasury 5, IGI 0 0 Local Authorities Temporary advances from Workers Branch .. .. 607 6 8 Branch ..... .. .. 23,500 0 0 14,555 7 0 Interest accrued on loan-money .. 9,530 2 2 Interest accrued on temporary loans from Workers Branch .. .. 405 12 4 ■ 9,935 14 6 Sinking fund paid to Public Trustee 5,161 0 0 £133,152 1 6 £133,152 1 6

8.—13

14

I Statement of Sinking Fund as at 31st March, 1913. £ s. d. Balance as at 31st March, 1913 . 6,250 2 5 Amounts paid to Public Trustee for year ended 31st March, 1913 5 161 0 0 Interest added by Public Trustee for year ended 31st March, 1913 250 0 0 £11 661 2 5 G. F C. Campbell, Superintendent W N Hinchliffe, Accountant. New Zealand State-guaranteed Advances Office, Wellington, 11th June, 1913. Examined and found correct.—Bobert J Collins, Controller and Auditor-General. Approximate Cost of Paper. —Preparation, not given; printing (2,000 copies), £14 10s.

By Authority : John Mackay, Government Printer, Wellington.—l9l3.

Price 6d.]