STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1928.

Appendix to the Journals of the House of Representatives, 1928 Session I, B-13

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1928. NEW ZEALAND.

STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1928.

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

ADVANCES TO SETTLERS BRANCH. Thirty-fourth Annual Report and Balance-sheet. 1. During the year the State Advances Board has authorized advances amounting to £502,370. and the following statement shows the amount authorized in each provincial district : — Provincial Number of Amount °f Advances District. Applications. au ° Tlze Auckland .. .. .. .. .. ..279 245,730 Taranaki .. .. .. .. .. ... 40 54,575 Hawke's Bay .. .. .. .. ..23 21,200 Wellington .. .. .. .. .. ..71 57,100 Marlborough .. .. .. .. ..13 11,200 Nelson .. .. .. .. .. ..29 20,635 Westland .. .. .. .. .. ..17 11,460 Canterbury .. .. .. .. .. ..37 33,440 Otago .. .. .. .. .. ..20 15,775 Southland .. .. .. .. .. ..47 31,255 Totals .. .. .. .. ..576 £502,-370 Number Amount. 2. During the year the advances paid over are as follows : — ' £ Not exceeding £500 .. .. .. .. ..128 41,565 Exceeding £500 but not exceeding £1,000 .. .. 235 188,390 Exceeding £1,000 but not exceeding £2,000 .. .. 166 215,850 Exceeding £2,000 but not exceeding £3,500 .. .. 60 168,025 Totals .. .. .. .. ..589 £613,830 3. The advances paid over, classified according to the tenure of the securities, are as follows : — Number. Amount. On freeholds .. .. .. ■■ 472 507,030 On leaseholds .. .. .. -. 103 88,635 On freeholds and leaseholds combined .. .. .. 14 18,165 Totals .. .. .. .. ..589 £613,830 *i Amount. 4. The advances current are as follows :— m £ s. d. Not exceeding £500 .. .. .. .. 14,142 3,071,256 6 9 Exceeding £500 but not exceeding £1,000 .. 6,24-3 4,711,137 2 8 Exceeding £1,000 but not exceeding £2,000 .. 3,674 4,914,786 5 1 Exceeding £2,000 but not exceeding £3,500 .. 1,248 4,257,887 14 8 25,307 £16,955,067 9 2

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5. The advances current, classified according to the tenure of the securities, are as follows : — -»r , Amount. bcr • £ s d On freeholds .. .. .. .. 16,597 13,263,532 5 2 On leaseholds .. .. .. .. 8,409 3,401,599 610 On freeholds and leaseholds combined .. .. 301 289,935 17 2 Totals .. .. .. .. 25,307 £16,955,067 9 2 6. The advances current on rural and urban and suburban land are as follows :— AT , Amount. Number. s d On rural land .. .. .. .. 15,132 10,981,397 6 6 On urban and suburban land .. .. .. 10,175 5,973,670 2 8 Totals .. .. .. .. 25,307 £16,955,067 9 2 7. The net profits for the year amounted to £49,079 2s. sd. 8. The cost of management expenses was £35,099 lis. 2d., being 0-168 per cent., or 3s. 4d. per £100 of the capital employed. 9. The payment of instalments by settlers generally is regarded as satisfactory, the percentage of arrears to the funds outstanding at the close of the year being only 0-966 per cent. 10. Mortgages and instalments of principal repaid for the year amounted to £768,788 3s. 4d. 11. The amount of interest collected was £1,006,123 2s. sd. 12. Twenty-six leasehold and thirty-one freehold securities were realized by the Department during the year. 13. On chattel securities fifty-seven advances, amounting to £15,700, were authorized for the year, and the amount paid over to twenty-eight borrowers was £8,770. 14. With regard to the redemption of mortgages, 390 advances, amounting to £428,785, were authorized for the year, and the amount paid over to 393 borrowers was £498,410. 15. The sinking fund, after redemption of loans totalling £126,700, amounted to £1,804,662 15s. 2d. at the close of the year. 16. Since its inception in 1894 this branch has advanced £3-3,930,480. During that period the losses made were £89,433 os. Id., or ss. 3d. in every £100 of the amount advanced. It is both gratifying and satisfactory to be able to record such a remarkably low loss rate. RURAL ADVANCES BRANCH. 17. During the year the State Advances Board has authorized advances amounting to £1,146,770, and the following statement shows the amount authorized in each provincial district: — r , • ■ , , T , r Amount of Advances Provincial Number of ~ , , . . . ~ ~ authorized. District. Applications. Auckland .. .. .. .. ..207 405,385 Taranaki .. .. .. .. .. ..48 128,720 Hawke'sßay .. .. .. .. ..25 57,730 Wellington .. .. .. .. 66 159,270 Marlborough .. .. .. .. ..11 19,450 Nelson .. .. .. .. .. ..10 12,250 Westland .. .. .. .. .. .. 1 1,200 Canterbury .. .. .. .. ..65 170,640 Otago .. .. .. .. .. ..25 46,410 Southland .. .. .. .. ..61 145,715 Totals .. .. .. ..519 £1,146,770 M Amount. 18. The advances paid over during the year are as follows : — iNumser. £ Not exceeding £500 .. .. .. 21 7,420 Exceeding £500 but not exceeding £1,000 .. .. 62 52,570 Exceeding £1,000 but not exceeding £2,000 .. .. 97 158,935 Exceeding £2,000 but not exceeding £3,500 .. .. 106 303,760 Exceeding £3,500 but not exceeding £5,500 .. .. 51 229,215 Totals .. .. .. ..337 £751,900 19. The advances paid over, classified according to the tenure of the securities, are as follows :— Number. Am £ unt " On freeholds .. .. .. .. .. 268 621,395 On leaseholds .. .. .. .. ..56 105,930 On freeholds and leaseholds combined .. .. 1-3 24,575 Totals .. .. .. ..337 £751,900

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20. The advances current at the close of the year was £750,946 9s. lid., represented by 337 loans. 21. The net profits for the year amounted to £86 10s. sd. 22. The cost of management expenses was £744, being 0-091 per cent., or Is. lOd. per £100 of the capital employed. 23. Bonds to the aggregate value of £543,300 were issued during the year at satisfactory rates of interest to the Office. 24. Mortgages and instalments of principal repaid for the year amounted to £953 10s. Id. 25. The amount of interest collected was £7,534 13s. Bd. ADVANCES TO WORKERS BRANCH. 26. During the year the State Advances Board has authorized advances amounting to £1,215,590, and the following statement shows the amount authorized in each provincial district: — t, . . , AT u t Amount of Advances Provincial Number of ~ ■ . . , . .. authorized. District. Applications. £ Auckland .. .. .. .. .. 614 557,030 Taranaki .. .. .. .. .. .. 13 10,485 Hawke's Bay .. .. .. .. .. 22 17,860 Wellington .. .. .. .. .. 568 509,695 Marlborough .. .. .. .. .. 7 3,870 Nelson .. .. .. .. .. .. 7 4,670 Westland . . .. .. .. .. .. 4 2,825 Canterbury .. .. .. .. .. 74 58,025 Otago .. .. .. .. .. .. 27 20,435 Southland 33 27,190 Totals .. .. .. .. 1,369 £1,212,085 27. The advances paid over, classified according to the tenure of the securities, are as follows : — Number. Amount. On freeholds .. .. .. .. .. 1,478 1,321,632 On leaseholds .. .. .. .. .. 30 24,280 Totals .. .. .. .. 1,508 £1,345,912 28. The advances current and the tenure of the securities are as follows :— Number. Amount On freeholds .. .. .. ..17,998 9,880,385 14 6 On leaseholds .. .. .. .. 1,122 572,808 10 4 Totals .. .. .. .. 19,120 £10,453,194 410 29. The net profits for the year amounted to £3,234 12s. lOd. 30. The cost of management expenses was £7,902 10s. 2d., being 0-087 per cent., or Is. 9d. per £100 of the capital employed. 31. The payment of instalments by workers has been well maintained and is considered satisfactory, the percentage of arrears to the funds outstanding at the close of the year being only 0-557 per cent. 32. Mortgages and instalments of principal repaid for the year amounted to £346,925 10s. 9d. 33. The amount of interest collected was £463.310 19s. 34. Thirty-three freehold securities were realized by the Department during the year. 35. Loan-moneys amounting to £890,000 were received during the year. 36. The sinking fund, after redemption of loans totalling £187,000, amounts to £88,734 ss. sd. 37. This branch has since its inception in the year 1906 lent the sum of £14,563,032. The losses made during that period amounted to £4,982 2s. 9d., or Bd. in every £100 of the amount advanced. The exceptionally low percentage of loss recorded is highly satisfactory. ADVANCES TO LOCAL AUTHORITIES BRANCH. 38 During the year the State Advances Board has authorized advances amounting to £19,525, and the following statement shows the amount authorized in each provincial district:— Provincial Number of Amount of Advances District. Applications. au ° nze Auckland .. .. .. .. .. ..15 14,620 Taranaki .. .. .. .. .. 3 1,305 Wellington .. .. .. .. .. ..6 3,600 Totals .. .. .. .. ..24 £19,525

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39. The amount paid over to thirty local bodies during the year was £25,705. 40. Loans to the number of 1,964 have been made to local bodies. They are now indebted to the extent of £2,804,100 18s. 9d. in respect of principal moneys. 41. The payment of instalments by local bodies is satisfactory, the percentage of arrears to the funds outstanding at the close of the year being only 0-115 per cent. 42. Mortgages and instalments of principal repaid for the year amounted to £71,123 7s. 6d. 43. The amount of interest collected was £120,333 ss. 9d. 44. The loss for the year was £10,381 4s. 45. The sinking fund amounts to £375,020 10s. lid. PUBLIC DEBT SINKING FUNDS BRANCH. 46. During the year the State Advances Board has authorized advances amounting to £33,580. 47. The advances paid over during the year was £24,780. 48. 1,153 settlers are now indebted to the extent of £983,648 16s. ; 130 workers, £69,691 6s. 7d. ; and local bodies (in respect of 1,626 loans) £2,121,012 15s. 4d. : a total of £3,174,352 17s. lid. in respect of principal moneys. 49. Mortgages and instalments of principal repaid for the year amounted to £82,769 18s. lid. 50. The amount of interest collected was £151,783 4s. 9d. 51. The interest earned for the year amounted to £151,763 17s. lid. 52. The cost of management expenses was nil. ADVANCES OFFICE SINKING FUND. 53. During the year the State Advances Board has authorized advances amounting to £2,340. 54. The advances paid over during the year was £21,305. 55. 1,552 settlers are now indebted to the extent of £1,096,293 Is. 4d. ; 142 workers, £68,668 9s. sd. ; and local bodies (in respect of 320 loans), £411,767 16s. Bd. : a total of £1,576,729 7s. sd. in respect of principal moneys. 56. Mortgages and instalments of principal repaid for the year amounted to £73,238 9s. sd. 57. The amount of interest collected was £101,826 4s. 3d. 58. The interest earned for the year amounted to £100,570 16s. Id. 59. To date loan-moneys amounting to £313,700 have been redeemed out of sinking funds, and the balance held to the credit of the fund at the close of the year was £2,268,417 lis. 6d. 60. The cost of management expenses was nil. MISCELLANEOUS BUSINESS BRANCH. Repatriation. 61. During the year the sum of £42,586 13s. 2d. principal moneys was repaid by borrowers. 62. The present position is that 1,535 borrowers are indebted to the extent of £203,271 19s. for business loans, and 5,773 borrowers owe £129,463 ss. Bd. for furniture loans—a total of £332,735 4s. Bd. in respect of principal moneys. Housing Account. 63. The sum of £8,649 18s. 3d. was expended during the year in preparing land for the erection of workers' dwellings. 64. During the year seven dwellings, amounting to £6,989, were disposed of. 65. Mortgages and instalments of principal repaid for the year amounted to £65,603 3s. 6d. 66. The total amount of interest collected was £32,664 7s. Loans to Employers for Workers' Dwellings Account ; Fishing Industry Promotion Account ; Fruit-preserving Industry Advances Account ; Cold Storage Advances Account. 67. Mortgages and instalments of principal repaid for the year in respect of the above accounts amounted to £2,586 3s. Bd., and the total amount of interest collected was £5,984 Is. Id. 68. A statement of each account for the year is attached. Wm. Waddel, Superintendent. State Advances Office, Wellington, 23rd August, 1928.

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STATE ADVANCES OFFICE. ADVANCES TO SETTLERS BRANCH. Statement op Liabilities and Assets as at 31st March, 1928. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. .. 19,342,780 3 5 Investment Account — Principal owing by Temporary advances from— mortgagors .. .. .. .. 16,955,067 9 2 Public Debt Sinking Fund £ s. d. Temporary investments .. .. .. 150,000 0 0 Branch .. .. 108,000 0 0 Temporary advances to — £ s. d. Advances Office Sinking Workers Branch .. 1,810,500 0 0 Fund Account .. 666,500 0 0 Local Authorities Branch 374,500 0 0 Miscellaneous Business Rural Advances Branch .. 270,500 0 0 Branch .. .. 269,400 0 0 2,455,500 0 0 — 1,043,900 0 0 Sinking Fund investments held by Advances Amount held for investment on behalf of the . Office Sinking Fund Account .. .. * 1,804, 662 15 2 Housing Insurance Fund .. .. 4,392 8 0 Interest on mortgages — £ s. d. Advances Suspense Account .. .. 13,710 0 0 Overdue .. .. 169,882 5 9 Fire Loss Suspense Account . . .. 16,942 14 1 Accrued .. .. 215,402 18 8 Income-tax Suspense Account .. .. 8,936 6 6 385,285 4 5 Sundry creditors .. .. .. .. 1,708 14 0 Interest on temporary investments accrued .. 36 19 9 Interest on loans accrued but not due .. 167,661 7 7 Office furniture and equipment .. .. 6,137 17 1 Reserve for bad debts .. .. .. 63,291 15 5 Sundry debtors .. .. .. .. 65,552 10 5 Sinking Fund .. .. .. .. 1,445,997 13 3 Loan Charges Account .. .. .. 192,217 13 7 Reserve Fund .. .. .. .. 25,000 0 0 Cash in hand and in bank at 31st March, 192S 119,860 12 8 £22,134,321 2 3 £22,134,321 2 3 * This amount includes the sum of £358,665 Is. lid. capital paid into the Sinking Fund under the provisions of the State Advances Act. Profit and Loss Account for the Year ended 31st March, 1928. Dr. £ s. d. Or. £ s. d. To Management Expenses Account .. .. 35,099 11 2 By Interest Account—Gross profits .. .. 123,723 16 3 Loss on realization of securities and doubtful securities written down.. .. . . 39,222 1 9 Office furniture and equipment written down 323 0 11 Balance—Net profits for the year .. .. 49,079 2 5 £123,723 16 3 £123,723 16 3 £ s. d. £ s. d. To Loan-flotation charges written down .. 12,351 411 By Net profits for the year .. .. .. 49,079 2 5 Income-tax .. .. .. .. 8,937 5 9 Balance of net profits invested in Advances Office Sinking Fund Account .. .. 27,790 11 9 £49,079 2 5 £49,079 2 5 Interest Account for the Year ended 31st March, 1928. Dr. £ s. d. £ s. d. (Jr. £ s. d. £ s. d. To Interest on loans .. .. 875,205 14 1 By Interest on mortgages .. 878,773 2 5 Less accrued at 31st March, Less overdue and accrued at 1927 .. .. .. 176,996 19 10 31st March, 1927 .. .. 354,561 11 0 698,208 14 3 524,211 11 5 Interest on loans accrued but not due ..167,661 7 7 Interest on outstanding payments .. .. 49 18 8 Interest on amounts temporarily transferred Interest on bank balances .. .. .. 792 15 7 from other branches .. .. .. 39,294 3 0 Interest on temporary advances to other Balance —Gross profits transferred to Profit and branches .. .. .. .. 118,435 15 5 Loss Account .. .. .. .. 123,723 16 3 Interest on temporary invest- £ s. d. ments .. .. 8,071 12 9 Less accrued at 31st March, 1927 .. .. . . 7,995 16 11 75 15 10 Interest on temporary investments accrued at 31st March, .1928 .. .. .. 36 19 9 Interest on mortgages — £ s. d. Overdue at 31st March, 1928 169,882 5 9 Accrued but not due at 31st March, 1928.. ..215,402 18 8 385,285 4 5 £1,028,888 1 I £1,028,888 1 1

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Management Expenses Account fob the Year ended 31st March, 1928. Dr. £ s. d. Cr. £ s. d. To Advertising, newspapers, &c. .. .. 7 5 8 By Consent fees .. .. .. .. 28 5 0 Audit Office services .. .. .. 390 0 0 Production fees .. . . .. .. 649 1 6 Cleaning, lighting, heating, and messenger Release fees .. . . .. .. 241 16 3 services .. .. .. .. 528 17. 9 Sundry fees .. . . . . .. 7 10 7 Compassionate allowance to Mrs. Wilson .. 83 15 0 Balance transferred to Profit and Loss Account 35,099 11 2 Management charges on New Zealand stock and bonds .. .. .. .. 5,185 7 5 Meal allowances and overtime .. .. 559 16 0 Office maintenance .. .. .. 880 7 7 Postages and telegrams .. .. .. 785 11 5 Post Office services .. .. .. 1,513 14 6 Printing and stationery .. . . .. 231 18 11 Public Service Superannuation Fund contribution .. .. .. .. .. 326 10 11 Rent .. .. .. .. .. 2,424 810 Salaries.. .. .. .. .. 21,375 0 8 Solicitors' oosts and Court costs .. .. 44 5 0 Telephones .. .. .. .. 110 11 9 Travelling-expenses .. .. •. 729 0 0 Typewriters and adding-machines—Repairs .. 199 13 1 Valuation Department—Agency work .. 650 0 0 £36,026 4 6 £36,026 4 6 Wm. Waddel, Superintendent. State Advances Office, Wellington, 23rd August, 1928. R. Robertson, Accountant. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the books and documents submitted for audit, and correctly state the position as disclosed thereby. —G. F. C. Campbell, Controller and Auditor-General. RURAL ADVANCES BRANCH. Statement op Liabilities and Assets as at 31st March, 1928. Liabilities. £ s. d. Asset*. £ s. d. Sundry loans .. .. .. .. 543,300 0 0 Investment Account —Principal owing by mortTemporary advances from Settlers Branch .. 270,500 0 0 gagors .. .. .. .. .. 750,946 9 11 Advances Suspense Account .. .. .. 9,260 0 0 Temporary investment .. .. .. 283 10 0 Fire Loss Suspense Account .. .. .. 200 0 0 Interest on mortgages — £ s. d. Suspense Account .. .. .. .. 95 19 3 Overdue .. .. .. 2,030 0 2 Sundry creditors .. .. .. .. 1,206 17 2 Accrued .. .. .. 9,282 2 0 Interest on loans accrued but not due .. 564 18 3 11,312 2 2 Profit and Loss Account .. .. .. 86 10 5 Loan Charges Account .. .. .. 33,899 16 6 Cash in hand and in bank at 31st March, 1928 . . 28,772 6 6 £825,214 5 1 1 £825,214 5 1 ■ - ■ I ===— Profit and Loss Account for the Year ended 31st March, 1928. Dr. £ s. (1. Cr. £ s. d. To Management Expenses Account .. .. 744 0 0 By Interest Account —Gross profits . . . . 830 10 5 Balance—Net profits for the year .. 86 10 5 £830 10 5 £830 10 5 Interest Account for the Year ended 31st March, 1928. Dr. £ s. d. Cr. £ 3 . d. To Interest on loans .. .. .. 1,206 17 2 By Interest on mortgages .. .. .. 7,472 17 4 Interest on loans accrued but not due . . 564 18 3 Interest on temporary investments .. 24 14 4 Interest on amounts temporarily transferred Interest on bank balances . . .. 37 2 0 from Settlers Branch .. .. .. 16,244 10 0 Interest on mortgages— £ s. d. Balance—Gross profits transferred to Profit Overdue at 31st March, 1928 2,030 0 2 and Loss Account . . .. .. 830 10 5 Accrued but not due at 31st March, 1928 .. .. 9,282 2 0 11,312 2 2 £18,846 15 10 £18,846 15 10 Management Expenses Account for the Year ended 31st March, 1928. Dr. £ s. d. Cr. £ s . d. To Audit Office services .. .. .. .. 10 0 0 By Balance transferred to Profit and Loss Account,.. 744 0 0 Cleaning and messenger services .. .. 15 0 0 Postages and telegrams .. .. .. 16 12 6 Post Office services .. .. .. .. 15 0 0 Printing and stationery .. .. .. 125 0 0 Rent .. .. .. .. 85 0 0 Salaries .. .. .. .. .. 275 0 0 Travelling-expenses .. .. .. .. 202 7 6 £744 0 0 £744 o 0 Wm. Waddel, Superintendent. State Advances Office, Wellington, 23rd August, 1928. R. Robertson, Accountant. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the books and documents submitted for audit, and correctly state the position as disclosed thereby. —G. E. C. Campbell, Controller and Auditor-General.

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ADVANCES TO WORKERS BRANCH. Statement or Liabilities and Assets as at 31st March, 1928. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. .. 8,948,022 19 11 Investment Account—Principal owing by mortTemporary advances from Settlers Branch .. 1,810,500 0 0 gagors .. .. .. .. 10,453,194 410 Interest due'and unpaid .. .. .. 8,942 3 8 Temporary investments .. .. .. 128 16 6 Interest on loans accrued but not due .. 69,506 16 6 Sinking Fund investments held by Advances Advances Suspense Account .. .. 99,235 17 8 Office Sinking Fund Account .. .. *88,734 5 5 Fire Loss Suspense Account .. .. 2,148 18 0 Interest on mortgages — £ s. d. Suspense Account .. .. .. 5,279 6 10 Overdue .. .. 62,447 0 6 Income-tax Suspense Account .. .. 589 1 6 Accrued .. .. 125,649 2 9 Sundry creditors .. .. .. .. 200 17 2 188,096 3 3 Reserve for bad debts .. .. .. 985 6 5 Sundry debtors .. . . .. .. 1,535 14 5 Sinking Fund .. .. .. .. 67,642 17 6 Loan Charges Account .. .. .. 234,393 910 Profit and Loss Account .. .. .. 45,265 3 4 Cash in hand and in bank at 31st March, 1928 1,706 7 7 £11,013,054 5 2 £11,013,054 5 2 * This amount includes the sum of £21,091 7s. lid. capital paid into the Sinking Fund under the provisions of the State Advances Act. Profit and Loss Account for the Year ended 31st March. 1928. Or. £ s. d. Dr. £ s. d. By Interest Account —Gross profits .. .. 12,122 9 5 To Management Expenses Account .. .. 7,902 10 2 Losses on realization of securities .. .. 985 6 5 Balance—Net profits for the year .. .. 3,234 12 10 £12,122 9 5 £12,122 9 5 £ s. d. £ s. d. To Balance as at 31st March, 1927 .. .. 32,975 0 9 By Net profits for the year .. .. .. 3,234 12 10 Loan-flotation charges written down .. 11,936 11 11 Balance.. .. .. .. .. 45,265 3 4 Income-tax .. .. .. .. 588 3 6 £48,499 16 2 £48,499 16 2 Interest Account for the Year ended 31st March, 1928. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. .. 392.692 7 8 By Interest on mortgages .. 459,338 19 1 Less accrued at 31st March, Less interest overdue and 1927 .. .. .. 69,833 7 8 accrued at 31st March, 1927 151,702 13 2 322,859 0 0 307,636 5 11 Interest on amounts temporarily transferred Interest on bank balances .. .. .. 105 9 7 from other branches .. .. .. 84,857 19 0 Interest on outstanding payments .. .. 8 9 1 Interest due and unpaid .. .. .. 8,942 3 8 Interest on temporary invest- £ s. d. Interest on loans accrued but not due .. 69,506 16 6 ments .. .. 3,858 1 3 Balance —Gross profits transferred to Profit Less accrued at 31st March, and Loss Account .. .. .. 12,122 9 5 1927 .. .. .. 1,416 0 6 2,442 0 9 Interest on mortgages— Overdue at 31st March, 1928 62,447 0 6 Accrued but not due at 31st March, 1928 .. .. 125,649 2 9 • — 188,096 3 3 £498,288 8 7 £498,288 8 7 Management Expenses Account for the Year ended 31st March, 1928. Dr. £ s. d. Or. £ s. d. To Audit Office services .. .. .. 150 0 0 By Cost of preparation of mortgages .. .. 117 3 0 Cleaning, lighting, heating, and messenger Inspection fees .. .. .. .. 1139 services .. .. .. .. 150 0 0 Production fees .. .. .. .. 520 14 6 Court costs and solicitors' costs .. .. 9 7 6 Release fees .. .. .. . . 84 0 0 Management charges on New Zealand stock and Search and registration fees .. . . 177 3 3 bonds .. .. .. .. . ■ 2,509 0 4 Sundry fees .. .. .. .. 20 11 1 Post Office services .. .. .. 520 0 0 Balance transferred to Profit and Loss Account 7,902 10 2 Postages and telegrams .. .. .. 219 17 11 Printing and stationery .. .. .. 310 0 0 Public Service Superannuation Fund contribution .. .. .. • ■ •. 38 0 0 Rent .. .. • ■ .. . • 600 0 0 Salaries .. .. .. .. .. 3,977 0 0 Valuation Department —Agency work .. 350 0 0 £8,833 5 9 £8,833 5 9 Wm. Waddel, Superintendent. State Advances Office, Wellington, 23rd August, 1928. R. Robertson, Accountant. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the books and documents submitted for audit, and correctly state the position as disclosed thereby, —G. F. C. Campbell, Controller and Auditor-General.

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ADVANCES TO LOCAL AUTHORITIES BRANCH. Statement of Liabilities and Assets as at 31st March, 1928. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. .. 2,790,293 11 8 Investment Account —Pricipal owing by local Loan-moneys—Unexpended balances under sec- bodies .. .. .. .. 2,804,100 18 9 tion 72, Local Bodies' Loans Act, 1913 .. 3,987 12 10 Sinking Fund investments held by Advances Temporary advances from Settlers Branch .. 374,500 0 0 Office Sinking Fund Account .. . . *375,020 10 11 Suspense Account .. .. .. 121 3 2 Interest on debentures— £ s. d. Sundry creditors .. .. .. .. 19,966 13 4 Overdue .. .. .. 2,798 6 9 Interest on loans accrued but not due .. 36,553 18 8 Accrued .. .. .. 24,645 10 11 Sinking Fund .. .. .. .. 146,810 13 4 27,443 17 8 Loan Charges Account .. .. .. 31,750 11 10 Profit and Loss Account .. .. .. 133,701 1 10 Cash in hand and in bank at 31st March, 1928 .. 216 12 0 £3,372,233 13 0 £3,372,233 13 0 * This amount includes the sum of £228,209 17s. 7d. capital paid into the Sinking Fund under the provisions of the State Advances Act. Profit and Loss Account for the Year ended 31st March, 1928. Dr. £ s. d. Cr. £ s. d. To Balance—lnterest Account .. .. 8,671 6 1 By Balance —Loss for the year .. .. 10,381 4 0 Management Expenses Account .. .. 1,709 17 11 £10,381 4 0 £10,381 4 0 £ s. d. £ s. d. To Balance as at 31st. March, 1927 .. .. 122,238 13 0 By Balance .. .. .. .. 133,701 110 Loan-flotation charges written down .. 1,081 410 Loss for the year .. .. .. 10,381 4 0 » £133,701 1 10 £133,701 1 10 Interest Account for the Year ended 31st March, 1928. Dr. £ s. d. £ s. d. Cr. £ s. d. £ a. d. To Interest on loans .. .. 103,934 0 0 By Interest on debentures .. 120,309 12 9 Less accrued at 31st Less overdue and accrued March, 1927 .. .. 36,554 6 6 at 31st March, 1927 .. 31,298 4 0 67,379 13 6 89,011 8 9 Interest on amounts temporarily transferred Interest on bank balances .. .. .. 23 13 0 from Settlers Branch .. .. .. 21,216 13 4 Interest on debentures— Interest on loans accrued but not due .. 36,553 18 8 Overdue at 31st March, 1928 2,798 6 9 Accrued but not due at 31st March, 1928 .. 24,645 10 11 27,443 17 8 Balance transferred to Profit and Loss Account 8,671 6 1 £125,150 5 6 £125,150 5 6 Management Expenses Account for the Year ended 31st March, 1928. Dr. £ s. d. Cr. £ s. d. To Audit Office services .. .. .. 50 0 0 By Balance transferred to Profit and Loss Account.. 1,709 17 11 Cleaning, lighting, heating, and messenger services 30 0 0 Management charges, New Zealand stock and bonds .. .. .. .. .. 603 17 11 Post Office services .. .. .. .. 30 0 0 Postages and telegrams .. .. .. 35 0 0 Printing and stationery .. .. .. 140 0 0 Public Service Superannuation Fund contribution .. .. .. .. .. 20. 0 0 Rent .. .. .. .. .. 100 0 0 Salaries .. .. .. .. .. 701 0 0 £1,709 17 II ' £1,709 17 11 Wm. Waddel, Superintendent. State Advances Office, Wellington, 23rd August, 1928. R. Robertson, Accountant. I hereby certify tlxat the Balance-sheet and accompanying accounts have been duly examined and compared with the books and documents submitted for audit, and correctly state the position as disclosed thereby. —G. F. C. Campbell, Controller and Auditor-General.

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PUBLIC DEBT SINKING FUNDS BRANCH. Statement of Liabilities and Assets as at 31st' March, 1928. Liabilities. Assets. Sinking Fund created under the provisions of £ s. d. Investment Account—Principal £s.d.£ s. d. the Public Debt Extinction Act, 1910 .. 3,258,955 19 4 ( owing on loans to — Advances Suspense Account .. .. 480 0 0 Settlers .. .. 983,648 16 0 Fire Loss Suspense Account.. .. .. 1,425 0 0 Workers .. .. 69,691 6 7 Suspense Account .. .. .. .. .186 12 8 Local bodies .. .. 2,121,012 15 4 Sundry creditors —Interest due to Consolidated 3,174,352 17 11 Fund in accordance with section 12 (a), Re- Temporary advances to Settlers Branch .. 108,000 0 0 payment of the Public Debt Act, 1925 .. 21,748 10 6 Sundry debtors .. .. .. .. 29 511 Interest due to Treasury, overdue and accrued 44,028 10 2 Interest overdue on loans to — £s. d. Settlers .. .. 5,651 2 7 Workers .. .. 232 4 6 Local bodies .. .. 3,474 0 3 9,357 7 4 | Interest accrued on loans to— Settlers .. .. 12,285 5 4 Workers .. .. 851 14 0 Local bodies .. .. 21,534 3 6 34,671 2 10 Cash in hand and in bank at 31st March, 1928 413 18 8 £3,326,824 12 8 £3,326,824 12 8 Interest Account for the Year ended 31st March, 1928. Dr. Cr. To Interest on investments due to Consolidated £ s. d. By Interest on loans to — £s.d.£ s. d. Fund in accordance with section 12 (a) Re- Settlers .. . . .. 47,585 8 4 payment of the Public Debt Act, 1925— Workers.. . . .. 3,246 17 1 Paid to Treasury .. .. .. 130,034 14 3 Local bodies .. .. 97,208 9 3 In hand, 31st March, 1928 . . .. 21,748 10 6 Overdue and accrued at 31st March, 1928 .. 44,028 10 2 148,040 14 8 Less interest overdue and 195,811 14 11 accruedat 31st March, 1927 44,047 17 0 Less overdue and accrued at 31st March, 44,047 17 0 103,992 17 8 1927 Interest on expenses incurred in protection of securities . . .. .... 18 1 Interest on bank balances .... .. 103 12 0 Interest on temporary advances to Settlers Branch .. .. .. .. 3,637 10 0 Interest overdue at 31st March, 1928, on loans to — £s. d. Settlers .. .. .. 5,651 2 7 Workers.. .. .. 232 4 6 Local bodies .. .. 3,474 0 3 9,357 7 4 Interest accrued at 31st March, 1928, on loans to — Settlers.. .. .. 12,285 5 4 Workers.. .. .. 851 14 0 Local bodies .. .. 21,534 3 6 34,671 2 10 £151,763 17 11 £151,763 17 11 Wm. Waddel, Superintendent. State Advances Office, Wellington, 23rd August, 1928. R. Robertson, Accountant. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the books and documents submitted for audit, and correctly state the position as disclosed thereby. —G. F. C. Campbell, Controller and Auditor-General.

2—B. 13.

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ADVANCES OFFICE SINKING FUND ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1928. Liabilities. \ Assets. Principal received as at 3lst £ s. d. £ s. d. I Investment Account—Princi- £s.d.£ s. d. March, 1927, with accu- i cipal owing on loans to— mulated interest from— j Settlers .. .. 1,096,293 1 4 Settlers Branch .. .. 1,823,817 110 ! Workers .. .. 68,668 9 5 Workers Branch.. .. 271,751 8 8' Local bodies .. .. 411,767 16 8 Local Authorities Branch 358,187 13 2 1,576,729 7 5 Temporary advances to Settlers Branch .. 666,500 0 0 2,453,756 3 8 Sundry debtors .. .. .. .. 51 15 1 Interest earned for the year Interest overdue on loans to— £s. d. ended 31st March, 1928 — | Settlers .. .. 7,308 0 6 Settlers Branch .. .. 79,755 1 7 | Workers .. .. 533 2 7 Workers Branch.. .. 3,982 16 9 I Local bodies .. .. 1,415 11 3 Local Authorities Branch.. 16,832 17 9 I 9,256 14 4 Interest accrued on loans to— 2,554,326 19 9 Settlers .. .. 12,454 0 5 Net profits transferred from Workers .. .. 742 18 11 Settlers Branch .. .. 27,790 11 9 Local bodies .. .. 3,451 5 1 16,648 4 5 2,582,117 11 6 Cash in hand and in bank at 31st March, 1928 568 4 4 Less redemption of loans— Settlers Branch £126,700 Workers Branch £187,000 313,700 0 0 ! Total fund as at 31st March, 1928 .. ..2,268,417 11 6 Advances Suspense Account .. .. 1,096 111 Suspense Account .. .. .. .. 240 12 2 £2,269,754 5 7 | £2,269,754 5 7 Interest Account for the Year ended 31st March, 1928. Dr. £ s. d. Cr. £s.d.£ s. d. To Interest on investments—Transferred to Sink- By Interest on loans to— ins Fund Account .. .. .. 100,570 16 1 Settlers .. .. .. 52,011 13 2 Workers .. .. .. 3,146 17 II Local bodies .. .. 20,468 2 6 75,626 13 7 Less overdue and accrued at 31st March, 1927 .. .. 27,160 611 48,466 6 8 Interest on bank balances .. .. 163 0 8 Interest on outstanding payments .. 118 Interest on temporary advances to Settlers ■ Branch.. .. .. .. .. 26,035 8 4 Interest overdue at 31st March, 1928, on loans to — £s. d. Settlers .. .. .. 7,308 0 6 Workers .. .. .. 533 2 7 Local bodies .. .. 1,415 11 3 9,256 14 4 Interest accrued at 31st March, 1928, on loans to— Settlers .. .. .. 12,454 0 5 Workers .. .. .. 742 18 11 Local bodies .. .. 3,451 5 1 16,648 4 5 £100,570 16 1 £100,570 16 I Wm. Waddel, Superintendent. State Advances Office, Wellington, 23rd August, 1928. R. Robertson, Accountant. I hereby certify that the Balance-sheet and. accompanying accounts have been duly examined and compared with the books and documents submitted for audit, and correctly state the position as disclosed thereby. —G. F. 0. Campbell, Controller and Auditor-General.

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MISCELLANEOUS BUSINESS BRANCH. HOUSING ACCOUNT.

Statement op Liabilities and Assets as at 31st March, 1928. Liabilities. Assets. Sundry loans-— £ s. d. £ s. d. Investment Account—Principal £ s. d. £ s. d. Debentures .. .. 412,388 9 4 owing on — Expenditure from Public Dwellings purchased .. 409,118 10 2 Works Fund .. .. 319,918 1 7 Sections purchased .. 3,643 16 8 Advances.. .. .. 365 1 6 732,306 10 11 Loans on mortgage .. 195 9 0 Less loan-moneys redeemed 413,322 17 4 and discharged from Con- Temporary advances to Settlers Branch .. 217,700 0 0 solidated Fund .. 19,468 9 4 Hutt Housing Suspense Account .. .. 74,226 0 0 Completed dwellings .. .. .. 15,100 6 0 712,838 1 7 Dwellings let .. .. .. .. 19,347 4 2 Less loan-moneys redeemed Freehold land .. .. . . . . 36,244 3 3 by Public Debt Repay- Sinking Fund investments held by Public Debt ment Account.. .. 100 0 0 Redemption Fund .. .. .. *3,904 4 8 712,738 1 7 Insurance Fund investment held by Settlers Liability to Consolidated Fund in terms of sec-' Branch .. .. .. .. .. 4,392 8 0 tion 22, Finance Act, 1926 .. .. .. 100 0 0 Sundry debtors .. .. .. .. 965 6 5 Sundry creditors .. .. .. .. 2,066 8 0 Interest on dwellings and land— £ s. d. Income-tax Suspense Account. . .. .. 224 14 0 Overdue .. .. .. 6,949 13 0 Suspense Account .. .. .. .. 3,084 6 9 Accrued .. .. .. 64 15 7 Liability to Railway Department (Hutt housing).. 78,779 0 0 7,014 8 7 Insurance Fund .. .. .. .. 5,607 19 8 Rent overdue .. .. .. .. 2,223 19 8 Interest on loans — £ s. d. Insurance premiums— £ s. d. Overdue .. .. .. 17,464 3 10 Overdue .. .. .. 475 11 3 Accrued .. .. .. 3,890 14 5 Paid in advance .. .. 391 2 2 21,354 18 3 866 13 5 Sinking Fund .. .. .. .. 549 410 Profit and Loss Account .. .. .. 36,134 911 Reserve for losses on realization and bad debts .. 6,987 2 2 Cash in hand and in bank at 31st March, 1928 .. 49 13 10 £831,491 15 3 £831,491 15 3 * This amount includes the sum of £3,354 19s. lOd. capital paid into the Sinking Fund in accordance with the Public Debt Extinction Act, 1910. Promt and Loss Account for the Year ended 31st March, 1928. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 2,107 19 9 By Interest Account—Gross profits .. .. 3,868 410 Dwellings maintenance .. .. .. 338 17 5 Sale of land and dwellings .. .. 701 18 2 Losses on realization of securities, and doubtful securities written down .. .. .. 889 5 7 Balance —Net profits for the year .. .. .1,234 0 3 £4,570 3 0 £4,570 3 0 £ s. d. £ s. d. To Balance as at 31st March, 1927 .. .. 37,143 16 2 By Net profits for the year .. .. .. 1,234 0 3 Income-tax .. .. .. .. 224 14 0 Balance .. .. .. .. 36,134 9 11 £37,368 10 2 £37,368 10 2 Interest Account for the Year ended 31st March, 1928. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. .. 28,753 2 6 By Interest on land and dwellings 23,848 11 0 Less accrued at 31st March, Less overdue and accrued at 1927 .. .. .. 4,000 9 2 31st March, 1927 .. 7,167 3 0 24,752 13 4 j 16,681 8 0 Interest on loans accrued but not due .. 3,890 14 5 Interest on amounts temporarily transferred to Balance —Gross profits transferred to Profit other branches .. .. .. 8,777 11 0 and Loss Account .. .. .. 3,868 4 10 Interest on bank balances .. .. .. 38 5 0 Interest on dwellings and land— £ s. d. Overdue at 31st March, 1928 6,949 13 0 Accrued but not due at 31st March, 1928 .. 64 15 7 — 7,014 8 7 £32,511 12 7 j £32,511 12 7 Management Expenses Account for the Year ended 31st March, 1928. Dr. £ s. d. Cr. . £ s. d. To Audit Office services .. .. .. 175 0 0 By Sundry fees .. .. .. .. 267 2 2 Cleaning, lighting, heating, and messenger Balance transferred to Profit and Loss Account 2,107 19 9 services . • • • • • • ■ 30 0 0 Fees paid for special services in respect of securities .. • • • • • • 116 4 2 Postages and telegrams .. .. .. 30 2 9 Post Office services .. .. .. 200 0 0 Printing and stationery . . .. .. 75 0 0 Public Service Superannuation Fund contribution .. . • • ■ • ■ •■ 30 0 0 Rent .. ■ • • • • • • • 100 0 0 Salaries .. • • ■ • • • 1 > 365 0 0 Solicitors' costs .. .. ■. ■ • 315 0 Valuation Department—Agency work .. 250 0 0 £2,375 1 11 £2,375 1 11 Wm. Waddel, Superintendent. State Advances Office, Wellington, 23rd August, 1928. R. Robertson, Accountant. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the books and documents submitted for audit, and correctly state the position as disclosed thereby. —G. F. C. Campbell, Controller and Auditor-General.

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LOANS TO EMPLOYERS FOR WORKERS' DWELLINGS ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1928. Liabilities. £ s. d. Asset*. Sundry loans .. .. .. .. 3,975 0 0 Investment Account —Principal owing by mort- £ s. d. Income-tax Suspense Account .. .. 3 5 6 gagors .. .. .. .. .. 2,912 14 2 Interest on loans — £ s. d. Temporary advances to Settlers Branch . . 850 0 0 Overdue.. .. .. 44 7 1 Sinking Fund investments held by Public Debt Accrued .. .. 38 15 5 Redemption Fund .. .. . . . . *39 7 9 83 2 6 Interest on mortgages— £ s. d. Sinking Fund .. .. .. .. 34 0 6 Overdue .. .. .. 284 3 0 Accrued .. .. .. 2 3 5 286 6 11 Cash in hand and in bank at 31st March, 1928 . . 619 8 £4,095 8 6 £4,095 8 6 * This amount includes the sum of £5 7s. 3d. capital paid into the Sinking Fund in accordance with the Public Debt Extinction Act, 1910. Profit and Loss Account for the Year ended 31st March, 1928. Dr. £ s. d. Gr. £ s. d. To Administration expenses .. .. 10 0 0 By Interest Account—Gross profits .. .. 28 5 6 Balance—Net profits for the year .. 18 5 6 £28 5 6 £28 5 f. £ s. d. £ s. d. To Income-tax .. .. .. .. ..3 5 6 By Balance as at 31st March, 1927 .. 13 0 8 Balance of net profits invested in Public Debt Net profits for the year .. .. 18 5 6 Redemption Fund .. .. .. 28 0 8 £31 6 2 | £31 6 2 ■ i = I ===== Interest Account for the Year ended 31st March, 1928. Dr. £ s. d. £ s. d. Gr. £ s. d. £ s. d s To Interest on loans .. .. .. 159 0 0 By Interest 011 mortgages .. .. 123 19 6 Less accrued at 31st March, 1927 .. 38 15 4 Interest on mortgages— 120 4 8 Overdue at 31st March, 1928 . . 284 3 6 Interest on loans accrued but not due . . 38 15 5 Accrued at 31st March, 1928 .. 2 3 5 Balance—Gross profits transferred to Profit and — Loss Account .. .. .. 28 5 6 410 6 5 Less interest overdue and accrued at 31st March, 1927.. .. 263 13 7 146 12 10 Interest on temporary loans to Settlers Branch .. .. ... .. 39 11 8 Interest on bank balances .. .. .. 11l £187 5 7 £187 5 7 Management Expenses Account for the Year ended 31st March, 1928. DY. £ s. d. j Gr. £ s. d. To Administration expenses .. .. 10 0 0 By Balance transferred to Profit and Loss Account .. 10 0 0 £10 0 0 j £10 0 0 Wm. Waddel, Superintendent. State Advances Office, Wellington, 23rd August, 1928. R. Robertson, Accountant. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the books and documents submitted for audit, and correctly state the position as disclosed thereby. —G. F. C. Campbell, Controller and Auditor-General.

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FRUIT-PRESERVING INDUSTRY ADVANCES ACCOUNT. Statement op Liabilities and assets as at 31st March, 1928. Liabilities. £ s. d. £ s. d. Assets. £ s. d. Sundry loans .. .. .. 69,598 14 3 Investment Account—Principal owing by mortLess loan liability redeemed and gagors .. .. .. .. 42,183 14 5 discharged from Consolidated Properties acquired .. .. .. .. 4,212 8 6 Fund .. .. .. 6,008 14 3 Temporary advances to Settlers Branch .. 16,290 0 0 Sinking Fund investments held by Public Debt 63,590 0 0 Redemption Fund .. .. .. *716 15 2 Less loan liability redeemed by Interest on mortgages— £ s. d. Public Debt Repayment Ac- Overdue .. .. .. 1,767 12 10 count .. .. 5,000 0 0 Accrued .. .. .. 313 9 9 58,590 0 0 2,081 2 7 Liability to Consolidated Fund in terms of section Sundry debtors .. .. . . . . 80 19 4 22, Finance Act, 1926 .. .. .. 5,000 0 0 Profit and Loss Account .. .. .. 4,330 16 10 Suspense Account .. .. .. .. 171 9 9 Cash in hand and in bank at 31st March, 1928 .. 115 7 8 Income-tax Suspense Account .. .. 15 2 0 Interest on loans— £ s. d. Overdue .. .. .. 1,415 15 7 Accrued .. .. .. 1,162 3 4 2,577 18 11 Rent accrued .. .. . . .. 37 1 8 Reserve for losses on realization and bad debts .. 3,515 13 10 Sinking Fund .. .. .. .. 103 18 4 £70,011 4 6 £70,011 4 6 * This amount includes the sum of £612 10s. lOd. capital paid into the Sinking Fund in accordance with the Public Debt Extinction Act, 1910. Profit and Loss Accodt for the Year ended 31st March, 1928. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 100 0 0 By Interest Account—Gross profits .. .. 233 13 3 Expenses of realization of assets . . .. 50 11 6 Balance—Net profits for the year . . .. 83 1 9 £233 13 3 £233 13 3 £ s. d. £ s. d. To Balance as at 31st March, 1927 .. .. 4,398 16 7 By Net profits for the year .. .. .. 83 1 9 Income-tax .. .. .. .. 15 2 0 Balance .. .. .. .. .. 4,330 16 10 £4,413 18 7 £4,413 18 7 Interest Account for the Year ended 31st March, 1928. Dr. £ s. d. £ s. d. j Cr. £ s. d. £ s. d. To Interest on loans .. .. 2,452 7 9 By Interest on mortgages .. 1,798 1 9 Less accrued at 31st March,l927 1,271 6 8 Interest on mortgages— 1,181 1 I Overdue at 31st March, 1928.. 1,767 12 10 Interest on loans accrued but not due .. 1,162 3 4 Accrued at 31st March, 1928.. 313 9 9 Balance—Gross profits transferred to Profit and Loss Account .. .. .. .. 233 13 3 3,879 4 4 Less interest overdue and accrued at 31st March, 1927.. .. 2,024 5 4 1,854 19 0 Interest on bank balances .. .. 12 17 0 Interest on temporary advances to Settlers Branch.. .. .. .. .. 709 1 8 £2,576 17 8 £2,576 17 8 Management Expenses Account for the Year ended 31st March, 1928. Dr. £ s. d. Cr. £ s. d. To Administration expenses .. .. . . 95 0 0 By Balance transferred to Profit and Loss Account .. 100 0 0 Audit Office services .. .. .. 5 0 0 £100 0 0 I £100 0 0 ■ 1 11 «=■ i 1 Wm. Waddel, Superintendent.. State Advances Office, Wellington, 23rd August, 1928. R. Robertson, Accountant. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the books and documents submitted for audit, and correctly state the position as disclosed thereby. —G. F. C, Campbell, Controller and Auditor-General.

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COLD-STORAGE ADVANCES ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1928. Liabilities. £ s. d. £ s. d. Assets. £ s. d. Sundry loans .. .. ..82,750 0 0 Investment Account—Principal owing by mortLess loan liability redeemed and gagors .. .. .. .. .. 41,760 5 0 discharged from Consolidated Temporary advances to Settlers Branch .. 31,570 0 0 Fund . . .. 7,500 0 0 Sinking 'Fund investments held by Public Debt j Redemption Fund .. .. .. *1,087 2 7 75,250 0 0 Interest on mortgages — £ s. d. Less loan liability redeemed by j Overdue .. .. .. 1,529 9 5 Public Debt Repayment Ae- [ Accrued .. .. .. 708 14 2 count .. .. 1,530 0 0 2,238 3 7 73,720 0 0 ; Sundry debtors .. .. .. .. 23 2 0 Liability to Consolidated Fund in terms of section j Profit and Loss Account .. .. .. 160 13 11 22, Finance Act, 1926 .. .. .. 1,530 0 0 I Cash in hand and in bank at 31st March, 1928 .. 273 9 8 Income-tax —Suspense Account .. .. 119 16 0 Interest on loans- — £ s. d. Overdue .. .. .. 1,337 17 5 Accrued .. .. .. 244 3 5 1,582 0 10 Sinking Fund .. .. .. .. 160 19 11 £77,112 16 9 £77,112 16 9 * This amount includes the sum of £926 2s. Bd. capital paid into the Sinking Fund in accordance with the Public Debt Extinction Act, 1910. Profit and Loss Account fok the Year ended 31st March, 1928. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 115 0 0 By Interest Account—Gross profits .. .. 772 14 10 Balance —Net profits for the year .. .. 657 14 10 £772 14 10 £772 14 io £ s. d. £ s. d. To Balance as at 31st March, 1927 .. . . 698 12 9 By Net profits for the year .. .. .. 657 14 10 Income-tax .. .. .. .. 119 16 0 Balance .. .. .. .. .. 160 13 11 £818 8 9 £818 8 9 Interest Account for the Year ended 31st March, 1928. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. .. 2,974 0 5 By Interest on mortgages .. .. 1,565 0 0 Less accrued at 31st March, 1927 247 8 0 Interest on mortgages— 2,726 12 5 Overdue at 31st March, 1928 .. 1,529 9 5 Interest on loans accrued but not due .. 244 3 5 Accrued at 31st March, 1928 .. 708 14 2 Balance —Cross profits transferred to Profit and Loss Account .. .... .. 772 14 10 3,803 3 7 Less overdue and accrued at 31st March, 1927 .. . . 1,606 6 9 2,196 16 10 Interest on bank balances .. .. .. 413 0 Interest on temporary advances to Settlers Branch .. .. .. .. .. 1,542 0 10 £3,743 10 8 £3,743 10 8 Management Expenses Account for the Year ended 31st March, 1928. Dr. £ s. d. Cr. £ $. d. To Administration expenses .. .. .. 110 0 0 By Balance transferred to Profit and Loss Account . . 115 0 0 Audit Office services .. .. .. .. 5 0 0 £115 0 0 £115 0 0 Wm. Waddel, Superintendent. State Advances Office, Wellington, 23rd August, 1928. R. Robertson, Accountant. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the books and documents submitted for audit, and correctly state the position as disclosed thereby. —6. F. C. Campbell, Controller and Auditor-General.

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FISHING INDUSTRY PROMOTION ACCOUNT. Statement op Liabilities and Assets as at 31st March, 1928. Liabilities. £ s. d. £ s. d. Assets. £ s. d. Sundry loans .. .. .. 5,571 19 2 Investment Account—Principal owing on bills of Less loan liability redeemed and sale .. .. .. .. .. 1,072 12 1 discharged from Consolidated Temporary advances to Settlers Branch .. 2,990 0 0 Fund .. .. .. 1,036 19 2 Sinking Fund investments held by Public Debt Redemption Fund .. .. .. .. *47 11 4 4,535 0 0 Interest on bills of sale— £ s. d. Less loan liability redeemed by Overdue .. .. .. .. 34 7 1 Public Debt Repayment Ac- Accrued .. .. .. ..13126 count .. .. .. 1,060 0 0 47 19 7 3,475 0 0 Sundry debtors .. .. .. .. 7 7 2 Liability to Consolidated Fund in Profit and Loss Account .. .. .. 372 2 5 terms of section 22, Finance Act, Cash in hand and in bank at 31st March, 1928 . 186 15 5 1922 .. .. .. .. .. 1,060 0 0 Income-tax Suspense Account .. .. 5 13 0 Interest on loans— Overdue .. .. .. 126 7 2 Accrued .. .. .. 50 19 11 177 7 1 Sinking Fund .. .. .. .. 6 711 £4,724 8 0 £4,724 8 0 * This amount includes the sum of £41 3s. sd. capital paid into the Sinking Fund in accordance with the Public Debt Extension Act, 1910. Profit and Loss Account for the Year ended 31st March, 1928. Dr. £ s. d. Gr. £ s. d. To Management Expenses Account .. .. 17 12 10 By Interest Account —Gross profits .. .. 48 12 5 Balance —Net profits for the year .. .. 30 19 7 £48 12 5 £48 12 5 £ s. d. £ s. d. To Balance at 31st March, 1927 .. .. .. 397 9 0 By Net profits for the year .. .. . . 30 19 7 Income-tax .. .. .. .. 5 13 0 Balance .. .. .. .. .. 372 2 5 £403 2 0 £403 2 0 Interest Account for the Year ended 31st March, 1928. Dr. £ s. d. £ s. d. Gr. £ s. d. £ s. d. To Interest on loans .. .. .. 170 16 1 By Interest on bills of sale .. .. 38 6 I Less accrued at 31st March, 1927 .. 66 13 7 Less overdue and accrued at 31st 104 2 6 March, 1927 .. .. .. 31 19 4 Interest on loans accrued but not due .. .. 50 19 11 6 6 9 Balance —Gross profits transferred to Profit and Interest on bank balances . . .. .. 3 10 Loss Account .. .. .. .. 48 12 5 Interest on temporary loans to Settlers Branch .. .. .. .. 146 7 6 Interest on bills of sale— Overdue at 31st March, 1928 .. 34 7 1 Accrued at 31st March, 1928 .. 13 12 6 47 19 7 £203 14 10 £203 14 10 Management Expenses Account for the Year ended 31st March, 1928. Dr. £ s. d. Gr. £ s. d. To Administration expenses .. .. 10 0 0 By Balance transferred to Profit and Loss Account .. 17 12 10 Audit Office services .. .. .. .. 500 Survey fees .. .. .. .. .. 212 10 £17 12 10 £17 12 10 Wm. Waddel, Superintendent. State Advances Office, Wellington, 23rd August, 1928. R. Robertson, Accountant. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the books and documents submitted for audit, and correctly state the position as disclosed thereby. —G. F. C. Campbell, Controller and Auditor-General.

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REPATRIATION. Statement of Liabilities and Assets as at 31st March, 1928. Liabilities. £ s. d. Assets. £ s. d. £ s. d. Liability to Redemption Account as at Ist April, Investment Account —Principal 1925 .. .. .. .. 1,290,182 2 1 owing by mortgagors .. 331,518 16 0 Less repayments to 31st March, 1928 .. 119,324 17 6 Less Suspense adjustments .. 162 12 4 331,356 3 8 1,170,857 4 7 Buildings and farm assets .. .. .. 1,379 1 0 Less expenditure irrecoverable £ s. d. Losses in Suspense.. .. .. .. 4,272 17 10 to 31st March, 1927 .. 824,275 14 3 Interest on bills of sale, overdue .. .. 8,072 3 9 Losses on realization for the ! Cash in hand and in bank at 31st March, 1928 6,185 3 11 year ended 31st March,l92B 10,100 15 6 Management expenses for the year ended 31st March, 1928 3.745 10 2 838,121 19 II 332.735 4 8 Sundry creditors —Treasury— Interest .. .. .. 1,130 17 8 Principal . . . . .. 4,682 3 4 5,813 1 0 Suspense Account . . . . . . . . 372 2 11 Writings-off Suspense .. .. .. 4,272 17 10 Interest on advances from War Expenses Account, overdue .. .. .. 8,072 3 9 £351,265 10 2 j £351,265 10 2 Interest Account for the Year ended 31st March, 1928. Dr. £ s. d. Cr. £ s. d. £ s. d. To Interest paid to Treasury .. .. .. 2,906 4 2 By Interest on bills of sale .. 4,232 19 0 Interest in hand due to Treasury, 31st March. Interest on bills of sale, overdue 1928 .. .. .. .. . . 1,130 17 8 at 3lst March, 1928 .. 8,072 3 9 Interest due to Treasury, overdue at 31st March, 1928 .. .. .. .. 8,072 3 9 12,305 2 9 Less overdue at 31st March, 1927 9,830 3 3 12,109 5 7 Less interest due to Treasury, overdue at 31st 2,474 19 6 March, 1927 .. .. .. .. 9,830 3 3 Less realizations—lnterest .. 311 2 6 2,163 17 0 Interest on temporary loans to Settlers Branch 54 3 4 Interest on bank balances .. .. .. 61 2 0 £2,279 2 4 £2,279 2 4 Management Expenses Account for the Year ended 31st March, 1928. Dr. £ s. d. Or. £ s. d. To Audit Office services .. .. .. 125 0 0 By Sundry fees .. .. .. .. 12 0 Cleaning and messenger services .. .. 50 0 0 Balance recouped in accordance u ith section Commission .. .. .. .. 22 12 6 13 (3), State Advances Amendment Act, 1922 3,745 10 2 Postages and telegrams . . .. .. 330 0 0 Post Office services . . .. . . 420 0 0 Printing and stationery . . .. . . 225 0 0 Rent .. .. . . . . .. 215 0 0 Salaries .. . . . . . . 2,295 0 0 Solicitors' costs . . . . .. . . 51 1 5 Training-expenses . . . . . . . . 12 18 3 £3,746 12 2 £3,746 12 2 Wm. Waddel, Superintendent. State Advances Office, Wellington, 23rd August, 1928. E. Robertson, Accountant. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the books and documents submitted for audit, and correctly state the position as disclosed thereby. —(!. F. C. Campbell, Controller and Auditor-General.

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