STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1919.

Appendix to the Journals of the House of Representatives, 1919 Session I, B-13

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1919. NEW ZEALAND

STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1919.

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

ADVANCES TO SETTLERS BRANCH. Twenty-fifth 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 : — _ . . , ~T X _._ Amount of Advances P ™ V t mo i'" Sf, authorized. District. Applications. £ Auckland .. 383 123,590 Taranaki .. .. .. .. .. 28 11,915 Hawke's Bay .. .. .. .. .. 33 12,960 Wellington .. .. .. 261 101,455 Marlborough .. .. .. .. .. 12 5,710 Nelson 19 4,420 Westland 15 5,400 Canterbury 11l 36,705 Otago .. .. .. .. .. .. 29 8,555 Southland 13 4,125 Totals.. .. .. .. .. 904 £314,835 The total advances to settlers now current are as follows :— Number. Amount. Not exceeding £500 .. .. .. ..15,399 3,287,525 10 4 Exceeding £500 but not exceeding £1,000 .. 3,166 2,203,206 2 3 Exceeding £1,000 but not exceeding £2,000 .. 1,116 1,574,267 11 8 Exceeding £2,000 but not exceeding £3,000 .. 130 325,142 3 10 Totals .. .. .. .. 19,811 £7,390,141 8 1 The number and amounts of current advances on freehold and leasehold are as follows: — Number. Amount. _ On freeholds .. .. .. .. .. 12,165 5,344,864 18 6 On leaseholds .. .. .. .. .. 7.412 1,911,007 1 5 On freeholds and leaseholds combined .. .. 234 134,269 8 2 Totals .. .. .. ..19,811 £7,390,141 8 1 The number and amounts of current advances on rural and urban and suburban land are as follows: — Number. Amount. ~ On rural land .. .. .. .. .. 12,506 4,824,373 18 10 On urban and suburban land .. .. .. 7,305 2,565,767 9 3 Totals .. .. .. .. 19,811 £7,390,141 8 1 The amounts of the advances actually paid over to settlers during the year ended 31st March, 1919, are as follows :— Number. Amount. Not exceeding £500 .. .. .. .. .. 685 222,870 Exceeding £500 but not exceeding £1,000 .. .. 80 56,200 Exceeding £1.000 but not exceeding £2,000 .. .. 14 20,285 Totals .. .. .. .. .. 779 £299,355

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The number and amounts actually paid over, classified according to tenure of the securities, are as follows:—■ Number. Amo £ unt - On freeholds .. .. .. .. .. .. 589 215,990 On leaseholds .. .. .. .. .. 181 79,285 On freeholds and leaseholds combined .. .. .. 9 4,080 Totals .. .. .. .. .. 779 £299,355 The gross profits for the year ended 31st March, 1919, were £67,047, and the cost of management and expenses of the branch £9,725, being 0-105 per cent., or 2s. Id. per £100 of the. capital employed. The net profits amounted to £55,765. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £844,868, inclusive of the amount held by the Publio Trustee (£302,904). Three 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 £1,557. G. P. C. Campbell, Superintendent. State Advanoes Offices, Wellington, 10th July, 1919. ADVANCES TO WORKERS BRANCH Twelfth Annual Report and Balanoe-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 District. Applications. autiiorizoa. Auckland .. .. .. .. .. 97 37,220 Taranaki .. .. .. .. ..10 2,100 Hawke's Bay .. .. .. .. .. 11 3,770 Wellington .. ... .. .. ..128 37,860 Marlborough .. .. .. .. .. 9 2,500 Nelson .. .. .. .. .. 5 1,365 Canterbury .. .. .. .. ..85 26,725 Otago .. .. .. .. .. .. 23 7,085 Southland .. .. .. .. ..4 930 Totals .. .. .. .. 372 £119,555 The total of advances to workers now current and the tenure of the securities are as follows :— Number. Amount. On freeholds .. .. ".. .. .. 9,093 2,474,766 8 3 On leaseholds .. .. .. .. 582 101,812 3 9 Totals .. .. .. .. 9,675 £2,576,578 12 0 The advances to workers actually paid over during the year ended 31st March, 1919, on freehold and leasehold are as follows :— Number. Am ° unt - On freeholds .. .. .. .. .. ..256 86,150 On leaseholds .. .. .. .. .. .. 4 1,440 Totals .. .. .. .. ..260 £87,590 The gross profits for the year ended 31st March, 1919, were £13,387, and the cost of management and expenses of the branoh £2,967, being 0T23 per cent., or 2s. sd. per £100 of the capital employed. The net profits amounted to £10,145, of which the sum of £8,000 has been applied in writing down loan charges. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £49,257, inclusive of the amount held by the Public Trustee (£2,715). Seven freehold and one leasehold securities were realized by the Department during the year. Losses debited, and unpaid instalments in respect of mortgaged properties written off, amount to £274. Gr. P. C. Campbell, Superintendent. State Advances Office, Wellington, 10th .July, 1919.

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.ADVANCES TO LOCAL AUTHORITIES BRANCH. The amount actually paid over to local bodies during the year was £4,795. Local bodies are now indebted to the extent of £2,109,642 in respect of principal moneys. The net loss amounted to £1,017. Next year 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 £180,396, inclusive of the amount held by the Public Trustee (£48,461). G. F. C. Campbell, Superintendent. State Advances Office, Wellington, 10th July, 1919. PUBLIC DEBT SINKING FUNDS BRANCH. The following is a statement showing the advances under this branch authorized during the year ended 31st March, 1919, classified according to provincial districts: — Advances to Local Bodies. ... w««.u*«. c Amount of Advances Provincial Number of ,nHinrl»rl District. Applications. autnorized. Auckland .. .. .. .. .. ..36 .. 69,815 Taranaki .. .. .. .. .. ..7 8,740 Hawke's Bay .. .. .. .. .. ..1 500 Wellington .. .. .. .. .. ..10 8,780 Marlborough .. .. .. .. .. ..I 2,000 Canterbury .. .. .. .. .. .. 1 950 Otago.. .. .. .. .. .. ..2 2,500 Totals.. .. .. .. .. ..59 £93,285 ... Advances to Settlers. ... , Amount of Advances Provincial Number of authorized. Distriot. Applications. £ Hawke's Bay .. .. .. .. .. .. 2 770 Wellington .. .. .. .. .. 1 600 Canterbury . . .. .. .. .. 1 300 Totals.. .. .. .. .. ..'4 £1,670 The amount actually paid over to local bodies during the year was £99,740. Local bodies are now indebted to the extent of £651,757. and settlers £118,813 : a total of £800,570 in respect of principal moneys. The profit earned for the year amounted to £53,114, or £4 I6s. 3d. per £100 of the funds invested. The cost of management and expenses was nil. G. F. C. Campbell, Superintendent. State Advances Office, Wellington. 10th July, 1919. ADVANCES OFFICE SINKING FUND. The following is a statement showing the advances under this branch authorized during the year ended 31st March, 1919, classified according to provincial districts: — Provincial Advances to Settlers. Amount ot Advances District. Applications. authorized. Auckland .. .. .. .. .. ..50 29,455 Taranaki .. .. .. .. .. ..8 7,195 Wellington .. .. .. .. .. ..11 4,855 Marlborough .. .. .. .. .. .. 1 450 Nelson .. .. .. .. .. ..2 1,305 Canterbury .. .. .. .. .. .. 1 250 Otago.. .. .. .. .. .. ..4 2,810 Southland .. .. .. .. .. ..1 1,050 Totals.. .. .. .. .. ..78 £47,370 provincial Advances to Local Bodies. ( A tf Ad e8 District. Applications. authorized. Auckland .. .. .. .. .. ..13 20,890 Taranaki .. .. .. .. .. ..3 11,300 Hawke's Bay .. .. .. . . .. .. 1 350 Wellington .. .. .. .. .... 3 2,500 Totals .. .. .. .. ..20 £35,040 The amount actually paid over to settlers during the year was £50,735, and to local bodies £26,040: a total of £76,825. Settlers are now indebted to the extent of £446,321, and local bodies £85,437: a total of £531,758 in respect of principal moneys. The profits for the year ended 31st March, 1919, amounted to £45,682. The cost of management and expenses was nil. G. b. C. Campbell, Superintendent. State Advances Office, Wellington, 10th July, 1919.

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BALANCE-SHEET. ADVANCES TO SETTLERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1919. Liabilities. £ s. d. , Assets. £ s. d. Sundry loans .. .. .. 9,283,193 1 10 Investment Account, less total repayTemporary advances from Public Debt ments .. .. .. .. 7,372,507 810 Sinking Fund Branch .. .. 461,962 0 0 Plus mortgage instalments overdue— Temporary advances from Advanoes principal.. .. .. .. 17,633 19 3 Office Sinking Fund Account .. 320,000 0 0 Advances Suspense Account .. .. 9,120 0 0 Total principal owing by mortgagors Fire Loss Suspense Account .. .. 2,987 14 3 at 31st March, 1919 ' .. .. 7,390,141 8 1 Suspense Acoount .. .. .. 4,765 17 3 Mortgage instalments overdue—interest 35,855 5 8 Reserve Fund .. .. .. 50,000 0 0 Interest oti mortgages, accrued but not Interest payable on loans, accrued but due .. .. .. .. 82,136 13 8 not due .. .. .. .. 74,810 911 Temporary advances to Workers Branch 250,000 0 0 Interest payable on deposits, accrued Temporary investments .. .. 1,816,773 7 9 but not due .. .. .. 3 7 2 Interest on temporary investments, Profit and Loss Account .. .. 471,275 16 2 accrued but not due .. .. 25,764 4 4 Insurance Premiums Account .. 688 17 1 Offioe Furniture and Equipment Aocount 1,357 8 2 Sinking Funds— £ s. d. Public Trustee .. 302,904 13 9 Advances Office Sinking Fund Acoount 535,160 18 5 Public Debt Sinking Fund Branch .. 6,802 4 8 — 844,867 16 10 Cash in bank at 31st Maroh, 1919 .. 230,833 5 0 £10,678,418 6 7 £10,678,418 6 7

Statement of Profit and Loss Account for the Year ended 31st March, 1919. Dr. £ s. d. Or, £ s. d. To Management Expensea Aocount .. 9,725 3 7 By Interest Aocount—gross profits .. 67,047 2 9 Losses on realization of securities, and doubtful securities written down .. 1,556 11 10 Balance—net profits for the year ended 31st March, 1919.. .. .. 55,765 7 4 £67,047 2 9 £67,047 2 9 £ s. d. £ s. d. Office Furniture and Equipment Ao- Balance as at 31st Maroh, 1918 .. 415,661 5 3 count written down .. .. 150 16 5 Net profits for the year .. .. 55,765 7 4 ■ Balance—net profits oarried forward.. 471,275 16 2 £471,426 12 7 £471,426 12 7 Statement of Inteeest Account for the Year ended 31st March, 1919. Dr. £ s. d. £ s. d. I Cr. £ s. d. £ s. d. To Interest paid on loans.. 345,239 4 8 By Interest received on Less accrued interest at mortgages .. 345,506 4 6 31st Maroh, 1918 .. 74,810 911 Less overdue and 270,428 14 9 accrued at 31st Interest payable on Marob, 1918 .. 122,513 18 2 loans, accrued but 222,992 6 4 not duo at 31st Interest on bank balances .. .. 226 18 6 March, 1919 .. .. 74,810 911 Interest on temporary advances to Interest paid on deposits 914 0 other branches .. .. 10,931 15 7 Less accrued interest at Interest on temporary £ s. d. 31st Maroh, 1918 .. 513 2 investments .. 71,146 2 8 4 0 10 Less accrued interest Interest payable on deposits accrued at at 31st Maroh, 1918 16,351 12 8 31st March, 1919 .. .. 3 7 2 54,794 10 0 Interest paid on amounts temporarily Interest on temporary investments transferred from other branches .. 20,407 18 8 aoorued at 31sfc March, 1919 .. 25,764 4 4 Balance—gross profits transferred to Interest on mortgages— Profit and Loss Account .. .. 67,047 2 9 Overdue at 31st £ s. d. March, 1919 .. 35,855 5 8 Accrued but not due at 31st March, 1919 .. .. 82,136 13 8 117,991 19 4 £432,701 14 1 £432,701 14 1 — '

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Statement of Management Expenses Account for the Year ended 31st March, 1919. Dr. £ s. d. I Cr. £ a. d. To Audit Offioe servioes .. .. .. 300 0 0| By Consent fees .. .. .. 15 5 0 Offioe maintenance .. .. .. 3 9 2; Production fees .. .. .. 787 17 9 Petty general expenses .. .. 154 17 0 Release fees .. .. .. 258 3 10 Postages and telegrams .. .. 399 2 2 Sundries .. .. .. .. 16 3 1 Post Office services .. .. .. 540 4 10 Balance transferred to Profit and Loss Printing and stationery .. .. 257 3 10 Acoount .. .. .. .. 9,725 3 7 Salaries .. .. .. .. 7,726 14 3 Telephones .. .. .. .. 39 19 11 Travelling-expenses .. .. .. 193 16 8 Valuation Department—agency work .. 500 0 0 War bonus .. .. .. .. 687 7 5 £10,802 13 3 £10,802 13 3 G. F. C. Campbell, Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 10th July, 1919. Examined and found correct.—Robert J. Collins, Controller and Auditor-General.

ADVANCES TO WORKERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1919. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. 2,419,346 14 1 Investment Account, less total repayTemporary loans from Settlers Branch 250,000 0 0 ments .. .. .. .. 2,566,949 0 3 Interest payable on loans, accrued but Plus mortgage instalments overdue — not due .. .. .. .. 24,922 11 8 principal.. .. .. .. 9,629 11 9 Advances Suspense Aocount .. .. 1,984 12 6 Fire Loss Suspense Account .. .. 722 16 7 Total principal owing by mortgagors ■Suspense Account .. .. .. 120 0 8 at 31st March, 1919 .. ..2,576,578 12 0 Reserve Fund .. .. .. 20,838 7 0 Mortgage instalments overdue—interest 12,944 16 5 Interest on mortgages, accrued but not due .. .. .. .. 29,981 15 11 Loan Charges Account .. .. 22,000 0 0 lnsuranoe Premiums Aooount .. 330 4 7 Sinking Funds— £ s. d. Publio Trustee .. 2,715 17 9 Advances Offioe Sinking Fund Account.. 43,658 8 10 Public Debt Sinking Fund Branch .. 2,882 410 ■ 49,256 11 5 Cash in bank at 31st March, 1919 .. 26,843 2 2 £2,717,935 2 6 £2,717,935 2 6 Statement of Profit and Loss Account for the Year ended 31st March, 1919. Dr. £ s. d. Cr. £ s. d. To Management Expenses Aocount .. 2,967 0 7 By Interest Aocount—gross profits .. 13,386 12 0 Losses on realization of securities, and doubtful securities written down .. 274 6 10 Balance—net profits for the year .. 10,145 4 7 £13,386 12 0 £13,386 12 0 £ s. d. £ s. d. Loan-flotation charges written down .. 8,000 0 0 Net profits for the year .. .. 10,145 4 7 Balance —net profits transferred to Reserve Fund .. .. .. 2,145 4 7 £10,145 4 7 £10,145 4 7

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Statement of Interest Account for the Year ended 31st March, 1919. Dr. £ s. d. £ s. d. i Cr. £ s. d. £ 8. d. To Interest paid on loans .. 94,829 7 6 By Interest on mortgages ..120,418 10 8 Less interest acorued at Less interest overdue and 31st March, 1918 .. 24,922 11 8 aoorued at 31st Maroh, 69,906 15 10 1918 .. .. 44,585 12 9 Interest paid on amounts temporarily 75,833 3 11 transferred from Settlers Branoh .. 10,543 16 9' Interest on mortgages— Interest payable on loans, acorued but Overdue at 31st not due .. .. .. .. 24,922 11 8 March, 1919 .. 12,944 16 5 Balance — gros-i profits transferred to Acorued but not due at Profit and Loss Account .. .. 13,386 12 0 31st March, 1919 .. 29,981 15 11 42,926 12 4 £118,759 16 3 £118,759 16 3 Statement of Management Expenses Account for the Year ended 31st March, 1919. Dr. £ s. d. Cr. £ s. d. To Audit Offioe services .. .. .. 150 0 0 By Consent fees.. .. .. .. 0 5 0 Commission fees .. ' ... . 0 15 0 Production fees .. .. .. 115 Court costs .. .. .. .. 15 0 Release fees .. .. .. .. 54 10 0 Post Offioe services .. .. .. 400 0 0 Sundries .. .. .. .. 1 19 11 Postages and telegrams .. .. 149 11 11 Balance transferred to Profit and Loss Printing and stationery .. .. 200 0 0 Account .. .. .. .. 2,967 0 7 Salaries .. .. .. .. 1,870 0 0 Solicitor's costs .. .. .. 3 5 0 Valuation Department—agency work .. 250 0 0 £3,024 16 11 £3,024 16 11 G. F. C. Campbell, Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 10th July, 1919. 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, 1919. 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 .. 2,062,410 16 9 Loans Act, 1913 .. 3,987 12 10 Section 70, Looal Temporary loan from Public Debt Sink- Bodies' Loans Act, ing Fund Branch .. .. .. 155,038 0 0 1913 .. .. 44,233 19 1 Suspense Acoount .. .. .. 89 6 8 2,106,644 15 10 Interest on loan-moneys, accrued but not Plus mortgage instaldue .. .. .. .. 36,385 6 7 ments overdueprincipal— Looal bodies .. 2,863 5 5 Seotiou7o.. .. 133 11 6 2,996 16 11 Total balanoe of principal owing on . , . mortgages .. .. .. 2,109,641 12 9 Interest on mortgages— Looal bodiesOverdue at 31st £ s. d. Maroh, 1919 .. 6,302 18 7 Aoorued but not due at 31st Maroh, 1919 17,849 15 7 Section 70— Overdue at 31st March, 1919 .. 338 2 6 Aoorued but not due at 31st March, 1919 387 17 11 24,878 14 7 Loan Charges Account .. .. 39,113 5 0 Temporary investments .. .. 545,226 12 3 Interest accrued but not due on temporary investments .. .. 9,351 3 5 Sinking Funds— £ s. d. Publio Trustee .. 48,461 0 5 Advances Office Sinking Fund Account .. 125,422 3 0 Public Debt Sinking Fund Branch .. 6,513 6 7 180,396 10 0 Profit and Loss Acoount .. .. 58,836 17 7 Cash in bank at 31st Maroh, 1919 .. 3,584 10 6 £2,971,029 6 1 £2,971,029 6 1

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Statement of Profit and Loss Account for the Year ended 31st March, 1919. Dr. £ ».■■_. i Cr. £ s. d. To Balanoe—lnterest Account .. .. 292 12 1 By Balance —loss for the year .. .. 1,017 10 8 Balance—ManagementExpenses Aocount 724 18 7 £1,017 10 8 £1,017 10 8 £ s. d. £ s. d. Balance as at 31st Maroh, 1918 .. ..57,819 6 11 Balance .. .. .. ..58,836 17 7 Loss for the year .. .. .. 1,017 10 8 £58,836 17 7 , £58,836 17 7

Statement of Interest Account for the Year ended 31st March, 1919. Dr. £ s. d. £ s. d. j Cr. £ s. d. £ s. d. To Interest paid on loans .. 103,195 12 6 I By Interest on mortgages— Less acorued interest at Looal bodies .. 79,644 2 8 31st March, 1918 .. 36,385 6 7 Section 70 .. .. 2,057 17 10 . 66,810 5 11 ; Interest paid on temporary loans .. 6,079 15 6! 81,702 0 6 Interest payable on loans, accrued but Less interest overdue and not due at 31st Maroh, 1919 ...36,385 6 7 acorued at 31st March, 1918 .. .. 24,958 2 6 56,743 18 0 Interest on temporary investments .. .. 24,760 12 8 Less interest aoorued at 31st Maroh, 1918 .. 6,75112 9 18,008 19 11 Interest on temporary investments, aoorued but not due at 31st Maroh, 1919 9,351 3 5 Interest on mortgages— Overdue at 31st Maroh, £ s. d. 1919 .. .. 6,641 1 1 Accrued but not due at 31st March, 1919.. 18,237 13 6 24,878 14 7 Balance transferred to Profit and Loss Account .. .. .. .. 292 12 1 £109,275 8 0 I £109,275 8 0

Statement of Management Expenses Account for the Year ended 31st March, 1919. Dr. £ s. d. ' Cr. £ s. d. To Audit Office servioes .. .. .. 50 0 0 By Sundries .. .. .. .. 0 15 Post Office services .. .. .. 100 0 0 Balanoe transferred to Profit and Loss Postages and telegrams .. .. 150 0 0 Aooount .. .. .. .. 724 18 7 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, 10th July, 1919. Examined and found correct. —Robert J. Collins, Controller and Auditor-General.

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PUBLIC DEBT SINKING FUND BRANCH. Statement of Liabilities and Assets as at 31st March, 1919. Liabilities. £ s. d. Assets. Amount reoeived from Treasury .. 1,246,714 00 ! Investment Aocount, less £ a. d. £ s. d. Suspense Acoount .. .. .. 240 8 8 total repayments .. 148,509 5 5 Profit and Loss Aocount .. .. 199,403 14 3 Plus mortgage instalments overdue —principal .. 304 5 8 Total principal owing on mortgages advanced to settlers .. 148,813 11 1 Investment Acoount, less total repayments .. 651,197 19 7 Plus mortgage instalments overdue-principal .. 558 17 9 Total principal owing on mortgages advanced to looal authorities .. 651,756 17 4 Interest on mortgages— Settlers — Overdue at 31st Maroh, 1919 .. .. 789 1 11 Aocrued but not due at 31st Maroh, 1919 .. 1,486 7 5 Looal Authorities— Overdue at 31st Maroh, 1919 .. .. 1,988 8 7 Acorued but not due at 31st Maroh, 1919 .. 7,153 16 7 11,417 14 6 Temporary advanoes to Settlers Branch .. 461,962 0 0 Temporary advances to Local Authorities Branoh .. .. .. .. 155,038 0 0 Insurance Premiums Account .. .. 7 310 | Cash in bank at 31st Maroh, 1919 .. 17,362 16 2 £1,446,358 2 11 £1,146,358 2 11 I Statement of Profit and Loss Account for the Year ended 31st March, 1919. Dr. £ s. d. Cr. £ s. d. To Balanoe—net profits for the year .. 53,118 1 10 By Interest Acoount .. .. .. 53,114 1 4 Management Acoount—sundry fees .. 4 0 6 £53,118 1 10 £53,118 1 10 £ s. d. £ s. d. Balance—net profits carried forward.. 199,403 14 3 Balance as at 31st March, 1918 ..146,285 12 5 Net profits for the year .. ..53,118 110 £199,403 14 3 £199,403 14 3

Statement of Interest Account for the Year ended 31st March, 1919. Dr. £ s. d. Cr. £ s. d. £ s. d. To Balance transferred to Profit and Loss By Interest on mortgages— Aocount .. .. .. .. 53,114 1 4 Settlers .. .. 7.C99 911 Less interest overdue and accrued at 31st Maroh, 1918 .. .. 2,302 6 2 4,797 3 9 Interest on mortgages— Loobl Authorities ..25,982 8 8 Less interest overdue and accrued at 31st Maroh, 1918 .. .. 7,950 3 9 18,032 4 11 Interest on amounts temporarily transferred to other branches .. ..18,866 18 2 Interest on mortgages— SettlersOverdue at 31st £ s. d. Maroh, 1919 .. 789 111 Aoorued but not due at 31st Maroh, 1919 1,486 7 5 Looal Authorities— Overdue at 31st Maroh, 1919 .. 1,988 8 7 Accrued but not due at 31st March, 1919 7,153 16 7 11,417 14 6 £53,114 1 4 £53,114 1 4

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Statement of Management Expenses Account for tho Year ended 31st Marcli, 1919. Dr. £ s. d. i Or. £ s. d, To Balance transferred to Profit and Loss By Release fees .. .. .. .. ••-'.'B 15 0 Account .. .. .. .. 10 6 Sundries .. .. .. .. 0 5 6 £4 0 6 £4 0 6 G. F. C. Campbell, Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 10th July, 1919. -Examined and found correct. —Robekt J. Collins, Controller and Auditor-General. ADVANCES OFFICE SINKING FUND ACCOUNT. Statement of Liabilities and Assets as at 81st March, 1919. Liabilities Assets. Total amount paid in as at £ a. d. £ s. d. Investment Account, less total repay- £ s. d. 31st March, 1918 ..753,042 1 0 ments— Less redemption ol loan.. 175,000 0 0 Advances made to £ s. d. 578,042 1 0 settlers .. 445,629 4 4 Amounts paid in for year ended 31st Advances made to Maroh, 1919— local bodies .. 85,311 0 7 Advances to Settlers £ s. d. 530,940 411 Branch .. .. 84,512 12 7 Plus mortgage instalments overdue — Advanoes to Workers prinoipal— Branoh .. .. 21,106 8 1 £ s. d. Advances to Looal Settlers .. ..692 211.. . Authorities Branch.. 20,580 13 7 Local bodies .. .. 126 8 0 126,199 9 8 818 10 11 Advances Suspense Acoount .. .. 1,050 0 0 Fire Loss Suspense Aocount .. .. 55 0 0 Total balance of prinoipal owing by Suspense Account .. .. •■ 237 9 9 mortgagors at 31st March, 1919 .. 531,758 15 10 Profit, and Loss Account .. .. 166,030 16 1 Temporary advances to Settlers Branch 320,000 0 0 Insurance Premiums Account.. .. 15 8 11 Interest on mortgages — SettlersOverdue at 31st March, £ s. d. 1919 .. .. 1,836 15 11 Aoorued but not due at 31st Maroh, 1919 .. 4,723 15 0' : . ;>' Local bodies— Overdue at 31st Maroh, 1919 .. .. 454 15 4 Accrued but not due at 31st March, 1919 .. 899 8 9 7,914 10 0 Cash in bank at 31st Maroh, 1919 .. 11,926 1 4 £871,614 16 1 £871,614 16 1 Statement of Profit and Loss Account for the Year ended 31st March, 1919. Dr. £ s. d. Or. £ B . d. To Balance—net profits for the year .. 45,682 12 3 By Interest Aooount .. .. .. 45,674 13 3 Management Aooount—sundry fees .. 719 0 £45,682 12 3 ! £45,682 12 3 & s. d. - £ s. d. Balance—net profits carried forward 166,030 16 l 1 Balance at 31st Maroh, 1918 .. 120,348 310 Net profits for the year .. .. 45,682 12 3 £166,030 16 1 £166,030 16 1

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Statement of Interest Account for the Year ended 31st March, 191^1. Dr. £ s. d. | Cr. £ a. a. £ s. d. To Balance transferred to Profit and Loss By Interest on mortgages— Account .. .. .. 45,674 13 3 Settlers .. 19,012 18 4 Less interest overdue and acorued at 31st March, 1918 .. .. 5,971 18 3 13,041 0 1 Interest on mortgages— Looal bodies ..2,708 4 2 Less interest overdue and aoorued at 31st March, 1918 .. .. 801 10 2 1,906 14 0 Interest on amounts temporarily trausferred'to Settlers Branch.. .. 7,232 17 2 Interest on sinking funds held by Public Trustee .. 15,579 12 0 Interest on mortgages - Settlers— Overdue at 31st £ s. d. Maroh, 1919 .. 1,836 15 11 Acorued but not due at 31st Maroh, 1919 .. .. 4,723 15 0 Looal bodies— Overdue at 31st Maroh, 1919 .. 454 15 4 Acorued but not due at 31st Maroh, 1919 .. .. 899 3 9 7,914 10 0 £45,674 13 3 £45,674 13 3

Statement of Management Expenses Account for the Year ended 31st March, 1919. Dr. £ s. d. Cr. £ «■ d. To Balance transferred to Profit and Loss By Consent fees .. .. .. 015 0 Aooount .. .. .. 719 0 Release fees .. .. .. .050 Sundries .. .. .. 0 19 0 £7 19 0 £7 19 0 G. F. C. Campbell, Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 10th July, 1919. Examined and found correct. —Robert J. Collins, Controller and Auditor-General.

Approximate t'ont of Paper. —Preparation, not given ; printing (850 copies), £15.

Authority : Marcus K. Marks, Government Printer, Wellington.—l9l9.

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