STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1918.

Appendix to the Journals of the House of Representatives, 1918 Session I-II, B-13

8.—13

Session 11. 1918. NEW ZEALAND.

STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1918.

Laid before Parliament pursuant to Subsection (3) of Section 64 of the State Advances Act, 1913. ADVANCES TO SETTLERS BRANCH. Twenty-fourth 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 : — r, ... XT i „.e Amount of Advances Provincial Number ot •luthorm'd District. Applications. .lutnonzeo. Auckland .. .. .. .. .. 360 110,370 Taranaki .. .. .. .. .. 47 16,915 Hawke's Bay .. .. .. .. .. 38 17,395 Wellington .. .. .. .. ..209 77,780 Marlborough .. .. .. .. .. 17 4,545 Nelson .. .. .. .. .. 14 3,600 Westland .. .. .. .. .. 6 2,200 Canterbury .. .. .. .. .. 114 36,095 Otago .. .. .. .. .. .. 27 7,765 Southland .. .. 39 9,730 Totals.. .. .. .. .. 871 £286,395 The total advances to settlers now current are as follows :— Number. Not exceeding £500 .. .. .. ..15,020 3,136,904 2 8 Exceeding £500 but not exceeding £1,000 .. 3,095 2,198,881 810 Exceeding £1,000 but not exceeding £2,000 .. 1,301 1,790,988 8 5 Exceeding £2,000 but not exceeding £3,000 .. 178 460,563 1 3 Totals .. .. .. .. 19,594 £7,587,337 011 The number and amounts of current advances on freehold and leasehold are as follows:— Number. f aoant , ( , On freeholds .. .. .. .. ..11,984 5,432,980 10 9 On leaseholds .. .. .. .. .. 7,351 1,999,123 5 4 On freeholds and leaseholds combined .. .. 259 155.233 410 Totals .. .. .. ..19,594 £7,587,337 0 11 The number and amounts of current advances on rural and urban and suburban land are as follows:— Number. Amount, On rural land .. .. .. .. ..12,354 4,956,307 19 I On urban and suburban land .. .. .. 7,240 2,631,029 110 Totals .. .. .. .. 19.594 £7,587,337 011 The amounts of the advances actually paid over to settlers during the year ended 31st March, i 918, are as follows : — .Number Amount. Not exceeding £500 .. .. .. .. .. 630 212,275 Exceeding £500 but not exceeding £1,000 .. .. 93 p65,005 Exceeding £1.000 but not exceeding £2,000 .. .. 16 21,450 Totals .. .. .. .. .. 739 £298,730

I—B. 13.

P..—13

2

The number and amounts actually paid over, classified according to tenure of the securities, are as follows:— Number. Am ° unt - On freeholds .. .. .. .. .. .. 471 187,650 On leaseholds .. ... .. .. .. 260 107,190 On freeholds and leaseholds combined .. .. .. 8 3,890 Totals .. .. .. .. .. 739 £298,730 The, gross profits for the year ended 31st March, 1918, were £61,671, and the cost of management and expenses of the branch £9,920, being 0-107 per cent., or 2s. 2d. per £100 of the capital employed. The net profits amounted to £51,112. The sinking fund established under section 26 of the State Advances Act, 191.3, amounts to £759,000. inclusive of the amount held by the Public Trustee (£302,904). Seven leasehold and three freehold securities were realized by the Department during the year. Losses debited, and unpaid instalments in respect of mortgaged properties written off, amount to £639. G. F. C. Campbell, Superintendent. State Advances Offices, Wellington, 26th July, 1918.

ADVANCES TO WORKERS BRANCH. Eleventh 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. autnorized. Auckland .. .. .. .. ..109 35,660 Taranaki .. .. .. .. .. 15 4,265 llawke's Bay .. .. .. .. .. 23 a 7 -510 Wellington .. .. .. .. ..144 46,125 Marlborough .. .. .. .. .. 11 3,150 Nelson .. .. .. .. .. 4 1,135 Westland .. .. .. .. ..1 100 Canterbury .. .. .. .. ..85 27,120 Otago .. .. .. .. .. .. 15 3,515 Southland .. .. .. .. .. 4 1,130 Totals .. .. .. ..411 £129,710 The total of advances to workers now current and the tenure of the securities are as follows :— Number. Amount, On freeholds .. .. .. .. ..8,933 2,530,736 1 5 On leaseholds .. .. .. .. 578 106,053 10 3 Totals .. .. .. ..9,511 £2,636,789 11 8 The advances to workers actually paid over during the year ended 31st March, 1918, on freehold and leasehold are as follows :— .Number. Amount. On freeholds .. .. .. .. .. ..362 122,760 On leaseholds .. .. .. .. .. ..16 3,095 Totals .. .. .. .. ..378 £125,855 The gross profits for the year ended 31st March, 1918, were £13,205, and the cost of management and expenses of the branch £2,837, being 0-11.7 per cent., or 2s. 4d. per £100 of the capital employed. The net profits amounted to £9,755, of which the sum of £7,832 has been applied in writing down loan charges. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £27,647, inclusive of the amount held by the Public Trustee (£2,715). Three freehold securities were realized by the Department during the year. Losses debited, and unpaid instalments in respect of mortgaged properties written off, amount to £613. G. F. C. Campbell, Superintendent. State Advances Office, Wellington, 26th July, 1916.

8.—13.

3

ADVANCES TO LOCAL AUTHORITIES BRANCH. The amount actually paid over to local bodies during the year was £4,855. Local bodies are now indebted to the Department to the extent of £2,142,873 in respect of principal moneys. The not loss amounted to £1,938. Very soon the operations of this branch should show a profit instead of a loss. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £158,647, inclusive of the amount held by the Public Trustee (£48,461). G. F. C. Campbell, Superintendent. State Advances Office, Wellington, 26th July, 1918.

PUBLIC DEBT SINKING FUNDS BRANCH. The following is a statement showing the advances under this branch authorized during the year ended 31st March, 1918, classified according to provincial districts: — Advances to Local Bodies. Provincial Number of District, Applications. autnmued. Auckland .. .. .. .. .. ..59 91,500 Taranaki .. .. .. .. .. ..15 10,905 Wellington .. .. .. .. .. ..15 16,525 Canterbury .. .. .. .. .. ..2 875 Otago.. .. .. .. .. .. ..5 8,450 Totals.. .. .. .. .. ..96 £128,255 . . Advances tO Settlers. ~ , ~ Amount of Advances Provincial Number of authorized District. Applications. £ Auckland .. .. .. .. .. .. 1 565 Wellington .. .. . . .. .. .. 1 450 Totals.. .. .. .. .. ..2 £1.015 The amount actually paid over to settlers during the year was £1,905, and to local bodies £106,695 : a total of £108,660. Local bodies are now indebted to the extent of £559,865, and settlers £159,394 : a total of £719,259 in respect of principal moneys. The net interest earned for the year amounted to £44,808, or £4 14s. 6d. per £100 of the funds invested. The cost of management and expenses was nil. G. F. C. Campbell, Superintendent. State Advances Office, Wellington, 26th July, 1918.

ADVANCES OFFICE SINKING FUND. The following is a statement showing the advances under this branch authorized during the year ended 3ist March. 1918, classified according to provincial districts : — Advances tO Settlers. Amount of Advances Provincial Number of , Vi,„h'J, i District. Applications. authorized. Auckland .. .. .. .. .. ..62 36,190 Taranaki .. .. .. .. .. ..11 5,905 Hawke's Bay .. .. .. .. .. .. 2 950 Wellington .. .. .. .. .. ..11 6,410 Marlborough .. .. .. .. .. ..2 2,705 Canterbury .. .. .. .. .. ..10 4,535 Otago.. .. .. .. .. .. ..5 3,675 Southland .. .. .. .. .. ..8 5,685 Totals .. .. .. .. .. ..11l £66,055 Provincial Advances tO Local Bodies. Numbero , Amount of Advances District, Applications. authorized. Auckland .. .. .. .. .. ..9 17,350 Taranaki .. .. .. .. .. ..4 12,450 Totals.. .. .. .. .. .. 13 £29,800 The amount actually paid over to settlers during the year was £66,465, and to local bodies £16,600 : a total of £83,065. Settlers are now indebted to the extent of £417,428, and local bodies £60,133: a total of £477,566 in respect of principal moneys. The profits for the year ended 31st March, 1918, amounted to £39,677. The cost of management and expenses was nil. C. 1. C. Campbell, Superintendent. State Advances Office, Wellington, 26th July, 1918.

8.—13

4

BALA N CE- SHEET. ADVANCES TO SETTLERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1918. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. 9,288,193 1 10 Investment Account, less total repayTemporary advances from Public Debt ments .. .. .. .. 7,570,486 18 7 Sinking Fund Branoh .. .. 517,000 0 0 Plus mortgage instalments overdue— Temporary advances from Advances principal.. .. .. .. 16,850 2 4 Offioe Sinking Fund Account .. 210,000 0 0 Advances Suspense Aocount .. .. 12,120 6 9 Total principal owing by mortgagors Fire Loss Suspense Acoount .. .. 1,118 10 0 at 31st March, 1918 ' .. ..7,587,'137 0 11 Suspense Acoount .. .. .. 3,045 4 11 Mortgage instalments overdue—interest 38,633 16 9 Reserve Fund .. .. .. 50,000 0 0 Interest on mortgages, acorued but not Interest payable on loans, accrued but due .. .. .. .. 83,880 1 5 not due .. .. .. .. 74,810 911 Temporary advances to Workers Branch 285,000 0 0 Interest payable on deposits, accrued Temporary advances to Local Authobutnotdue .. .. .. 5 13 2 rities Branch .. .. .. 30,000 0 0 Profit and Loss Account .. .. 415,661 5 3 Temporary investments .. .. 1,494,605 13 2 Interest on temporary investments, accrued but not due .. .. 16,351 12 8 Insurance Promiums Account .. 592 14 5 Office Furniture and Equipment Aocount 1,244 5 6 Sinking Funds— £ s. d. Public Trustee .. 302,904 13 9 Advances Office Sink ing Fund Account 450,648 510 Public Debt Sinking Fund Branch .. 5,447 10 0 759,000 9 7 Cash in bank at 31st March, 1918 .. 270,308 17 5 £10,566,954 11 10 £10,566,954 11 10 Statement of Pkofit and Loss Account for the Year ended 31st March, 1918. Dr. £ s. d. Cr. £ B . d. To Management Expenses Aocount .. 9,920 2 4 By Interest Aocount—gross profits .. 61,671 710 Losses on realization of securities, and doubtful securities written down .. 039 7 0 Balance—net profits for the year ended 31st March, 1918.. .. .. 51,11118 6 £61,671 7 10 £61,671 7 10 £ s. d. £ s. d. Office Furniture and Equipment Ac- Balanoe as at 31st Maroh, 1917 .. 384,407 12 1 oount written down .. .. 138 5 1 Net profits for the year .. .. 51,111 18 6 Loan-flotation charges written down 19,720 0 3 Balance —net profits carried forward.. 415,661 5 3 £435,519 10 7 £435,519 10 7 Statement of Interest Account for the Year ended 31st March, 1918. Dr. £ s. d. £ s. d. Cr. £ a. d. £ s. d. To Interest paid on loans.. 318,717 13 8 By Interest received on Less accrued interest at mortgages .. 341,881 3 3 31st March, 1917 .. 48,354 5 4 Less overdue and 270,363 8 4 accrued at 31st Interest payable on Maroh, 1917 .. 115,696 7 7 loans, accrued but 226,184 15 8 not due at 31st Interest on bank balances .. .. 255 0 9 March, 1918 .. .. 74,810 9 11 Interest on temporary advances to Interest paid on deposits 15 4 1 other branches .. .. 11,027 14 2 Less accrued interest at Interest on temporary £ s. d. 31st March, 1917 .. 713 7 investments .. 73,875 13 i - 7 10 6 Less accrued interest Interest payable on deposits accrued at at 31st Maroh, 1917 24,754 16 7 31st March, 1918 .. .. 5 13 2 49,120 16 9 Interest paid on amounts temp: rarily Interest on temporary investments transferred from other branches .. 18,595 8 5 aocrued at 31st Marcb, 1918 .. 16,35112 8 Balanoe —gross profits transferred to Interest on mortgages— Profit and Loss Account .. .. 61,671 7 10 Overdue at 31sc £ s. d. March, 1918 .. 38,633 16 9 Accrued but not duo at 31st Maroh, 1918 .. .. 83,880 1 5 122,513 18 2 £425,453 18 2 £425,453 18 2

8.—13

5

Statement of Management Expenses Account for the Year ended 31st March, 1918. Dr. £ s. d. | Cr. £ s. d. To Audit Offioeservioes .. .. .. 300 0 0 By Consent fees .. .. .. 23 7 0 Office maintenance .. .. .. 152 11 6 Production fees .. .. .. 674 211 Petty general expenses .. .. 303 13 8 Release fees .. .. .. 243 5 0 Postages and telegrams .. .. 498 5 5 Balance transferred to Profit and Loss Post Office services .. .. .. 565 13 0 Account .. .. .. .. 9,920 2 4 Printing and stationery .. ~ 321 15 5 Salaries .. .. .. .. 7,577 8 0 Telephones .. .. .. .. 39 18 4 Travelling expenses .. .. .. 149 15 2 Valuation Department—agency work .. 500 0 0 War bonus .. .. .. .. 451 16 9 £10,860 17 3 £10,860 17 8 G. P. C. Campbell, Superintendent. W. N. Hinchlifpe, Accountant. State Advances Office, Wellington, 26th July, 1918. Examined and found correct.—Robert J. Collins, Controller and Auditor-General. ADVANCES TO WORKERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1918. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. 2,419,346 14 1 Investment Account, less total repayTemporary loans from Settlers Branch 285,000 0 0 ments .. .. .. .. 2,627,872 12 9 Interest payable on loans, aocrued but Plus mortgage instalments overdue— not due .. .. .. .. 24,922 11 8 principal.. .. .. .. 8,916 18 11 Advances Suspense Aooount .. .. 3,105 0 0 Fire Loss Suspense Account .. .. 320 0 0 Total principal owing by mortgagors Suspense Acoount .. .. .. 826 2 10 at 31st March, 1918 .. .. 2,636,789 11 8 Reserve Fund, being net profits trans- Mortgage instalments overdue -interest 13,905 14 3 ferred .. .. .. .. 18,693 2 5 Interest on mortgages, accrued but not due .. .. .. .. 30,679 18 6 Loan Charges Aocount .. .. 30,000 0 0 Insurance Premiums Account .. 288 9 7 Sinking Funds— £ s. d. Publio Trustee .. 2,715 17 9 Advances Office Sinking Fund Account .. 22,552 5 9 Public Debt Sinking Fund Branch .. 2,379 10 0 27,647 13 6 Cash in bank at 31st March, 1918 .. 12,902 3 6 £2,752,213 11 0 £2,752,213 11 0 Statement of Profit and Loss Account for the Year ended 31st March, 1918. Dr. £ s. d. Cr. £ s. d To Management Expenses Aocount .. 2,837 4 11 By Interest Account—gross profits .. 13,205 4 2 Losses on realization of securities, and doubtful securities written down .. 618 0 9 Balance —net profits for the year .. 9,754 18 6 £13,205 4 2 £13,205 4 2 £ s. d. £ s. d. Loan-flotation oharges written down .. 7,831 16 1 Net profits for the year .. .. 9,754 18 0 Balance—net profits transferred to Reserve Fund .. .. .. 1,923 2 5 £9,754 18 6 £9,754 18 6

B—lB

6

Statement of Interest Account for the Year ended 31st March, 1918. Dr. £ s. d. £ s. d. j Cr. £ s. d. £ s. d. To Interest paid on loans .. 91,731 12 3 \ By Interest on mortgages ..118,592 12 2 Less interest accruod at Less interest overdue and 31st March, 1917 .. 20,304 14 10 accrued at 31st March, 71,426 17 5; 1917 .. .. 42,895 18 7 Interest paid on amounts temporarily — 75,696 18 7 transferred from Settlers Branch .. 10,727 18 1 Interest on mortgages— Interest payable on loans, acoruod but Overdue at 31st notdue .. .. .. .. 24,922 11 8 March, 1918 .. 13,905 14 3 Balance — gross profits transferred to Aocrued but not due at Profit and Loss Account .. .. 13,205 4 2 31st March, 1918 .. 30,679 18 6 . 44,585 12 9 £120,282 6 4 £120,282 6 4 Statement of Management Expenses Account for the Year ended 31st March, 1918. Dr. £ s. d. Cr. £ s. d. To Audit Office services .. .. .. 150 0 0 By Consent foes.. .. .. .. 10 0 Postages and telegrams .. .. 149 10 4 Production fees .. .. .. 315 0 Post Office servioes .. .. .. 400 0 0 Release fees .. .. .. .. 46 0 0 Printing and stationery .. .. 200 0 0 Balance transferred to Profit and Loss Salaries .. .. .. .. 1,735 0 0 Aocount .. .. .. .. 2,837 4 11 Sundries .. .. .. .. 3 9 7 Valuation Department—agency work .. 250 0 0 £2,887 19 11 £2,887 19 11 G. P. C. Campbell, Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 26th July, 1918. 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, 1918. Liabilities. £ s. d. Assets. £ s. d. Amount received from Treasury .. 1,103,113 0 0 Investment Account, less £ s. d. Suspense Account .. .. .. 287 0 5 total repayments .. 159,117 13 11 Profit and Loss Account .. .. 146,285 12 5 Plus mortgage instalments overdue—principal .. 276 5 4 Total prinoipal owing on mortgages advanced to settlers .. 159,398 19 8 Investment Aooount, less total repayments .. 559,396 0 5 Plus mortgage instalments overdue —principal .. 468 17 8 Total principal owing on mortgages advanced to local authorities .. 559,864 18 1 Interest on mortgages — Settlers— Overdue at 31st March, 1918 .. .. 742 5 4 Aocrued but not due at 31st March, 1918 .. 1,560 010 Local Authorities — Overdue at 31st Maroh, 1918 .. .. 1,699 3 11 Acorued but not due at 31st Maroh, 1918 .. 6,250 19 10 10,252 9 11 Temporary advances to Settlers Branoh .. 517,000 0 0 Insurance Premiums Account .. .. 6 7 6 Cash in bank at 31st March, 1918 .. 3,467 18 1 £1,249,985 12 10 £1,219,985 12 10

7

8.—13

Statement of Profit and Loss Account for the Year ended 31st March. 1918. m rPI- ~ , , £ s. d. i Cr. £ a . d. lo Balance—net profits for the year .. 44,811 8 4! By Interest Account .. .. .. 44,807 12 8 Management Account—sundry fees .. 3 16 1 £44,811 8 4 £44,811 8 4 £ s. d. £ s d Balance-net profits carried forward.. 116,285 12 5 Balance as at 31st Matob, 1917 ..101,474 4 1 Net profits for the year .. .. 44,811 8 4 £146,285 12 5 £146,285 12 5 Statement of Interest Account for the Year ended 31st March, 1918. Dr - £ 8. d. Cr. £ s d £ s d To Balance transferred to Profit and Lobs By Interest on mortgages Account .. ~ .. .. 44,807 12 8 "Settlers" .. .. 7,592 1 2 Less interest overdue and accrued at 31st March, 1917 .. .. 2,564 16 10 ■ 5,027 4 4 Interest on mortgages, " Loonl Authorities".. 20,691 14 5 Less interest overdue and accrued at 31st Maroh, 1917 .. .. 6,116 3 8 14,575 11 2 Interest on amounts temporarily transferred to Settlers Branch .. .. 14,952 6 10 Interest on mortgages— Settlers— Overdue at 31st £ s. d. March, 1918 .. 742 5 4 Acorued but not due at 31st March, 1918 1,560 0 10 Local Authorities— Overdue at 31st March, 1918 .. 1,099 3 11 Accrued but not due at 31st Marcb, 1918 6,250 19 10 10,252 9 11 £44,807 12~3 ' '' i ~■■ '■ aasi ssm ■

Statement of Management Expenses Account for the Year ended 31st March, 1918. Dr. £ s. d. I Cr. £ s d To Balance transferred to Profit and Loss I By Consent fees.. . 0 10 0 Account .. .. .. .. 3.16 1 I Release foes .. " '' 35 0 Sundries .. .. .. ~ 0 11 £iLi' £3 16 1 G. F. C. Campbell, Superintendent. W. N. Hinchuffe, Accountant. State Advances Office, Wellington, 26th July, 1918. Examined and found correct.— Robebt J. Collins, Controller and Auditor-General.

8.-13

8

ADVANCES TO LOCAL AUTHORITIES BRANCH. Statement of Liabilities and Assets as at 31st March, 1918. Inabilities. £ 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 .. 2,095,285 6 10 Loans Act, 1913 .. .. .. 3,912 7 3 Section 70, Local Temporary loan from Settlers Branch .. 30,000 0 0 Bodies' Loans Aot, Interest on loan-moneys, acorued but not 1913 .. .. 44,828 17 1 due .. .. .. .. 36,385 6 7 2,140,114 311 Plus mortgage instalments overdueprincipal— Looal bodies .. 2,631 14 9 Seotion 70.. .. 127 12 6 2,759 7 3 Total balanoe of principal owing on mortgages .. .. .. 2,142,873 11 2 Interest on mortgages— Looal bodies— Overdue at 31st £ s. d. March, 1918 .. 5,900 17 1 Accrued but not due at 31st March, 1918 18,286 4 10 Section 70— Overdue at 31st March, 1918 .. 345 1 6 Acorued but not due at 31st Maroh, 1918 425 19 1 24,958 2 6 Loan Charges Account .. .. 39,113 5 0 Temporary investments .. .. 390,188 12 3 Interest accrued but not due on temporary investments .. .. 6,751 12 9 Sinking Funds — £ s. d. Public Trustee .. 48,461 0 5 Advances Office Sinking Fund Account .. 104,841 9 5 Public Debt Sinking Fund Branch ~ 5,345 0 0 158,647 9 10 Profit and Loss Account .. .. 57,819 6 11 Cash in bank at 31st March, 1918 .. 25,474 13 5 £2,845,826 13 10 £2,845,826 13 10 Statement of Profit and Loss Account for the Year ended 31st March, 1918. Dr. £ s. d. Cr. £ s. dTo Balance, Interest Account .. .. 1,213 17 7 By Balance—loss for the year .. .. 1,938 15 10 Balanoe, Management Expenses Account 724 18 3 £1,938 15 10 £1,938 15 10 £ s. d. £ s. d. Balance as at 31st March, 1917 .. .. 55,880 11 1 Balance .. .. .. .. 57,819 6 11 Losb for the year .. .. ..1,938 15 10 £57,819 6 11 £57,819 6 11 Statement of Interest Account for the Year ended 31st March, 1918. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest paid on loans .. 103,195 12 6 By Interest on mortgagesLess acorued interest at Local bodies .. 79,285 11 2 31st March, 1917 .. 36,522 7 2 Section 70 .. .. 2,022 16 1 66,673 5 4 Interest paid on temporary loans from 81,308 7 3 Settlers Branch .. .. .. 300 1 1 Less interest overdue and Interest payable on loans, accrued but accrued at 31st March, not due at 31st Maroh, 1918 ..36,385 6 7 1917 .. ..24,626 4 0 50,082 3 3 Interest on temporary investments .. .. 20,695 18 4 Less interest accrued at 81st Maroh, 1917 .. 6,943 1 5 13,752 16 11 Interest on temporary investments, acorued but not due at 31st Maroh, 1918 6,75112 9 Interest on mortgages— Overdue at 31st March, £ s d. 1918 .. .. 6,245 18 7 Aocrued but not due at 31st March, 1918.. 18,712 3 11 ■ — 24,958 2 6 Balance transferred to Profit and Loss Account .. .. .. .. 1,213 17 7 I t ■ £103,358 13 0 1 £103,358 13 0

B.—lB.

Statement of Management Expenses Account for the Year ended 31st March, 1918. Dr. £ s. d. Cr. £ a. d. To Contribution to Audit Office .. .. 50 0 0 By Sundries .. .. .. .. 0 19 Post Office services .. .. .. 100 0 0 Balanoe transferred to Profit and Loss Postag.s and telegrams .. .. 150 0 0 Account .. .. .. .. 724 18 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, 26th July, 1918. 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, 1918. Liabilities. £ s. d. Assets. £ s. d. Totslamount paid in as at 31st Maroh, Investment Acoount, less total repay - 1917 .. .. ■• •■ 526,842 11 9 ments— Amounts pad in for year end»d 31st Advances made to £ s. d. March, 1918— settlers .. 416,82110 0 Advances to Settlers £ s. d. Advances made to Branoh .. .. 84,512 12 7 local bodies .. 60,09113 5 Advances to Workers 476,913 3 5 Branoh .. .. 21,106 3 1 Plus mortgage instalments overdue— Advances to Local principal— Authorities Branch.. 20,580 13 7 £ s. d. — 126,199 9 3 Settlers .. .. 606 10 7 Advances Suspense Account .. .. 920 0 0 Local bodies .. .. 46 2 2 Suspense Account .. .. .. 207 2 2 652 12 9 Profit and Loss Account .. .. 120,348 310 Total balance of principal owing by mortgagors at 31st March, 1918 .. 477,565 16 2 Temporary advances to Settlers Branch 210,000 0 0 Insurance Premiums Acoount.. .. 6 3 8 Interest on mortgages— Settlers— Overdue at 31st Maroh, £ s. d. ■ 1918 .. .. 1,684 6 1 Accrued but not due at 31st Maroh, 1918 .. 4,287 12 2 Local bodies— Overdue at 31st Maroh, 1918 .. .. 170 10 4 Accrued but not due at 31st March, 1918 .. 630 19 10 6,773 8 5 Redemption of loan—Workers Branoh .. 75,000 0 0 Cash in bank at 31st Maroh, 1918 .. 5,17118 9 £774,517 7 0 £7747517 7 0 Statement of Profit and Loss Account for the Year ended 31st March, 1918. Dr. £ s. d. Cr. £ s . dTo Balance —net profits for the year .. 39,677 19 3By Interest Account .. .. .. 39 672 4 7 Management Account—sundry fees .. 5 14 8 £39,677 19 3 £39,677 19 3 £ s. d. £ s _ a. Balance—net profits carried forward 120,348 310 Balance at 31st Maroh, 1917 .. 80 670 4 7 Net profits for the year .. .. 39,677 19 3 £120,348 3 10 £ll!07348 3 10

2—B. 13.

9

10

8.—13

Statement of Interest Account for the Year ended 31st March, 1918. Dr. £ s. d. Cr. £ s. d. £ s. d. To Balance transferred to Profit and Loss By Interest on mortgagesAccount .. ■ .. .. 39,672 4 7 Settlers .. 16,797 12 8 Less interest overdue and acorued at 31st March, 1917 .. .. 4,719 3 11 12,078 8 9 Interest on mortgages — Local bodies .. 2,064 18 1 Less interest overdue and aocrued at 31st Maroh, 1917 .. .. 467 4 4 — 1,597 13 9 Interest on amounts temporarily transferred to Settlers Branch.. .. 3,643 1 7 Interest on sinking funds held by Public Trustee .. .. .. 15,579 12 1 Interest on mortgagesSettlers— Overdue at 31st £ s. d. Maron.,l9lB .. 1,684 6 1 Accrued but not due at 31st Maroh, 1918 .. .. 4,287 12 2 Looal bodies— Overdue at 31st March, 1918 .. 170 10' Accrued nut not due at 31st March, 1918 .. .. 630 19 10 6,773 8 5 £39,672 4 7 £39,672 4 7

Statement of Management Expenses Account for the Year ended 31st March, 1918. Dr. £ s. d. Cr. £ s. d. To Sundries .. .. .. ..104 By Consent fees .. .. .. 010 0 Balance transferred to Profit and Loss Release fees .. .. .. ..650 Acoount .. .. .. 5 14 8 £6 15 0 £6 15 0 G. F. C. Campbell, Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 26th July, 1918. Examined and found correct.—Robert J. Collins, Controller and Auditor-General.

Approximate Cost o) Paper. —Preparation, not given ; printing (1,000 copies), £14 10s.

Authority : Marcus F. Marks, Government Printer, Wellington.—l9lB.

Price 6d.]