STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1921.

Appendix to the Journals of the House of Representatives, 1921 Session I-II, B-13

B. -13

Session 11. 1921. NEW ZEALAND.

STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1921.

Laid before Parliament pursuant to Subsection (3) of Section 64 of the State Advances Act, 1973.

ADVANCES TO SETTLERS BRANCH. Twenty-seventh 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 Amount of Advances District. . Applications. authorized. Auckland .. .. .. .. ..614 281,880 Taranaki .. .. .. .. '.. 98 49,105 Hawke's Bay .. .. .. .. .. 167 90,605 Wellington .. .. .. .. ..475 263,795 Marlborough .. .. .. .. ... 21 10,525 Nelson .. .. .. .. .. 42 16,535 Westland .. .. .. .. .. 27 10,760 Canterbury .. .. .. .. ..264 135,545 Otago.. .. .. .. .. .. 66 32,465 Southland .. .. .. .. .. 39 16,395 Totals.. .. .. .. .. 1,813 £907,610 The total advances to settlers now current are as follows :— Number. , £ Amount. Not exceeding £500 .. .. .. ..14,166 3,121,088 4 5 Exceeding £500 but not exceeding £1,000 .. 2,476 2 071 973 9 5 Exceeding £1,000 but not exceeding £2,000 .. 1,021 1 491 543 5 2 Exceeding £2,000 but not exceeding £3,000 .. '93 233669 4 3 Totals •• •• •• .. 17,756 £6,918,274 3 3 The number and amounts of current advances on freehold and leasehold are as follows: Number. Amount. On freeholds .. .. .. .. .. 10,889 ■ 5,051,658 18 5 On leaseholds .. .. .. .. .. 6,670 1,749,943 4 6 On freeholds and leaseholds combined .. .. 197 116 672 0 4 Totals •• •• •• ..17,756 £6,918,274 3 3 The. number and amounts of current advances on rural and urban and suburban land are as follows:— Number. Amount. On rural land .. .. .. .. .. 10,989 4,477,285 1 4 On urban and suburban land .. .. .. 6,767 2 440 989 111 Totals •• • 17,756 £6,918,274 3 3 The amounts of the advances actually paid over to settlers during the year ended 31st March 1921, are as follows :— Number. Amount. Not exceeding £500 .. .. 862 328,245 Exceeding £500 but not exceeding £1,000 .. .. 671 496 430 . Exceeding £1.000 but not exceeding £2,000 .. .. 38 55*445 Totals ■• .. 1,571 £880,120

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The number and amounts actually paid over, classified according to tenure of the securities, are as follows:— Number. Amount. On freeholds .. .. .. .. .. .. 1,308 721,395 On leaseholds .. .. .. .. .. 259 155,430 On freeholds and leaseholds combined .. -.. .. 4 3,295 Totals .. .. .. .. .. 1,571 £880,120 The gross profits for the year ended 31st March, 1921, were £110,086, and the cost of management and expenses of the branch £17,1.(5, being 0-185 per cent., or 3s. Bd. per £100 of the capital employed. The net profits amounted to £92,891. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £1,276,464, inclusive of the amount held by the Public Trustee (£302,904). Eight leasehold and nine freehold securities were realized by the Department during the year. Losses debited, and unpaid instalments in respect of mortgaged properties written off, amount to C P. C. Campbell, Superintendent. State Advances Offices, Wellington, sth July, 1921.

ADVANCES TO WORKERS BRANCH Fourteenth 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 .. .. .. .. ..433 208,265 Taranaki .. .. .. .. ..38 17,265 llawke'a Bay .. .. .. .. .. 200 92,005 Wellington .. .. .. .. ..380 177,295 Marlborough .. .. .. .. ..37 16,230 Nelson .. .. .. .. .. 5 1,760 Canterbury .. .. .. .. ..358 165,475 Otago.. .. .. .. .. .. 84 31,850 Southland .. .. .. .. ..21 8,485 Totals .. .. .. .. 1,556 £718,630 The total of advances to workers now current and the tenure of the securities are as follows :— Number. Amount. On freeholds .. .. .. .. .. 8,971 2,603,382 1 4 On leaseholds .. .. .. .. 547 101,975 3 3 Totals .. .. .. .. 9,518 £2,705,357 4 7 The advances to workers actually paid over during the year ended 31st March, 1921, on freehold and leasehold are as follows : — Number. Amount. On freeholds .. .. .. .. .. .. 1,325 647,880 On leaseholds .. .. .. .. .. .. 33 12,910 Totals .. .. .. .. .. 1,358 £660,790 •The gross profits for the year ended 31st March, 1921, were £16,299, and the cost of management and expenses of the branch £3,322, being 0-137 per cent., or 2s. 9d. per £100 of the capital employed. The net profits amounted to £12,972, of which the sum of £5,000 has been applied in writing down loan charges. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £71,745, inclusive of the amount held by the Public Trustee (£2,715). Eight 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 £725. G. F. C. Campbell, Superintendent. State Advances Office, Wellington, sth July, 1921. ADVANCES TO LOCAL AUTHORITIES BRANCH. The amount actually paid over to local bodies during the year was £128,910. 1.240 local bodies are now indebted to the extent of £2,250,160 in respect of principal moneys. The net profits amounted to £6,848. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £269,416, inclusive of the amount held by the Public Trustee (£48,461). Q. F. C. Campbell, Superintendent. State Advances Office, Wellington, sth July, 1921.

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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, 1921, classified according to provincial districts:— Advances to Local Bodies. Provincial Number of Am T*Vr,ri A^ V ' U,Cße District. . Applications. autnonzea. Auckland .. .. .. .. .. ..44 148,490 Taranaki .. . .* .. .. .. ..5 15,600 Hawke'sßay .. .. .. .. .. ..6 29,600 Wellington' .. .. .. .. .. ..24 74,980 Marlborough .. .. .. .. .. .. 1 10,000 Canterbury .. .. .. .. .. ..6 43,900 Otago.. .. .. .. .. .. ..2 11,250 Southland .. .. .. .. .. .. I 1,000 Totals.. .. .. .. .. ..89 £334,820 . . Advances to Settlers. „ . , Amount of Advances Provincial Number of authorized. District. Applications. £ Auckland .. .. .. .. .. ..89 63,000 Taranaki .. .. .. .. .. ■ ..17 13,955 Hawke'sßay .. .. .. ..23 1X,525 Wellington .. .. .. .. .. ..44 30,680 Marlborough .. .. .. .. .. ..I 750 Nelson.. .. .. .. .. .. ..2 1,700 Westland .. .. .. .. .. ..2 740 Canterbury '.. .. .. .. ... ..18 11,540 Otago .. .. .. .. ..8 4,170 Southland .. .. .. .. .. ..14 10,955 Totals.. - .. .. .. .. ..218 £162,015 The amount actually paid over to local bodies during the year, was £191,230, and to Settlers, £132,565. 849 local bodies are now indebted to the extent of £993,907 6s. LOd., and 379 settlers £243,317 Bs.: a total of £1,237,224 14s. 10cI. in respect of principal moneys. The profit earned for the year amounted to £70,248. The cost of management and expenses was m ' G. F. C. Campbell, Superintendent. State Advances Office, Wellington, sth July, 1921.

ADVANCES OFFICE SINKING FUND. The following is a statement showing the advances under this branch authorized during the year ended 31st March, 1921, classified according to provincial distriots : — Advances to Settlers. Amount nf Advim-™ Provincial Number of Amount ol Advances District. Applications. authorized. Auckland ... .. .. .. .. ..31 18,345 Taranaki .. .. .. .. .. ..6 8,275 Hawke'sßay .. .. .. .. .. ..5 3,600 Wellington .. .. .. .. .. ..6 3,805 Marlborough .. .. .. .. .. ..I 1,000 Canterbury .. .. .. .. .. ..2 1,280 Otago .. ~ .. .. .. .. .. 2 750 Southland .. .. .. .. .. .. 1 750 Totals .. .. '.. .. .. ..54 £37,805 „ ... Advances to Local Bodies. A m „„„* <a^ Provincial Number of Amount of Advance! District. , Applications. authorized. Auckland 18 32,635 Taranaki .. .. .. .. .. ..7 22,850 Hawke'sßay .. .. .. .. .. ..5 27,000 Wellington .. .. .-. .. .. ..13 34^445 Otago .. .. .. .. .. .. ..2 2,200 Southland .. .. .. .. .. ..1 6,850 Totals ■• -.46 £125,980 The amount actually paid over to settlers during the year was £47,575 and to local bodies £121,685 : a total of £169,260. 821 settlers are now indebted to the extent of £508,635 19s. 10d., and 179 local bodies £256,513 ss. 2d.: a total of £765,149 ss. in respect of principal moneys. G. F. C. Campbell, Superintendent. State Advances Office, Wellington, sth July, 1921.

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BALANCE-SHEET. ADVANCES TO SETTLERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1921. Liabilities. £ s. d. ] Assets. £ s. d. Sundry loans .. .. .. 9,283,193 1 10 ; Investment Acoount — Temporary advances from Public Debt Total principal owing by mortgagors Sinking Fund Branoh .. .. 459,962 0 0| at 31st March, 1921 ' .. ..6,918,274 3 3. Temporary advances from Advances ' Mortgage instalments overdue—interest 28,801 17 8 Office Sinking Fund Acoount .. 445,000 0 0 Interest on mortgages, accrued but not Advances Suspense Account .. .. 29,134 9 6: due .. .. .. .. 75,257 10 6 Fire Loss Suspense Aocount .. .. 3,189 6 8 Temporary advances to Local AuthoSuspense Acoount .. .. .. 6,133 3 6 I rities Branch .. .. .. 225,000 0 0 Reserve Fund .. .. .. 50,000 0 0 ! Temporary advances to Workers Branoh 330,000 0 0 Interest payable on loans, accruod but - ■ Temporary investments .. .. 2,139,773 7 9 not due .. .. .. .. 75,114 12 1 Interest on temporary investments, Profit and Loss Account .. .. 791,099 11 4 acorued but not due .. .. 34,302 1111 Insurance Premiums Account .. 392 11 4 Offioe Furniture and Equipment Aocount 1,566 16 8 Realization Account.. .. .. 639 2 8 Sinking Funds— £ s. d. Public Trustee .. 302,904 13 9 Advances Office Sinking Fund Acoount 963,034 811 Public Debt Sinking Fund Branch .. 10,525 10 7 1,276,464 13 3 Cash in hand and in bank at 31st Maroh, 1921 .. .." .. 112,353 911 £11,142,826 4 11 £11,142,826 4 11 Statement of Profit and Loss Account for the Year ended 31st March, 1921. Dr. £ s. d. Gr. , £ a. d. To Management Expenses Aocount .. 17,194 18 5 By Interest Aocount—Gross profits .. 110,086 15 8 Balance—Net profits for the year.ended 31st March, 1921.. .. .. 92,89117 3 £110,086 15 8 £110,086 15 8 £ s. d. £ s. d. Office Furniture and Equipment Ac- Balance as at 31st March, 1920 .. 522,028 1 11 count written down .. .. 174 1 10 Accumulated profits as at 31st March, Balance—Net profits oarried forward 791,099 11 4 1920, on amounts paid to Advances Office Sinking Fund Account .. 175,043 13 5 Accumulated profits as at 31st March, 1920, on amounts paid to Public Debt Sinking Fund Branch .. 850 5 1 Loss on realization, subsequently recovorod .. .. .. 459 15 6 Net profits for the yoar .. .. 92,89117 3 £791,273 13 2 , £791,273 13 2 Statement of Interest Account for the Year ended 31st March, 1921. Dr. £ s. d. £ s. d. Gr. £ s. d. £ s. d. To Interest paid on loans.. 345,702 5 4 By Interest received on Less acorued interest at mortgagos .. 313,941 12 10 31st March, 1920 .. 74,943 14 3 Less ovordue and 270,758 11 1 accrued at 31st Interest payable on loans, accrued but Maroh, 1920 .. 105,941 11 2 not due at 31st Maroh, 1921 .. 75,114 12 1 208,000 1 8 Interest paid on amounts temporarily Interest on bank balanoes .. .. 87 11 3 transferred from other branches .. 30,282 6 4 Interest on amount in Advances Offico Balance —Grosß profits transferred to Sinking Fund Acoount .. .. 48,804 11 11 Profit and Loss Acoount .. .. 110,086 15 8 Interest on temporary advances to other branches .. ~ 11,157 14 8 Interest on amount in Public Debt Sinking Fund Branch .. .. 385 16 0 Interest on temporary £ s. d. investments .. 112,668 19 1 Less accrued interest at 31st Maroh, 1920 33,224 9 6 79,444 9 7 Interest on temporary investments aoorued at 31st March, 1921 .. 34,302 1111 Interest on mortgages— Overdue at 31st £ s. d. March, 1921 .. 28,801 17 8 Acorued but not due at 31st Maroh, 1921 .. .. 75,257 10 6 104,059 8 2 £486,242 5 2 £486,242 5 2

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Statkmknt of Management Expknsks Account for tho Year ended 31st March, 1921. Dr. £ s. d. Gr. £ s. d. To Advertising, newspapers, &a. .. .. 7 3 0 By Consent fees .. .. .. 17 12 1 Audit Office services .. .. .. 300 0 0 Production fees .. .. .. 795 1 8 Inspection fees .. .. .. 64 2 9 Release fees .. .. .. 679 7 6 Petty genoral expenses .. .. 60 7 11 Balance transferred to Profit and Loss Post Office services .. .. .. 771 0 9 Account .. .. .. .. 17,194 18 5 Postages and telegrams .. .. 995 10 6 Printing and stationery (including office fittings) .. .. .. .. 1,379 18 11 Salaries .. .. .. .. 14,044 7 0 Telephones .. .. .. .. 51 18 7 Travelling-expenses .. .. .. 319 6 5 Typewriters and adding - machines— Repairs .. .. .. .. 43 3 10 Valuation Department—Agency work .. 650 0 0 £18,686 19 8 £18,686 19 8 (1. F. C. Campbell, Superintendent. W. N. llinchliffe, Accountant. State Advances Office, Wellington, 27th June, 1921. Examined and found correct. —Robert J. Collins, Controller and Auditor-General. ADVANCES TO WORKERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1921. Liabilities. £ ' s. d. Assets. £ s. d. Sundry loans .. .. .. 2,419,346 14 1 Investment Account (total principal Temporary advances from Settlers owing by mortgagors at 31st March, Branch .. .. .. .. 330,000 0 0 1921) .. .. .. .. 2,705,357 4 7 Interest payable on loans, accrued but Mortgage instalments overdue—lnterest 8,797 4 0 not due .. .. .. .. 24,963 13 7 Interest on mortgages, accruod but not Advances Suspense Aooount .. .. 20,730 15 6 due .. .. .. .. 30,572 1 3 Fire Loss Suspense Account .. .. 8 0 0 Loan Charges Aocount .. .. 12,000 0 0 Suspense Acoount .. .. .. 1,893 9 5 Insuranoe Premiums Aocount .. 133 14 6 Reserve Fund .. .. .. 41,520 14 4 Realization Account.. .. .. 724 18 10 Sinking Funds — £ s. d. Publio Trustee .. 2,715 17 9 Advances Office Sinking Fund Account.. 64,663 15 5 Public Debt Sinking Fund Branch .. 4,365 16 11 71,745 10 1 Cash in hand and in bank at 31st March, 1921 .. .. .. 9,132 13 8 £2,838,463 6 11 £2,838,463 6 11 Statement of Profit and Loss Account for the Year ended 31st March, 1921. Dr. £ s. d. Cr. £ 8 . a. To Management Expenses Account .. 3,322 2 11 By Interest Aocount—Gross profits .. 16,299 2 8 Amount lost in transit .. .. .. 5 0 0 Balance—Net profits for the year .. 12,97119 9 £16,299 2 8 £16,299 2 8 £ b. d. £ s . d. Loan-flotation charges written down .. 5,000 0 0 Aooumulated profits as at March, 1920, Balance—Net profits transferred to on amounts paid to Advanoes Offioe Reserve Fund .. .. .. 18,480 15 3 Sinking Fund Aooount .. .. 10,110 8 0 Accumulated profits as at March, 1920, on amounts paid to Publio Debt Sinking Fund Branch .. .. 398 7 6 Net profits for the year .. .. 12,971 19 9 £23,480 15 3 £23,480 15 3

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Statement of Interest Account for the Year ended 31st March, 1921. Dr. £ s. d. £ 8. d. Cr. £ s. d. £ s. d. To Interest paid on loans .. 95,916 17 0 By Interest on mortgages ..112,651 19 7 Less interest aoorued at Less interest overdue and 31st March, 1920 .. 24,922 11 8 acorued at 31st Maroh, 70,994 5 10 1920 .. .. 37,585 16 9 Interest paid on amounts temporarily 75,066 2 10 transferred from Settlers Branoh .. 6,031 14 8 Interest on amount in Advances Office Interest payable on loans, acorued but Sinking Fund Aocount .'. .. 3,682 12 5 not due .. .. .. .. 24,963 13 7 Interest on bank balancos .. .. 812 0 Balance — Grosa profits transferred to Interest on amount in Publio Debt Profit and Loss Aocount .. .. 16,299 2 8 Sinking Fund Branoh .. .. 162 4 3 Interest on mortgages— Overdue at 31st Maroh, 1921 ..' 8,797 4 0 Acorued but not due at 31st March, 1921 .. 30,572 1 3 39,369 5 3 £118,288 16 9 £118,288 16 9 Statement of Management Expenses Account for the Year ended 31st March, 1921. Dr. £ s. d. Cr. £ s. d. To Audit Office services .. .. ... 150 0 0 By Production fees .. .. .. 329 11 6 Post Office servioes .. .. .. 400 0 0 Releaso fees .. .. ' .. .. 265 5 0 Postages and telegrams .. .. 145 2 0 Balanoe transferred to Profit and Loß^ Printing and stationery .. .. 200 0 0 Acoount .. .. .. .. 3,322 211 Salaries .. .. .. .. 2,670 0 0 Sundries .. .. .. .. 1 17 5 Valuation Department—Agency work .. 350 0 0 £3,916 19 5 £3,916 19 5 G. F. C. Campbell, Superintendent. W. N. Hinchlifee, Accountant. State Advances Office, Wellington, 27th June, 1921. 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, 1921. Liabilities. £ s. d. Assets. Sundry loans .. .. .. 2,775,529 0 0 Investment Account, less £ s. d. £ s. d. Money received in accordance with sec- total repayments— tion 72, Local Bodies' Loans Aot, 1913 3,987 12 10 Local bodies ..2,206,904 10 4 Temporary advances from Settlers Branoh 225,000 0 0 Section 70, Looal Tomporary advances from Public Debt Bodies' Loans Aot, Sinking Fund Branch .. .. 155,038 0 0 1913 .. .. 43,255 8 0 Suspense Acoount .. .. .. 73 17 6 Interest on loan-moneys, aoorued but not Total balanoe of principal owing on due .. .. .. .. 36,385 6 7 debentures .. .. .. 2,250,159 18 4 Interest on debentures— Looal bodies — Overdue at 31st £ s. d. March, 1921 .. 12,571 15 8 Aoorued but not due at 31st March, 1921 16,988 9 1 Section 70 — Overdue at 31st March, 1921 .. 859 17 2 Aoorued but not due at 31st Maroh, 1921 293 19 5 30,714 1 4 Loan Charges Account .. .. 32,873 5 0 Temporary investments .. .. 545,226 12 3 Interest aocrued but not due on temporary investments .. .. 9,351 3 5 Sinking Funds — £ s. d. Publio Trustee .. 48,461 0 5 Advances Office Sinking Fund Aooount .. 211,046 19 0 Public Debt Sinking Fund Branoh .. 9,908 11 9 269,416 11 2 Profit and Loss Acoount .. .. 25,318 12 10 Cash in hand and in bank at 31st March, 1921 .. .. .. .. 32,953 12 7 £3,196,013 16 11 ■ £3,196,013 16 11

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Statement of Profit and Loss Account for the Year ended 31st March, 1921. Dr. £ s. d. Gr. £ s. d. To Management Expensos Acoount .. 791 16 0 By Interest Acoount—Gross profits .. 7,639 12 11 Balance—Net profits for the year .. 6,847 16 11 — — £7,639 12 11 £7,639 12 11 i Accumulated profits as at March, 1920, £ s. d. £ s. d. on amounts paid to Advances Offioe Balance as at 31st Maroh, 1920 .. 60,896 10 3 Sinking Fund Aooount .. .. 34,086 18 5 Loan flotation charges written down ~ 6,240 0 0 Accumulated profits as at March, 1920, on amounts paid to Publio Debt Sinking Fund Branoh .. .. 883 2 1 Net profits for the year .. .. 6,847 16 11 Balance .. .. .. .. 25,318 12 10 £67,136 10 3 £67,136 10 3 Statement of Interest Account for the Year ended 31st March, 1921. Dr. £ a. d. & s. d. Gr. £ s. d. £ s. .d. To interest paid on loans .. 103,195 12 6 ! By interest on debentures — Less accrued interest at Local bodies .. 78,330 17 10 31st Maroh, 1920 .. 36,385 6 7 Section 70 .. .. 1,853 1 7 66,810 5 11 Interest paid on temporary advances .. 11,327 10 5 80,183 19 5 Interest payable on loans, accrued but Less interest overdue and not due at 31st Maroh, 1921 ..36,385 6 7 accrued at 31st March, Balanoe transferred to Profit and Loss 1920 .. .. 26,996 12 4 Aooount .. .. .. .. 7,639 12 11 ■ 53,187 7 1 Interest on amounts in Advances Offioe Sinking Fund Aocount .. .. 10,376 10 5 Interest on bank balances .. .. 4 15 0 Interest on amounts in Publio Debt Binking Fund Branoh .. .. 367 2 10 Interest on temporary in- £ s. d. vestments .. .. 27,512 19 2 Less interest accrued at 31st Maroh, 1920 .. 9,351 3 5 18,161 15 9 Interest on temporary investments, acorued but not due at 31st Maroh, 1921 9,351 3 5 Interest on debentures — Overdue at 31st March, £ s. d. 1921 .. .. 13,431 12 10 Accrued but not due at 31st March, 1921.. 17,282 8 6 30,714 1 4 £122,162 15 10 | £122,162 15 10 Statement of Management Expenses Account for the Year ended 31st March, 1921. Dr. £ s. d. Gr. £ s. d. To Audit Office servioes .. .. .. 50 0 0 By balance transferred to Profit and Loss Post Office services .. .. .. 100 0 0 Aooount .. .. .. 791 16 0 Postages and telegrams .. .. 146 16 0 Printing and stationery .. .. 125 0 0 Salaries .. .. .. 370 0 0 £791 16 0 £791 16 0 G. F. C. Campbell Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 27th June, 1921. 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, 1921. Liabilities. Assets. Sinking Fund Account, Investment Acoount— £ s. d. created in accord- Total principal owing on mortgages ance with the Pub- advanced to settlers .. .. 243,317 8 0 lie Debt Extinction Total principal owing by looal authoAot, 1910— £ s. d. £ a. d. rities .. .. .. .. 993,907 610 Treasury, in respect Interest on mortgages— of sundry loans 1,517,33118 6 Settlers— In respect of loanß Overdue at 31st Maroh, £ s. d. raised under the ■ 1921 .. .. 600 12 0 State Advances Accrued but not due at Act, 1913— 31st Maroh, 1921 .. 2,500 7 3 Advances to Settlers 3,100 19 3 Branch .. 9,289 9 6 Interest on debenturesInterest to date .. 1,236 1 1 Local Authorities— Advances to Workers Overdue at 31st Maroh, Branch .. 3,805 5 2 1921 .. .. 4,585 2 8 Interost to date .. 560 11 9 Acorued,but not ducat Advances to Looal 31st Maroh, 1921 .. 10,207 2 9 Authorities Branch 8,658 6 10 14,792 5 5 Interest to date .. 1,250 411 Temporary advances to Looal Authorities 1,542,131 17 9 Branoh .. .. .. .. 155,038 0 0 Advances Suspenso Acoount .. .. 3,665 0 0 Temporary advances to Settlers Branoh 459,962 0 0 Suspense Account .. .. .. 141 2 8 Insurance Premiums Account .. .. 13 5 Profit and Loss Acoount, profits on Cash in hand and in bank at 31st March, Treasury payments .. .. 329,073 8 4 1921 .. .. .. .. 4,892 510 £1,875,011 8 9 £1,875,011 8 9

Statement of Profit and Loss Account for the Year ended 31st March, 1921. Dr. ■ £ s. d. Gr. £ s. d. To Balance—net profits for the year .. 70,247 15 11 By Interest Account .. .. .. 70,247 15 11 £70,247 15 11 £70,247 15 11 £ s. d. £ s. d. Profits as at 31st March, 1920, on Balanoe as at 31st Maroh, 1920 .. 260,957 7 1 amounts paid in by— Net profits for the year .. .. 70,247 15 11 Settlers Branoh, transferred .. 850 5 1 Workers Branch, transferred .. 398 7 6 Looal Authorities Branch, transferred 883 2 1 Balanoe—Net profits oarried forward 329,073 8 4 £331,205 3 0 £331,205 3 0

Statement of Inteeest Account for the Year ended 31st March, 1921. Dr. £ s. d. Cr. £ s. d. £ s. d. Interest on amounts paid in by—- By Interest on mortgages— Settlers Branch, transferred .. 385 16 0 Settlers .. .. 6,693 6 10 Workers Branch, transferred .. 162 4 3 Less interest overdue and Looal Authorities Branch, transferred 367 2 10 accrued at 31st March, Balance transferred to Profit and Loss 192 C .. .. 1,863 14 8 Account ... .. .. .. 70,247 15 11 4,829 12 2 Interest on debentures— Looal Authorities .. 36,197 19- 0 Less interest overdue and aoorued at 31st Maroh, 1921 .. .. 11,083 9 2 25,114 9 10 Interest on bank balances .. .. 5 10 Interest on amounts temporarily transferred to other branohes .. .. 23,320 11 4 Interest on mortgages— Settlers— Overdue at 31st £ s. d. Maroh, 1921 .. 600 12 0 Aoorued but not due at 31st Maroh, 1921 2,500 7 3 3,100 19 3 Interest on debentures— Looal Authorities— Overdue at 31st March, 1921 .. 4,585 2 8 Aoorued but not due at 31st March, 1921 10,207 2 9 14,792 5 5 £71,162 19 0 £71,162 19 0 G. F. C. Campbell, Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 27th June, 1921. Examined and found correct. —Robert J. Collins, Controller and Auditor-General.

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ADVANCES OFFICE SINKING FUND ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1921. Liabilities. Assets. £ s. d. £ s. d. Investment Aooount— £ s. d. Amount paid in as at Total principal owing on mortgages 31st Maroh, 1921, advanced to settlers .. .. 508,635 19 10 with profits added 1,413,745 3 4 Total prinoipal owing on mortgages Less redemption of advanced to local authorities .. 256,513 5 2 loans .. .. 175,000 0 0 Temporary advances to Sottlers Branoh 445,000 0 0 1,238,745 3 4 Insurance Premiums Acoount .. 16 7 11 Advanoes Suspense Aooount .. .. 475 0 0 Interest on mortgagesSuspense Aocount .. .. .. 178 13 7 SettlersOverdue at 31st March, £ s. d. 1921 .. .. 2,229 8 2 Accrued but not due at 31st Maroh, 1921 .. 5,208 14 4 7,438 2 6 Interest on debentures — Overdue at 31st March, 1921 .. .. 1,783 11 1 Accrued but not due at 31st March, 1921 .. 2,097 6 0 3,880 17 1 Cash in hand and in bank at 31st March, 1921 • .. .. .. .. 17,914 4 5 £1,239,398 16 11 £1,239,398 16 11

Statement of Profit and Loss Account for the Year ended 31st March, 1921. Dr. £ s. d. Or. £ s. d. To Profits as at 31st March, 1920, on By Balance aa at 31st Maroh, 1920 .. 219,240 19 10 amounts paid in by— Settlers Branoh, transferred .. 175,043 13 5 Workers Branch, transferred .. 10,110 8 0 , Local Authorities Branoh, transferred 34,086 18 5 £219,240 19 10 £219,240 19 10 Statement of Interest Account for the Year ended 31st March, 1921. Dr. £ s. d. Gr. £ s. d. £ s. d. To Interest on amounts paid in by— By Interest on mortgagos— Settlers Branch, transferred .. 48,804 1111 Settlers .. 23,352 0 6 Workers Branoh, transferred .. 3,682 12 5 Less interest overdue and Looal Authorities Branoh, transferred 10,376 10 5 acorued at 31st Maroh, 1920 .. .. 7,398 9 9 15,953 10 9 Interest on debentures— Local authorities .. 6,705 15 10 Less interest overdue arid accrued at 31st Maroh, 1920 .. .. 1,632 15 5 5,073 0 5 Interest on bank balances .. .. 4 19 0 Interest on amounts temporarily transferred to Settlers Branch .. .. 13,163 5 5 Interest on sinking funds held by Publio Trustee .. .. .. 17,349 19 7 Interest on mortgages— Settlers Overdue at 31st £ s. d. Maroh, 1921 .. 2,229 8 2 Accrued but not due at 31st Maroh, 1921 .. .. 5,208 14 4 7,438 2 6 Interest on debentures— Looal authorities - - Overdue at 31st March, 1921 .. 1,783 11 1 Acorued but not due at 31st Maroh, 1921 .. .. 2,097 6 0 3,880 17 1 £62,863 14 9 £62,863 14 9 G. F. C. Campbell, Superintendent. W. N. Hinchliffe, Accountant.

Statement of Interest Account for the Year ended 31st March, 1921. Dr. £ s. d. Gr. £ s. d. £ s. d. To Interest on amounts paid in by— By Interest on mortgagos— Settlers Branch, transferred .. 48,804 1111 Settlers .. 23,352 0 6 Workers Branoh, transferred .. 3,682 12 5 Less interest overdue and Looal Authorities Branoh, transferred 10,376 10 5 accrued at 31st March, 1920 .. .. 7,398 9 9 15,953 10 9 Interest on debentures — Local authorities .. 6,705 15 10 Less interest overdue arid accrued at 31st Maroh, 1920 .. .. 1,632 15 5 5,073 0 5 Interest on bank balances .. .. 4 19 0 Interest on amounts temporarily transferred to Settlers Branch .. .. 13,163 5 5 Interest on sinking funds held by Public Trustee .. .. .. 17,349 19 7 Interest on mortgages — Settlors Overdue at 31st £ s. d. Maroh, 1921 .. 2,229 8 2 Accrued but not due at 31st March, 1921 .. .. 5,208 14 4 7,438 2 6 Interest on debentures — Local authorities - - Overdue at 31st March, 1921 .. 1,783 11 1 Acorued but not due at 31st Maroh, 1921 .. .. 2,097 6 0 3,880 17 1 £62,803 14 9 £62,863 14 9 Or. F. C. Campbell, Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 27th June, 1921. Examined and found correct.—Robert J. Collins, Controller and Auditor-General. Approximat,: Cost of Paper. —Preparation, not given ; printing (,"i5» copies), £18 10s. By Authority: Marcus F. Marks. Government Printer, Wellington.—l92l. Price Gd. 1 ,

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