STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1925.

Appendix to the Journals of the House of Representatives, 1925 Session I, B-13

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1925. NEW ZEALAND.

STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1925.

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

ADVANCES TO SETTLERS BRANCH. Thirty-first 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 Araou " t ,," f .^, vances District. Applications. au Auckland .. .. .. .. .. 1,513 1,922,510 Taranaki .. .. .. .. .. 240 356,195 Hawke's Bay .. .. .. .. .. 147 199,175 Wellington .. .. .. .. .. 358 490,790 Marlborough .. .. .. .. .. 80 105,775 Nelson .. .. .. .. .. 62 75,035 Westland .. .. .. .. .. 47 29,635 Canterbury .. .. .. .. .. 248 324,530 Otago .. ' .. • ■ • • ■ • • • 109 1.07,380 Southland .. .. .. .. .. 248 412,560 Totals .. .. .. .. 3,052 £4,023,585 The t tai advances to settlers now current are as follows :— Number. Not exceeding £500 .. .. .. ..14,443 3,256,392 2 1 Ex ceding £500 but not exceeding £1,000 .. .. 4,375 3,680,787 5 5 Exceeding £1,000 but not exceeding £2,000 .. 2,333 3,046,592 3 4 Exceeding £2,000 but not exceeding £3,500 .. 686 2,032,230 3 8 Totals .. .. .. ..21,837 £12,016,001 14 6 The number and amounts of current advances on freehold and leasehold are as follows :— w „ i Amount. Number. „ , £ s. d. On freeholds .. .. •• 13,817 8,805,628 9 8 On leaseholds .. .. .. •• •• 7,735 3,003,519 2 4 On freeholds and leaseholds combined .. .. 285 206,854 2 6 Totals .. .. .. .. 21,837 £12,016,001 14 6 The number and amounts of current advances on rural and urban and suburban land are as follows AT . Amount. Number. k d On rural land 13,161 7,442,677 10 5 On urban and suburban land .. .. .. 8;676 4,573,324 4 1 Totals .. .. .. •• 21 ,-837 £12,016,001 14 6

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The amounts of the advances actually paid over to settlers during the year ended 31st March, 1925, are as follows : — ti T , Amount. JN umber. £ Not exceeding £500 .. .. .. .. 436 157,080 Exceeding £500 but not exceeding £1,000 .. .. 768 583,815 Exceeding £1,000 but not exceeding £2,000.. .. 636 973,695 Exceeding £2,000 but not exceeding £3,500.. .. 528 1,527,360 Totals .. .. .. .. 2,368 £3,241,950 The number and amounts actually paid over, classified according to tenure of the securities, are as follows : — \t i Amount. JN umber. On freeholds .. .. *.. .. .. 1,912 2,651,185 On leaseholds .. .. .. .. .. 396 497,135 On freeholds and leaseholds combined .. .. 60 93,630 Totals .. .. .. .. 2,368 £3,241,950 The gross profits for the year ended 31st March, 1925, were £66,694, and the cost of management and expenses of the branch £27,151, being 0-187 per cent., or 3s. Bd. per £100 of the capital employed. £ s. d. The net profits for the year amounted to .. .. .. .. 28,155 3 3 The following are the appropriations from the profits for the year : — £ s . d. Amount paid to the Public Debt Sinking Fund Branch .. 3,798 18 2 Income-tax .. .. .. .. .. .. 4,757 611 Loan-flotation charges written down .. .. .. 5,714 6 7 — 14,270 11 8 Leaving a balance of .. .. .. .. £13,884 11 7 which has been transferred to sinking fund. Loan-moneys amounting to £2,728,354 18s. Id. were received during the year. Mortgages and instalments of principal repaid for the year amounted to £727,142 10s. 9d. The total amount of interest collected for the year was £514,234 9s. 7d. The sinking fund, after redemption of loans totalling £46,700, amounts to £1,578,000. Eight leasehold and eleven freehold securities were realized by the Department during the year. Losses debited, and unpaid instalments in respect of mortgaged properties provided for, amount to £7,832. For the year ended 31st March, 1925, 59 advances, amounting to £13,935, were authorized on chattel securities. The amount actually paid over during the year to 55 borrowers was £16,645. With regard to the redemption of mortgages, the advances authorized for the year ended 31st March, 1925, numbered 2,557, and amounted to £3,761,090. The amount actually paid over during the year to 1,807 borrowers was £2,713,255. Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1925.

ADVANCES TO WORKERS BRANCH. Eighteenth 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 .. .. .. .. .. 812 614,985 Taranaki .. .. .. .. .. 47 35,300 Hawke's Bay .. .. .. .. 82 60,180 Wellington .. .. .. .. .. 351 258,470 Marlborough .. .. .. .. .. 16 11,270 Nelson .. .. .. .. .. 11 8,145 Westland .. .. .. .. .. 17 10,170 Canterbury .. .. .. .. .. 361 252,085 Otago .. .. .. .. .. 98 61,505 Southland .. .. .. .. .. 76 49,560 Totals .. .. .. .. 1,871 £1,361,670

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The total of advances to workers now current and the tenure of the securities are as follows :— Number. Amount. £ s. d. On freeholds .. .. .. .. .. 12,632 5,134,414 010 On leaseholds .. .. .. .. .. 1,006 479,061 1 6 Totals .. .. .. .. .. 13,638 £5,613,475 2 4 The advances to workers actually paid over during the year ended 31st March, 1925, on freehold and leasehold are as follows :— Number. Amount. On freeholds .. .. .. .. .. 1,541 1,260,659 On leaseholds .. .. .. .. .. 122 85,421 Totals .. .. .. .. .. 1,663 £1,346,080 Loan-moneys amounting to £1,607,303 19s. 3d. were received during the year. Mortgages and instalments of principal repaid for the year amounted to £324,094 7s. lOd. The total amount of interest collected for the year was £211,187 7s. 4d. The loss for the year ended 31st March, 1925, was £4,666 Bs. ] Id. The cost of management and expenses'of the branch were £4,769, being 0-078 per cent., or Is. 7d. per £100 of the capital employed. The sinking fund, after redemption of loans totalling £187,000, amounts to £77,629. Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1925.

ADVANCES TO LOCAL AUTHORITIES BRANCH. The following is a statement showing the advances under this branch authorized during the year ended 31st March, 1925, classified according to provincial districts : — Provincial Number of Amount of Advances District. Applications. au lze • Auckland .. .. .. .. .. .. 31 64,525 Taranaki .. .. .. .. .. ..13 13,500 Hawke's Bay .. .. .. .. 4 3,300 Wellington .. .. .. .. .. ..25 34,335 Nelson .. .. .. .. .. 1 500 Canterbury .. .. .. .. .. 5 8,435 Otago .. .. .. .. .. 1 2,000 Southland .. .. .. .. .. 2 9,900 Totals .. .. .. .. ..82 £136,495 The amount actually paid over to 139 local bodies during the year was £164,540. Loans to the number of 1,761 have been made to local bodies. They are now indebted to the extent of £2,778,759 15s. sd. in respect of principal moneys. Mortgages and instalments of principal repaid for the year amounted to £55,919 os. 4d. The total amount of interest collected for the year was £105,432 12s. sd. The net loss amounted to £9,121 Is. The sinking fund amounts to £327,741 6s. Bd. VYm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1925.

PUBLIC DEBT SINKING FUNDS BRANCH. The following is a statement showing the advances under this branch authorized during the year ended 31st March, 1925, classified according to provincial districts : — Provincial Number of Amount of Advances District. Advances to Settlers. Applications. a " ' ° nzu ' Auckland .. .. .. .. .. ..95 76,200 Taranaki .. .. .. .. .. ..14 19,145 Hawke's Bay .. .. .. .. ..10 14,160 Wellington .. .. .. .. .. .. 45 51,660 Marlborough .. .. .. .. 2 2,050 Nelson .. .. .. .. .. 1 925 Canterbury .. .. .. .. .. ..48 52,190 Otago .. .. .. .. .. ..19 23,515 Southland .. .. .. .. .. ..11 14,655 Totals .. .. .. .. ..245 £254,500

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. ~ , Amount of Advances l ™ v t lnc ' al .Number of autho med. District. Advances to Local Bodies. Applications. £ Auckland .. .. .. .. .. ..16 26,775 Taranaki .. .. .. .. .. ..2 3,000 Hawke's Bay .. .. .. .. ..1 1,000 Wellington .. .. .. .. .. ..10 16,410 Marlborough .. .. .. .. ..2 1,450 Canterbury .. .. .. .. .. ..2 15,000 Otago .. .. .. .. .. 2 7,000 Totals .. .. .. .. ..35 £70,635 The amount actually paid over to 173 settlers during the year was £225,420, to: 3 workers £2,665, and to 85 local bodies £126,930 —a total of £355,015. 852 settlers are now indebted to the extent of £666,191 10s. 2d. ; 122 workers, £67,691 ss. 2d. ; and local bodies (in respect of 1,564 loans), £2,170,756 13s. 8d. —a total of £2,904,639 9s. in respect of principal moneys. Mortgages and instalments of principal repaid for the year amounted to £67,397 I Is. 6d. The total amount of interest collected for the year was £129,751 15s. The interest earned for the year amounted to £133,539. The cost of management and expenses were nil. Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1925.

ADVANCES OFFICE SINKING FUND. The following is a statement showing the advances under this branch authorized during the year ended 31st March, 1925, classified according to provincial districts : — r» '•' • i tvt u c Amount of Advances Provincial Number of authorized. District. Advances to Settlers. Applications. £ Auckland .. .. .. .. .. ..13 6,285 Hawke's Bay .. .. .. .. 1 100 Wellington .. .. .. .. .. 2 1, 600 Nelson .. .. .. .. .. 1 125 Canterbury .. .. .. ... .. 4 1,780 Otago .. .. .. .. .. 1 900 Southland .. .. .... .. 2 1,000 Totals .. .. .. .. ..24 _ £11,790 Advances to Workers. Auckland 1 450 Hawke's Bay .. .. .. .. 1 250 Totals .. .. .. .. .. 2 £700 Advances to Local Bodies. Auckland .. .. 3 4,200 Taranaki .. .. .. .. •• ..1 1,000 Wellington .. .. .. .. .. ..4 8,000 Canterbury .. .. .. .. .. 1 2, 000 Southland .. .. .. .. .. 1 5,000 Totals .. .. .. .. ..10 £20,200 The amount actually paid over to 45 settlers during the year was £48,760, to 4 workers £3,040, and to 31 local bodies £47,335 —a total of £99,135. 1,525 settlers are now indebted to the extent of £1,139,212 14s. 4d. ; 147 workers, £76,986 ss. 7d.; and local bodies (in respect of 300 loans), £419,067 14s. lOd.—a total of £1,635,266 14s. 9d. in respect of principal moneys. Mortgages and instalments of principal repaid for the year amounted to £100,479 lis. Id. The total amount of interest collected for the year was £80,930 6s. 3d. The interest earned for the year amounted to £82,619. The cost of management and expenses were nil. Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1925.

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MISCELLANEOUS BUSINESS BRANCH. Repatriation. During the year the sum of £87,607 Bs. 4d., principal moneys, was repaid by borrowers. In respect of business loans, 2,148 borrowers are now indebted to the extent of £286,441 10s. lid., and 8,673 borrowers in respect of furniture loans of £205,693 16s.—a total of £492,135 6s. lid. in respect of principal moneys. Housing Account. The following is a statement showing the amount expended for the year ended 31st March, 1925, in £ Acquiring land .. .. .. .. .. . . Nil. Preparing land for dwellings .. .. .. .. .. 4,328 Erecting dwellings .. .. .. .. .. .. 910 Total .. .. .. .. .. .. £5,238 During the year 1 dwelling was erected and 22, amounting to £32,160, disposed of. The payments received for the year ended 31st March, 1925, amounted to £115,255 2s. lid. The total amount of interest collected for the year was £32,403 19s. 9d. Loans to Employers for Workers' Dwellings Account ; Fishing Industry Promotion Account ; Fruit-preserving Industry Account ; Cold-storage Advances Account. Mortgages and instalments of principal repaid for the year in respect of the above accounts amounted to £8,116 19s. 5d., and the total amount of interest collected was £6,692 15s. 6d. A statement of each account to the 31st March, 1925, is attached. Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1925.

STATE ADVANCES OFFICE. ADVANCES TO SETTLERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1925. Liabilities. £ s. d. Asset*. £ s. d. Sundry loans .. .. .. .. 13,268,959 11 4 Investment Account —Principal owing by Temporary advances from— £ s. d. mortgagors .. .. .. .. 12,016,001 14 6 Public Debt Sinking Fund Temporary investments .. .. .. 197,500 0 0 Branch .. .. 349,000 0 0 Temporary advances to — £ s. d. Advances Office Sinking Fund Workers Branch .. 655,000 0 0 Account .. .. 249,500 0 0 Local Authorities Branch 361,500 0 0 Miscellaneous Business Branch 39,165 0 0 1,016,500 0 0 637,665 0 0 Sinking Fund investments Amount held for investment on behalf of the held by— Housing Insurance Fund .. .. 2,090 0 0 Advances Office Sinking Advances Suspense Account .. .. 36,690 0 0 Fund Account .. 1,555,086 17 4 Fire Loss Suspense Account . . . . 7,927 14 3 ! Public Debt Sinking Fund Suspense Account .. .. .. 8,240 11 2 Branch .. .. 22,914 2 1 Income-tax Suspense Account .. . . 7,173 8 9 1,578,000 19 5* Sundry creditors .. .. .. .. 2,445 210 Interest on mortgages — Interest on loans accrued but not due .. 121,281 8 3 Overdue .. 61,176 1 5 Reserve for bad debts .. .. .. 10,369 411 Accrued .. .. 136,809 12 4 Sinking Fund .. .. .. .. 1,139,335 17 6 197,985 13 9 Reserve Fund .. .. .. .. 25,000 0 0 Interest on temporary investments accrued 6,719 3 5 Office furniture and equipment .. . . 5,967 15 2 Sundry debtors .. .. .. .. 9,761 2 6 Loan Charges Account .. .. .. 108,154 19 10 Realization Account .. .. . . 495 11 9 Cash in hand and in bank at 31st March, 1925 130,090 18 8 £15,267,177 19 0 £15,267,177 19 0 * This amount includes £438,665 Is. lid. capital paid into the sinking fund under the provisions of the State Advances Act. Statement op Profit and Loss Account for the Year ended 31st March, 1925. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 27,151 8 3 By Interest Account—Gross profits . .. 66,694 0 4 Loss on realization of securities, and doubtful securities written down .. .. .. 11,073 7 1 Office furniture and equipment written down.. 314 1 9 Balance—Net profits for the year .. .. 28,155 3 3 £66,694 0 4 £66,694 0 4 £ s. d. £ s. d. To Loan-flotation charges written down .. 5,714 6 7 By Net profits for the year .. .. .. 28,155 3 3 Income-tax .. .. .. .. 4,757 6 11 Balance of net profits invested in— £ s. d. Public Debt Sinking Fund Branch.. .. .. 3,798 18 2 Advances Office Sinking Fund Account .. .. 13,884 11 7 17,683 9 9 £28,155 3 3 £28,155 3 3

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Statement of Interest Account for the Year ended 31st March, 1925. Dr. £ s. d. £ s. d. C'r. £ s. d. £ s. d. To Interest on loans .. .. 462,962 13 1 By Interest on mortgages .. 460,477 5 9 Less accrued at 31st March, Less overdue and accrued at 1924 .. .. .. 104,243 17 4 31st March, 1924 .. 151,929 7 7 358,718 15 9 308,547 18 2 Interest on loans accrued but not due .. 121,281 8 3 Interest on outstanding payments .. .. 23 15 4 Interest on amounts temporarily transferred Interest on bank balances .. .. .. 888 7 0 from other branches .. .. .. 20,315 14 10 Interest on temporary advances to other Balance —Gross profits transferred to Profit branches .. .. .. .. 52,845 1 6 and Loss Account .. .. .. 66,694 0 4 Interest on temporary investments accrued at 31st March, 1925 .. .. .. 6,719 3 5 Interest on mortgages— Overdue at 31st March, 1925 61,176 1 5 Accrued but not due at 31st March, 1925 .. ..136,809 12 4 197,985 13 9 £567,009 19 2 £567,009 19 2 Statement of Management Expenses Account for the Year ended 31st March, 1925. Dr. £ s. d. C'r. £ s, d. To Advertising, newspapers, &c. .. .. 20 0 4 By Consent fees .. .. .. .. 38 18 0 Audit Office services .... .. .. 300 0 0 Production fees .. . . .. .. 701 7 10 Cleaning, lighting, heating, and messenger Release fees .. .. .. .. 342 12 0 services .. .. .. .. 359 2 4 Sundry fees .. .. .. .. 1 8 10 Fees paid for special services in respect of Balance transferred to Profit and Loss Account 27,151 8 3 securities .. .. .. .. 356 9 2 Management charges on New Zealand stock and bonds .. .. .. .. 1,539 9 0 Meal allowances and overtime .. .. 263 12 9 Office maintenance .. .. .. 701 3 0 Postages and telegrams .. .. .. 534 6 5 Post Office services .. .. .. 1,205 19 2 Printing and stationery .. .. .. 297 4 5 Public Service Superannuation Fund contribution .. .. .. .. 481 8 3 Kent .. .. .. .. .. 2,784 3 9 Salaries .. .. .. .. 18,224 14 3 Solicitors' costs and Court costs .. .. 18 6 0 Telephones .. .. ■. •. 90 11 7 Travelling-expenses .. .. .. 325 15 5 Typewriters and adding-maehines—Repairs .. 83 9 1 Valuation Department—Agency work .. 650 0 0 £28,235 14 11 £28,235 14 11 Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1925. R. Robertson, Accountant. The Audit Office, having examined the balance-sheet and accompanying accounts and compared them with the relative books and documents and securities, hereby certifies them to be in accordance therewith. —O. F. C. Campbell, Controller and Auditor-General. STATE ADVANCES OFFICE. ADVANCES TO WORKERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1925. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. •• 5,391,691 17 1 Investment Account—Principal owing by mortTemporary advances from Settlers Branch .. 655,000 0 0 gagors .. .. .. .. 5,613,475 2 4 Interest on loans accrued but not due .. 53,165 16 2 Sinking Fund investments held Advances Suspense Account .. .. 67,475 0 0 by— Fire Loss Suspense Account .. .. 1,525 10 0 Advances Office Sinking Fund £ s. d. Suspense Account .. .. 87 17 4 Account .. .. 67,116 16 4 Sundry creditors .. .. •• 258 2 8 Public Debt Sinking Fund Sinking Fund .. .. .. .. 56,537 12 7 Branch .. .. 10,512 4 2 -— 77,629 0 6* Temporary investments .. .. .. 147,500 0 0 Interest on mortgages — Overdue .. .. 19,219 7 3 Accrued .. .. 60,617 3 9 79,836 11 0 Interest on temporary investments accrued .. 8,085 13 3 Sundry debtors .. .. .. .. 462 13 1 Loan Charges Account .. .. .. 181,596 17 3 Profit and Loss Account .. .. .. 6,507 0 9 Cash in hand and in bank at 31st March, 1925 110,648 17 8 £6,225,741 15 10 ' £6,225,741 15 10 • This amount includes the sum of £21,091 7s. lid. capital paid into the sinking fund under the provisions ol the State Advances Act.

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Statement of Profit and Loss Account foe the Year ended 31st March, 1925. Dr. £ s. d. Or. £ s. d. To Management Expenses Account .. .. 4,769 1 3 By Interest Account—Gross profits .. .. 193 12 0 Loss on realization of securities .. .. 90 19 8 Balance—Loss for the year .. .. .. 4,666 8 11 £4,860 0 11 £4,860 0 11 £ s. d. By Income-tax provided for, 31st. March, 1924 —Not £ s. d. To Loan-flotation charges written down .. .. 9,564 10 1 now required .. .. .. .. 191 8 4 Loss for the year .. .. .. .. 4,666 8 11 Transfer from Reserve Fund .. .. 7,532 9 11 Balance .. .. .. .. .. 6,507 0 9 £.14,230 19 0 £14,230 19 0 Statement of Interest Account for the Year ended 31st March, 1925. Dr. £ s. d. £ s. d. Or. £ s. d. £ s. d. To Interest on loans .. .. 176,376 15 11 By Interest on mortgages .. 211,056 7 1 Less accrued at 31st March, Less interest overdue and 1924 .. .. 29,338 0 7 accrued at 31st March, 1924 62,205 18 6 — 147,038 15 4 148,850 8 7 Interest on amounts temporarily transferred Interest on bank balances .. .. .. 131 0 3 from Settlers Branch .. .. .. 36,505 9 7 Interest on temporary investments accrued at Interest on loans accrued but not due .. 53,165 16 2 31st March, 1925 .. .. .. 8,085 13 3 Balance-—Gross profits transferred to Profit Interest on mortgages— and Loss Account .. .. .. 193 12 0 Overdue at 31st March, 1925 19,219 7 3 Accrued but not due at 31st March, 1925 .. .. 60,617 3 9 . 79,836 11 0 £236,903 13 1 £236,903 13 1 Statement of Management Expenses Account for the Year ended 31st March, 1925. Dr. £ s. d. Or. £ s. d. To Audit Office services .. .. .. 150 0 0 By Consent fees .. .. .. .. 013 0 Cleaning, lighting, heating, and messenger Cost of preparation of mortgages .. .. 133 12 0 services .. .. .. .. 135 0 0 Production fees .. .. .. .. 303 5 6 Contingencies .. .. .. .. 15 15 3 Release fees .. .. .. .. 105 10 6 Management charges on New Zealand stock and Balance transferred to Profit and Loss Account 4,769 1 3 bonds .. .. .. .. .. 97 8 2 Post Office services .. .. .. 500 0 0 Postages and telegrams .. .. .. 197 18 10 Printing and stationery .. .. .. 300 0 0 Public Service Superannuation Fund contri bution .. .. .. .. .. 64 0 0 Rent .. .. .. .. .. 600 0 0 Salaries .. .. .. .. .. 2,902 0 0 Valuation Department—Agency work .. 350 0 0 £5,312 2 3 £5,312 2 3 Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1925. 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. STATE ADVANCES OFFICE. ADVANCES TO LOCAL AUTHORITIES BRANCH. Statement of Liabilities and Assets as at 31st March, 1925. Liabilities. £ s. d. Assett. £ s. d. Sundry loans .. .. .. .. 2,775,529 9 5 Investment Account—Principal owing by local Loan-moneys—Unexpended balances under sec- bodies .. .. .. .. .. 2,775,759 15 5 tion 72, Local Bodies' Loans Act, 1913 .. 3,987 12 10 Sinking Fund investments held Temporary advances from Settlers Branch .. 361,500 0 0 bySuspense Account .. .. .. .. 120 18 3 Advances Office Sinking £ s. d. Interest on loans accrued but not due .. 36,385 16 7 Fund Account .. 308,979 18 8 Sinking Fund .. .. .. .. 99,531 9 1 Public Debt Sinking Fund Branch .. .. 18,761 8 0 327,741 6 8* Interest on debentures — Overdue .. .. 5,554 9 1 Accrued .. .. 23,829 11 5 29,384 0 6 Loan Charges Account .. .. .. 29,669 14 5 Profit and Loss Account .. .. .. 101,834 710 Cash in hand and in bank at 31st March, 1925 9,666 1 4 £3,277,055 6 2 £3,277,055 6 2 * This amount includes the sum of £228,209 17s. 7d. capital paid into the sinking fund under the provisions of the State Advances Act.

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Statement of Profit and Loss Account foe the Year ended 31st March, 1925. Dr. £ s. d. Gr. £ s. d. To Balance —Interest Account .. .. 8,129 10 5 By Balance—Loss for the year .. .. 9,121 1 0 Management Expenses Account .. .. 991 10 7 £9,121 1 0 £9,121 1 0 £ s. d. £ s. d. To Balance as at 31st March, 1924 .. .. 91,912 610 By Balance .. .. .. .. 101,834 710 Loan-flotation charges written down .. 801 0 0 Loss for the year .. .. .. 9,121 1 0 £101,834 7 10 £101,834 7 10 Statement of Interest Account for the Year ended 31st March, 1925. Dr. £ s. d. £ s. d. Or. £ s. d. £ s. d. To Interest on loans .. .. 103,195 12 8 By Interest on debentures .. 105,409 2 2 Less accrued at 31st March, Less overdue and accrued 1924 .. .. 36,385 16 7 at 31st March, ]924 .. 26,276 19 7 66,809 16 1 79,132 2 7 Interest on amounts temporarily transferred Interest on bank balances .. .. .. 23 10 3 from. Settlers Branch .. .. .. 13,473 11 1 Interest on debentures — Interest on loans accrued but not due .. 36,385 16 7 Overdue at 31st March, 1925 5,554 9 1 Accrued but not due at 31st March,l92s.. .. 23,829 11 5 29,384 0 6 Balance transferred to Profit and Loss Account 8,129 10 5 £116,669 3 9 £116,669 3 9 Statement of Management Expenses Account for the Year ended 31st March, 1925. Dr. £ s. d. Or. £ s. d. To Audit Office services .. . ■ .... 50 0 0 By Balance transferred to Profit and Loss Account .. 991 10 7 Cleaning, lighting, heating, and messenger services 30 0 0 Management charges, New Zealand stock and bonds 12 411 Post Office services .. .. •. ■ ■ 25 0 0 Postages and telegrams .. .. .. 24 5 8 Printing and stationery .. .. .. 125 0 0 Public Service Superannuation Fund contribution 13 0 0 Rent .. .. .. •• •• 100 0 0 Salaries .. .. ■. . • •. 612 0 0 £991 10 7 £991 10 7 Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1925. 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. 0. Campbell, Controller and Auditor-General. STATE ADVANCES OFFICE. PUBLIC DEBT SINKING FUNDS BRANCH. Statement of Liabilities and Assets as at 31st March, 1925. Liabilities. Assets. Sinking Fund created under the provisions of the £ s. d. Investment Account: Principal £ s. d. £ s. d. Public Debt Extinction Act, 1910 — owing on loans to — Total fund as at 31st March, £ s. d. Settlers .. .. 666,191 10 2 1924 .. .. 2,961,288 14 8 Workers .. .. 67,691 5 2 Principal received from Local bodies .. .. 2,170,756 13 8 Treasury during the year 216,315 0 0 2,904,639 9 0 Interest earned for the year Temporary advances to Settlers Branch .. 349,000 0 0 ended 31st March, 1925 133,539 18 11 Sundry debtors .. .. .. .. 711 5 3,311,143 13 7 Interest overdue on loans to— £ s. d. Advances Suspense Account .. .. 4,145 0 0 Settlers .. .. 2,283 2 4 Fire Loss Suspense Account .. .. 1,623 0 0 Workers .. .. 186 6 6 Suspense Account .. .. .. .. 1,424 2 3 Local bodies .. .. 3,939 15 9 6,409 4 7 Interest accrued on loans to — Settlers .. .. 7,211 0 11 Workers .. .. 739 17 1 Local bodies .. .. 21,879 18 5 29,830 16 5 Cash in hand and in bank at 31st March, 1925 28,448 14 5 £3,318,335 15 10 £3,318,335 15 10

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Statement of Interest Account for, the Year ended 31st March, 1925. Dr. £ s. d. Cr. £ s. d. £ s. d. To Interest on investments—Transferred to the By Interest on loans to— Sinking Fund Account .. .. .. 133,539 18 11 Settlers .. .. 23,285 7 9 Workers .. .. 3,010 5 7 Local bodies .. .. 93,394 1 6 119,689 14 10 Less interest overdue and accrued at 31st March, 1924 .. 32,451 17 1 87,237 17 9 Interest on bank balances .. .. .. 9 15 0 Interest on temporary advances to Settlers Branch .. .. .. .. 10,052 5 2 Interest overdue at 31st March, 1925, on loans to— Settlers .. .. 2,283 2 4 Workers .. .. 186 6 6 Local bodies .. .. 3,939 15 9 6,409 4 7 Interest accrued at 31st March, 1925, on loans to— Settlers .. .. 7,211 0 11 Workers .. .. 739 17 1 Local bodies .. .. 21,879 18 5 29,830 16 5 £133,539 18 11 £133,539 18 11 Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1925. 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. STATE ADVANCES OFFICE. ADVANCES OFFICE SINKING FUND ACCOUNT. Statement of Liabilities and Assets as at 31st Marh, 1925. Liabilities. £ s. d. Assets. £ s. d. Principal received as at 31st Investment Account: PrinciMarch, 1924, with accu- pal owing on loans to — £ s. d. mulated interest from Settlers .. .. 1,139,212 14 4 the— £ s. d. Workers .. .. 76,986 5 7 Advances to Settlers Branch 1,521,489 14 8 Local bodies .. .. 419,067 14 10 Advances to Workers Branch 251,224 13 1 1,635,266 14 9 Advances to Local Authori- Temporary advances to Settlers Branch .. 249,500 0 0 ties Branch .. .. 295,665 11 0 Sundry debtors .. .. .. .. 220 8 2 Interest overdue on loans to — 2,068,379 18 9 Settlers .. .. 5,616 4 2 Interest earned for the year Workers .. .. 296 3 11 ended 31st March, 1925 — Local bodies .. .. 2,245 13 6 Advances to Settlers Branch 66,412 11 1 8,158 1 7 Advances to Workers Branch 2,892 3 3 Interest accrued on loans to— Advances to Local Authori- Settlers .. .. 12,664 11 11 ties Branch .. .. 13,314 7 8 Workers .. .. 833 14 2 — Local bodies .. .. 3,491 2 11 2,150,999 0 9 16,989 9 0 Balance —ftet profits trans- Cash in hand and in bank at 31st March, 1925.. 24,461 19 11 ferred from Advances to Settlers Branch .. .. 13,884 11 7 2,164,883 12 4 Less redemption of loans —Ad - vances to Settlers Branch, £46,700; Advances to Workers Branch, £187,000 233,700 0 0 Total fund at 31st March, 1925 .. . . 1,931,183 12 4 Advances Suspense Account .. .. 2,390 0 0 Fire Loss Suspense Account .. . . 625 0 0 Suspense Account .. .. . ■ • • 398 I 1 £1,934,596 13 5 £1,934,596 13 5

2—B. 13.

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8.—13.

Statement of Interest Account for the Year ended 31st March, 1925. Dr. £ s. d. j <V. £ s. d. £ s. d. To Interest on investments —Transferred to the By Interest on loans to — Sinking Fund Account .. .. .. 82,019 2 0 Settlers .. .. 52,369 9 0 Workers .. .. 3,582 2 6 Local bodies .. .. 16,509 10 8 72,461 2 2 Less overdue and accrued at 31st March, 1924 .. 23,458 14 10 49,002 7 4 Interest on bank balances .. .. .. 8 0 0 Interest on outstanding payments .. .. 3 4 10 Interest on temporary advances to Settlers Branch .. .. .. .. 8,457 19 3 Interest overdue at 31st March, 1925, on loans to — Settlers .. .. 5,616 4 2 Workers .. .. 296 3 11 Local bodies .. .. 2,245 13 6 8,158 1 7 Interest accrued at 31st March, 1925, on loans to — Settlers .. .. 12,664 11 11 Workers .. .. 833 14 2 Local bodies .. .. 3,491 2 11 16,989 9 0 £82,619 2 0 £82,619 2 0 Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1925. 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.

STATE ADVANCES OFFICE. MISCELLANEOUS BUSINESS BRANCH. HOUSING ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1925. Liabilities. Assets. Sundry loans — £ s. d. £ s. d. Investment Account: Principal Debentures .. .. 412,398 2 7 owing on— £ s. d. £ s. d. Expenditure from Public Works ' Dwellings purchased .. 602,163 13 9 Fund .. .. .. 319,918 1 7 ( Sections purchased .. 6,316 18 5 ! Advances .. .. 573 12 3 732,316 4 2 Loans on mortgage .. 1,066 15 5 Less loan-moneys written-off 16,748 2 7 —— 610,120 19 10 715,568 1 7 Completed dwellings .. .. .. 8,544 7 3 Sundry creditors .. . .. .. 35,346 8 1 Dwellings let .. .. .. .. 29,621 18 9 Suspense Account .. .. .. .. 4,944 19 0 Freehold land .. .. .. .. 54,315 1 8 Interest on loans accrued but not due .. .. 4,201 0 5 Properties acquired .. .. .. 2,944 6 0 Insurance Fund .. .. .. .. 2,090 0 0 Sinking Fund investments held by Public Debt Sinking Fund .. .. .. .. 230 15 0 Sinking Fund Branch .. .. .. 3,585 14 10* Reserve for losses on realization and bad debts .. 9,321 410 | Insurance Fund Investment held by Settlers Branch .. .. .. .. 2,090 0 0 Sundry debtors .. .. .. .. 193 9 5 Interest on d wellings and '.and — ! Overdue.. .. .. 5,103 7 7 Accrued.. .. .. 117 12 10 5,221 0 5 Rent —Overdue .. .. .. . 823 8 2 Insurance premiums—Overdue.. .. .. 426 13 9 Paid in advance .. .. 621 0 6 1,047 14 3 Realization Account .. .. .. 421 1 1 I Profit and Loss Account .. .. .. 41,302 13 10 J Cash in hand and in bank at 31st March, 1925 .. 11,470 13 5 £771,702 8 11 j £771,702 8 11 * This amount includes the sum of £3,354 19s. 10d., capital paid into the sinking fund in accordance with the Public Debt Extinction Act, 1910.

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.Statement of Profit and Loss Account for the Year ended 31st March, 1925. Dr. £ s. (1. Cr. £ s. d. To Balance— Interest Account .. .. .. 120 4 9 By Sale of land and dwellings .. .. .. 548 5 7 Management Expenses Account .. .. 3,337 3 4 Balance—Loss for the year .. .. .. 5,232 2 4 Dwellings maintenance .. .. .. 1,185 3 3 Expenses of realization of assets .. .. 1,13716 7 £5,780 7 11 £5,780 7 11 £ s. d. To Balance as at 31st March, 1924 .. .. 52,818 14 1 By Principal moneys written off—Freed from lia- £s. d. Loss for the year .. .. .. .. 5,232 2 4 bility .. .. .. .. .. 10,748 2 7 Balance .. .. .. .. 41,302 13 10 £58,050 10 5 £58,050 16 5 Statement of Interest Account for the Year ended 31st March, 1925. Dr. £ s. d. £ s. d. Or. £ s. d. £ s. d. To Interest on loans .. .. 30,830 6 2 By Interest on dwellings and land .. 32,390 9 9 Less accrued at 31st March, Less overdue and accrued at 1924 .. .. .. 4,525 2 0 31st March, 1924 .. 4,372 19 6 — 26,305 4 2 28,017 10 3 Interest on amounts temporarily transferred Interest on bank balances .. .. 13 10 0 from Settlers Branch .. .. 2, S6O 010 Interest on dwellings and land— Interest on loans accrued but not due .. 4,201 0 5 Overdue at 31st March, 1925 5,103 7 7 Accrued but not due at 31st March, 1925 .. .. 117 12 10 5,221 0 5 Balance transferred to Profit and Loss Account 120 4 9 £33,372 5 5 £33,372 5 5 , . Statement of Management Expenses Account for the Year ended 31st March, 1925. Dr. £ s. d. I Cr. ' £ s. dTo Advertising .. .. .. .. 16 16 6 By Administration expenses .. .. .. 87 13 10 Audit Office services .. .. .. 225 0 0 Transfer fees .. .. .. .. 47 10 0 Cleaning, lighting, heating, and messenger Balance transferred to Profit and Loss Account 3,337 3 4 services .. .. .. .. 30 0 0 Contingencies .. .. .. .. 10 19 2 Fees paid for special services in respect of securities .. .. .. .. 114 8 0 Labour Department services .. .. 500 0 0 [ Postages and telegrams .. . . .. 25 0 0 Post Office services .. .. .. 225 0 0 I Printing and stationery .. .. .. 250 0 0 Public Service Superannuation Fund contribution .. .. .. .. .. 39 0 0 Rates .. .. .. .. .. 9 7 3 Rent .. .. .. .. .. 100 0 0 Salaries .. .. .. .. ..1,71400 Solicitors' costs .. .. .. .. 30 4 0 Survey fees .. .. .. 57 12 3 | Valuation Department—Agency work .. 125 0 0 | £3,472 7 2 £3,472 7 2 Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1925. It. 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.

LOANS TO EMPLOYERS FOR WORKERS' DWELLINGS ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1925. Liabilities. £ s. d. I Assets. £ s. d. Sundry loans .. .. .. .. 3,975 0 0 ! Investment Account—Principal owing by mortInterest on loans accrued but not; due .. .. 43 12 3 gagors .. .. .. .. .. 3,287 4 8 Sinking Fund .. .. .. *. 2 (> 7 Temporary advances to Settlers Branch .. 510 0 0 i Sinking Fund investments held by Public Debt Sinking Fund Branch .. .. .. 35 14 6* i Interest on mortgages— £ s. d. Overdue .. .. .. 153 13 0 Accrued .. .. .. 4 0 3 157 13 3 j Profit and Loss Account .. .. .. 5 5 0 | Cash in hand and in bank at 31st March, 1925 .. 25 1 5 £4,020 18 10 £4,020 18 10 * This amount includes the sum of 7s. lid., capital paid into the sinking fund in accordance witli tjic Public Debt Extinction Act, 1910

11

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Statement of Profit and Loss Account for the Year ended 31st March, 1925. Dr. £ s. d. Cr. £ s. d. To Balance —Net profits for the year .. ..2 7 0 By Interest Account—Gross profits .. ..270 £2 7 0 £2 7 0 £ s. d. £ s. d. To Balance as at 31st March, 1924 .. .. 712 0 By Net profits for the year .. .. ..270 Balance .. .. .. .. ..550 £7 12 0 £7 12 0 Statement of Interest Account for the Year ended 31st March, 1925. Dr. £ s. d. £ s. d. I Cr. £ s. d. £ s. d. To Interest on loans .. .. 178 17 6 IBy Interest on mortgages . j .. 126 15 7 Less accrued at 31st March, 1924 43 12 3 j Less interest overdue and accrued at 135 5 3 31st March, 1924 .. .. 117 16 0 Interest on loans accrued but not due .. .. 43 12 3 — 8 19 7 Balance—Gross profits transferred to Profit and Interest on bank balances .. .. .. 0 3 0 Loss Account .. .. .. .. 2 7 0 Interest on temporary advances to Settlers Branch 14 8 8 Interest on mortgages — Overdue at 31st March, 1925 .. 153 13 0 Accrued but not due at 31st March, 1925 .. .. .. 4 0 3 157 13 3 £181 4 6 £181 4 6 I • Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1925. 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.

FRUIT-PRESERVING INDUSTRY ADVANCES ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1925. Liabilities. £ s. d. £ s. d. Assets. £ s. d. Sundry loans .. .. .. 09,604 6 2 Investment Account—Principal owing by mortLess loan-moneys written off .. 4,494 6 2 gagors .. .. .. .. .. 49,931 10 3 65,110 0 0 Properties acquired .. .. .. .. 5,212 8 6 Suspense Account .. .. .. .. 402 13 0 Temporary advances to Settlers Branch .. 8,400 0 0 Interest on loans accrued but not due .. .. 1,387 2 11 Sinking Fund investments held by Public Debt Rent accrued but not due .. .. .. 24 11 4 Sinking Fund Branch .. .. .. 658 6 6* Sinking Fund .. .. . . .. 45 9 8 Interest on mortgages— £ s. d. Reserve for losses on realization and bad debts .. 4,845 13 10 Overdue .. .. .. 1,782 19 5 Accrued .. .. .. 428 18 9 — 2,211 18 2 Sundry debtors .. .. .. .. 110 15 2 Profit and Loss Account .. .. .. 5,128 5 7 Cash in hand and in bank at 31st March, 1925 .. 162 6 7 £71,815 10 9 £71,815 10 9 * This amount includes the sum of £612 lt>s lOd. capital paid into the sinking fund in accordance with the Public Debt Extinction Act, 1910. Statement of Profit and Loss Account for the Year ended 31st March, 1925. Dr. £ s. d. Or. £ s. d. To Management Expenses Account .. .. 86 16 9 By Interest Account—Gross profits .. .. 67 0 8 Expenses of realization of assets .. .. 22 11 11 Balance —Loss for the year .. .. .. 42 8 0 £109 8 8 £109 8 8 £ s. d. £ y, {I. To Balance as at 31st March, 1924 .. .. 10,004 14 7 By Interest paid on loan-moneys prior to 31st Loss for the year .. .. .. .. 42 8 0 March, 1923 —Refunded .. .. .. 424 10 10 Principal moneys written off—Freed from liability .. .. .. .. .. 4,494 6 2 Balance .. .. .. .. .. 5,128 5 7 £10,047 2 7 £10,047 2 7

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Statement of Interest Account for the Year ended 31 st March, 1925.* Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. .. 2,982 3 1 By Interest on mortgages.. .. 2,243 11 10 Less accrued at 31st March, Less overdue and accrued at 1924 .. .. .. 1,403 10 9 31st March, 1924 .. .. 1,746 17 3 1,578 12 4 496 14 7 Interest on loans accrued but not due .. 1,387 2 11 Interest on bank balances .. .. .. 4 9 9 Balance—Gross profits transferred to Profit and Interest on temporary advances to Settlers Loss Account .. .. .. 67 0 8 Branch .. .. .. .. .. 319 13 5 Interest on mortgages— Overdue at 31st March, 1925.. 1,782 19 5 Accrued but not due at 31st March, 1925 .. .. 428 18 9 2,211 18 2 £3,032 15 11 £3,032 15 11 Statement of Management Expenses Account for the Year ended 31st March, 1925. Dr. £ s. d. I Or. £ s. d. To Administration expenses .. .. 80 16 9 By Balance transferred to Profit and Loss Account .. 86 16 9 £86 16 9 £86 10 9 Wm Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1925. 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.

COLD-STORAGE ADVANCES ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1925. Liabilities. £ s. d. £ s. d. Assets. £ s. d. Sundry loans .. .. .. 82,750 0 0 Investment Aceount —Principal owing by mortLess loan-moneys written off .. 7,500 0 0 gagors .. .. .. .. .. 43,742 12 5 —-— 75,250 0 0 Temporary advances to Settlers Branch .. 28,090 0 0 Interest on loans accrued but not due .. .. 269 5 7 Sinking Fund investments held by Public Debt Sinking Fund .. .. .. .. 75 15 8 Sinking Fund Branch .. .. .. 1,001 18 4* Interest on mortgages— £ s, d. Overdue .. . . .. 757 14 1 Accrued .. .. .. 736 13 11 1,494 8 0 Profit and Loss Account .. .. .. 1,212 17 4 Cash in hand and in bank at 31st March, 1925 .. 53 5 2 £75,595 1 3 £75,595 1 3 * This amount includes the sum ol £926 2s. Bd. capital paid into the sinking fund in accordance with the Public Debt Extinction Act, 1910. Statement of Profit and Loss Account for the Year ended 31st March, 1925. Dr. ' £ s. d. Cr. £ s. d. To Management Expenses"Account .. .. 115 0 0 By Interest Account—Gross profits .. .. 321 10 8 Balance —Net profits for the year .. .. 206 10 8 £321 10 8 £321 10 8 £ s. d. £ s. d. To Balance as at 31st March, 1924 .. .. 8,919 8 0 By Net profits for the year .. .. .. 206 10 8 Principal moneys written off —Freed from liability .. .. .. .. .. 7,s<fc 0 0 Balance .. .. .. .. .. 1,212 17 4 £8,919 8 0 £3,919 8 0

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Statement of Interest Account for the Year ended 31st March, 1925. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d To Interest on loans .. .. *$,478 17 1 By Interest on mortgages .. 2,459 1.1 2 Less accrued at 31st March, 1924 301 0 7 Less overdue and accrued at 3,177 10 0 31st March, 1924 .. .. 1,479 2 1 Interest on loans accrued but not due . . 269 5 7 980 9 i Balance—Gross profits transferred to Profit and Interest on bank balances .. .. ~ 4 15 0 Loss Account .. .. .. .. 321 10 8 Interest on temporary advances to Settlers Branch .. .. .. 1,288 14 8 Interest, on mortgages— Overdue at 31st March, 1925 757 14 1 Accrued but not due at 31st March, 1925 .. .. 736 13 11 — 1,494 8 0 £3,768 6 9 £3,768 6 9 Statement of Management Expenses Account for the Year ended 31st March, 1925. /V. £ s. d. Cr. £ s. d. To Administration expenses .. .. .. 115 0 0 By Balance transferred to Profit and Loss Account .115 0 0 £115 0 0 £115 0 0 Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1925. 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. FISHING INDUSTRY PROMOTION ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1925. Liabilities. £ s. d. £ s. d. Assets. £ s . d. Sundry loans .. .. .. 5,571 8 11 Investment Account —Principal owing on bills of Less loan-moneys written off .. 359 8 11 sale .. .. .. .. 2,635 8 10 5,215 0 0 Temporary advances to Settlers Branch .. 2,165 0 0 Suspense Account .. .. .. .. 36 1 0 Sinking Fund investments held by Public Debt Interest on loans accrued but not due .. .. 77 11 11 Sinking Fund Branch .. .. .. 43 13 8* Sinking Fund . . .. .. .. 210 3 Interest on bills of sale--. £s. d. Overdue .. .. .. 67 10 9 Accrued .. .. 34 5 0 101 15 9 Sundry debtors .. .. .. .. 32 0 6 Realization Account .. .. .. .. 047 Profit and Loss Account .. .. .. 314 |(; 5 Cash in hand and in bank at 31st March, 1925 .. 38 3 5 £5,331 3 2 £5,331 3 2 * This amount includes the sum of £41 3s. sd. capital paid into the sinking fund in accordance with the Public Debt Extinction Act, 1910. Statement of Profit and Loss Account for the Year ended 31st March, 1925. Dr. £ s. d. Cr. £ s. d. To Balance —Interest Account .. . . 17 1 8 By Balance—Loss for the year ~ .. .. 218 13 8 Management Expenses Account . . .. 16 18 0 Loss on realization of securities .. . . 184 14 0 £218 13 8 £218 13 8 £ s - d. £ g. d. To Balaftce as at 31st March, 1924 .. .. 455 II 8 By Principal moneys written off —Freed from liability 359 811 Loss for the year .. .. .. .. 2fB 13 8 Balance .. .. .. .. .. 314 16 g £674 5 4 £674 5 4

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Statement of Interest Account for the Year ended 31st March, 1925. Dr. £ s. d. £ s. d. Or. £ s. d. £ s. d. To Interest on loans .. .. .. 251 011 By Interest on bills of sale .. .. 132 18 9 Less accrued at 31st March, 1924 .. 82 18 5 Less overdue and accrued at 31st 168 2 0 March, 1924 .. .. .. 103 15 5 Interest on loans accrued but not due .. .. 77 11 11 29 3 4 Interest on bank balances .. .. .. 5 0 0 Interest on temporary advances to Settlers Branch 92 13 8 Interest on bills o{ sale— Overdue at 31st March, 1925 .. 67 10 9 Accrued but not due at 31st March, 1925 .. .. .. 34 5 0 101 15 9 Balance transferred to Profit and Loss Account . . 17 1 8 £245 14 5 i £245 14 5 Statement of Management Expenses Account for the Year ended 31st March, 1925. Dr. £ s. d. Cr. £ s. d. To Administration expenses .. .. .. 15 0 0 By Balance transferred to Profit and Loss Account .. 16 18 0 Survey fees .. .. .. .. 1 18 0 £16 18 0 £16 18 0 Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1925. 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. —6. P. C. Campbell, Controller and Auditor-General.

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