STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1923.

Appendix to the Journals of the House of Representatives, 1923 Session I-II, B-13

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Session 11. 1923. NEW ZEALAND

STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1923.

Laid before Parliament pursuant to Subsection (3) of Section H4 of ike Stale Advances Act, 1913.

ADVANCES TO SETTLERS BRANCH. Twenty-ninth 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 tv . . . . ~ ~ authorized. District. Applications. „ Auckland .. .. .. .. .. 572 293,135 Taranaki .. .. .. .. .. 96 55,235 Uawke's Bay .. .. .. .. .. 1.20 60,195 Wellington .. .. .. .. .. 118 239,285 Marlborough .. .. .. .. .. 35 15.370 Nelson .. .. .. .. .. 27 12,775 Westland .. .. .. .. .. 17 7,325 Canterbury .. .. .. .. .. 193 98,720 Otago .. .. .. .. .. .. 42 19,295 Southland .. .. .. .. .. 60 26,415 Totals .. .. .. ..1,580 £827,750 The total advances to settlers now current are as follows :— AT . Amount. Number. „ ad Not exceeding £500 .. .. .. .. 14,291 3.147,013 10 1 Exceeding £500 but not exceeding £1,000 .. 2,647 2,113,566 2 3 Exceeding £1,000 but not exceeding £2,000 .. 1,037 1,503.564 4 5 Exceeding £2,000 but not exceeding £3,000 .. 88 226,148 9 1 Totals .. .. .. ..18,063 £6,990,292 5 10 The number and amounts of current advances on freehold and leasehold are as follows : — xt v Amount. Number. „ , t s. d. On freeholds .. .. .. .. .. 11,136 5,096,425 1 2 On leaseholds .. .. .. .. .. 6,724 1,767,603 3 5 On freeholds and leaseholds combined .. .. 203 126,264 1 3 Totals .. .. .. .. 18,063 £6,990,292 510 The number and amounts of current advances on rural and urban and suburban land are as follows :— Number. Amount, , £ s. d. On rural land .. .. .. .. .. 11,056 4,510,688 4 6 On urban and suburban land .. .. .. 7,007 2,479,604 1 4 Totals .. .. .. .. 18,063 £6,990,292 510

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The amounts of the advances actually paid over to settlers during the year ended 31st March, 1923, are as follows : — Number. A,,10 £ unt - Not exceeding £500 .. .. .. .. .. 593 205,575 Exceeding £500 but not exceeding £1,000 .. .. 494 327,080 Exceeding £1,000 but not exceeding £2,000 .. .. 35 47,655 Totals .. .. .. .. .. 1,122 £580,310 The number and amounts actually paid over, classified according to tenure of the securities, are as follows :— Number. Amount. On freeholds .. .. .. .. .. .. 845 430,775 On leaseholds .. .. .. .. .. 266 142,055 On freeholds and leaseholds combined .. .. .. 11 7,480 Totals .. .. .. .. .. 1,122 £580,310 The gross profits for the year ended 31st March, 1923, were £51,579, and the cost of management and expenses of the branch £19,886, being 0-203 per cent., or is. per £100 of the capital employed. £ "s. d. The net profits for the year amounted to .. .. .. .. .. 29,255 5 8 The following are the appropriations from the profits for the year :-- £ s . d. Amount"paid to the Public Debt Sinking Eund Branch .. 2,860 13 2 Income-tax .. .. .. .. .. .. 1,500 0 0 Loan-flotation charges written down .. .. .. 2 14 0 4,363 7 2 Leaving a balance of ?. .. .. .. £24,89118 6 which has been transferred to sinking fund. The sinking fund, after redemption of loans totalling £45,000, amounts to £1,403,177. Eive leasehold and six freehold securities were realized by the Department during the year. Losses debited, and unpaid instalments in respect of mortgaged properties written off, amount to £2,451. Advantage is being freely taken by borrowers of the authority given to the Department under the amendment Act passed last year to make advances on chattel security. Up to the 31st May, 1923, a sum of £25,950 had been authorized by the Board to be lent. With regard to the redemption of mortgages, the advances authorized from the 31st October, 1922 (date of the passing of the amendment Act), to the 31st May, 1923, number 878, and amount to £615,175. The amount actually paid over to 301 borrowers to the 31st May last was £189,435. Wm. Wabdel, Superintendent. State Advances Office, Wellington, sth June, 1923.

ADVANCES TO WORKERS BRANCH. Sixteenth 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. aulhomed. Auckland .. .. .. .. ..618 300,295 Taranaki .. .. .. .. ..32 16,385 Hawke's Bay .. .. .. .. ..103 46,445 Wellington' .. .. .. .. .. 379 193.930 Marlborough .. .. .. .. .. 26 11,030 Nelson .. .. .. .. .. .. 9 3.695 Canterbury .. .. .. .. ..316 162,640 Otago .". .. .. .. .. ..52 25,445 Southland .. .. .. .. .. 50 23,955 Totals .. .. .. .. 1,585 £783,820 The total of advances to workers now current and the tenure of the securities are as follows :— Number. On freeholds .. ... .. .. .. 9.943 3,120,705 10 0 On leaseholds . . 595 132,320 9 1 Totals .. .. .. ..10,538 £3,253,025 19 1

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The advances to workers actually paid over during the year ended 31st March, 1923, on freehold and leasehold arc as follows :— x T , Amount. Number. „ On freeholds .. .. .. .. .. ..1,152 598.510 On leaseholds .. .. .. .. .. . . • 54 25,415 Totals .. .. .. .. .. 1,206 £623,925 The gross profits for the year ended 31st March, 1923, were £15,559, and the cost of management and expenses of the branch £3,830, being 0-117 per cent., or 2s. 4d. per £100 of the capital employed. £ s. d. The net profits for the year amounted to .. .. .. .. .. 11,228 4 9 The following are the appropriations from the profits for the year : — £ s . d. Loan-flotation charges written down .. .. .. 500 0 0 Amount paid to the Public Debt Sinking Eund Branch .. 1,064 0 10 Income-tax .. .. .. .. .. .. 1,500 0 0 [ 3,064 0 10 Leaving a balance of .. .. .. .. .. £8,164 311 which has been transferred to'the Reserve Fund. The sinking fund, after redemption of loans totalling £187,000, amounts to £67,952. One freehold and three leasehold securities were realized by the Department during the year. Losses debited, and unpaid instalments in respect of mortgaged properties written off, amount to £62. Wm. Waddel, Superintendent. State Advances Office, Wellington, sth June, 1923.

ADVANCES TO LOCAL AUTHORITIES BRANCH. The amount actually paid over to 145 local bodies during the year was £191,365. w Loans to the number of 1,503 have been made to local bodies. They are now indebted to the extent of £2,573,971 14s. 6d. in respect of principal moneys. The net loss amounted to £4,423 2s. lid. This loss will in the course of time disappear, the sinking fund being no longer a charge on the capital. The sinking fund amounts to £297,829. Wm. Waddel, Superintendent. State Advances Office, Wellington, sth June, 1923.

PUBLIC DEBT SINKING FUNDS BRANCH. The following is a statement showing the advances under this branch'authorized during the year ended 31st March, 1923, classified according to provincial districts : — Provincial Advances to Local Bodies. Number of Amount of Advances „• ~1 i r i- authorized. Distnot. Applications. „ Auckland v ..48 148,705 Taranaki .. .. .. .. .. -..15 22,055 Hawke's Bay .. .. .. .. ..14 38,475 Wellington .. .. .. .. .. ..25 60,750 Marlborough.. .. .. .. .. .. 5 19,420 Canterbury .. .. .. .. ~ .. 7 23,400 Otago •• •• •■ ..4 6,720 Southland .. .. .. .. .. .. 3 12,930 Totals .. .. .. .. ..121 £332,455 \ Provincial Advances to Settlers. Number o{ Amount of Advances ' r . . . a i- i.- authorized. District. Applications. „ Auckland .. .. .. .. .. ..138 90,925 Taranaki .. .. 24 18,830 Hawke's Bay .. .. .. .. ..29 18,405 Wellington .. .. .. .. .. ..113 83,195 Marlborough.. .. .. .. .. ..5 4,485 Nelson .. .. .. .. .. .. 3 1,640 Canterbury .. ~ .. •• .. ..48 32,480 Otago .. ■• •• ■• •• ..18 11,340 Southland .. .. .. .-. .. ..14 . 9,955 Totals .. .. .. .. ..392 £271,255

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Provincial Advances to Workers. Number of Amount of Advances District. Applications. authonzed. Auckland .. .. .. .. .. ..78 46,445 Taranaki .. .. .. .. .. ..7 2,785 Hawke's Bay ... .. .. . . . . 2 I . 285 Wellington .. .. .. .. .. ..15 8,735 Marlborough . . . . . . . . . . . . 1. 500 Canterbury .. .. .. .. .. ..22 11.480 Otago .. .. .. .. .. ..3 1,185 Southland .. .. .. .. .. .. 3 1,500 Totals .. .. .. .. ..131 £73,915 The amount actually paid over to 309 settlers during the year was £222,470, to 121 workers £69,440, and to 295 local bodies £493,285 -a total of £785,195. 694 settlers are now indebted to the extent of £462,011 3s. lid.; 118 workers, £67,950 4s. 7d. and local bodies (in respect of 1,360 loans), £1,875,696 3s. Id. a total of £2,105,660 lis. 7d. in respect of principal moneys. The interest earned for the year amounted to £103,142. The cost of management and expenses was nil. Wm. Waddel, Superintendent. State Advances Office, Wellington, sth June, 1923.

ADVANCES OFFICE SINKING FUND. The following is a statement showing the advances under this branch authorized during the year ended 31st March, 1923, classified according to provincial districts : — Provincial Advances to Settlers. Number of Amount of Advances District. Applications. authorized. Auckland .. .. .. .. .. ..62 37,850 Taranaki .. .. .. .. .. .. 6 4,665 Hawke's liny .. .. .. .. ..14 8,650 Wellington .. .. .. .. .. ..58 29,335 Marlborough.. .. .. .. .. .. 2 1,850 Nelson . . .. . . .. . . . . 1 500 Canterbury .. .. .. .. .. ..15 10.040 Otago .. . . .. .. . . .. 2 650 Southland .. .. .. .. .. .. 8 16,490 Totals .. .. .. .. ..168 £110,030 Provincial Advances to Workers. Number of Amount of Advances District. Applications. authorized. Auckland . . .. .. .. .. ..14 6.170 Hawke's Bay .. . . .. .. .. 2 I . 425 Wellington " .. .. .. .. .. ..10 3J510 Canterbury .. .. .. .. .. .. 4 2,165 Otago .. ... .. .. .. .. I 700 Southland .. .. .. .. . . .. I 100 Totals .. .. .. .. ..32 £14,070 Provincial Advances to Local Bodies. Number of Amount of Advances District. Applications. authorized. MS £ Auckland .. .. .. .. .. I 285 Taranaki .. .. .. .. .. .. 3 1,590 Hawke's Bay .... .. .. .. 1 5,000 Wellington .. .. .. .. . . . . 2 2,200 Totals .. .. .. .. . 7 £9,075 The amount actually paid over to 190 settlers during the year was £143,120, to 58 workers £31,465, and to 21 local bodies £26,725—a total of £201,310. 1,280 settlers are now indebted to the extent of £805.089 19s. 2d. ; 139 workers, £74,856 Is. Id. ; and local bodies (in respect of 235 loans), £325,413 9s. 5(1. - a total of £1,205,359 9s. Bd. in respect of principal moneys. The interest earned for the year amounted to £72,865. The cost of management and expenses was nil. Wm. Waddel. Superintendent, State Advances Office, Wellington, sth June, 1923.

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MISCELLANEOUS BUSINESS BRANCH. Fishing Industry Promotion Account. Pursuant to legislation passed last year, a statement of the accounts relating to advances under the Fishing Industry Promotion Act, 1919, as at 31st October, 1922, was received from the Marine Department, and the accounts have been incorporated in the books of the Advances Office. A statement of the account as at 31st March, 1923, is attached. Housing Account; Fruit-preserving Industry Advances Account; (-'old Storage Advances Account. With respect to the above classes of business, the necessary certificates'showing the position of the respective accounts as at the date of the passing of the State Advances Amendment Act of last year namely, the 31st October, 1922— have not yet been supplied ; consequently the Department is unable to include in the present balance-sheet statements of the separate accounts. Wm. Waddel, Superintendent. State Advances Office, Wellington, sth June, 1923.

STATE ADVANCES OFFICE. ADVANCES TO SETTLERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1923. Liabilities. t s. d. Assets. £ s. d. Sundry loans .. .. .. .. 9,238,195 15 10 Investment Account —Principal owing by mortTemporary advances from Advances Office gagors .. .. .. .. .. 6,990,292 5 10 Sinking Fund Account .. .. .. 445,500 0 0 Temporary investments .. .. .. 1,160,000 0 <• Temporary advanoes from Public Debt Sinking Temporary advances to Workers Branch .. 845,000 0 0 Pond Branch .. .. .. .. 194,000 0 0 Temporary advanoes to Local Authorities Branch 145,500 0 0 Advances Suspense Account .. .. 17,950 0 0 Sinking Fund investments Fire Loss .Suspense Account. . .. .. 1,779 10 5 held by— Susponse Account .. .. .. .. 3,312 511 Advances Office Sinking £ s. d. Income-tax Suspense Account .. .. 16,033 16 4 Fund Account .. 1,387,119 6 8 Sundry creditors .. .. .. .. 2,252 19 8 Public Debt Sinking Fund Interest on loans accrued but not due .. 75,055 i) 3 Branch .. .. 16,058 3 6 Sinking Fund .. .. .. .. 962,812 8 3 *1,403,177 10 2 Reserve Fund .. .. .. 25,000 0 0 Interest on mortgages — Overdue .. .. 40,737 12 6 Accrued .. .. 76,803 5 9 117,540 IS 3 Interest on temporary investments accrued .. 18,413 8 3 Office Furniture and Equipment Account .. 2,212 12 11 Insurance Premium Account .. .. 479 (i 2 Sundry debtors .. .. .. .. 210 0 Realization Account .. .. .. 2,451 7 3 (.'ash in hand and in bank at 31st March, 1923 296,803 16 10 £10,981,892 5 8 £10,981,892 5 8 • This amount includes the sum of £440,365 Is. ltd. capital paid into the sinking funds under the provisions of the State Advances Act. Statement of Profit and Loss Account fob the Yuar ended - 31st March, 1923. Dr. £ s. d. Or. £ s. d. To Management Expenses Account .. .. 19,886 9 0 By Interest Account—Gross profits .. .. 51,579 5 9 Losses on realization of securities and doubtful securities written down .. .. .. 2,321 2 1 Office Furniture and Equipment Account written down .. .. .. .. 116 9 0 Balance —Net protits for the year .. .. 29,255 5 8 £51,579 5 9 £51,579 5 9 £ s. d. £ s. d. To Loan-flotation charges written down .. 214 0 By Net profits for the year .. .. .. 29,255 5 8 Sinking fund invested in Public Debt Branoh 2,860 13 2 Income-tax .. •• •• •■ 1,500 0 0 Balance —Net profits invested in Advances Office Sinking Fund Account .. .. 24,89118 6 £29,255 5 8 £29,256 5 8

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Statement of Intkhkst Account for the Yfau ended 31st March, 192:!. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. .. 346,79!) 14 0 By Interest on mortgages .. 312,861 16 8 Bess accrued at 31st March, Less overdue and accrued at 1922 .. .. 75,494 7 0 31st March, 1922 .. .. 114,289 19 5 271,305 7 0 198,571 17 3 Interest on loans accrued but not due .. 75,058 i) 3 [ Interest on outstanding payments .. .. 6 13 7 Interest on amounts temporarily transferred Interest on bank balances .. .. .. 113 2 6 from other branches .. .. .. 14,881 2 11 Interest on temporary advances to other Balance 0 loss profits transferred to Profit branches .. .. .. .. 32,669 4 1 and Loss Account .. .. .. 51,579 5 9 Interest on temporary investments. . .. . . 64,874 .3 5 Less accrued at 31 si March, 1922 .. .. .. 19,368 2 5 45,506 1 0 Interest on temporary investments accrued at :;isl March, 1923 ' .. .. . . 18,413 S 3 Interest on mortgages — Overdue at 31st March, 1923 40,737 12 li Accrued but not due at 31st March, 1923 .. .. 76,803 5 9 117,540 18 3 £412,821 4 11 j £412,821 4 11 Statement of Management Expenses Account foe the Yeah ended 31st March, 1923. Dr. £ s. (i. | Cr. £ s. d. To Advertising, newspapers, &c. .. .. 14 13 0J By Consent fees .. .. .. .. 19 2 6 Audit Office services .. .. .. 300 0 0 Cost of preparation of mortgages .. .. 10 18 (i Cleaning, lighting, heating, and messenger Production lees .. .. .. .. 507 9 6 services .. .. .. .. 592 I 10 Release fees .. .. .. .. 238 15 2 Contingencies .. .. .. .. 18 18 3 Balance transferred to Profit and Loss Aooount I9,ss(i 9 o Fees paid for special services in respect of securities . . . . . . . . 78 18 9 .Management charges on New Zealand stuck ami bonds .. .. .. .. 1,644 8 7 Meal allowances when working overtime .. 200 12 (i Postages and telegrams .. •• •• 1,188 3 0 i Post Office services .. .. .. 1.201 S ] Printing and stationery .. •■ .. 711 18 3 Rent .. .. .. .. •. 590 0 0 Salaries .. .. .. .. .. 12,865 1 10 Solicitors' costs and Court costs .. . . 7 13 5 Telephones .. .. .. .. 32 12 10 Travelling-expenses .. .. .. 504 17 5 Typewriters and addiiig-niacliincs -Repairs .. fil 6 11 Valuation Department —Agency work .. 650 o o 120,662 .14 8 £20,662 14 8 Wm. Waddel, Superintendent. State Advances Office, Wellington, sth June, 1923. 11. Robeetson, Accountant. The Audit Office having examined the balance-sheet and accompanying accounts and compared them with the relative books, documents, and securities, hereby certifies them to be in accordance therewith. (1. P. ('. Campbell, Controller and Auditor-General.

ADVANCES TO WORKEES BRANCH. Statement of Liabilities and Assets as at 31st March, 1923. Liabilities. £ s. d. Assets. I s, d. Sundry loans .. .. .. .. 2,407,346 11 1 Investment Aooount —Principal owing by mortTemporary advances from Settlers Branch 845,000 0 0 gagors .. .. .. .. .. 3,253,025 19 I Interest oil loans accrued but not due .. 25,074 17 5 Sinking Fund investments held by— Advances Suspense Account .. .. 42,805 10 6 Advances Office Sinking Fund £ s. d. Susponse Account .. .. .. .. 368 12 0 Account .. .. 61,487 19 2 Income-tax Suspense Account .. .. 5,107 7 8 Public! Debt Sinking Fund Sundry creditors .. •■ •• •• 326 4 9 Branch .. .. 6,464 14 7 Sinking Fund .. .. •■ ■■ 49,727 18 0 *67,952 13 9 Reserve; Fund ■• •• •• •• 8,754 18 6 Interest on mortgages— Overdue .. .. 11,768 13 5 Accrued .. .. 35,975 9 8 47,744 3 I Insurance Premium Aooount .. .. 12s 12 o Sundry debtors .. .. .. .. 513 1 Loan Charges Account .. .. .. 10,999 .17 0 Realization Acoouni .. .. .. ti2 3 9 Cash in hand and in bank at 31st March, 1923.. 1,592 18 2 £3,384,511 19 11 63,384,511 19 11

* This amount includes the sum of £18,224 15s. ltd. capital paid into the sinking funds under the provisions of the State Advances Act.

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Statement of Profit and Loss Account fob the Year ended 31st March, 1923. Dr. £ a . d. i Or. £ s. d. To Management Expenses Account .. .. 3,830 19 7 By Interest Account —Gross profits .. .. 15,559 17 5 Loss on realization of securities and doubtful securities written down .. .. .. 500 13 1 Balance—Net profits for the year .. .. 11,228 4 9 £15,559 17 5 £15,559 17 5 £ s. d. £ s. d. To Income-tax .. .. .. .. 1,500 o o By Net profits for the year .. .. .. 11,228 4 il Loan-flotation charges written down .. 500 0 0 Sinking fund invested in Public Debt Branch. . 1,064 0 10 Balance —Net profits transferred tq Reserve Fund .. .. .. .. .. 8,164 3I 1 £11,228 4 9 £11,228 4 9 Statement of Interest Account for the Year ended 31st March, 1923. Dr. £ s. d. £ s. d. j Or. £ s. d. £ s. d To Interest on loans .. .. 95,881 8 0 By interest on mortgages .. 129,118 0 I Less accrued at 31st March, Less interest overdue and 1922 .. .. 25,262 9 9 accrued at 31st March, 1922 41,211 15 9 70,618 18 3 87,906 4 4 interest on amounts temporarily transferred Interest on bank balances .. .. .. 19 17 (i from Settlers Branch .. .. .. 24,416 11 10 i Interest on mortgages — Interest on loans accrued but not due .. 25,074 17 5 Overdue at 31st March, 1923 11,768 13 5 Balance Oross profits transferred to Profit Accrued but not due at 31st and Loss Aooount .. .. .. 15.55!) 17 5 March, 1923 .. .. 35,975 9 8 47,744 3 1 £135,670 4 11 £135,670 4 11 Statement of Management Expenses Account for the Year ended 31st March, 1923. Dr. £ s. d. j Or. £ s. d. To Audit Office services .. .. .. 150 00' By Cost of preparation of mortgages .. .. 116 6(i Cleaning, lighting, heating, and messenger ser- Inspection fees .. .. .. .. 5 5 0 Vices .. .. .. .. .. 100 0 0 I Production fees .. .. .. .. 298 15 0 Contingencies . . . . . . . . 0 3 5 Release fees .. . . • . .. 90 8 S .Management charges on New Zealand stock and Balance transferred to Profit and Loss Account 3,830 19 7 bonds .. . . .. . . .. 412 2 7 Post Office services .. ... .. 450 0 0 Postages and telegrams .. .. .. 148 3 1 Printing and stationery . . . . . . 200 0 0 Kent .. .. .. .. .. 175 0 0 Salaries .. .. .. .. ..2,351 0 0 Solicitors' costs .. .. .. .. 5 5 8 Valuation Department—Agency work .. 350 0 0 £4,341 14 9 £4,341 14 9 Wm. Waddel, Superintendent. State Advances Office, Wellington, sth June, 1923. R. Robertson, Accountant. The Audit Office having examined the balance-sheet and accompanying accounts and compared them with the relative books, documents, and securities, hereby certifies them to be in accordance therewith. G. F. (!. Campbell, (lontroller and Auditor-General,

advances to local authorities branch. Statement of Liabilities and Assets as at 31st March, 1923. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. .. 2,775,529 9 5 Investment Aooount Principal owing by local Loan-moneys—Unexpended balances under see- bodies .. .. .. .. 2,573,971 14 6 tion 72, Local Bodies'Loans Apt, 1913 .. 3,987 12 10 Sinking Fund investments laid Temporary advances from Settlers Branch .. 145,500 0 0 by— £ s. d. Suspense Aooount .. .. ... .. 22 8 8 Advances Office Sinking Fund Sundry creditors .. .. .. .. 25 0 () Aooount .. .. 283,066 12 4 Interest on loans accrued but not due .. 36,385 16 7 Public Debt Sinking Fund Sinking fund .. .. .. .. 72,205 0 8 Branch .. .. 14,762 13 3 *297,829 5 7 Interest on debentures — Overdue.. .. .. 5,421 4 3 Accrued but not due .. 21,015 14 8 20,436 18 11 Interest on temporary investments accrued but not due .. ' .. .. .. 898 7 3 Loan Charges Account .. .. .. 31,271 14 5 Profit and Loss Account .. .. .. 82,192 6 3 Cash in hand and in bank at 31st March, 1923.. 21,055 I 3 £3,033,655 8 2 £3,033,655 8 2

* This amount includes the sum of £225,624 4s. lid. capital paid into the sinking funds under the provisions of the State Advances Act.

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Statement of Profit and Loss Account for the Year ended 31st March, 1923. Dr. £ s. d. Cr. £ s. d. To Balance —Interest Aooount .. .. 3,119 3 4 By Balance—Loss for the year .. .. 4,423 211 Management Expenses Account .. .. 1,303 19g[7 £4,423 2 11 £4,423 2 11 £ s. d. £ s. d. To Balance as at 31st March, 1922 .. .. 76,968 3 4 By Balance .. .. .. .. 82,192 (i 3 Loan-flotation charges written down .. 801 0 0 Loss for the year.. .. .. .. 4,423 211 £82,192 6 3 £82,192 6 3 Statement of Interest Account for the Yf.ar. ended 31st March, 1923. Dr. £ s. d. £ s. (J Or. £ s. d. £ s. d. To Interest on loans .. .. 1(13.195 12 9 By Interest on debentures .. 103,045 14 2 Less accrued at 31st March, Less overdue and accrued at 1922.. .. .. 36,385 6 7 31st March. 1922 .. 30,074 19 7 66,810 ti 2 — 72,970 14 7 Interest on amounts temporarily transferred interest on bank balances .. .. II 15 0 from other branches .. .. .. 12,868 13 8 Interest on temporary investInterest on loans accrued but not due .. 36,385 Hi 7 ments ..' .. 21,979 0 9 Less accrued at 31st March, 1922 .. .. .. 9,351 3 5 12,627 17 4 Interest on temporary investments accrued but not due at 31st Maroh, 1923 . . .. 898 7 3 Interest on debentures — £ s. d. Overdue at 31st March, 1923 5,421 4 3 Accrued but not due at 31st March, 1923 .. .. 21,015 14 S 26,436 IS II Balance transferred to Profit and Loss Acoount 3,119 3 4 £116,064 16 5 £116,064 l(i 5 Statement of Management EJxpenses Account for, the Year ended 31st March, 1923. Dr. £ s. d. Or. £ s. d. To Audit Office services .. .. .. 50 0 0 By Balance transferred to Profit and Loss Account 1,303 19 7 Cleaning, lighting, and messenger services, &c. .. 25 0 0 Management charges, New Zealand stock and bonds .. .. .. .. .. 305 19 7 Post Office services .. .. . . .. 125 0 0 Postages and telegrams .. .. .. 150 0 0 Printing and stationery .. .. .. 125 0 0 Rent .. .. .. .. .. 25 0 0 Salaries .. .. .. . . . . 498 0 0 £1,303 19 7 £1,303 19 7 Wm. Waddel, Superintendent. State Advances Office, Wellington, sth June, 1923. R. Robertson, Accountant. The Audit Office having examined the balance-sheet and accompanying accounts and compared them with the relative books, documents, and securities, hereby certifies them to be in accordance therewith. G. F. C. CAMPBELL, Controller and Auditor-General.

public debt sinking pun!) branch. Statement of Liabilities and Assets as at 31st March, 1923. Liabilities. £ s. d. Assets. £ s. d, Sinking fund created under the provisions of the Investment Aooount—Principal Public Debt Extinction Act, 1910 — owing on loans to— £ s. d. £ s. d. Settlers .. .. .. 462,014 311 Total fund as at 31st March, Workers.. .. .. 67,950 4 7 1922.. .. .. 2,313,330 7 11 Local bodies .. .. 1,875,696 3 1 Prinoipal reeeived from 2,405,660 11 7 Treasury during the year 216,913 0 0 Temporary advances to Settlers Branch . . 194,000 0 0 Interest earned for the year Insuranoc Premium Aocount .. ./ 15 2 0 ended 31st Maroh, 1923 103,142 10 7 Interest overdue on loans to—- £ s. <l. 2,633,385 18 6 Settlers .. .. .. 1,726 0 10 Advances Suspense Account .. .. 17,110 0 0 Workers .. .. .. 49 9 6 Suspense Aooount .. .. .. .. 806 4 4 Local bodies .. .. 4,911 13 1. 6,687 3 5 Interest acorued on loans to— Settlers .. .. .. 4,773 9 10 Workers .. .. .. 730 13 8 Local bodies . . .. 19,058 4 5 24,562 7 11 Cash in hand and in bank at 31st Maroh, 1923. . 20,376 17 11 £2,651,302 2 10 £2,651,302 2 10

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Statement of Interest Account for the Year ended 31st March, 1923. Dr. £ s. d. Cr. £ s. d. £ s. d. To Interest on investments transferred to Sinking By Interest on loans to— Fund Account .. .. .. 103,142 10 7 Settlers .. .. 12,662 5 6 Workers .. .. 343 7 10 Local bodies .. .. 68,128 2 4 81,133 15 8 Less overdue and accrued at 31st March, 1922 .. 22,704 6 4 58,429 9 4 Interest on bank balances .. .. .. 9 5 0 Interest on moneys temporarily transferred to other branches .. .. .. .. 13,454 4 11 Interest overdue at 31st March, 1923, on loans to— £ s. d. Settlers .. .. 1,726 010 Workers .. .. 49 9 6 Local bodies .. .. 4,911 13 1 6,687 3 5 Interest aocrued at 31st Maroh, 1923, on loans to-— Settlers .. .. 4,773 9 10 Workers .. .. 730 13 8 Looal bodies .. .. 19,058 4 5 — — 24,562 711 £103,142 10 7 £103,142 10 7 Wm. Waddel, Superintendent. State Advances Office, Wellington, sth June, 1923. R. Robertson, Accountant. The Audit Office having examined the balance-sheet and accompanying accounts and compared them with the relative books, documents, and securities, hereby certifies them to be in accordance therewith. —G. F. C. Campbell, Controller and Auditor-General.

ADVANCES OFFICE SINKING FUND ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1923. Liabilities. £ s. d. £ 8. d. Assets. £ s. d. £ s. d. Principal received as at 31st Investment Account: Principal March, 1922, with aceu- owing on loans to — mulated interest from Settlers .. .. .. 805,089 19 2 the— Workers .. .. .. 74,856 1 1 Advances to Settlers Branch 1,019,250 1 9 Local bodies .. .. 325,413 9 5 Advances to Workers Branch 242,645 19 9 1,205,359 9 8 Advances to Local Authori- Temporary advanoes to Settlers Branch .. 445,500 0 0 ties Branch .. .. 222,559 13 10 Insurance Premium Account .. .. 55 16 9 Interest overdue on loans to— 1,484,455 15 4 Settlers .. .. .. 4,338 12 6 Interest earned for the year Workers .. .. .. 190 18 10 ended 31st March, 1923— Local bodies .. .. 1,626 12 8 Advances to Settlers Branch 57,693 19 3 . 6,156 4 0 Advances to Workers Branch 3,126 1 8 Interest accrued on loans to— Advances to Local Authori- Settlers .. .. .. 8,448 12 6 ties Branch .. .. 12,045 18 1 Workers .. .. .. 810 11 4 Local bodies .. .. 2,531 10 4 1,557,321 14 4 11,790 14 2 Sinking Fund repaid by Public Realization Account .. .. .. .. 177 16 2 Trustee— Cash in hand and in bank at 31st March, 1923.. 68,706 16 3 Advances to Settlers Branch 302,904 13 9 Advances to Workers Branch 2,715 17 9 Advances to Local Authorities Branch .. .. 48,461 0 5 1,911,403 6 3 Transferred from Reserve FundAdvances to Settlers Branch 27,378 13 5 Balance net profits transferred from Advances to Settlers . Branch .. .. 24,891 18 6 1,963,673 18 2 Less redemption of loans — Advances to Settlers Branch, £45,000; advances to Workers Branch, £187,000 232.000 0 0 1,731,673 18 2 : Advances Suspense Account . . .. 5,275 0 0 Fire Loss Suspense Account .. .. 583 4 0 Suspense Account .. .. .. .. 214 14 10 £1,737,746 17 0 £1.737,746 17 0

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Statement of Interest Account for the Year ended 31st March, 1923. Dr. £ s. d. Cr. £ g, <l, £ 8i d . To Interest earned transferred to the Sinking Fund By Interest on loans to— Account on investments of the— Settlers .. .. .. 32,776 16 11 Settlers Branch .. .. .. .. 57,693 19 3 Workers.. .. .. 2,346 9 5 Workers Branch .. .. .. .. 3,126 1 8 Local bodies .. .. 13,389 16 6 Local Authorities Branch .. .. .. 12,045 18 1 —. 48,513 2 10 Less overdue and accrued at 31st March, 1922 .. 14,378 Oil 34,135 I 11 Interest on bank balances .. .. .. 8 2 6 Interest on moneys temporarily transferred to Settlers Branoh .. .. .. 0,078 0 9 Interest on sinking funds held by Public Trustee .. 30,631 9 4 Less accrued at 31st March, 1922 .. .. .. 15,933 13 8 14,697 15 8 Interest overdue at 31st March, 1923, on loans to— Settlers .. .. .. 4,338 12 6 Workers .. .. .. 190 18 10 Local bodies .. . . 1,626 12 8 6,156 4 O Interest accrued at 31st March, 1923, on loans to- — Settlors .. .. .. 8,448 12 (i Workers .. .. .. 810 11 4 Local bodies .. .. 2,531 10 4 11,790 14 2 £72,865 19 0 £72,865 19 0 Wm. Waddel, Superintendent. State Advances Office, Wellington, sth June, 1923. R. Robertson, Accountant. The Audit Office having examined the balance-sheet and accompanying accounts and compared them with the relative books, documents, and securities, hereby certifies them to be in accordance therewith. — G. F. C. Campbell, Controller and Auditor-General.

MISCELLANEOUS BUSINESS BRANCH. Fishing Industry Promotion Account. Statement of Liabilities and Assets as at 31st March, 1923. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. •• 5,575 0 0 Investment Account— Fire Loss Suspense Account .. .. .. 18 110 Principal owing on bills of sale .. .. 3,423 12 3 Suspense Aooount .. .. .. .. 515 8 Sinking fund investments .. .. .. 217 8 Accrued interest payable .. .. .. 82 18 5 Interest on bills of sale— £ s. d. Sinking fund reserve .. .. .. .. 2 17 8 Overdue .. .. .. 57 5 3 Accrued .. .. . . 39 2 4 96 7 7 Insurance Premium Account . . .. .. .3 3 3 Realization Account .. .. .. .. 174 14 11 > Profit and Loss Account .. . . .. 220 1 0 Cash in hand and in bank at 31st March, 1923 .. 1,703 16 11 £5,684 13 7 £5,084 13 ~7 Statement of Profit and Loss Account for the Five Months ended 31st March, 1923. Dr. £ s. d. Cr. £ s . <i. To Management Expenses Account .. .. 10 0 0 By Balance .. .. .. .. .. 37 711 Interest Account .. .. .. .. 27 7 11 £37 7 11 £37 7 11 £ S. d. £ s . ,1. To Balance as at 31st October, 1922 .. .. 182 13 1 By Balance .. .. .. .. .. 220 1 0 Loss for the five months .. .. .. 37711 £220 1 0 | £220 1 0 Statement of Interest Account for the Five Months ended 31st March, 1923. Dr. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. .. .. 21 1 9 By Interest on bills of sale .. .. 58 3 1 Into rest on loans accrued but not due .. .. 82 18 5 Interest on bills of sale overdue at 31st Match, 1923 .. .. 57 5 3 Interest on bills of salo accrued at 31st March, 1923 .. .. 39 2 4 154 10 8 Less interest on bills of sale overdue and accrued at 31st October, 1922.. 7S 13 5 75 17 3: Interest on bank balances .. .. .. 0 15 0 Balance transferred to Profit and Loss Account .. 27 711 £104 0 2 £104 0 2

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Statement of Management Expenses Account for the Five Months ended 31st March, 1923. Dr. £ s. d. Cr. , £ s. [d. To Audit services .. .. .. ~ 5 0 0 By Balance transferred to Profit and Loss Account .. 10 0 0 . Administration expenses .. .. .. 5 0 0 £10 0 0 £10 0 0 Wm. Waddel, Superintendent. State Advances Office, Wellington, sth June, 1923. R. Robertson, Accountant. The Audit Office having examined the balance-sheet and accompanying accounts and compared them with the relative books, documents, and securities, hereby certifies them to be in accordance therewith.—G. F. C. Campbell, Controller and Auditor-General.

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