STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1915.

Appendix to the Journals of the House of Representatives, 1915 Session I, B-13

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1915. NE W Z E ALAND.

STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1915.

Laid before Parliament pursuant to Subsection (3) of Section 64 of the State Advances Act, 1913.

ADVANCES TO SETTLERS BRANCH. Twenty-first Annual Report and Balance-sheet. The advances actually paid over to settlers during the year by the Board numbered 2,073, and the loans so paid amounted to £997,040. Classified according to provincial districts, the advances authorized during the year ended 31st March, 1915, were,--Provincial Number of Amount of Advanoes District. Applications. autnonzea. Auckland .. .. .. .. .. 1,094 352,900 Taranaki .. .. .. .. 115 07.340 Hawke's Bay .. .. .. .. 100 33.095 Wellington' .. .. .. .. .. 322 135,265 Marlborough .. .. .. .. .. 30 11.200 Nelson . .. .. .. .. .. 58 21,520 Westland .. .. .. .. .. 17 6,425 Canterbury .. .. .. 177 71,115 Otago .. .. .. .. . . .. 60 19,620 Southland .. .. .. .. .. 97 30,560 Totals.. .. .. .. .. 2.100 £749.040 The total advances now current are as follows :— Number Amount, Not exceeding £500 .. .. .. .. 14,814 ' 3,174.829 2 1 Exceeding £500 but not exceeding £1,000 .. 3.203 2.319.177 4 4 Exceeding £1,000 hut not exceeding £2,000 .. 1.389 1.959.430 16 6 Exceeding £2,000 hut not exceeding £3,000 .. 216 536.694 0 7 Totals .. .. .. ..19,622 £7.990.131 3 6 The average amount of the current advances is £407. Number and amounts advanced on freehold and leasehold— Climber. Amount. On freeholds .. .. .. .. .. 11.973 5,678.964 18 V On leaseholds .. .. .. .. .. 7.348 2.128.205 4 2 On freeholds and leaseholds combined .. .. 301 182,961 I 3 * Totals .. .. .. ..19.622 £7.990.131 3 6 The average freehold advance is £474, the average leasehold advance £289, and the average of advances secured on both freehold and leasehold combined £608.

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Number and amounts of current advances on rural and urban and suburban land :— Number. Amount. On rural land .. .. .. .. ..12,401 5.264,373 2 5 On urban and suburban land .. .. .. 7,221 2,725,758 I I Totals .. .. .. ..19,622 £7,990,131 3 6 The average rural advance is £425, and the average urban and suburban advance is £377. The amounts of the advances actually paid over to settlers during the year ended 31st March, 1915, are as follows :— Number. A,n ™ nt ' Not exceeding £500 .. .. .. .. .. 1,453 452.925 Exceeding £500 but not exceeding £1,000 .. .. 493 358,195 Exceeding £1,000 but not exceeding £2,000 , 125 181,620 Exceeding £2,000 but not exceeding £3,000 .. ' . .. 2 . 4,300 Totals .. .. .. .. .. 2,073 £997,040 The average amount of the advances granted for the year is £481, and the tenure of the securities Number. Am ™" k - On freeholds .. .. .. .. .. ..1.050 445,450 On leaseholds .. .. .. .. .. 1,008 543,005 On freeholds and leaseholds combined .. .. .. L 5 8,585 Totals .. .. .. .. ..2.073 £997.040 For the year the average freehold advance was £424, the average leasehold advance £539, and the average secured on freehold and leasehold combined £572. The total sum raised by the Government for investment on mortgage to settlers is £8,990,273 Is. 7d. Nineteen thousand six hundred and twenty-two mortgagors are now indebted to the Department to the extent of £7,990,131 3s. 6d. in respect of principal moneys, an increase during the year of 581 mortgagors, owing £259,562 9s. 1 Id. The gross profits for the year ended 3.lst March, 1915, were £68,512 ss. 3d., and the cost of management and expenses of the branch £10,621 15s. 1 Id., being 0-12 per cent., or 2s. 4d. per £100 on capital employed. The net profits amounted to £57,434 19s. Id., of which the sum of £31,325 4s. has been applied in writing down loan charges. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £485,653 ss. 1 Id., inclusive of the amount held by the Public Trustee (£302,904 13s. 9d.). One leasehold Jand four freehold securities were realized by the Department during the year. Losses debited and unpaid instalments in respect of mortgaged properties written off amount to £455 10s. 3d. G. F. C. Campbell, Superintendent. State Advances Offices, Wellington, 23rd June, 1915.

ADVANCES TO WORKERS BRANCH. Eighth Annual Report and Balance-sheet. The advances actually paid over to workers during the year numbered 948, and amounted to £313,025. Classified according to provincial, districts, the advances authorized during the year ended 31st March, 1915, were — Provincial Number of 0 " District. Applications. autiiorlzea. Auckland .. .. .. .. .. 396 122,070 Taranaki .. .. .. .. .. 30 9,270 Hawke's Bay .. .. .. .. .. 77 23,835 Wellington .. .. .. .. .. 236 71.785 Marlborough .. .. .. .. .. 25 6,885 Nelson .. .. .. .. .. 9 2,140 Westland .. .. .. .. .. 3 700 Canterbury ~ .. .. .. .. 241 69,600 Otago .. .. .. .. .. .. 83 22,630 Southland .. .. .. .. .. 29 8.775 Totals 1,129 £337,690

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The tenure of the advances now current is as follows :— Number. Amount. On freeholds . . '.. .. .. ..7,877 2,297,807 5 11 On leaseholds .. .. .. .. 555 104,951 9 2 Totals .. .. .. .. 8,432 £2,402,758 45 I The average freehold advance is £292, and the average leasehold advance £189. The advances actually paid over during the year ended 31st March, 4915, on freehold and lease hold are as follows :— Number. Amount. On freeholds .. .. .. .. .. ..906 303,830 On leaseholds .. .. .. .. .. ..42 9,195 Totals .. .. .. .. ..948 £313,025 For the year the average freehold advance was £336, and the average leasehold advance £219. The total sum raised by the Government for investment on mortgage to workers is £2,490,657 12s. 7d. Eight thousand four hundred and thirty-two mortgagors are now indebted to the Department to the extent of £2,402,758 15s. Id. in respect of principal moneys, an increase during the year of 850 mortgagors, with loans amounting to £202,914 12s. iOd. The gross profits for the year ended 31st March, 1915, were £12,562 Is. 10d., and the cost of management and expenses of the branch £2,957 Bs. Id., being 0-12 per cent., or 2s. 4d. per £100 on the capital employed. The net profits amounted to £9,246 12s. 10d., of which the sum of £8,74 I 425. 6d. has been applied in writing down loan charges. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £51,031 10s. 5d., inclusive of the amount held by the Public Trustee (£2,715 17s. 9d.). Eleven freehold securities were realized by the Department during the year. Losses debited and unpaid instalments in respect of mortgaged properties written off amount to £358 os. 1 Id. G. F. C. Campbell, Superintendent. State Advances Office, Wellington, 23rd June, 1915.

ADVANCES TO LOCAL AUTHORITIES BRANCH. During the year 77 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 approved from the different provincial districts were, — Amount of Advances Provincial Number of provisionally District. . Applications. approved. £ Auckland .. .. .. '.. .. ..39 42,555 Taranaki .. .. .. .. .. ..10 12,950 Hawke's Bay .. .. .. .. .. ..3 62,300 Wellington .. .. .. .. .. ..15 35,520 Nelson .. .. .. .. .. ..1 28,500 Westland .. .. .. .. .. ..2 3,000 Canterbury .. .. .. .. .. ..4 35,045 Otago .. '.. .. .. .. .. .. 1 200 Southland .. .. .. .. .. ..2 2,000 Totals .. .. .. .. ..77 £222,070 The new applications finally approved during the year numbered forty-eight, and the loans amounted to £254,430. The amount actually paid over to local bodies during the year was £237,285. The total sum raised by the Government for loans to local bodies is £2,258,067. Local bodies are now indebted to the Department to the extent of £2,098,263 13s. Id. in respect of principal moneys. There was a net loss for the year of £18,878 17s. 3d. due to the unremunerative rate of interest at which the earlier loans were granted. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £92,697 9s. Id., inclusive of the amount held by the Public Trustee (£48,461 os. 5d.). G. F. C. Campbell, Superintendent. . State Advances Office, Wellington, 23rd June, 1915.

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PUBLIC DEBT SINKING FUNDS BRANCH. Classified according to provincial districts, the advances under this branch authorized during the year ended 31st March, 1945, were, — Advances to Settlers. Provincial Number of Amount of Advances District. Applications. authorized. Auckland .. .. .. ~ .. ..45 27,000 Taranaki . . .. .. . . . . . . 2 1,235 Ifawke'sßay .. ... .. .. .. ..I 1,000 Wellington . . .. • . . . . . . . . 14 II ,360 Nelson . . . . .. . . . . . . 2 500 Canterbury .. .. .. .. .. ..5 3,350 Otago .. .. .. .. .. .. .. 5 4,250 Southland .. .. .. .. .. ..12 8,875 Totals .. .. .. .. ..86 £57,570 Advances to Local Bodies. , Provincial Number of Amount of Advance. District. Applications. authorized. Auckland .. .. .. .. .. ..35 71,620 Taranaki .. .. .. .. .. ..7 8,820 Hawke's Bay .. . . .. .. .. ... 1 200 Wellingtonj' .. .. .. .. .. ..12 27,460 Westland .. .. .. .. .. ..2 33,500 Canterbury .. .. .. .. .. ..5 15,155 Otago .. .. .. .. .. .. ..2 13,840 Totals .. .. .. .. ..64 £170,595 The amount actually paid over to settlers during the year was £59,815, and to local bodies £95,285 : a total of £155,100. Local bodies are now indebted to the extent of £210,785 2s. 10d.. and settlers £181,237 Bs. Id. : a total of £392,022 10s. I Id. in respect of principal moneys. The net interest earned for the year amounted to £19,442 ss. 4d., or £4 2s. lOd. per £100 on funds invested. G. F. C. Campbell, Superintendent. State Advances Office, Wellington, 23rd June, 1915.

ADVANCES OFFICE SINKING FUND. Classified according to provincial districts, the advances under this branch authorized during the year ended 31st March, 19.1.5, were, — ~ ... Advances to Settlers. , ~...„,.,]„„ s Provincial Number of Amount 01 Advances District- Applications. authorized. Auckland .. .. .. .. .. ..59 35,365 Taranaki .. .. .. .. .. ..14 11,400 Hawke's Bay .. .. . . . . . . . . 2 1,400 Wellington .. .. .. .. .. ..22 16,725 Marlborough .. .. .. .. .. .. 1 150 Nelson.. .. .. .. .. .. . . I 600 Canterbury .. .. .. .. .. . . .", 2,230 Otago.. .. .. .. .. .. ..7 5,460 Southland .. .. .. .. .. ..17 14,770 Totals .. .. .. .. ..126 £88,100 ~,.„„.., Advances to Local Bodies. ... , . .... Provincial Number of Amount oi Advances District, Applications. authorized. Auckland ...... 3 9 oor, 1 aranaki .. . . .. .. .. . . 3 I 340 Hawke's Bay .. .. .. ~ ~ ~ [ 1250 Wellington .. .. .. .. ~ ..3 21^950 TotalB 10 £27,465 The amount actually paid over to settlers during the year was £79,620, and to local bodies £3 725 ■ a total of £83,345. Settlers are now indebted to the extent of £79,036 Bs. Bd. and Local Bodies £3,704 lf>e. 3d., a total of £82,741 3s. lid. in respect of principal moneys. The profits for the year ended 31st March, 1915, amounted to £19,651 15s. 10d., the cost of management and expenses being nil. G. F. C. Campbell, Superintendent. State Advances Office, Wellington, 23rd June, 1915.

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BALANOE-SHEE T. ADVANCES TO SETTLERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1915. Liabilities. £ s. d. Assets. £ s. d. Sundry loanß .. .. .. 8,990,273 1 7 Investment Account, loss total repayTemporary advances from Public Debt ments .. .. .. .. 7,970,974 1 9 Sinking Fund Branch .. .. 76,572 0 0 *Plus mortgage instalments overdue Temporary advances from Advances —principal ~ .. .. 18,157 1 9 Office Sinking Fund Branch .. 60,000 0 0 Advances Suspense Aocount .. .. 25,781 1 0 Total principal owing by mortgagors Fire Loss Suspense Account .. .. 3,580 2 11 at 31st March, 1915 .. .. 7,990,131 3 6 Suspense Acoount .. .. .. 4,049 13 5 *Mortgago instalments overdue—interest 37,675 19 3 Reserve Fund .. .. .. 50,000 0 0 Intorest on mortgages, accrued but not Interest payablo on loans, accrued but due .. .. .. .. 95,216 18 8 not due .. .. .. .. 59,007 4 4 Loan Charges Account .. .. 30,000 0 0 Interest payable on deposits, accrued Temporary advances to Workers Branch 50,000 0 0 but not due .. .. .. 8 8 5 Office Furniture and Equipment Aocount 1,135 9 3 Profit and Loss Account .. .. 312,226 15 7 Insurance Premiums Account .. 496 11 2 Temporary investments .. .. 200,000 0 0 Interest on temporary investments, accrued but not due .. .. . 1,687 13 3 Sinking Funds — £ s. ri. Public Trustee .. 302,904 13 9 Advances Office Sinking Fund Acoount 182,180 2 2 Public Debt Sinking Fund Branch .. 568 10 0 485,653 5 11 Cash in hand and in bank at 31st Maroh, 1915 .. .. .. .. 689,501 6 3 £9,581,498 7__3 £9,581,498 7 3 * Of tire mortgage instalments overdue, a large percentage had been received by Postmasters at :Jlst March, 1015, and was in course of transit to this ofliee.

Statement of Pkofit and Loss Account for the Year ended 31st March, 1915. Dk. £ a. d. j Ck. £ s. d. To Management Fjxpenses Account .. 10,621 15 11, By Interest Account—gross profits .. 68,512 5 3 Doubtful securities written down .. 432 0 9 ' Losses on securities .. .. 23 9 6 Balanoe —net profits for the year ended 31st March, 1915.. .. .. 57,434 19 1 £68,512 5 3 £68,512 5 3 £ s. d. i £ s. d. Loan charges written down .. 31,325 4 0! Balance at 31st March, 1914 .. 286,243 3 9 Office Furniture and Equipment Ac- Net profits for the year .. .. 57,434 19 1 count written down .. .. 126 3 3 Balanoe—net profits carried forward.. 312,226 15 7 £343,678 2 10 £343,678 2 10 — ,■ — Statement of Interest Account for the Year ended 31st March, 1915. Db. £ s. d. £ s. d. Or. £ s. d. £ s. d. To Interest paid on loans.. 323,887 13 5 By Interest received on Less accrued interest at mortgages .. 350,252 2 3 31st March, 1914 .. 56,677 16 1 Loss overdue and 267,209 17 4 accrued at 31st Aoorued interest pay- Maroh, 1914 .. 118,429 5 9 able on loans at 31st 231,822 16 6 March, 1915 .. .. 59,007 4 4 Interest on bank balances .. .. 1,290 0 0 Interest paid on deposits 24 13 10 Interest on temporary advances to Less acorued interest at other branches .. .. 3,981 16 10 31st Maroh, 1914 .. 8 5 1 Interest on temporary £ s. d. 16 8 9 investments .. 33,936 14 4 Accrued interest payablo on deposits at Less accrued interest 31st March, 1915' .. .. 8 8 5 at 31st Maroh, 1914 1,700 0 0 Interest paid on amounts temporarily 32,236 14 4 transferred from other branches .. 9,157 14 9 Interest on mortgages— Balance—gross profits transferred to Overdue at 31st Profit and Loss Account .. .. 68,512 5 3 Maroh, 1915 .. 37,675 19 3 Accrued but not due at 31st March, 1915 .. .. 95,216 18 8 ■ 132,692 17 11 Interest on temporary investments accrued at 31st March, 1915 .. 1,687 13 3 £403,911 18 10 £403,911 18 10

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Statbmhnt of Management Expenses Account for the Year ended 31st March, 1915. Dr. £ s. d. [ Ob. £ s. d. To Audit Office servioes .. .. .. 300 00! By Consent feeß .. .. .. 21 6 0 Commission on money collected .. 1 17 11 Court costs .. .. .. 2 8 0 Overtime, payment for .. .. 128 9 3 j Inspection fees .: . .. .. 8 5 6 Petty general expenses .. .. 156 14 0 Production fees .. .. .. 571 18 6 Postages and telegrams .. .. 515 9 6 1 Release fees .. .. .. 334 13 7 Post Office services .. .. .. 569 3 0 Sundries .. .. .. .. 5 6 6 Printing and stationery .. .. 881 0 0 Balanoe transferred to Profit and Loss Salaries .. .. .. .. 8,275 7 1 Account .. .. .. .. 10,62115 11 Solicitor's costs .. .. .. 10 12 6 Telephones .. .. .. .. 33 9 5 Travelling-expenses .. .. .. 188 11 4 Valuation Department—agoncy work .. 500 0 0 £11,560 14 0 | £11,560 14 0 —— —— —_ . G. F. C. Campbell, Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 24th June, 1915. Examined and found correct.—Bobert J. Collins, Controller and Auditor-General. ADVANCES TO WORKERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1915. Liabilities. Assets. £ s. d. £ s. d. Investment Account, less total repay- £ s. d. Sundry loans .. 2,490,657 12 7 ments .. .. .. '.. 2,396,845 12 7 Temporary loan from 1 "Plus mortgage instalments overdue Settlers Branch .. 50,000 0 0 . —principal .. .. .. 5,913 2 6 2,540,657 12 7 ! Interest payable on loans, accrued but Total principal owing by mortgagors not due .. .. .. .. 25,391 3 8 at 31st March, 1915 .. .. 2,402,758 15 1 Advances Suspense Aooouut .. .. 11,210 0 0 'Mortgage instalments overdue—interest 12,686 4 7 Fire Loss Suspense Aocount .. .. 480 0 0 Interest on mortgagos, accruod but not Suspense Aocount .. .. .. 124 9 10 due .. .. .. .. 30,524 13 8 Reserve Fund, being net profits trans- Loan Charges Account .. .. 52,000 0 0 ferred .. .. .. .. 14,365 11 11 Insuranoe Premiums Account .. 198 1 1 Sinking Funds— £ s. d. Public Trustee .. 2,715 17 9 Advances Office Sinking Fund Account 47,747 2 8 Public Debt Extinction Fund Branch .. 568 10 0 51,031 10 5 Cash in hand and in bank at 31st March, 1915 .. .. .. 43,029 13 2 £2,592,228 18 0 £2,502,228 18 0 * Of the mortgage instalments overdue, a largo percentage had been received by Postmasters at 31st March, 191(3, and was in course of transit to this office.

Statement of Profit and Loss Account for the Year ended 31st March, 1915. Dk. £ s. d. Cr. £ s. d. To Management Expenses Aocount .. 2,957 8 1i By Interest Account—gross profits .. 12,562 1 10 Doubtful securities written down .. 254 7 3 Losses on realization of securities .. 103 18 8 Balanoe—net profits for the year , .. 9,246 12 10 i £12,562 1 10 £12,562 1 10 £ s. d. £ s. d. Loan charges written down .. .. 8,74112 6 Net profits for the year .. .. 9,246 12 10 Balance—net profits transferred to Reserve Fund .. .. .... 505 0 4 £9,246 12 10 £9,246 12 10

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Statement of Interest Account for the Year ended 31st March, 1915. Dr. £ s. d. £ s. d. , Or. £ s. d. £ s. d. To Interest paid on loans .. 106,189 1 1 By Interest on mortgages ..101,124 5 2 Less interest aoorued at Lesß interest overdue and 31st March, 1914 .. 28,406 7 8 accrued at 31st Maroh, 77,782 13 5 1914 .. .. 37,480 2 5 Interest payable on loans, accrued but 03,638 2 9 not due, at 31st March, 1915 .. 25,391. 3 8 I Interest on bank balaroes .. 72 19 1 Interest paid on amounts temporarily Intorest on temporary intransferrod from Settlers Branch .. 3,981 16 10 j vestments .. .. 18,795 15 8 Balance — gross profits transferred to Less interest accrued at Profit and Loss Account .. .. 12,562 1 10 31st March, 1914 .. 6,000 0 0 12,795 15 8 Interest on mortgages— Overdue at 31st March, 1915 .. 12,686 4 7 Acorued but not due at 31st March, 1915 .. 30,524 13 8 43,210 18 3 £119,717 15 9 £119,717 15 9

Statement of Management Expenses Account for the Year ended 31st March, 1915. Dr. £ s. d. Cr. £ s. d. To Audit Office services .. .. ~. 150 0 0 By Court costs .. .. .. .. 016 0 Commission! on money collected 2 15 2 Production fees .. .. .. 28 5 0 Inspection fees .. .. ..: 396 Refund of amount overpaid in advertising Postages and telegrams ..■, ~ 148 16 6 properties for sale .. .. .. 710 .0 Post Office services '.. ... .. 400 0 0 Release fees .. .. .. .. 30 10 0 Printing and stationery .. .. 200 0 0 Sundries .. .. .. .. 4 9 1 Salaries .. .. .. .. 1,870 0 0 Balance transferred to Profit and Loss Solicitor's costs .. .. .. 3 17 0 Account .. .. .. .. 2,957 8 1 Valuation Department—agency work .. 250 0 0 £3,028 18 2 £3,028 18 2 G. F. C. Campbell, Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 24th June, 191,5. Fjxamined and found correct.—Robert J. Collins, Controller and Auditor-General.

PUBLIC DEBT SINKING FUNDS BRANCH. Statement of Liabilities and Assets as at 31st March, 1915. Liabilities. £ s. d. Assets. £ s. d. Amount reoeived from Treasury .. 615,204 0 0 Investment Account, less Fire Loss Suspense Account .. .. 150 0 0 total repayments of prin- £ s. d. Suspense Account .. .. .. 43 17 6 cipal .. .. .. 181,040 17 10 Profit and Loss Aocount .. .. 37,911 9 11 *Plus mortgage instalments overdue—principal .. 196 10 3 Total prinoipal owing ... . on mortgages advanced to " Settlers " 181,237 8 1 Investment Account, less total repayments of principal .. .. .. 210,743 6 2 *Plus mortgage instalments overdue—principal .. 41 16 8 Total principal owing on mortgages advanced to " Local Authorities" .. 210,785 2 10 •Mortgage instalments overdue—interest 847 12 11 Interest on mortgages, accrued but not due 4,557 6 2 Temporary advances to Settlers Branch .. 76,572 0 0 Insurance Premiums Account .. .. 4 8 6 Cash in hand and in bank at 31st March, 1915 .. .. .. .. 179,305 8 11 £053,309 7 5 £653,309 7 5 * Of the mortgage instalments overdue, a large percentage had been received by Postmasters at 81st March. 1015, and was in course of transit to this office.

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Statement of Profit and Loss Account for the Year ended 31st March, 1915. Dr. £ s. d. On. £ s. d. To Balance—net profits for the year .. 19,412 5 4 By Interest Account .. .. .. 19,407 12 3 Management Acoount —sundry fees received .. .. .. .. 413 1 £19,412 5 4 £19,412 5 4 £ s. d. £ s. d. Balance—net profits carried forward .. 37,911 911 Balance at 31st March, 1914 .. .. 18,499 4 7 Net profits for the year .. .. 19,412 5 4 £37,911 9 11 £37,911 9 11

Statement of Interest Account for the Year ended 31st March, 1915. Dr. £ s. d. Cr. £ s. d. £ b. d. To Balance transferred to Profit and Lobs By Interest on mortgages, Account .. .. .. .. 19,407 12 3 "Settlers" .. .. 6,980 5 11 Less interest overdue and accrued at 31st Maroh, 1914 .. .. 1,910 8 4 5,009 17 7 Interest on mortgages, " Locbl Authorities ".. 5,164 13 0 Less interest overdue and accrued at 31st Maroh, 1914 .. .. 1,414 16 9 3,749 16 3 Interest on amounts temporarily transferred to Settlers Branch .. .. 5,182 19 4 Interest on mortgages— Overdue at 31st March, £ s. d. 1915 .. .. 847 12 11 Accrued but not due at 31st March, 1915 .. 4,557 6 2 5,404 19 1 £19,407 12 3 £19,407 12 3

Statement of Management Expenses Account for the Year ended 31st March, 1915. Dr. £ a. d. On. £ s. d. To Balance transferred to Profit and Loss By Release fees .. .. .. .. 4 0 0 Account .. .. .. .. 413 1 Production fees .. .. .. 010 0 Sundries .. .. .. .. 0 3 1 £4 13 1 ; £4 13 1 G. F. C. Campbell, Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 24th June, 1915. Examined and found correct. —Robert J. Collins, Controller and Auditor-General. ADVANCES TO LOCAL AUTHORITIES BRANCH. Statement of Liabilities and Assets as at 31st March, 1915. Liabilities. £ s. d. Assets. Sundry loans.. .. .. .. 2,258,067 0 0 Investment Account, less £ s. d. £ s. d. Money received from Treasury in accord- total repayments of anee with section 72, Local Bodies' principal— Loans Act, 1913 .. .. .. 3,208 8 9 J Local bodies ..2,057,50111 3 Interest on loan-moneys, accrued but not Section 70, Local due .. .. .. .. 33,234 1.2 0 Bodies' Loana Act, Suspense Account .. .. .. 44 18 1 1913 .. .. 39,665 5 3 2,097,166 16 6 "Plus mortgage instalments overdue — principal .. .. .. .. 1,096 16 10 Total balance of principal owing on mortgages .. .. .. 2,098,263 13 4 Interest on mortgages— •Overdue at 31st March, £. s. d. 1915 .. .. 2,754 4 2 Aocrued but not due at 31st March, 1915 .. 17,857 1 2 20,011 5 4 Loan Charges Account .. .. .. 21,651 5 0 i i Sinking Funds— Publio Trustee .. 48,461 0 5 Advances Office Sink- >,: ing Fund Account .. 43,099 8 8 Public Debt Extinction Fund Branch . . 1,137 0 0 92,697 9 1 Profit and Loss Acoount .. .. 45,56116 7 Cash in hand and in bank at 31st March, 1915 .. .. .. 15,769 9 6 £2,294,554 18 10 j £2,294,554 18 10 I ; * Of the mortgage instalments overdue, a large percentage had been received by Postmasters at illßt March, 1915, and was in course of transit to this oitice.

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Statement of Profit and Loss Account for the Year ended 31st March, 1915. Dr. £ s. d. Cr. £ s. d. To Balance, Interest Account .. .. 18,176 1111 By Balanoe—loss for the year .. .. 18,878 17 3 Balance, Management Expenses Account 702 5 4 £18,878 17 3 £18,878 17 3 £ s. d. To Balance as at 31st Maroh, 1914 .. 32,818 12 4 By Refund of part sinking fund trans- £ s. d. Losses for the year .. .. .. 18,878 17 3 ferred in aocordance with subsection (56) of section 26, State Advances Act, 1913 .. .. .. .. 6,135 13 0 Balance .. .. .. .. 45,561 16 7 £51,697 9 7 £51,697 9 7 Statement of Interest Account for the Year ended 31st March, 1915. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest paid on loans .. 101,858 0 2 By Interest on mortgages ..71,146 8 5 Less accrued interest at Less interest overdue and 31st March, 1914 .. 30,326 18 0 accrued at 31st March, 71,531 2 2 1914 .. .. 18,893 17 7 Accrued interest payable on loans at 52,252 10 10 31st Maroh, 1915 .. .. .. 33,234 12 0 Interest on bank balances 240 0 0 Interest on temporary investments .. .. 12,679 16 7 Interest on amounts temporarily transferred to "Settlers" .. .. 805 9 6 13,725 6 1 Interest receivable on mortgages— Overdue at 31st March, 1915 .. .. 2,754 4 2 Accrued but not due at 31st March, 1915.. 17,857 1 2 20,611 5 4 Balance transferred to Profit and Lobs Acoount .. .. .. .. 18,176 11 11 £104,765 14 2 - £104,765 14 2 Statement of Management Expenses Account for the Year ended 31st March, 1915. Dr. £ s. d. Cr. £ s. d. To Contribution to Audit Office .. .. 50 0 0 By Consent fees .. .. .. .. 0 5 0 Post Office services .. .. .. 100 0 0 Gazetting-fees .. .. .. 12 10 0 Postages and telegrams .. .. 140 4 7 Sundries .. .. .. .. 0 4 3 Printing and stationery .. .. 125 0 0 Balance transferred to Profit and Loss Salaries .. .. .. 300 0 0 Account .. .. .. 702 5 4 £715 4 7 £715 4 7 G. F. C. Campbell, Superintendent, W. N. Hinchliffb, Accountant. State Advances Office, Wellington, 24th June, 1915. Examined and found correct.—Robert J. Collins, Controller and Auditor-General.

ADVANCES OFFICE SINKING FUND ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1915. Liabilities. £ s. d Assets. £ s. d. Total amount paid in as at 31st March, Investment Acoount, less total repay--1914 .. .. .. .. 175,537 410 ments of principal .. .. 78,934 16 4 Amounts paid in for *Plus mortgage instalments overdue — year ended 31st principal.. .. .. .. 101 12 4 March, 1915— Total principal owing on mortgages adAdvances to Settlers £ s. d. vanced to" Settlers" .. .. 79,036 8 8 Branch .. .. 84,089 10 0 Advances to Workers Investment Account, less total repayBranoh .. .. 22,819 5 3 ments to "Looal Authorities " .. 3,704 15 3 Advances to Looal Interest on sinking funds hold by Authorities Branch.. 20,580 13 5 Public Trustee, accrued at 31st March, 127,489 8 8 1915 .. 14,186 410 Refund part sinking fund held by Public Interest on mortgages— Trustee .. .. .. .. 70,000 0 0 'Overdueat3lstMaroh, £ s. d. Advances Suspense Account .. .. 450 0 6 1915 .. .. 278 9 2 Profit and Lobs Account .. .. 19,651 15 10 Accrued but not due at 31st March, 1915 569 3 4 847 12 6 Amount paid in redemption of loanmoneys, Workers Branch .. .. 100,000 0 0 Temporary advance to Settlers Branch.. 60,000 0 0 Cash in hand and in bank at 31st March, 1915 .. .. .. 135,353 8 7 £393,128 9 10 £393,128 9 10 * Of the mortgage instalments overdue, a large percentage had been received by Postmasters at the 31et March, 1915, and was in course of transit to this office.

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Statement of Profit and Loss Account for the Year ended 31st March, 1915. Dr. £ s. d. Cr. £ s. d. To Balance—net profits for the year .. 19,65115 10 By Interest Account .. ... .. 19,65115 10

Statement of Interest Account for the Year ended 31st March, 1915. Dr. £ s. d, I Cr. £ s. d. £ s. d. To Balance transferred to Profit and Loss I By Interest received on Account .. .. .. 19,651 15 10 | mortgages, "Settlers" 1,364 8 1 Interest received on mortgages, "Looal Authorities" .. 84 4 6 1,448 12 7 Interest on amounts transferred to Settlers Branch .. .. .. 3,169 511 Interest on sinking funds held by Public Trustee, accrued at 31st March, 1915 .. .. .. 14,186 410 Interest on mortgages — Overdue at 31st £ s. d. Marob, 1915 .. 278 9 2 Accrued but not due at 31sc March, 1915 509 3 4 847 12 6 £19,651 15 10 £19,651 15 10 G. F. C. Campbell, Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 24th June, 1915. Examined and found correct.—Robert J. Collins, Controller and Auditor-General.

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