STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1917.

Appendix to the Journals of the House of Representatives, 1917 Session I, B-13

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1917. NEW ZEALAND.

STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1917.

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

ADVANCES TO SETTLERS BRANCH. Twenty-third 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 District. Applications. authorized. Auckland .. .. .. .. ..499 144,915 Taranaki .. .. .. .. .. 43 19,675 Ffawke's Bay .. .. .. .. .. 45 18,290 Wellington .. .. .. .. .. 257 88,930 Marlborough .. .. .. .. .. 25 9,475 Nelson .. .. .. .. .. 16 3,600 Westland .. .. .. .. .. 21 7,245 Canterbury • .. .. .. .. ..128 38,255 Otago.. .. .. .. .. .. 49 16,945 Southland .. .. .. .. .. 42 11,400 Totals.. .. .. .. .. 1,125 £358,730 The total advances to settlers now current are as follows :— Number. £ Amount.^ Not exceeding £500 .. .. .. .. 15,081 3,228,154 18 8 Exceeding £500 but not exceeding £1,000 .. .3,123 2,218,225 1 11 Exceeding £1,000 but not exceeding £2,000 .. " 1,322 1,819,168 4 5 Exceeding £2,000 but not exceeding £3,000 .. 103 489,575 2 8 Totals .. .. .. .. 19,7.1.9 £7,755,123 7 8 The number and amounts of current advances on freehold and leasehold are as follows:— Number. Amount - „ d On freeholds .. .. .. .. .. 12,066 5,530,506 19 6 On leaseholds .. .. .. .. .. 7,378 2,045,963 2 2 On freeholds and leaseholds combined .. .. 275 178,653 6 0 Totals .. .. .. .. 19,719 £7,755,123 7 8 The number and amounts of current advances on rural and urban and suburban land are as follows: — Number. Amount. On rural land .. .. .. .. .. 12,435 5,070,413 18 7 On urban and suburban land .. .. .. 7,284 2,684,709 9 1 Totals .. .. .. .. 19,719 £7,755,123 7 8 The amounts of the advances actually paid over to settlers during the year ended 31st March, 191.7, are as follows : — Number. Am ° unt - Not exceeding £500 .. .. .. .. .. 921 299,735 Exceeding £500 but not exceeding £1,000 ..' .. 122 85,850 Exceeding £1,000 but not exceeding £2,000 .. .. 29 43,270 Totals .. .. .. .. .. 1,072 £428,855

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The number and amounts actually paid over, classified according to tenure of the securities, are as follows:— Number. Am ° unt ' On freeholds 649 242,435 On leaseholds .. .. .. .. .. 418 182,990 On freeholds and leaseholds combined .. .. .. 5 3,430 Totals 1,072 £428,855 The gross profits for the year ended 31st March, 1917, were £51,383, and the cost of management and expenses of the branch £10,276, being 0-111 per cent., or 2s. 3d. per £100 of the capital employed. The net profits amounted to £40,716. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £707,988, inclusive of the amount held by the Public Trustee (£302,904). Six leasehold and five freehold securities were realized by the Department during the year. Losses debited, and unpaid instalments in respect of mortgaged properties written off, amount to £391. G. P. C. Campbell, Superintendent. State A.dvances Offices, Wellington, 2nd July, 1917.

ADVANCES TO WORKERS BRANCH. Tenth 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 '""^ASF"' District. Applications. authorized. Auckland .. .. .. .. ..188 • 62,135 Taranaki .. .. .. .. .. 16 4,705 Hawke's Bay .. .. .. .. ..47 13,510 Wellington .. .. .. .. ..198 64,770 Marlborough .. .. .. .. ..14 4,080 Nelson .. .. .. .. .. 9 2,755 Westland .. .. .. .. ..1 175 Canterbury .. .. .. .. ..143 46,325 Otago.. .. .. .. .. .. 32 9,725 Southland .. .. .. .. ..10 2,815 Totals .. .. .. ..658 £210,995 The total of advances to workers now current and the tenure of the securities are as follows :— Number. Amount. On freeholds .. .. .. .. .. 8,902 2,542,115 4 i On leaseholds .. .. .. .. 569 108,304 2 9 Totals .. .. .. .. 9,471 £2,650,419 7 4 The advances to Workers actually paid over during the year ended' 31st March, 1917, on freehold and leasehold are as follows :— Number. Amount. On freeholds .. .. .. .. .. ..594 212,310 On leaseholds .. .. .. .. .. ..11 2,655 Totals .. .. .. .. ..605 £214,965 The gross profits for the year ended 31st March, 1917, were £11,612, and the cost of management and expenses of the branch £3,114, being 0-125 per cent., or 2s. 6d. per £100 of the capital employed. The net profits amounted to £8,315, of which the sum of £6,945 has been applied in writing down loan charges. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £45,984, inclusive of the amount held by the Public Trustee (£2,715). Seven 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 £183. G. P. C. Campbell, Superintendent. State Advances Office, Wellington, 2nd July, 1917.

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ADVANCES TO LOCAL AUTHORITIES BRANCH. The amount actually paid over to local bodies during the year was £25,175. Local bodies are now indebted to the Department to the extent of £2,173,299 in respect of principal moneys. The result of the year's operations shows a net loss of £1,155. Next year I anticipate that this branch of the Department's operations will show a profit. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £136,774, inclusive of the amount held by the Public Trustee (£48,461). G. P. C. Campbell, Superintendent. State Advances Office, Wellington, 2nd July, 1917.

PUBLIC DEBT SINKING PUNDS BRANCH. The following is a statement showing the advances under this branch authorized during the year ended 31st March, 1917, classified according to provincial districts:— Advances to Local Bodies. • Provincial Number of AmO r t t h ° f r , Ad 7 anCOE District. Applications. authorized. Auckland . J .. .. .. .. ..58 83,420 Taranaki .. .. .. .. .. ..11 13,710 Hawke's Bay .. .. .. .. .. ..3 1,350 Wellington .. .. .. .. .. ..18 15,130" Nelson .. .. .. .. .. ..1 500 Marlborough .. .. .. .. .. .. 1 500 Otago.. .. .. .. .. .. ..3 2,625 Totals.. .. .. .. .. ..95 £117,235 The amount actually paid over to settlers during the year was £1,920, and to local bodies £106,455: a total of £108,375. Local bodies are now indebted to the extent of £459,021, and settlers £167,546 : a total of £626,567 in respect of principal moneys. The net interest earned for the year amounted to £35,916, or £4 12s. per £1.00 of the funds invested. The cost of management and expenses was nil. G. F. C. Campbell, Superintendent. State Advances Office, Wellington, 2nd July, 1917.

ADVANCES OFFICE SINKING FUND. The following is a statement showing the advances under this branch authorized during the year ended 31st March, 1917, classified according to provincial districts: — provincial Advances to Settlers, Amount ol Advances District. Applications. authorized. Auckland .. .. .. .. .. ..140 74,215 Taranaki .. .. .. .. ..29 18,335 Hawke's Bay .. .. .. .. .. ..12 7,060 Wellington .. .. .. .. .. ..45 24,210 Marlborough .. .. .. .. .. .. 2 610 Nelson.. .. .. .. .. .. ..4 3,200 Canterbury .. .. .. .. .. ..18 8,320 Otago.. .. .. .. .. .. ..17 7,500 Southland .. .. .. .. .. ..20 13,090 Totals .. .. .. .. .. ..287 £156,540 t.r ,i -ii Advances to Local Bodies. j,„„„„t„f i* Provincial Number of Amount of Advances District. Applications. authorizod. Auckland .. .. .. .. .. .. 4 5 900 Wellington .. .. .. .. .. ..4 4-'oOO Totals .. .8 £9,900 The amount actually paid over to settlers during the year was £159,200, and to local bodies £20,680 : a total of £179,880. Settlers are now indebted to the extent of £375,338, and local bodies £44,087: a total of £419,425 in respect of principal moneys. The profits for the year ended 31st March, 1917, amounted to £34,996. The cost of management and expenses was nil. G. F. C. Campbell, Superintendent. State Advances Office, Wellington, 2nd July, 1917.

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BALANCE-SHEET. ADVANCES TO SETTLERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1917. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. 9,295,942 10 2 Investment Account, less total repayTemporary advances from Public Debt ments .. .. .. .. 7,718,035 SlO Sinking Fund Branch .. .. 892,000 0 0 Plus mortgage instalments overdue — Temporary advances from Advances principal.. .. .. .. 12,088 1 10 Office Sinking Fund Acoount .. 155,000 0 0 Advances Suspense Aocount .. .. 10,970 6 9 Total principal owing by mortgagors Fire Loss Suspense Account .. .. 69119 0 at 31st March, 1917 .. .. 7,755,123 7 8 Suspense Account .. .. .. 2,837 7 5 Mortgage instalments overdue—interest 30,158 5 1 Reserve Fund .. .. .. 50,000 0 0 Interest on mortgages, accrued but not Interest payable on loans, accrued but due .. .. .. .. 85,538 2 6 not due .. .. .. .. 48,354 5 4 Temporary advances to Workers Branch 250,000 0 0 Interest payable on deposits, accrued Temporary advances to Local Authobutnotdue .. .. .. 713 7 rities Branch .. .. .. 50,000 0 0 Profit and Loss Account .. .. 384,407 12 1 Temporary investments .. .. 1,246,405 4 2 Interest on temporary investments, accrued but not due .. .. 24,754 16 7 Loan Charges Aocount .. .. 32,469 8 7 Insurance Premiums Aocount .. 438 5 5 Office Furniture and Equipment Account 1,283 2 0 Sinking Funds— £ s. d. Public Trustee .. 302,904 13 9 Advances Office Sinking Fund Acoount 401,135 13 3 Public Debt Sinking Fund Branch .. 3,947 10 0 707,987 17 0 Gash in hand and in bank at 31st Maroh, 1917 .. .. .. .. 156,053 5 4 £10,340,211 14 4 £10,340,211 14 4 . ~~ =: Statement of Pkopit and Loss Account for the Year ended 31st March, 1917. Db. £ a. d. Ob. £ s. d. To Management Expenses Aocount .. 10,275 12 1 By Interest Account—gross profits .. 51,383 6 1 Losses on realization of securities, and doubtful securities written down .. 391 4 10 Balance —net profits for the year ended 31st March, 1917.. .. .. 40,716 9 2 £51,383 6 1 £51,383 6 1 £ s. d. £ s. d. Office Furniture and Equipment Ac- Balanoe as at 31st March, 1916 .. 344,551 6 9 count written down .. .. 142 11 4 Net profits for the year .. .. 40,716 9 2 Fees paid to Valuation Office on applications not proceeded with on account of the war .. .. .. 717 12 6 Balance—net profits carried forward.. 384,407 12 1 £385,267 15 11 £385,267 15 11 Statement of Inteeest Account for the Year ended 31st March, 1917. Db. £ s. d. £ s. d. Ob. £ s. d. £ s. d. To Interest paid on loans.. 347,190 0 1 By Interest received on Less accrued interest at mortgages .. 360,326 3 2 31st March, 1916 .. 48,354 5 4 Less overdue and 298,835 14 9 a'corued at 31st Interest payable on Maroh, 1916 .. 127,396 14 10 loans, accrued but 232,929 8 4 not due at 31st Interest on bank balances .. .. 574 1 6 March, 1917 .. .. 48,354 5 4 Interest on temporary advances to Interest paid on deposits 17 9 2 other branches .. .. 9,065 3 9 Less accrued interest at Interest on temporary £ s. d. 31st Maroh, 1916 .. 8 5 0 investments .. 38,520 111 9 4 2 Less accrued interest Interest payablo on deposits accrued at at 31st Maroh, 1916 8,568 9 7 31st March, 1917 .. .. 7 13 7 29,95112 4 Interest paid on amounts temporarily Interest on temporary investments transferred from other branohes .. 14,381 6 2 aocrued at 31st March, 1917 .. 24,754 16 7 Balance—gross profits transferred to Interest on mortgages— Profit and Loss Account .. .. 51,383 6 1 Overdue at 31st £ s. d. March, 1917 .. 30,158 5 1 Accrued but not due at 31st March, 1917 .. .. 85,538 2 6 115,696 7 7 £412,971 10 1 £412,971 10 1

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Statement of Management Expenses Account for the Year ended 31st March, 1917. Dit. £ s. d. | Ob. £ s. d. To Audit Office services .. .. .. 300 00! By Consent fees .. .. .. 26 0 0 Petty general expenses .. .. 169 10 Oj Production fees .. .. .. 687 0 4 Postages and telegrams .. .. 780 0 10 ! Release fees .. .. .. 311 1 7 Post Office services .. .. .. 579 6 4 I Transfer fee .. .. .. 0 2 6 Printing and stationery .. .. 314 1 11 Balance transferred to Profit and Loss Salaries .. .. .. .. 7,873 4 0 Account .. .. .. .. 10,275 12 1 Telephones .. .. .. .. 37 7 6 Travelling oxpenses .. .. .. 263 12 0 Valuation Department—agency work .. 500 0 0 War bonus .. .. .. .. 482 13 11 £11,299 16 6 £11,299 16 6 G. F. C. Campbell, Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 2nd July, 1917. Examined and found correct. —Robert J. Collins, Controller and Auditor-General.

ADVANCES TO WORKEBS BRANCH. Statement of Liabilities and Assets as at 31st March, 1917. 1 liabilities. Assets. £ s. d. £ c. d. Investment Account, less total repay- £ s. d. Sundry loans .. 2,496,704 18 11 ments .. .. .. .. 2,643,622 6 2 Temporary loans from Plus mortgago instalments overdue — Settlers Branch .. 250,000 0 0 principal.. .. .. .. 6,797 1 2 2,746,704 18 11 Interest payable on loans, accrued but Total principal owing by mortgagors not due .. .. .. .. 20,304 14 10 at 31st March, 1917 .. .. 2,650,419 7 4 Advances Suspense Aocount .. .. 7,320 0 0 Mortgage instalments overdue—interest 12,206 16 6 Fire Loss Suspense Account .. .. 880 0 0 Interest on mortgages, accrued but not Suspense Account .. .. .. 1,04110 0 due .. .. .. .. 30,689 2 1 Reserve Fund, being net profits trans- | Loan Charges Account .. .. 40,000 0 0 ferred .. .. .. .. 16,770 0 0 Insuranoe Premiums Aocount .. 200 2 5 Sinking Funds— £ s. d. Advances Office Sinking Fund Account .. 41,446 2 8 Publio Trustee .. 2,715 17 9 Public Debt Sinking Fund Branch .. 1,822 10 0 45,984 10 5 Cash in hand and in bank at 31st March, 1917 .. .. .. 13,471 5 0 £2,792,971 3 9 • £2,792,971 3 9 Statement of Profit and Loss Account for the Year ended 31st March, 1917. De. £ s. d. Ck. £ s. d. To Management Expenses Aocount .. 3,114 8' 7 By Interest Aocount—gross profits .. 11,612 15 9 Losses on realization of securities, and doubtful securities written down .. 183 3 9 Balanoe—net profits for the year .. 8,315 3 5 £11,612 15 9 . £11,612 15 9 £ s. d. £ s. d. Loan charges written down .. .. 6,945 16 1 Net profits for the year ... .. 8,315 3 5 Valuation fees paid to Valuation Office on applications not proceeded witb on account of the war.. .. .. 25 10 0 Balanoe —net profits transferred to Reserve Fund .. .. .. 1,343 17 1 £8,315 3 5 £8,315 3 5

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Statement of Interest Account for the Year ended 31st March, 1917. Dn. £ s. d. £ s. d. On. £ s. d. £ s. d. To Interest paid on loans .. 98,53119 7 By Interest on mortgages ..117,337 1 8 Less interest acorued at Loss interest overdue and 31st Maroh, 1916 .. 20,292 8 4 accrued at 31st March, 78,239 11 3 1916 .. .. 42,491 5 1 Interest paid on amounts temporarily 74,845 16 2 transferred from Settlers Branoh .. 7,584 12 11 Interest on mortgagesInterest payable on loans, acorued but Overdue at 31st notdue .. .. .. .. 20,304 14 10 March, 1917 .. 12,206 16 6 Balance — gross profits transferred to Accrued but not due at Profit and Loss Account .. .. 11,612 15 9 31st March, 1917 .. 30,689 2 1 42,895 18 7 £117,741 14 9 £117,741 14 9 Statement of Management Expenses Account for the Year ended 31st March, 1917. De. £ s. d. Cb. £ s. d. Audit Office services .. .. .. 150 0 0 By Production fees .. .. .. 219 6 Postages and telegrams .. .. 149 15 0 Releaso fees .. .. .. 36 15 0 Post Office services .. .. .. 400 0 0 Sundries .. .. .. .. 1 18 3 Printing and stationery .. .. 200 0 0 Balanoe transferred to Profit and Loss Salaries .. .. .. •• 1,994 0 0 Account .. .. .. .. 3,114 8 7 Sundries .. .. .. .. 12 6 4 Valuation Department—agency work .. 250 0 0 £3,156 1 4 £3,156 1 4 G. F. C. Campbell, Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 2nd July, 1917. Examined and found correct.-—Robert J. Collins, Controller and Auditor-General.

PUBLIC DEBT SINKING FUNDS BRANCH. Statement of Liabilities and Assets as at 31st March, 1917. Liabilities. £ s. d. ] Assets. £ s. d. Amount reoeived from Treasury .. 948,375 0 0 Investment Acoount, less £ s. d. Suspense Account .. .. .. 127 3 2 total repayments .. 167,278 9 8 Profit and Loss Account .. .. 101,474 4 1 Plus mortgage instalments overdue- —prinoipal .. 267 18 4 Total prinoipal owing on mortgages advanced to settlers .. —— 167,546 8 0 ■ Investment Aocount, less total repayments .. 458,822 14 0 Plus mortgage instalments overdue-principal .. 198 7 11 Total prinoipal owing on mortgages advanced to looal authorities .. 459,021 1 11 Interest on mortgages— Settlers—Overdue at 31st March, 1917 .. .. 838 17 6 Settlers —Accrued but not due at 31st Maroh. 1917 1,725 19 4 Local Authorities—Overdue at 31st March, 1917 763 13 6 Local Authorities — Aocrued but not due at 31st Maroh, 1917 .. 5,352 9 9 8,681 0 1 Temporary advances to Settlers Branch .. 392,000 0 0 Insurance Promiums Account .. ~ 2 0 11 Cash in hand and in bank at 31st March, 1917 .. .. .. .. 22,725 16 4 £1,049,976 7 3 £1,019,976 7 3

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Statement of Profit and Loss Account for the Year ended 31st March, 1917. Db. £ s. d. Ob. £ s. d. To Balance—net profits for the year .. 35,920 3 5 By Interest Account .. .. .. 35,916 12 10 Management Acoount—sundry fees received .. .. .. .. 3 10 7 £35,920 3 5 £35,920 3 5 £ s. d. £ s. d. Balance—net profits carried forward.. 101,474 4 1 Balance as at 31st Marob, 1916 .. 65,554 0 8 Net profits for the year .. ..35,920 3 5 £101,474 4 1 | £101,474 4 1

Statement of Interest Account for the Year ended 31st March, 1917. Dr. £ s. d. Cb. £ s. d. £ s. d. To Balance transferred to Profit and Loss By Interest on mortgages, Acoount .. .. .. .. 35,916 12 10 "Settlers" .. .. 7,618 0 7 Less interest overdue and accrued at 31st March, 1916 .. .. 2,590 10 8 5,027 9 11 Interest on mortgages, " Local Authorities ".. 16,470 18 3 Less interest overdue and accrued at 31st Maroh, 1916 .. .. 4,744 7 2 11,726 11 1 Interest on amounts temporarily transferred to Settlers Branoh .. .. 10,48111 9 Interest on mortgages— Settlers — Overdue at 31st £ s. d. March, 1917 .. 838 17 6 Aocrued but not due at 31st March, 1917 1,725 19 4 Looal Authorities— Overdue at 31st March, 1917 .. 763 13 6 Accrued but not due at 31st March, 1917 5,352 9 9 8,681 0 1 £35,916 12 10 £35,916 12 10

Statement of Management Expenses Account for the Year ended 31st March, 1917. Dr. £ s. d. I Or. £ s. d. To Balance transferred to Profit and Loss I By Release fees .. .. .. .. 3 0 0 Account .. .. .. .. 3 10 7 Sundries .. .. .. .. 0 .10 7 ! £3 10 7 £3 10 7 G. P. C. Campbell, Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 2nd July, 1917. 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, 1917. 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 .. 2,125,718 6 2 Loans Act, 1913 .'. .. .. 3,890 18 0 Seotion 70, Looal Temporary loan from Settlers Branoh .. ' 50,000 0 0 j Bodios' Loans Act, Interest on loan-moneys, accrued but not 1913 .. .. 45,410 14 0 due .. .. .. .. 36,522 7 2 2,171,129 0 2 Suspense Acoount .. .. .. 1,180 11 11 Plus mortgage instalments overdueprincipal— Looal bodies .. 2,057 17 9 Soction 70, Local Bodies' Loans Act, 1913 .. .. 11l 19 5 2,169 17 2 Total balance of principal owing on mortgages .. .. .. 2,173,298 17 4 Interest on mortgages - Looal bodiesOverdue at 31st £ s d. Marcb, 1917 .. 4,884 8 3 Aocrued but not due at 31st March, 1917 18,981 14 4 Bection 70— Overdue at 31st March, 1917 .. 320 1 3 Accrued but not duo at 31st March, 1917 440 0 2 24,626 4 0 Loan Charges Account .. 39,113 5 0 Tomporary investments .. .. 390,188 12 3 Interest accrued but not due on tern porary invostmen s .. 6,943 1 5 Sinking Funds— £ s. d. Public Trustee .. 48,461 0 5 Advances Office Sinking Fund Account .. 84,260 15 10 Public Debt Sinking Fund Branch .. 4,052 0 0 136,773 16 3 Profit and Loss Account .. .. 55,880 11 1 Cash in hand and in bank at 31st March, 1917 .. .. .. 40,298 9 9 £2,867,122 17 1 £2,867,122 17 1 Statement of Profit and Loss Account for the Year ended 31st March, 1917. Db. £ s. d. Or. £ s. d 1 To Balaneo, Interest Account .. .. 429 16 1 By Balance—loss for the year .. .. 1,154 12 7 Balance, Management Expenses Account 724 16 6 £1,154 12 7 £1,154 12 7 £ s. d. £ s. d. Balance as at 31st Maroh, 1916 .. .. 54,725 18 6 Balance .. .. .. .. 55,880 11 1 Losses for the year .. .. .. 1,154 12 7 £55,880 11 1 j £55,880 11 1 Statement of Interest Account for the Year ended 31sfc March, 1917. Da. £ s. d. £ s. d. Ob. £ s. d. £ s. d. To Interest paid on loans .. 103,195 12 6 By Interest on mortgages Less accrued interest at Local bodies .. 78,601 3 1 31st March, 1916 .. 36,522 7 2 Section 70 .. .. 1,964 3 3 66,673 5 4 Interest paid on temporary loans from 80,565 6 4 Settlers Branch .. .. .. 1,480 10 10 Less interest overdue and Accrued interest payable on loans at accrued at 31st March, 31st March, 1917 .. .. .. 36,522 7 2 1916 .. .. 22,652 17 9 57,912 8 7 Interest on temporary investments .. .. 17,151 7 4 Less interest acorued at 31st Maroh, 1916 .. 2,386 14 1 14,764 13 3 Interest on temporary investments, accrued but not due .. .. 6,943 1 5 Interest on mortgages— Overdue at 31st March, 1917 .. .. 5,204 9 6 Accrued but not due at 31st March, 1917.. 19,421 14 6 24,626 4 0 Balance transferred to Profit and Loss Aooount .. .. .. .. 429 16 1 £104,676 3 4 £104,676 3 4

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Statement of Management Expenses Account for the Year ended 31st March, 1917. Dr. £ s. d. I Or. £ & d. To Contribution to Audit Office .. .. 50 0 0; By Sundries .. .. ... .. 0 3 6 I'ost Office services .. .. .. 100 0 0 i Balance transferred to.Profit and Loss Postages and telegrams .. .. 150 0 0 Account .. .. .. .. 724 16 6 Printing and stationery .. .. 125 0 0, Salaries .. .. 300 0 0 £725 0 0 £725 _0_ 0 G. F. C. Campbell, Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 2nd July, 1917. 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, 1917. Liabilities. £ s. d. Assets. £ s. d Total amount paid in as at 31st Maroh, Investment Account, less total repay--1916 .. .. .. .. 399,742 011 ments— Amounts paid in for Advances made to £ s. d. year ended 31st Settlers .. 374,990 4 1, March, 1917— Advances made to Advances to Settlers £ s. d. Local Bodies .. 44,077 1 8 Branch .. .. 84,640 2 0 . 419,067 5 9 Advances to Workers Plus mortgage instalments overdue — Branch .. .. 21,879 14 9 principalAdvances to Local Advances made to Authorities Branch.. 20,580 13 7 Settlers .. 348 2 9 127,100 10 10 Advanoes made to Advances Suspense Acoount .. .. 1,985 0 0 Looal Authorities 10 8 6 Suspense Account .. .. .. 102 12 0 358 11 3 Profit and Loss Account .. ~ 80,670 4 7 Total balance of prinoipal owing by mortgagors at 31st, Maroh, 1917 .. 419,425 17 0 Temporary advances to Settlers Branch 155,000 0 0 Insurance Premiums Account... .. 3 10 Interest on mortgages— Settlers—overdue at 31st £ s. d. Maroh, 1917 .. 1,045 11 11 , Settlers--accrued but not due at 31st Maroh, 1917 .. .. 3,673 12 0 Looal authorities — overdue at 31st March, 1917 .. .. 37 19 0 Local authorities — acorued but not due at 31st March, 1917 .. 429 5 4 5,186 8 3 Cash in hand and in bank at 31st Maroh, 1917 .. .. .. 29,985 2 1 £609,600 8 4 £609,600 8 4 Statement of Profit and Loss Account for the Year ended 31st March, 1917. Db. . £ s. d. Cb. £ 8 , a. To Balance—net profits for the year .. 34,998 15 8 By Interest Account .. .. ..34 996 0 9 Management Account—sundry fees .. 2 14 11 £34,998 15 8 15 8 £ s. 6. £ g, a. Balance -not profits carried forward 80,670 4 7 Balance at, 31st Maroh, 1916 .. 45,671 811 Net profits for the yoar .. .. 34,998 15 8 £80,670 4 7 4 7

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Statement of Interest Account for the Year ended 31st March, 1917. Db. £ s. d. Or. £ s. d. £ s. d To Balance transferred to Profit and Loss By Interest on mortgagos— Account .. .. .. 34,996 0 9 Settlers .. 11,790 9 1 Lesß interest overdue and aocruedat 31st March, 1916 .. .. 2,663 2 3 9,127 6 10 Looal Authorities .. 1,482 0 6 Less interest overdue and aocrued at 31st March, 1916 .. .. 282 18 10 1,199 1 8 Interest on amounts temporarily transferred to Settlers Branch.. .. 3,899 14 5 Interest on sinking funds held by Public Trustee .. .. .. 15,583 9 7 Interest on mortgages — Settlors — overdue at £ s. d. 31st March, 1917 .. 1,045 11 11 Settlers—accrued but not due at 31st March, 1917 .. 3,673 12 0 Looal authorities— overdue at 31st March, 1917 .. 37 19 0 Local authorities— accrued but not duo at 31st March, 1917 429 5 4 5,186 8 3 £34,996 0 9 £34,996 0 9 Statement of Management Expenses Account for the Year ended 31st March, 1917. Db. £ s . a, Or. £ s. d. To Balance transferred to Profit and Loss By Release fees .. .. .. 2 5 0 Aocount .. .. ~ 2 14 11 Sundries.. .. .. .. 0 9 11 £2 14 11 £2 14 11 G. F. C. Campbell, Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 2nd July, 1917. Examined and found correct.—Robert J. Collins, Controller and Auditor-General.

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