STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1916.

Appendix to the Journals of the House of Representatives, 1916 Session I, B-13

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1916. NEW ZEALAND.

STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1916.

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

ADVANCES TO SETTLERS BRANCH. Twenty-second Annual Report and Balance-sheet. The following is a statement showing the advances authorized for settlers by the Board during the year, and classified according to provincial districts : — Provincial Number of ta °^&£U£F am District. Applications. authorized. Auckland .. .. .. .. .. 883 270,895 Taranaki .. .. .. .. .. 76 29,295 Hawke's Bay .. .. .. .. .. 76 29,105 Wellington .. .. .. .. .. 296 105,030 Marlborough .. .. .. .. .. 21 6,310 Nelson .. .. .. .. .. 38 11,285 Westland .. .. .. .. .. 18 6,880 Canterbury .. .. .. .. '.. 175 59,225 Otago .. .. .. .. .. .. 60 17,915 Southland .. .. .. .. .. 78 20,370 Totals.. .. .. .. ..1,721 £556,310 The total advances to settlers now current are as follows :— Number. £ Not exceeding £500 .. .. .. ..15,125 3,246,595 7 5 Exceeding £500 but not exceeding £1,000 .. 3,221 2,309,177 2 1 Exceeding £1,000 but not exceeding £2,000 .. 1,346 1,894,930 9 7 Exceeding £2.000 but not exceeding £3,000 .. 198 491,694 12 11 Totals .. .. .. .. 19,890 £7,942,397 12 0 The number and amounts of current advances on freehold and leasehold are as follows:— Numb.r. Amount. On freeholds .. .. .. .. .. 12,165 5,656,680 19 1 On leaseholds .. .. .. .. .. 7,446 2,117,063 11 6 On freeholds and leaseholds combined .. .. 279 168,653 1 5 Totals .. .. .. .. 19.890 £7,942,397 12 0

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The number and amounts of current advances on rural and urban and suburban land are as follows:— Number. Amount. _ __ On rural land .. .. .. .. .. 12,564 5,232,550 9 5 On urban and suburban land .. .. .. 7,326 2,709,847 2 7 Totals .. .. 19,890 £7,942,397 12 0 The amounts of the advances actually paid over to settlers during the year ended 31st March, 191 6, are as follows :— Number. Am ° unt - Not exceeding £500 .. .. .. .. ..1.345 460,150 Exceeding £500 but not exceeding £1,000 .. .. 182 129,400 Exceeding £1.000 but not exceeding £2,000 .. .. 40 56,665 Total* .. .. .. .. .. 1,567 £646,215 The number and amounts actually paid over, classified according to tenure of the securities, are as follows:- - Number. Amo £ UDt - On freeholds .. .. .. .. .. .. 918 357,945 On leaseholds .. .. .. .. .. 642 283,445 On freeholds and leaseholds combined .. .. .. 7 4,825 Totals .. .. .. .. ..1,567 £646,215 The gross" profits for the year ended 31st March, 1916, were £72,766, and the cost of management and expenses of the branch £9,727 being 0-104 per cent., or 2s. Id. per £100 of the capital employed. The net profits amounted to £62,453, of which the sum of £30,000 has been applied in writing down loan charges. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £571,630, inclusive of the amount held by the Public Trustee (£302,904). One leasehold and 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 £584. G. F. C. Campbell, Superintendent. State Advances Offices, Wellington, 17th May, 1916.

ADVANCES TO WORKERS BRANCH. Ninth Annual Report and Balance-sheet. The following is a statement showing the advances to workers authorized by the Board during the year, and classified according to provincial districts: — Provincial Number of Amount of Advances District. Applications. authorized. Auckland .. .. .. .. ..333 106,015 Taranaki .. .. .. .. .. 21 5,745 Hawke's Bay .. .. .. .. .. 72 22,655 Wellington .. .. .. .. ..220 69,165 Marlborough .. .. .. .. ..25 7,685 Nelson .. .. .. .. ..10 3,160 Westland .. .. .. .. ..2 550 Canterbury .. .. .. .. ..182 57,615 Otago .. .. .. .. .... 64 19,095 Southland .. .. .. .. ..24 5,945 Totals .. .. .. ..953 £297,630

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The total of advances to workers now current and the tenure of the securities are as follows :— Number. Amount. _ On freeholds .. .. .. .. .. 8,448 2,456,618 3 B On leaseholds .; .. .. .. 562 106,286 1 6 Totals .. .. .. .. 9,010 £2,562,904 4 11 The advances to workers actually paid over during the year ended 31st March, 1916, on freehold and leasehold are as follows :— Number. An _ nat ' On freeholds .. .. .. .. .. ..802 269,690 On leaseholds .. .. .. .. .. ..24 5,990 Totals .. .. .. .. ..826 £275,680 The gross profits for the year ended 31st March, 1916, were £15,437, and the cost of management and expenses of the branch £3,141, being 0-125 per cent., or 2s. 6d. per £100 of the capital employed. The net profits amounted to £12,169, of which the sum of £11 ,108 has been applied in writing down loan charges. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £73,467, inclusive of the amount held by the Public Trustee (£2,715). Four freehold and four leasehold securities were realized by the Department during the year. Losses debited, and unpaid instalments in respect of mortgaged properties written off, amount to £126 18s. 3d. G. F. C. Campbell, Superintendent. State Advances Office, Wellington, 17th. May, 1916.

ADVANCES TO LOCAL AUTHORITIES BRANCH. The amount actually paid over to local bodies during the year was £115,820. Local bodies are now indebted to the Department to the extent of £2,181,989 in respect of principal moneys. The result of the year's operations shows a net loss of £9,164, which is due to the unremunerative rate of interest at which the earlier loans were granted. It is gratifying to notice that the loss this year is only half of that which occurred the previous year. Owing to the fact that loans arc now being granted at a rate of 4£ per cent. I anticipate that this branch of the Department's operations should soon begin to show a small profit. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £114,712, inclusive of the amount held by the Public Trustee (£48,461). G. F. C. Campbell, Superintendent. State Advances Office, Wellington, 17th May, 1916.

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PUBLIC DEBT SINKING FUNDS BRANCH. The following is a statement showing the advances under this branch authorized during the year ended 31st March, 1916, classified according to provincial districts :■ — Advances to Settlers. . M _ Provincial Number of A " K 'T t ' h '' ii/""" 8 District. Applications, aiiuioruea. Auckland .. .. .. .. .. ..7 1,860 Marlborough .. .. .. .. .. .. 1 50 Canterbury .. .. . . .. . . 2 600 Otago .. .. .. .. .. .. .. I 450 Southland .. .. .. .. .. ..I 1,000 Totals.. .. .. .. .. ..12 £3,960 Advances to Local Bodies. Provincial Number of District. AppUcations. authorized. Auckland .. .. .. .. .. ..71 94,215 Taranaki .. .. .. .. .. ..21 18,800 Hawke's Bay .. .. .. .. 5 16,640 Wellington .. .. .. .. .. ..23 17,620 Nelson .. .. .. .. .. ..1 2,000 Westland .. .. .. .. .. ..2 3,300 Canterbury .. .. .. .. .. ..4 5,175 Otago .. ' .. .. .. .. .. .. 1 300 Southland .. .. .. .. .. ..2 2,570 Totals.. .. .. .. .. .. 130 £160,620 The amount actually paid over to settlers during the year was £6,660, and to local bodies £149,250 : a total of £155,910. Local bodies are now indebted to the extent of £357,200, and settlers £175,433 : a total of £532,633 in respect of principal moneys. The net interest earned for the year amounted to £27.639. or £4 9s. 10d, per £100 of the funds invested, the cost of management and, expenses was nil. G. F. C. Campbell, Superintendent. State Advances Office, Wellington, 17th May, 1916.

ADVANCES OFFICE SINKING FUND. The following is a statement showing the advances under this branch authorized during the year ended 31st March, 1916, classified according to provincial districts : „ , , , Advances to Settlers. „ f ~,.„,„„.„ Provincial Number of AmouMot .Alliances District. Applications. authorized. Auckland .. .. .. .. .. ..155 98,205 Taranaki .. .. .. .. .. ..24 21,765 Hawke's Bay .. .. .. .. .. ..12 7,410 Wellington .. .. .. .. .. ..39 24,690 Marlborough .. .. .. .. .. ..3 1,410 Nelson.. .. .. .. .. .. (i 2JOO Canterbury .. .. .. .. .. ..14 6,925 Otago .. .. .. .. .. .. ..9 6,415 Southland .. .. .. .. .. ..27 16,840 Totals .. .. .. ..289 £186,360 „ .. , Advances to Local Bodies. . ..„ Provincial Number of Amount of Advances District. Applications. authorized. Auckland .. .. .. .. .. .. 2 3 090 Otago.. .. .. .. .. .. ..| ' 700 Totals • • 3 £3/790 The amount actua'ly paid over to settlers during the year was £161,680, and to local hodips £20,340: a total of £182,020. Settlers are now indebted to the extent of £233,953, and local bodies £23,782: a total of £257,735 in respect of principal moneys. The profits for the year ended 31st March, 1916, amounted to £26,019, the cost of management and expenses was nil. 6 G. F. C. Campbell, Superintendent. btate Advances Office, Wellington, 17th May, 1916.

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BALANCE-SHEET. ADVANCES TO SETTLERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1916. Liabilities. £ s. d. Assets. £ s. cl. Sundry loanß .. .. .. 9,855,815 3 8 Investment Acoount, less total repayTemporary advances from Public Dout ments .. .. .. .. 7,930.438 17 I Sinking Fund Branoh .. .. 291,000 0 0 Plus mortgage instalments overdue Temporary advances from Advances —principal .. .. .. 11,958 14 8 Offioe Sinking Fund Branoh .. 155,000 0 0 Advances Suspense Account .. .. 21,215 0o! Total principal owing by mortgagors Fire Loss Suspense Acoount .. .. 929 0 9 at 31st March, 1916 .. .. 7,942,397 12 0 Suspense Acoount .. .. .. 4,234 18 0 Mortgage instalments overdue—interest 31,935 16 9 Reserve Fund .. .. .. 50,000 0 0 , Interest on mortgages, acorued but not Interest payable on loans, accrued but due .. .. .. .. 95,460 18 1 not due .. .. .. .. 48,354 5 4 i Temporary advances to Workers Branoh 220,000 0 0 Interest payable on deposits, accrued Temporary advances to Looal Authobutnotdue .. .. .. 8 5 0 rities Branch .. .. .. 120,000 0 0 Profit and Loss Account .. .. 344,551 6 9 Temporary investments .. .. 1,038,248 19 2 Loan Charges Account .. .. 91,842 2 1 Insurance Premiums Account .. 461 2 5 Offioe Furniture and Equipment Account 1,162 2 4 Interest on temporary investments, aoorued but not due .. .. 8,568 9 7 Sinking Funds— £ s. d. Publio Trustee .. 302,904 13 9 Advances Office Sinking Fund Aooount 266,495 10 9 Public Debt Sinking Fund Branoh .. 2,230 10 0 571,680 14 6 Gash in hand and in bank at 31st Maroh, 1916 .. .. .. .. 148,900 2 7 £10,270,607 19 6 £10,270,607 19 6

Statement of Profit and Loss Account for the Year ended 31st March, 1916. De. £ s. d. | Cb. £ s. d. To Management Expenses Aooount .. 9,727 16 0 By Interest Aooount —gross profits .. 72,766 6 3 Losses on realization of securities, and doubtful securities written down .. 584 16 7 Balance—net profits for the year ended 31st March, 1916.. .. • .. 62,453 13 8 £72,766 6 3 £72,766 6 3 £ s. d- £ s. d. Loan cbarges written down .. 30,000 0 0 Balanoe at 31st Maroh, 1916 .. 312,226 15 7 Offioe Furniture and Equipment Ao- Net profits for the year .. .. 02,453 13 8 count written down .. .. 129 2 6 *•*Balanoe—net profits oarried forward.. 344,551 6 9 £374,680 9 3 £374,680 9 3 Statement of Interest Account for the Year ended 31st March, 1916. Db. £ a. d. £ s. d. Cb. £ a. d. £ ■. d. To Interest paid on loans.. 344,034 9 4 By Interest reoeived on Less accrued interest at mortgages .. 368,055 15 1 31st March, 1915 .. 59,007 4 4 Less overdue and 285,027 5 0 aoorued at 31st Aoorued interest pay- Maroh, 1915 .. 132,892 17 11 able on loans at 31st 235,162 17 2 March, 1916 .. .. 48,354 5 4 Interest on bank balanoes .. .. 697 15 11 Interest paid on deposits 19 7 1 Interest on temporary advances to Less acorued interest at other branches .. .. 5,683 16 8 31st Maroh, 1915 .. 8 8 5 Interest on temporary [£ s. d. 10 18 8 investments .. 41,958 6 9 Aoorued interest payable on deposits at Less aocrued interest 31st March, 1916 .. .. 8 5 0 at 31st Maroh, 1915 1,687 13 3 Interest paid on amounts temporarily 40,270 18 6 transferred from other branches .. 11,613 7 5 Interest on mortgages— Balanoe—gross profits transferred to Overdue at 31st Profit and Loss Aooount .. .. 72,766 6 3 Maroh, 1916 .. 31,935 16 9 Acorued but not due at 31st Maroh, 1916 .. .. 95,460 18 1 127,396 14 10 Interest on temporary investments acorued at 31st Maroh, 1916 .. 8,568 9 7 £417,780 7 8 £417,780 7 8

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Statement of Management Expenses Account for the Year ended 31st March, 1916. Db. £ s. d. , Ce. £ s. d. To Audit Office servioes .. .. .. 300 00j By Consent fees .. .. .. 28 6 0 Commission on money eolleoted .. 20 15 0 j Court oosts .. .. .. 2 10 Inspection feeß .. .. .. 4 810 Production fees .. .. .. 695 15 6 Petty general expenses .. .. 120 4 5 Release fees .. .. .. 331 11 2 Postages and telegrams .. .. 360 14 0 Balance transferred to Profit and Loss Post Office services .. .. 562 16 7 Acoount .. .. .. .. 9,727 16 0 Printing and stationery .. .. 373 11 9 Repairs to mechanical applianoes 20 13 7 Salaries .. .. .. .. 8,285 14 4 Solioitors' oosts .. .. .. 10 6 9 Telephones .. .. .. .. 33 811 Travelling expenses .. .. .. 192 9 6 Valuation Department—agenoy work .. 500 0 0 £10,785 3 8 £10,785 3 8 G. F. C Campbell, Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 17th May, 1916. Examined and found correct. —Robert J. Collins, Controller and Auditor-General.

ADVANCES TO WORKERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1916. Liabilities. Assets. £ s. d. £ s. d. Investment Acoount, less total repay- £ s. d. Sundryloane ..2,507,762 17 10 ments .. .. .. ..2,556,955 7 8 Temporary loans from Plus mortgage instalments overdue Settlers Branoh .. 220,000 0 0 —principal .. .. .. 5,948 17 3 2,727,762 17 10 Interest payable on loans, accrued but Total principal owing by mortgagors notdue .. .. .. .. 20,292 8 4 at 31st March, 1916 .. ..2,562,904 4 11 Advances Suspense Aooount .. .. 8,900 2 0 Mortgage instalments overdue —interest 11,786 5 8 Suspense Account .. .. .. 304 8 6 Interest on mortgages, accrued but not Reserve Fund, boing net profits trans- due .. .. .. .. 30,704 19 5 ferred .. .. .. .. 15,426 2 8 Loan Charges Acoount .. .. 58,000 0 0 Insuranoe Premiums Aooount .. 197 15 5 • v » Sinking Funds — £ s. d. Publio Trustee .. 2,715 17 9 Advances Offioe Sinking Fund Branch .. 69,566 7 11 Public Debt Extinction Fund Branch .. 1,185 10 0 73,467 15 8 Cash in hand and in bank at 31st March, 1916 .. .. .. 35,624 18 3 £2,772,685 19 4 £2,772,685 19 4

Statement of Profit and Loss Account for the Year ended 31st March, 1916. Da. £ s. d. | Cb. £ s. d. To Management Expensoß Account .. 3,141 6 4 By Interest Account —gross profits .. 15,437 14 1 Losses on realization of securities and doubtful securities written down .. 126 18 3 Balanoe—net profits for the year .. 12,169 10 6 £15,437 14 1 £15,437 14 1 £ s. cl. £ s. d. Loan oharges written down .. .. 11,108 19 9 Net profits for the year .. .. 12, 169 10 6 Balanoe—net profits transferred to Reserve Fund .. .. .. 1,060 10 9 £12,169 10 6 £12,169 10 6

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Statement of Interest Account for the Year ended 31st March, 1916. Da. £ s. d. £ s. d. I Ob. £ s. d. £ s. d. To Interest paid on loans .. 97,891 15 11 By Interest on mortgages ..112,148 14 11 Loss interest aoorued at Less interest overdue and 31st Maroh, 1915 .. 25,391 3 8 aoorued at 31st Maroh, ■ 72,500 12 3 1915 .. .. 43,210 18 3 Interest payable on loans, acorued but 68,937 16 8 not due .. .. .. .. 20,292 8 4 Interest on bank balanoes .. 80 0 0 Interest on amounts temporarily trans- Interest on mortgages— ferred from Settlers Branoh .. 3,278 7 1 Overdue at 31st Balanoe — gross profits transferred to Maroh, 1916 .. 1.1,786 5 8 Profit and Loss Account .. .. 15,437 14 1 Aoorued but not due at 31st March, 1916 .. 30,704 19 5 42,491 5 1 £111,509 1 9 £111,509 1 9

Statement of Management Expenses Account for the Year ended 31st March, 1916. De. £ s. d. Cb. £ s. d. To Audit Offioe services .. .. .. 150 0 0 By Inspection fees .. .. 1 17 7 Commission on money oolleoted .. 4 6 0 Production fees .. .. 2 15 0 Court oosts .. .. .. .. 0 15 0 Release fees .. .. .. 27 5 0 Postages and telegrams .. .. 148 0 6 Sundries .. .. .. .. 4 6 9 Post Office services .. .. .. 400 0 0 Balance transferred to Profit and Loss Printing and stationery .. .. 200 0 0 Account .. .. .. .. 3,141 5 4 Salaries .. .. .. .. 1,994 0 0 Solicitors' oosts .. .. .. 30 8 2 Valuation Department—agency work .. 250 0 0 £3,177 9 8 £3,177 9 8 G. F. C. Campbell, Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 17th May, 1916. Examined and found correct.—Robert J. Collins, Controller and Auditor-General.

PUBLIC DEBT EXTINCTION FUNDS BRANCH. Statement of Liabilities and Assets as at 31st March, 1916. Liabilities. £ s. d. Atsett. £ s. d. Amount reoeived from Treasury .. 777,074 0 0 Investment Aooount, less £ s. d. Suspense Account .. .. .. 2.36 4 2 total repayments .. 175,238 5 1 Profit and Loss Acoount .. .. 65,554 0 8 Plus mortgage instalments overdue —prinoipal .. 194 16 2 Total prinoipal owing on mortgages advanoed to " Settlers " 175,433 1 3 Investment Account, less total repayments .. 357,088 8 6 Plus mortgage instalments overdue—prinoipal .. 11l 17 10 Total prinoipal owing on mortgages advanced to " Looal Authorities" .. —357,200 6 4 Mortgage instalments overdue —interest 1,033 13 8 Interest on mortgages, aoorued but not due 6,301 4 2 Temporary advances to Settlers Branch .. 291,000 0 0 Insurance Premiums Account .. .. 4 12 6 Cash in hand and in bank at 31st March, 1916 .. .. .. .. 11,891 6 11 i £842,864 4 10 | . £842,864 4 10

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Statement of Profit and Loss Account for the Year ended 31st March, 1916. Db. £ s. d. Cb. £ s. d. To Balanoe—net profits for the year .. 27,642 10 9 By Interest Aooount .. .. .. 27,639 510 Management Aooount —sundry fees reoeived .. .. .. 3 4 11 £27,642 10 9 £27,642 10 9 £ s. d. j £ s. d. Balanoe—net profits oarried forward ..65,554 0 8 Balanoe at 31st Maroh, 1915 .. .. 37,911 9 11 Net profits for the year .. .. 27,642 10 9 £65,554 0 8 £65,554 0 8

Statement of Interest Account for the Year ended 31st March, 1916. Da. £ s. d. | Ob. £ s. d. £ s. d. To Balance transferred to Profit and Lose ' By Interest on mortgages, Aooount .. .. .. .. 27,639 510 "Settlers" .. .. 8,196 4 0 Less interest overdue and aoorued at 31st Maroh, 1915 .. .. 2,668 15 11 5,527 8 1 Interest on mortgagee, " Loosl Authorities ".. 10,160 11 8 Less interest overdue and accrued at 31st Maroh, 1915 .. .. 2,736 3 2 7,424 8 6 Interest on amounts temporarily transferred to Settlers Branoh .. .. 7,352 11 5 Interest on mortgages— Settlers — Overdue at £ s. d. 31st Maroh, 1916 .. 598 1 11 Aoorued but not due at 31st Maroh, 1916 .. 1,992 8 9 Looal Authorities—Overdue at 31st Maroh, 1916 435 11 9 Accrued but not due at 31st Maroh, 1916 .. 4,308 15 5 7,334 17 10 £27,639 5 10 £27,639 5 10

Statement of Management Expenses Account for the Year ended 31st March, 1916. D K , £ b. d. I Ce. £ s. d. To Balanoe transferred to Profit and Loss \ By Release fees .. .. .. .. 215 0 Acoount .. .. .. ■• 3 411 Sundries .. .. .. .. 0 911 £3 4 11 £3 4 11 G. F. C. Campbell, Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 17th May, 1916. Examined and found correct. —Robert J. Collins, Controller and Auditor-General.

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ADVANCES TO LOCAL AUTHORITIES BRANCH. Statement of Liabilities and Assets as at 31st March, 1916. Liabilities. £ s. d. Assets. Sundry loans.. .. .. .. 2,775,529 0 0 Investment Account, less £ s. d. £ s. d. Money received from Treasury in accord- total repayments — ance with section 72, Local Bodies' Local Bodies .. 2,139,120 17 8 Loans Act, 1913 .. .. .. 3,208 8 9 Seotion 70, Local Temporary loans from Settlers Branoh.. 120,000 0 0 Bodies' Loans Act, Interest on loan-moneys, accrued but not 1913 .. .. 41,565 19 7 due .. .. .. .. 36,522 7 2 2,180,680 17 3 Mortgage instalments overduo — prinoipal— Local bodies .. 1,194 2 6 Seotion 70, Looal Bodies' Loans Act, 1913 .. .. 108 3 5 1,302 5 11 Total balanoe of principal owiug on mortgages .. .. .. 2,181,989 8 2 Interest on mortgages — Looal Bodies—Overdue £ s. d. at 31st March, 1916 2,774 16 5 Aocrued but not due at 31st March, 1916 .. 19,146 16 2 Section 70—Overdue at 31st March, 1916 .. 327 6 5 Accrued but not due at 31st Maroh, 1916 .. 403 18 9 22,652 17 9 Loan Charges Account .. .. 39,113 5 0 Temporary investments .. .. 500,000 0 0 Interest accrued on temporary investments .. .. .. .. 2,380 14 1 Sinking Funds— £ s. d. Public Trustee .. 48,461 0 5 Advances Offioe Sinking Fund Aooount .. 63,680 2 3 Public Debt Sinking Funds Branoh .. 2,571 0 0 114,712 2 8 Profit and Loss Aooount .. .. 54,725 18 6 Cash in band and in bank at 31st Maroh, 1916 .. .. .. 19,679 14 9 £2,935,259 15 11 £2,935,259 15 11

Statement of Profit and Loss Account for the Year ended 31st March, 1916. '** De. £ s. d. 08. £ s. tl. To Balance, Interest Account .. .. 8,441 8 8 By Balance—loss for the year .. .. 9,164 111 Balanoe, Management Expenses Account 722 13 3 £9,104 1 11 £9,164 1 11 £ s. d £ s. d. Balance as at 31st Maroh, 1915 .. .. 45,56116 7 Balance .. .. .. .. 54,725 18 6 Losses for tbe year .. .. .. 9,164 1 11 £54,725 18 6 £54,725 18 6 Statement of Interest Account for the Year ended 31st March, 1916. Dr. £ s. d. £ t. d. Ce. £ a. d. £ a. d To Interest paid on loans .. 103,205 12 6 By Interest on mortgages— Less accrued interest at Local bodies .. 77,679 15 10 31st March, 1915 .. 33,234 12 0 Section 70 .. .. 1,483 3 1 69,971 0 6 Interest paid on temporary loans from 79,162 18 11 Settlers Branch .. .. .. 2,405 9 7 Less interest overdue and Accrued interest payable on loans at accrued at 31st March, 31st March, 1916 .. .. .. 36,522 7 2 1915 .. .. 20,611 5 4 58,551 13 7 Interest on bank balances 85 6 6 Interest on temporary investments .. .. 16,780 16 8 . 16,866 3 2 Interest on temporary investments, acorued but not due .. .. 2,386 14 1 Interest on mortgages— Overdue at 31st Maroh, 1916 .. .. 3,102 210 Aocrued but not due at 31st March, 1916.. 19,550 14 11 22,652 17 9 Balanoe transferred to Profit and Doss Account .. .. .. .. 8,441 8 8 £108,898 17 8 £108,898 17 3

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Statement of Management Expenses Account for the Year ended 31st March, 1916. Da. £ s. d. Ob. £ s. d. To Contribution to Audit Office .. .. 50 0 0 By Consent feus .. .. .. .. 1 10 0 Post Office services .. .. .. 100 0 0 Gazetting-fees .. .. .. 010 0 Postages and telegrams .. .. 149 19 0 Sundries .. .. .. .. 0 5 9 Printing and stationery .. .. 125 0 0 Balance transferred to Profit and Loss Salaries .. .. .. 300 0 0 Acoount .. .. .. 722 13 3 £724 19 0 £724 19 0 G. F. C. Campbell, Superintendent, W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 17th May, 1916. 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, 1916. Liabilities. £ s. d. Assets. £ s. d. Total amount paid in as at 31st March, Investment Aooount, less total repay--1915 .. .. .. .. 273,026 13 6 ments— £ s. d. Amounts paid in for Advances to Settlers 233,775 18 11 year ended 31st Advances to Local Maroh, 1916— Authorities .. 23,772 0 9 Advances to Settlers £ s. d. 257,547 19 8 Branch .. .. 84,315 8 7 Plus mortgage instalments overdue — Advances to Workers prinoipal— Branch .. .. 21,819 5 3 Advances to Settlers 177 6 0 Advances to Local Advances to Local Authorities Branch.. 20,580 13 7 Authorities .. 9 19 10 126,715 7 5 187 5 10 Advances Suspense Acoount .. .. 1,425 0 6 Fire Loss Suspense Acoount .. .. 10 0 0 Total prinoipal owing by mortgagors at Suspense Account .. .. .. 16 10 0 31st March, 1916 .. .. .. 257,735 5 6 Profit and Loss Account .. .. 45,671 811 Temporary advance to Settlers Branch .. 155,000 0 0 Insurance Premiums Account.. .. 7 7 4 Interest on mortgages— "Settlers"—overdue at £ s. d. 31st Maroh, 1916 .. 537 3 5 " Settlers " —aoorued but not due at 31st March, 1916 .. .. 2,125 18 10 "Looal authorities," — overdue at 31st Marcb, 1916 .. .. 38 7 8 "Eocal authorities"— aocrued but not due at 31st March, 1916 .. 244 11 2 • 2,946 1 1 Cash in hand and in bank at 31st Maroh, 1916 .. .. .. 31,176 6 5 £446,865 0 4 £446,865 0 4

Statement of Profit and Loss Account for the Year ended 31st March, 1916. De. £ s. d. Ce. £ s . fl. To Balance—net profits for the year .. 26,019 13 IBy Interest Acoount .. .. .. 26,018 510 Management Account—sundry fees .. 17 3 £26,019 13 1 £26,019 13 1 £ s. d. a ~ a. Ba'auce—net profits carried forward 45,671 811 Balance at 31st March, 1915 .. 19,65115 10 Net profits for the year • .. .. 26,019 13 1 £45,671 8 11 £45,671 8 11

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Statement of Interest Account for the Year ended 31st March, 1916. De. £ s. d. ] Cu. £ s. d. £ s. d. To Bilauce transferred to Profit and Loss By Interest on mortgages— Account .. .. .. 26,018 5 10 "Settlers" .. .. 5,181 10 9 "Looal Authorities" .. 275 9 0 5,456 19 9 Less interest ovordue and accrued at 31st March, 1915 .. .. 847 12 6 4,609 7 8 Interest on amounts transferred to Settlers Branoh .. .. .. 4,260 16 0 Interest on sinking funds held by Public Trustee .. .. .. 14,202 1 6 Interest on mortgages— Settlers — overdue at 31st Maron, 1916 .. 537 3 5 Settlers—accrued but not due at 31st March, 1916 .. 2,125 18 10 Local authorities — overdue at 31st March, 1916 .. 38 7 8 Local authoritieB— accrued but not due at 31st March, 1916 244 11 2 2,946 1 1 £26,018 5 10 £26,018 5 10 Statement of Management Expenses Account for the Year ended 31st March, 1916. Db. £ s. cl. I Ce. £ s. d. To Balance transferred to Profit and Loss ' By Production fees .. .. .. 0 5 0 Account .. .. .. 17 3 Release fees .. .. 0 15 0 Sundries .. .. .. .. 0 7 3 £17 3' £173 I G. F. C. Campbell, Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 17th May, 1916. Examined and found correct. —Robert J. Collins, Controller and Auditor-General.

Approximate Cost of Paper. — Preparation, not given ; printing (1,000 copies), £10.

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Price 6d.]

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