STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1929.

Appendix to the Journals of the House of Representatives, 1929 Session I, B-13

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1929. NEW ZEALAND

STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1929.

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

THIRTY-FIFTH ANNUAL REPORT. ADVANCES TO SETTLERS BRANCH. 1. During tlie year the State Advances Board has authorized 1,288 advances amounting to £1,242,605, and the following statement shows the amount authorized in each provincial district: — Provincial Number of Amount of Advances DS: Applications. authored. Auckland .. .. .. .. .. 608 545,985 Taranaki .. .. .. .. .. 96 114,405 Hawke's Bay ... .. .. .. .. 44 47 525 Wellington .. .. .. .. .. 218 237^460 Marlborough .. . . . . .. . . 14- 10 230 Nelson .. .. .. .. .. 45 31,290 Westland . . . . . . . . .. 17 g 085 Canterbury .. .. .. .. 136 1.3.3'670 Otago.. .. .. .. .. .34 37,790 Southland .. .. .. .. .. 76 76,165 Totals .. .. .. .. 1,288 £1,242,605 2. During the year the advances paid over are as follows: — Number. Amount. Not exceeding £500 .. .. .. .. 296 89,785 Exceeding £500 but not exceeding £1,000 .. .. 262 167,575 Exceeding £1,000 but not exceeding £2,000.. .. 178 266,810 Exceeding £2,000 but not exceeding £3,500.. .. 87 209,945 Totals .. .. .. .. 823 £734,115 3. The advances paid over classified according to the tenure of the securities, are as follows. Number. Amount. On freeholds .. .. .. .. 627 621,060 On leaseholds .. .. .. .. .. 179 96,005 On freeholds and leaseholds combined .. .. 17 17,050 Totals .. .. .. .. 823 £734,115 4. The advances current are as follows :— . , Number. ount - , i s. d. Not exceeding £500 .. .. .. .. 14,129 3,066,074 8 5 Exceeding £500 but not exceeding £1,000 .. 6,232 4,659,403 17 1 Exceeding £1,000 but not exceeding £2,000 .. 3,666 4,837,748 9 4 Exceeding £2,000 but not exceeding £3,500 .. 1,241 4,179,097 15 10 25,268 £16,742,324 10 8

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5. The advances current, classified according to the tenure of the securities, are as follows: — - , . ivt -i Amount. Number. £ s d On freeholds .. .. .. .. .. 16,543 13,119,316 12 5 On leaseholds .. .. .. .. 8,416 3,329,536 13 8 On freeholds and leaseholds combined .. .. 309 293,471 4- 7 Totals .. .. .. .. 25,268 £16,742,324 10 8 0. The advances current on rural and urban and suburban land are as follows: — tvt i Amount. Number. £ s _ ± On rural land .. .. .. .. 15,106 10,814,573 9 2 On urban and suburban land .. .. 10,162 5,927,751 1 6 Totals .. .. .. .. 25,268 £16,742,324 10 8 7. The net profits for the year amounted to £30,465 ss. 6cl. 8. The cost of management expenses was £32,519 ss. Bd., being 0-148 per cent., or 2s. lid. 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 beingonly 1-016 per cent. 10. Mortgages and instalments of principal repaid for the year amounted to £946,857 18s. 6d. 11. The amount of interest collected was £1,045,425 15s. 4d. 12. Thirty-one leasehold and one hundred and one freehold securities were realized by the Department during the year. 13. On chattel securities forty-seven advances, amounting to £13,080 were authorized for the year, and the amount paid over to thirty-three borrowers was £9,490. 14. The sinking fund, after redemption of loans totalling £485,365 Is. lid., amounted to £1,539,272 14s. 2d. at the close of the year. 15. Since its inception in 1894 the Department has advanced to settlers £38,034,610. During that period the losses made were £147,626 os. lid., or 7s. 9d. 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. 16. During the year the State Advances Board has authorized 858 advances amounting to £1,515,510, and the following statement shows the amount authorized in each provincial district:— Provincial ' Number of Amount of Ad? ances District. Applications. authorized. Auckland .. .. .. .. .. 385 628,940 Taranaki .. .. .. .. .. 71 156,600 Hawke'sßay .. .. .. .. .. 24 56,860 Wellington .. .. .. .. .. 114 222,855 Marlborough .. .. .. .. .. 14 23,100 Nelson .. .. .. .. 14 16,105 Westland .. . . . . . . .. 7 5 qqq Canterbury . .. .. .. .. 90 194^850 °tago .. .. .. .. .. 40 51,655 Southland .. .. .. .. 99 158,645 Totals .. .. .. .. 858 £1,515,510 17. The advances paid over during the year are as follows:— Number. Amount. Not exceeding £500 .. .. .. 64 23 195 Exceeding £500 but not exceeding £1,000 .. 146 116',805 Exceeding £1,000 but not exceeding £2,000 186 286^445 Exceeding £2,000 but not exceeding £3,500 152 418,830 Exceeding £3,500 but not exceeding £5,500 68 298^960 Totals .. .. .. .. 616 £1,144,235

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18. The advances paid over, classified according to the tenure of the securities, are as follows:— Number. Amount. On freeholds .. .. .. .. .. 506 994,525 On leaseholds .. .. .. .. .. 91 118,145 On freeholds and leaseholds combined .. .. 19 31,565 Totals .. .. .. .. 616 £1,144,235 19. The advances current are as follows: — . . Number. Amount. £ s. d. Not exceeding £500 .. .. .. 83 28,613 7 4 Exceeding £500 but not exceeding £1,000 .. 207 159,144 10 5 Exceeding £1,000 but not exceeding £2,000 .. 282 438,-363 5 11 Exceeding £2,000 but not exceeding £3,500 .. 258 716,986 12 8 Exceeding £3,500 but not exceeding £5,500 .. 117 532,178 3 1 Totals .. .. .. .. 947 £1,875,285 19 5 20. The advances current, classified according to the tenure of the securities, are as follows Amount Number. s d On freeholds .. .. .. .. .. 771 1,608,383 14 1 On leaseholds .. .. .. .. .. 145 212,171 16 7 On freeholds and leaseholds combined .. .. 31 54,730 8 9 Totals .. .. .. .. 947 £1,875,285 19 5 21. The net profits for the year amounted to £8,009 13s. 22. The cost of management expenses was £971 18s. 5d., being 0-061 per cent., or Is. 3d. per £100, of the capital employed. 23. Bonds to the aggregate value of £1,048,550 were issued during the year. 24. Mortgages and instalments of principal repaid for the year amounted to £19,895 10s. 6d. 25. The amount of interest collected was £56,008 10s. 9d. ADVANCES TO WORKERS BRANCH. 26. During the year the State Advances Board has authorized 2,223 advances amounting to £1,903,035, and the following statement shows the amount authorized in each provincial district t, • . , , , Amount of Advances .Provincial N umber of ~ . , District. Applications. a ™ 1 ' e< ' Auckland .. .. .. .. 888 739,415 Taranaki .. .. .. .. .. 24 15,995 Hawke's Bay .. .. .. .. .. 45 35,430 Wellington .. .. .. .. 933 862,395 Marlborough .. .. .. .. .. 17 10,785 Nelson .. .. .. .. .. 15 11,100 Westland .. .. .. .. .. 10 4,775 Canterbury .. .. .. .. .. 193 144,540 Otago .. .. .. .. .. 70 60,640 Southland 28 17,960 Totals .. .. .. .. 2,223 £1,903,035 27. The advances paid over during the year, classified according to the tenure of the securities, are as follows: — Amount Number. £ On freeholds .. .. .. .. 1,511 1,363,890 On leaseholds .. .. .. .. •• 47 38,575 Totals .. .. .. .. 1,558 £1,402,465

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28. The advances current and the tenure of the securities are as follows:— » T , Amount. Number. £ s cl On freeholds .. .. .. .. .. 19,257 10,843,338 5 i On leaseholds .. .. .. 1,163 593,651 13 11 Totals .. .. .. ..20,420 £11,436,989 19 0 29. The net profits for the year amounted to £10,887 4s. 9d. 30. The cost of management expenses was £6,488 3s. 3d., being 0*062 per cent., or Is. 3d. 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 0-69 per cent. 32. Mortgages and instalments of principal repaid for the year amounted to £418,669 ss. lOd. 33. The amount of interest collected was £517,147 Is. 2d. 34. One leasehold and eighty-nine freehold securities were realized by the Department during the year. 35. The sinking fund, after redemption of loans totalling £208,091 7s. lid., amounts to £71,682 4s. 36. Since the commencement of the Advances to Workers Act in 1906 the Department has advanced to workers the sum of £16,169,587. The losses made during that period amounted to £8,264 15s. 6d., or Is. in every £100 of the amount advanced. The exceptionally low percentage of loss recorded is highly satisfactory. ADVANCES TO LOCAL AUTHORITIES BRANCH. 37. During the year the State Advances Board has authorized three advances amounting to £720, and the following statement shows the amount authorized in each provincial district: — Provincial Number of Amount of Advances District. Applications. nu ° me • Auckland .. .. .. .. .. 2 400 Marlborough .. .. .. .. .. ] 320 Totals .. .. .. .. .. 3 £720 38. The amount paid over to eight local bodies during the year was £5,740. 39. Loans to the mimber of 1,972 have been made to local bodies. They are now indebted to the extent of £2,737,346 19s. 3d. in respect of principal moneys. 40. 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 0-067 per cent. 41. Mortgages and instalments of principal repaid for the' year amounted to £72,493 19s. 6d. 42. The amount of interest collected was £14,794 14s. Bd. 43. The loss for the year was £8,148 10s. 2d. 44. The sinking fund, after redemption of loans totalling £228,209 17s. 7d., amounts to £164,228 4s. 4d. PUBLIC DEBT SINKING FUNDS BRANCH. 45. During the year the State Advances Board has authorized 176 advances amounting to £185,315. 46. The advances paid over during the year to 156 borrowers was £174,265. 47. 1,315 settlers are now indebted to the extent of £1,099,384 19s. 2d.; 137 workers, £72,217 os. Bd.; and local bodies (in respect of 1,624 loans), £2,084,088 6s. 7d.: a total of £3,255,690 6s. sd. in respect of principal moneys. 48. Mortgages and instalments of principal repaid for the year amounted to £92,927 lis. 6d. 49. The amount of interest collected was £151,177 ss. sd. 50. The interest earned for the year amounted to £153,924 9s. sd. 51. The cost of management expenses was nil.

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ADVANCES OFFICE SINKING FUND. 52. During the year the State Advances Board has authorized twenty-eight advances amounting to £14,170. 53. The advances paid over during the year to twenty-nine borrowers was £12,420. 54. 1,508 settlers are now indebted to the extent of £1,044,474 14s. ; 141 workers, £64,569 18s. 4d.; and local bodies (in respect of 323 loans), £403,141 Bs.; a total of £1,512,186 os. 4d. in respect of principal moneys. 55. Mortgages and instalments of principal repaid for the year amounted to £76,963 7s. Id. 56. The amount of interest collected was £102,687 18s. 2d. 57. The interest earned for the year amounted to £101,898 16s. Id. 58. To date loan-moneys amounting to £921,666 7s. sd. have been redeemed out of sinking funds, and the balance held to the credit of the fund at the close of the year was £1,775,183 2s. 6d. 59. The cost of management expenses was nil. MISCELLANEOUS BUSINESS BRANCH. Repatriation. 60. During the year the sum of £43,994 os. lOd. principal moneys was repaid by borrowers. 61. The present position is that 1,391 borrowers are indebted to the extent of £176,245 18s. 3d. for business loans, and 5,150 borrowers owe £111,278 16s. lid. for furniture loans —a total of £287,524 15s. 2d. in respect of principal moneys. Housing Account. 62. The sum of £4,196 10s. 4d. was expended during the year in preparing land for dwellings. 63. Mortgages and instalments of principal repaid for the year amounted to £40,134 18s. Bd. 64. The total amount of interest collected was £18,898 3s. 7d. Loans to Employers for Workers' Dwellings Account; Fishing Industry Promotion Account ; Fruit-preserving Industry Advances Account ; Cold Storage Advances Account. 65. Mortgages and instalments of principal repaid for the year in respect of the above accounts amounted to £6,193 3s. Id., and the total amount of interest collected was £5,739 9s. 4d. 66. A statement of each account for the year is attached. Wm. Waddel, Superintendent. State Advances Office, Wellington, 29th June, .1929.

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STATE ADVANCES OFFICE. ADVANCES TO SETTLERS BRANCH. Statement op Liabilities and Assets as at 31st March, 1929. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. .. 20,321,690 3 5 Investment Account — Principal owing by Temporary advances from— mortgagors .. .. .. .. 16,742,324 10 8 Public Debt Sinking Funds £ s. d. Temporary investments .. .. .. 1,578,910 0 0 Branch .. .. 16,000 0 0 Temporary advances to — £ s. d. Advances Office Sinking Workers Branch .. 1,533,000 0 0 Fund Account .. 191,000 0 0 Local Authorities Branch 110,000 0 0 Miscellaneous Business Rural Advances Branch 391,000 0 0 Branch .. .. 311,850 0 0 2,034,000 0 0 518,850 0 0 Sinking Fund investments held by Advances Amount held for investment on behalf of the Office Sinking Fund Account .. . . 1,539,272 14 2 Housing Insurance Fund . . . . 4,612 0 5 Interest on mortgages £ s. d. Advances Suspense Account .. .. 18,290 0 0 Overdue .. .. 164,340 12 3 Fire Loss Suspense Account .. .. 14,455 15 0 Accrued .. .. 213,498 4 5 Suspense Account .. .. 307 0 11 377,838 16 8 Income-tax Suspense Account .. .. 5,201 18 0 Interest on temporary investments accrued .. 2,350 18 11 Sundry creditors .. .. .. .. 2,101 1 5 Office furniture and equipment .. .. 6,130 2 6 Interest on loans accrued but not due .. 169,034 2 0 Sundry debtors .. .. .. .. 1,424 16 7 Reserve for bad debts .. .. 109,610 310 Realization Suspense Account .. .. 125,998 0 3 Sinking Fund .. .. .. .. 1,539,272 14 2 Loan Charges Account .. .. .. 180,499 13 4 Reserve Fund .. .. .. 25,000 0 0 Cash in hand and in bank at 31st March, 1929 139,675 6 1 £22,728,424 19 2 £22,728,424 19 2 Profit and Loss Account for the Year ended 31st March, 1929. Dr. £ S. d. Gr. £ s. d. To Management Expenses Account .. .. 32,519 5 8 By Interest Account—Gross profits .. .. 121,500 4 9 Loss on realization of securities and doubtful securities written down .. .. .. 58,193 0 10 Office furniture and equipment written down 322 12 9 Balance —Net profits for the year .. .. 30,465 5 6 £121,500 4 9 £121,500 4 9 £ s. d. £ s. d. To Loan-flotation charges written down .. 12,430 5 2 By Net profits for the year .. .. .. 30,465 5 6 Income-tax .. .. .. .. 5,201 18 0 Balance of net profits invested in Advances Office Sinking Fund Account .. .. 12,833 2 4 £30,465 5 6 £30,465 5 6 Interest Account for the Year ended 31st March, 1929. Dr. £ s. d. £ s. d. Gr. £ s . d. £ s. d. To Interest on loans .. .. 864,616 11 9 By Interest on mortgages .. 909,741 18 8 Less accrued at 31st March, Less overdue and accrued 1928 .. .. 167,661 7 7 at 31st March, 1928 385,285 4 5 696,955 4 2 — 524,456 14 3 Interest on loans accrued but not due .. 169,034 2 0 Interest on outstanding payments .. 48 15 7 Interest on amounts temporarily trans- Interest on bank balances .. . . 1,10118 4 ferredfrom other branches .. .. 52,803 15 10 Interest on temporary advances to other Balance —Gross profits transferred to Profit branches . . .. .. .. 125,450 16 10 and Loss Account .. .. .. 121,500 4 9 Interest on temporary invest- £ s. d. ments .. .. 9,082 511 Less accrued at 31st March, 1928 .. 36 19 9 — 9,045 6 2 Interest on temporary investments accrued at 31st March, 1929 .. .. .. 2,350 18 11 Interest on mortgages — £ s. d. Overdue at 31st March, 1929 .. .. 164,340 12 3 Accrued but not due at 31st March, 1929.. ..213,498 4 5 377,838 16 8 £1,040,293 6 9 £1,040,293 6 9

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ADVANCES TO SETTLERS BRANCH —continued. Management Expenses Account for the Year ended 31st March, 1929. Dr. £ S. d. I Or. £ a . d. To Advertising, newspapers, &c. .. .. 14 14 4 By Consent fees . . . . .. . . 45 15 0 Audit Office services .. .. .. 325 0 0 ' Production fees .. .. .. .. 826 17 11 Cleaning, lighting, heating, and messenger ! Release fees .. . . . . . . 316 18 2 services .. .. .. .. 450 5 3 j Balance transferred to Profit and Loss Account 32,519 5 8 Contingencies ........ 418 3 J Management charges on New Zealand stock and bonds .. .. .. .. 1,293 17 6 Meal allowances and overtime . . . . 649 3 6 Office maintenance .. .. .. 211 15 10 Postages and telegrams . . .. .. 955 8 0 Post Office services .. .. .. 1,637 12 6 Printing and stationery .. .. . . 385 8 4 Public Service Superannuation Fund contribution .. . . . . .. . . 337 1 1 Rent .. .. .. .. .. 2,449 810 Salaries .. .. .. .. .. 23,009 17 4 Solicitors' costs and Court costs . . . . 61 6 1 Telephones . . .. .. . . 124 18 0 Travelling-expenses .. .. .. 1,055 15 1 Typewriters and adding-machines—Repairs .. 92 6 10 Valuation Department—Agency work .. 650 0 0 £33,708 16 9 £33,708 16 9 ■ ! 1Wm. Waddel, Superintendent. State Advances Office, Wellington, 29th June, 1929. 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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RURAL ADVANCES BRANCH. Statement of Liabilities and Assets as at 31st March, 1929. Liabilities. £ s. d. Assets. £ s. d. Bonds issued .. .. .. .. 1,591,850 0 0 Investment Account —Principal owing by mortTemporary advances from Settlers Branch .. 301,000 0 0 gagors .. .. .. .. 1,875,285 19 5 Advances Suspense Account .. .. 15,550 0 0 Temporary investments .. .. .. 2,835 0 0 Fire Loss Suspense Account .. .. 1,400 0 0 Interest on mortgages — £ s. d. Income-tax Suspense Account .. .. 1,414 1 6 Overdue .. .. 7,569 5 2 Interest on loans accrued but not due .. 3,479 5 5 Accrued .. .. 24,594 10 0 Profit and Loss Account .. .. .. 1,643 14 4 —-— 32,163 15 2 Sundry debtors .. .. .. .. 3 3 3 Loan Charges Account .. .. .. 90,407 7 10 Cash in hand and in bank at 31st March, 1929 5,641 15 7 £2,006,337 I 3 £2,006,337 1 3 Profit and Loss Account for the Year ended 31st March, 1929. Dr. £ s. d. | Cr. £ s. d. To Management Expenses Account .. .. 971 18 51 By Interest Account—Gross profits .. .. 8,981 11 5 Balance—Net profits for the year .. .. 8,009 13 0 £8,981 11 5 j £8,981 II 5 £ s. d. £ s. d. To Loan flotation charges written down .. .. 5,022 12 7 By Balance as at 31st March, 1928 .. .. 86 10 5 Income-tax .. .. .. .. 1,429 16 6 Not profits for the year .. .. .. 8,009 13 0 Balance —Net profits carried forward.. .. 1,643 14 4 £8,096 3 5 | £8,096 3 5 Interest Account for the Year ended 31 st March, 1929. Dr. £ s. d. £ s. d. Or. £ s. d. £ s. d. To Interest on bonds .. .. 41,213 11 0 • By Interest on mortgages .. 55,562 7 1 Less accrued at 31st March, Less overdue and accrued at 1928 .. .. .. 564 18 3 31st March, 1928 .. 11,312 2 2 40,648 12 9 44,250 4 11 Interest on bonds accrued but not due .. 3,479 5 5 Interest on temporary investments .. .. 359 10 11 Interest on amounts temporarily transferred Interest on bank balances .. .. . . 84 10 0 from Settlers Branch .. .. .. 23,750 14 2 Interest on outstanding payments .. .. 2 2 9 Balance —Gross profits transferred to Profit and Interest on mortgages — £ s. d. Loss Account .. .. .. .. 8,981 11 5 Overdue at 31st March, 1929 7,569 5 2 Accrued but not due at 31st March, 1929 . . .. 24,594 10 0 32,163 15 2 £76,860 3 9 £76,860 3 9 Management Expenses Account for the Year ended 31st March, 1929. Dr. £ s. d. Cr. £ s . d. To Audit Office services .. .. . . 25 0 0 By Sundry fees .. .. . . . . 10 0 Cleaning, lighting, heating, and messenger services 20 0 0 Balance transferred to Profit and Loss Account . . 971 18 5 Postages and telegrams .. .. . . 36 8 5 Post Office services . . .. . . . . 25 0 0 Printing and stationery . . . . . . 130 0 0 Rent .. . . . . .. 25 0 0 Salaries .. .. .. .. . . 620 0 0 Travelling-expenses .. .. .. . . 91 10 0 £972 18 5 £972 18 5 - I Wm. Waddel, Superintendent. State Advances Office, Wellington, 29th June, 1929. 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 WORKERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1929. Liabilities. £ s . d. Assets. £ s. d. Sundry loans .. .. .. .. 10,423,022 19 11 Investment Account' —Principal owing by mortTemporary advances from Settlers Branch .. 1,533,000 0 0 gagors .. .. .. .. 11,436,989 19 0 Liability to Railway Department (Railway Temporary investments .. .. .. 200,128 16 6 housing) .. .. .. .. 5,240 0 0 Sinking Fund investments held by Advances Interest on loans accrued but not due .. 81,946 14 11 Office Sinking Fund Account .. .. 71,682 4 0 Advances Suspense Account .. .. 98,996 2 6 Interest on mortgages — £ s. d. Fire Loss Suspense Account .. .. 1,280 0 0 Overdue .. .. 85,277 311 Suspense Account .. .. .. 4,128 2 7 Accrued .. .. 139,887 18 9 Income-tax Suspense Account .. .. 1,921 15 6 225,165 2 8 Sundry creditors .. .. .. .. 2,930 411 Unregistered Transfers Account (Railway emReserve for bad debts .. .. .. 3,454 17 10 ployees) .. .. .. .. 5,240 0 0 Sinking Fund .. .. .. .. 71,682 4 0 Sundry debtors .. .. .. .. 862 10 I Realization Suspense Account .. .. 3,516 14 1 Loan Charges Account .. .. .. 221,231 10 3 Profit and Loss Account .. .. .. 51,596 17 0 Cash in hand and in bank at Slit March, 1929 11,189 8 7 £12,227,603 2 2 £12,227,603 2 2 Profit and Loss Account for the Year ended 31st March, 1929. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 6,488 3 3 By Interest Account—Gross profits .. .. 20,658 0 9 Loss on realization of securities .. .. 3,282 12 9 Balance —Net profits for the year .. .. 10,887 4 9 £20,658 0 9 £20,658 0 9 £ s. d. £ s . d. To Balance as at 31st March, 1928 .. . . 45,265 3 4 By Net profits for the vear .. .. .. 10,887 4 9 Loan-flotation charges written down .. 15,297 211 Balance.. .." .. .. .. 51,596 17 0 Income-tax .. .. .. .. 1,921 15 6 £62,484 1 9 £62,484 I 9 Interest Account for the Year ended 31st March, 1929. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. .. 434,258 19 2 By Interest on mortgages .. 516,075 18 2 Less accrued at 31st March, Less interest overdue and 1928 .. .. .. 69,506 16 6 accrued at 13st March, 1928 188,096 3 3 364,752 2 8 327,979 14 11 Interest on amounts temporarily transferred Interest on bank balances .. .. .. 233 3 3 from other branches .. .. 81,380 12 2 Interest on outstanding payments .. .. 14 16 0 Interest on Railway expenditure (erection of Interest on temporary investments .. .. 823 3 9 dwellings) .. .. .. .. 5,478 10 1 Interest on mortgages — '£ s. d. Interest on loans accrued but not due .. 81,946 14 11 Overdue at 31st March, 1929 85,277 3 11 Balance —Gross profits transferred to Profit Accrued but not due at 31st and Loss Account .. .. .. 20,658 0 9 March, 1929 .. .. 139,887 18 9 225,165 2 8 £554,216 0 7 £554,216 0 7 Management Expenses Account for the Year ended 31st March, 1929. Dr. £ S. d. Cr. £ s . d. To Audit Office services .. .. .. 150 0 0 By Consent fees .. .. .. .. 015 0 Cleaning, lighting, heating, and messenger Cost of preparation of mortgages .. .. 63 7 0 services .. .. .. .. 150 0 0 Inspection fees .. . . .. .. 77 2 6 Contingencies .. .. .. .. 15 18 0 Production fees .. .. .. .. 389 9 0 Court costs and solicitors' costs .. .. 6 5 0 Release fees .. .. .. .. 85 14 7 Management charges on New Zealand stock and Balance transferred to Profit and Loss Account 6,488 3 3 bonds .. .. .. .. 626 15 11 Post Office services .. .. .. 525 0 0 Postages and telegrams .. .. .. 246 12 5 Printing and stationery .. .. .. 325 0 0 Public Service Superannuation Fund contribution .. .. .. .. .. 38 0 0 Rent .. .. .. .. .. 600 0 0 Salaries .. .. .. .. .. 4,071 0 0 Valuation Department—Agency work .. 350 0 0 £7,104 11 4 £7,104 11 ~4 Wm. Waddel, Superintendent. State Advances Office, Wellington, 29th June, 1929. 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 op Liabilities and Assets as at 31st March, 1929. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. .. 2,790,293 11 8 Investment Account—Principal owing by local Loan-moneys—Unexpended balances under sec- bodies .. .. .. .. .. 2,737,346 19 3 tion 72, Local Bodies' Loans Act, 1913 .. 3,987 12 10 Sinking Fund investments held by Advances Temporary advances from Settlers Branch .. 110,000 0 0 Office Sinking Fund Account .. .. 164,228 4 4 Interest on loans accrued but not due .. 35,893 18 8 Interest on debentures — £ s. d. Sinking Fund .. .. .. .. 164,228 4 4 Overdue .. .. 3,730 17 10 Accrued .. .. 24,091 3 9 27,822 1 7 Loan Charges Account .. .. .. 30,669 7 0 Profit and Loss Account .. .. 142,930 16 10 Cash in hand and in bank at 31st March, 1929. . 1,405 18 6 £3,104,403 7 6 £3,104,403 7 6 Profit and Loss Account for the Year ended 31st March, 1929. Dr. £ s. d. Gr. £ s. d. To Balance —Interest Account .. .. 6,783 14 4 By Balance —Loss for the year .. .. 8,148 10 2 Management Expenses Account .. .. 1,364 15 10 £8,148 10 2 £8,148 10 2 £ s. d. £ s. d. To Balance as at 31st, March, 1928 .. .. 133,701 110 By Balance .. .. .. .. 142,930 16 10 Loan-flotation charges written down .. 1,081 4 10 Loss for the year .. .. .. 8,148 10 2 £142,930 16 10 £142,930 16 10 Interest Account for the Year ended 31st March, 1929. Dr. £ s. d. £ s. d. Gr. £ s. d. £ s. d. To Interest on loans .. .. 104,534 15 4 By Interest on debentures .. 114,762 6 0 Less accrued at 31st March, Less overdue and accrued at 1928 .. .. .. 36,553 18 8 31st March, 1928 .. 27,443 17 8 67,980 16 8 87,318 8 4 Interest on amounts temporarily transferred Interest on bank balances .. .. 32 8 8 from Settlers Branch .. .. 18,081 17 7 Interest on debentures— Interest on loans but not due .. 35,893 18. 8 Overdue at 31st March, 1929 3,730 17 10 Accrued but not due at 31st March, 1929 .. .. 24,091 3 9 27,822 1 7 Balance transferred to Profit and Loss Account 6,783 14 4 £121,956 12 11 ! £121,956 12 11 Management Expenses Account for the Year ended 31st March, 1929. Dr. £ s. d. Gr. £ s . d. To Audit Office services .. .. .. 50 0 0 By Balance transferred to Profit and Loss Account.. 1,364 15 10 Cleaning, lighting, heating, and messenger services .. .. .. .. .. 30 0 0 Management charges—New Zealand stock and bonds .. .. .. .. .. 151 15 10 Postages and telegrams . . .. .. 35 0 0 Post Office services .. .. .. .. 30 0 0 Printing and stationery .. .. .. 150 0 0 Public Service Superannuation Fund contribution 20 0 0 Rent .. .. .. .. .. 100 0 0 Salaries .. .. .. .. . . 798 0 0 £1,364 15 10 £1,364 15 10 Wm. Waddel, Superintendent. State Advances Office, Wellington, 29th June, 1929. 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. (X Campbell, Controller and Auditor-General.

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PUBLIC DEBT SINKING FUNDS BRANCH. Statement or Liabilities and Assets as at 31st March, 1929. 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 .. .. 3,685 0 0 Settlers .. .. 1,099,384 19 2 Fire Loss Suspense Account .. .. 75 0 0 Workers .. .. 72,217 0 8 Suspense Account . . .. .. .. 192 7 0 Local bodies .. ..2,084,088 6 7 Sundry creditors—lnterest due to Consolidated 3,255,690 6 5 Fund in accordance with section 12 (a). Re- Temporary advances to Settlers Branch .. 16,000 0 0 payment of the Public Debt Act, 1925 .. 11,515 14 9 Sundry debtors .. .. .. .. 23 211 Interest due to Treasury, overdue and accrued,. 46.775 14 2 Interest overdue on loans to— £ s. d. Settlers .. .. 5,671 17 9 Workers .. .. 264 3 9 Local bodies .. .. 5,064 0 9 11,000 2 3 Interest accrued on loans to — Settlers .. .. 13,913 1 2 Workers .. .. 892 12 0 Local bodies .. .. 20,969 18 9 — 35,775 11 11 Cash in hand and in bank at 31st March, 1929 2,710 11 9 £3,321,199 15 3 £3,321,199 15 3 Interest Account for the Year ended 31st March, 1929. 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), Settlers .. .. .. 49,480 3 2 Repayment of the Public Debt Act, Workers.. .. .. 3,279 18 10 1925 — Local bodies .. .. 94,037 8 1 Paid to Treasury .. .. .. 139,661 10 8 In hand at 31st March, 1929 .. .. 11,515 14 9 146,797 10 1 Overdue and accrued at 31st March. 1929 46,775 14 2 Less overdue and accrued at 31st March, 1928 .. 44,028 10 2 197,952 19 7 102,768 19 11 Less overdue and accrued at 31st March, Interest on expenses incurred in protection of 1928 .. .. .. .. 44,028 10 2 securities .. .. .. .. 14 1 9 Interest on bank balances .. .. .. 78 3 7 Interest on temporary advances to Settlers Branch .. .. .. .. 4,287 10 0 Interest overdue at 31st March, 1929, on loans to— £ s. d. Settlers.. .. .. 5,67117 9 Workers.. . . . . 264 3 9 Local bodies .. .. 5,064 0 9 — 11,000 2 3 Interest accrued at 31st. March, 1929, on loans to— Settlers .. ■■ 13,913 1 2 Workers.. .. .. 892 12 0 Local bodies . . 20,969 18 9 35,775 11 11 £153,924 9 5 £153,924 9 5 Wm. Waddel, Superintendent. State Advances Office, Wellington, 29th June, 1929. 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.

3—B. 13.

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ADVANCES office sinking fund account. Statement of Liabilities and Assets as at 31st march, 1929. Liabilities. A ssets. Principal received as at 31st March, 1928, with Investment Account —Princiaccumulated interest from— £ s. d. pal owing on loans to— £ s. d. £ s. d. Settlers Branch .. .. .. 1,931,362 15 2 Settlers .. .. 1,044,474 14 0 Workers Branch .. .. .. 275,734 5 5 Workers .. .. 64,569 18 4 Local Authorities Branch .. .. 375,020 10 11 Local bodies .. .. 403,141 8 0 1,512,186 0 4 2,582,117 11 6 Temporary advances to Settlers Branch .. 191,000 0 0 Interest earned for the year ended 31st March, Sundry debtors .. .. .. .. 62 11 3 1929— Interest overdue on loans to — £ s. d. Settlers Branch .. .. .. 80,441 18 7 Settlers .. .. 6,596 3 4 Workers Branch .. .. .. 4,039 6 6 Workers .. .. 628 14 11 Local Authorities Branch .. .. 17,417 11 0 Local bodies .. .. 1,998 11 11 9,223 10 2 2,684,016 7 7 Interest accrued on loans to — Net profits transferred from Settlers Branch .. 12,833 2 4 Settlers .. .. 11,815 8 8 —— Workers .. . . 698 14 0 2,696,849 9 11 Local bodies .. .. 3,378 3 10 Less redemption of loans — £ s. d. 15,892 6 6 Settlers Branch . . .. 485,365 1 11 Cash in hand and in bank at 31st March, 1929 .. 48,969 4 9 Workers Branch .. 208,091 7 11 Local Authorities Branch.. 228,209 17 7 921,666 7 5 Total fund as at 31st March, 1929 .. .. 1,775,183 2 6 Advances Suspense Account .. .. 475 0 0 Suspense Account .. . . . . 320 10 6 Fire Loss Suspense Account .. .. 1,355 0 0 £1,777,333 13 0 £1,777,333 13 0 Interest Account for the Year ended 31st March, 1929. Dr. £ s. d. Cr. To Interest on investments—Transferred to By Interest on loans to — £ s. d. £ s. d. Sinking Fund Account .. .. .. 101,898 16 1 ' Settlers .. .. .. 50,221 3 5 Workers .. .. .. 2,999 18 9 Local bodies .. .. 17,854 7 6 71,075 9 8 Less overdue and accrued at 31st March, 1928 .. 25,904 18 9 45,170 10 11 Interest on bank balances .. .. .. 120 2 7 Interest on temporary advances to Settlers Branch .. .. .. .. 31,492 5 11 Interest overdue at 31st March, 1929, on loans to> — £ s. d. Settlers .. .. . . 6,596 3 4 Workers .. . . .. 628 14 11 Local bodies .. .. 1,998 11 11 9,223 10 2 Interest accrued at 31st March, 1929, on loans to— Settlers .. .. .. 11,815 8 8 Workers .. . . .. 698 14 ' 0 Local bodies .. 3,378 3 10 ; _____ 15,892 6 6 £101,898 16 1 | £101,898 16 1 . Wm. Waddel, Superintendent. State Advances Office, Wellington, 29th June, 1929. 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.

B. 13.

MISCELLANEOUS BUSINESS BRANCH.—HOUSING ACCOUNT. Statement op Liabilities and Assets as at 31st Mabch, 1929. Liabilities. j Assets. Sundry loans — £ s. d. £ s. d. j Investment Account — Principal £ s. d. £ s. d. Debentures .. .. 412,388 9 4 j owing on— Expenditure from Public Works Dwellings purchased .. .. 378,386 18 5 Fund .. .. .. 319,918 1 7 Sections purchased .. .. 2,576 15 3 Advances .. . . .. 352 8 11 732,306 10 11 Loans on mortgage .. .. 39 1 1 Less loan-moneys redeemed 381,355 3 8 and discharged from Con- Temporary advances to Settlers Branch .. 253,000 0 0 solidated Fund .. .. 19,468 9 4 Hutt Housing Suspense Account .. .. 10,429 0 0 i Completed dwellings . . .. .. .. 16,176 8 5 712,838 1 7 Dwellings let .. .. .. .. 17,257 7 0 Less loan-moneys redeemed Freehold land .. .. .. .. 19,763 11 4 by Public Debt Repayment Sinking Fund investments held by Public Debt Account .. .. 100 0 0 Redemption Fund .. .. .. *4,038 8 8 712,738 1 7 Insurance Fund Investment held by Settlers Liability to Consolidated Fund in terms of section Branch .. .. .. .. .. 4,612 0 5 22, Finance Act, 1926 ~ .. . . 100 0 0 1 Sundry debtors . . . . . . . 55 18 4 Sundry creditors .. .. .. 28 13 0 j Interest on dwellings and land— £ s. d. Suspense Account .. .. .. 1,091 6 4 j Overdue .. .. .. 7,012 5 9 Liability to Railway Department (Hutt housing) 8,113 0 0 Accrued .. .. .. 54 5 6 Insurance Fund .. .. .. .. 6,114 16 1.1 I —— 7,066 11 3 Interest on loans— £ s. d. j Rent overdue . . .. .. .. 1,863 8 2 Overdue .. .. 15,820 13 1 ! Insurance premiums— Accrued .. .. 3,890 14 5 ! Overdue .. .. .. 468 1 8 19,711 7 6 | Paid in advance .. .. 354 II 0 Sinking Fund .. . . .. .. 683 8 10 822 12 8 Reserve for losses oil realization and bad debts .. 7,414 2 1 Realization Suspense Account .. .. 1,277 311 Profit and Loss Account .. .. .. 37,938 19 7 Cash in hand and in bank at 31st March, 1929 .. 338 2 10 £755,994 16 3 j £755,994 16 3 * This amount includes the sum of £3,354 19s. 10(1. capital paid into the Sinking Fund in accordance with the Public Debt Extinction Act, 1910. Profit and Loss Account for the Year ended 31st Mabch, 1929. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 2,225 2 6 By Interest Account—Gross profits .. .. 2,163 7 6 Dwellings maintenance .. . . . . 680 10 8 Sale of land and dwellings .. . . . . 810 1 Losses on realization of securities and doubtful Balance—Loss for the year . . . . 1,804 9 8 securities written down .. .. .. 1,07014 1 £3,976 7 3 £3,976 7 3 £ s. d. £ s. d. To Balance as at 31st March, 1928 . . . . 36,134 911 By Balance .. . . .. .. 37,938 19 7 Loss for the year .. .. .. . . 1,804 9 8 £37,938 19 7 £37,938 19 7 Interest Account for the Year ended 31st March, 1929. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. .. 28,753 0 1 By Interest on land and dwellings 18,945 4 2 Less accrued at 31st March, Less overdue and accrued at 1928 .. .. .. 3,890 14 5 31st March, 1928 .. 7,014 8 7 24,862 5 8 11,930 15 7 Interest on loans accrued but not due . . 3,890 14 5 Interest on amounts temporarily transferred to Balance —Gross profits transferred to Profit Settlers Branch .. .. .. 11,883 12 1 and Loss Account .. .. .. 2,163 7 6 Interest on bank balances .. .. .. 35 8 8 Interest on dwellings and land — £ s. d. Overdue at 31st March, 1929 7,012 5 9 Accrued but not due at 31st March, 1929 .. .. 54 5 6 7,066 11 3 £30,916 7 7 £30,916 7 7 Management Expenses Account for the Year ended 31st March, 1929. Dr. £ s. d. Cr. £ s. d. To Audit Office services .. .. •• 125 0 0 By Sundry fees .. .. .. .. 12 18 0 Cleaning, lighting, heating, and messenger Balance transferred to Profit and Loss Account.. 2,225 2 6 services .. • ■ ■ • ■ • 30 0 0 Fees paid for special services in respect of securities .. . • .. • • 110 9 9 Postages and telegrams . . .. . ■ 25 0 0 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 . . . ■ ■ • ■ • 1,284 0 0 Solicitors' costs . . ■. .. . • 8 10 9 Valuation Department—Agency work . . 250 0 0 £2,238 0 6 £2,238 0 6 Wm. Waddel, Superintendent. State Advances Office, Wellington, 29th June, 1929. 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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LO kNS TO EMPLOYERS FOR WORKERS' DWELLINGS ACCOUNT. Statement op Liabilities and Assets as at 31st March, 1929. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. .. 3,975 0 0 Investment —Principal owing by mortgagors .. 2,711 12 8 Income-tax Suspense Account .. .. 310 0 Temporary advances to Settlers Branch ■■ 1,100 0 0 Interest on loans— £ s. d. Sinking Fund investments held by Public Debt Overdue .. .. .. 112 17 10 Redemption Fund .. .. .. 40 14 2 Accrued .. .. .. 38 15 5 Interest on mortgages— £ s. d. 151 13 3 Overdue .. . • •• 308 16 ( > Sinking Fund .. .. .. .. 40 14 2 Accrued .. .. 1 10 11 Profit and Loss Account .. .. . . 8 19 11 310 7 5 Cash in hand and in bank at 31st March, 1929 .. 17 3 1 £4,179 17 4 £4,179 17 4 Profit and Loss Account for the Year ended 31st March, 1929. Dr. £ s. d. Or. £ s. d. To Administration expenses .. .. 10 0 0 By Interest Account —Gross profits .. .. 27 17 2 Balance—Net profits for the year .. .. 17 17 2 £27 17 2 £27 17 2 £ s. d. £ s. d. To Income-tax .. .. .. .. .. 310 0 By Net profits for the year .. .. 17 17 2 Net profits invested in Public Debt Redemption Fund .. .. .. .. .. 573 Balance —Net profits carried forward .. .. 819 11 . £17 17 2 | £17 17 2 Interest Account for the Year ended 31st March, 1929. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans . . .. .. 159 0 0 By Interest on mortgages .. .. 113 10 6 Less accrued at 31st March, 1928 38 15 5 Interest on mortgages— 120 4 7 Overdue at 31st March, 1929 .. 308 16 6 Interest on loans accrued but not due .. 38 15 5 Accrued at 31st March, 1929 .. 110 11 Balance—Gross profits transferred to Profit and and Loss Account .. .. .. .. 27 17 2 423 17 11 Less interest overdue and accrued at 31st March, 1928.. .. 286 6 11 137 11 0 Interest on temporary advances to Settlers Branch 48 6 8 Interest on bank balances .. ~ 0 19 6 £186 17 2 £186 17 2 Management Expenses Account for the Year ended 31st March, 1929. Dr. £ s. d. Cr. £ s . d. To Administration expenses .. .. .. 10 0 0 By Balance transferred to Profit and Loss Account .. 10 0 0 £10 0 0 £10 0 0 Wm. Waddel, Superintendent. State Advances Office, Wellington, 29th June, 1929. 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.— (t. F. C. Campbell, Controller and Auditor-General.

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FRUIT-PRESERVING INDUSTRY ADVANCES ACCOUNT. Statement of Liabilities and Assets as at 3.lst March, 1929. Liabilities. £ s. d. £ s. d. Assets. £ s. d. Sundry loans .. .. .. 69,598 14 3 Investment Account —Principal owing by mort Less loan liability redeemed and gagors .. .. .. .. .. 37 ,564 7 9 discharged from Consolidated Properties acquired .. .. .. .. 4,212 8 6 Fund .. .. .. 6,008 14 3 Temporary advances to Settlers Branch .. 21,200 0 0 Sinking Fund investments held by Public Debt. 63,590 0 0 Redemption Fund .. .. .. *741 5 7 Less loan liability redeemed by Interest on mortgages — £ s. d. Public Debt Repayment Ac- Overdue .. .. .. 1,580 8 I count .. .. .. 5,000 0 0 Accrued .. .. .. 275 3 5 58,590 0 0 1,855 1.1 6 Liability to Consolidated Fund in terms of sec- Sundry debtors .. .. .. .. 96 6 8 tion 22, Finance Act, 1926 .. .. .. 5,000 0 0 Profit and Loss Account .. .. .. 4,113 13 I Suspense Account .. .. .. .. 171 9 9 Cash iu.hand and in bank at 31st March, 1929 .. 77 4 1 Income-tax Suspense Account. . .. .. 46 12 0 Interest on loans— £ s. d. Overdue .. .. .. 1,209 7 10 Accrued .. .. .. 1,162 3 4 — 2,371 11 2 Rent accrued .. .. .. .. 37 1 8 Reserve for losses on realization and bad debts .. 3,515 13 10 Sinking Fund .. .. .. . . .128 8 9 £69,860 17 2 £69,860 .17 2 * This amount includes the auin of £612 16s. lOd. 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, 1929. Dr. £ s. d. i Or. £ g. d. To Management Expenses Account .. .. .100 0 0 By Interest Account —Gross profits .. .. 410 15 9 Expenses of realization of assets .. .. 47 0 0 Balance —Net profits for the year .. .. 263 15 9 £410 15 9 £410 15 9 £ s. d. £ g. d. To Balance as at 31st March., 1928 .. .. 4,330 16 10 By Net profits for the year .. .. .. 263 15 9 Income-tax .. .. .. .. 46 12 0 Balance .. .. .. .. .. 4,113 13 1 £4,377 8 10 £4,377 8 10 Interest Account for the Year ended 31st March, 1929. Dr. £ s. d. £ s. d. Or. £ s. d. £ s. d. To Interest on loans .. .. 2,343 12 0 By Interest on mortgages .. .. 2,082 12 6 Less accrued at 31st March, 1.928 1,162 3 4 Interest on mortgages— 1,181 8 8 Overdue at 31st March, 1929 .. 1,580 8 1 Interest on loans accrued but not due.. .. 1,162 3 4 Accrued at 31st March, 1929 .. 275 3 5 Balance —Gross profits transferred to Profit and Loss Account .. .. .. .. 410 15 9 3,938 4 0 Less interest overdue and accrued at 31st March, 1928 .. 2,081. 2 7 — 1,857 1 5 Interest on bank balances .. .. .. 3 5 6 Interest on temporary advances to Settlers Branch .. .. .. .. .. 894 0 10 £2,754 7 9 £2,754 7 9 Management Expenses Account for the Year ended 31st March, 1929. Dr. £ s. d. Or. £ 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 £100 0 0 Wm. Waddel, Superintendent. State Advances Office, Wellington, 29th June, 1929. 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.— G-. F. 0. Campbell, Controller and Auditor-General.

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COLD-STORAGE ADVANCES ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1929. Liabilities. £ s. d. £ a. d. Assets. £ s. d. Sundry loans .. .. .. 82,750 0 0 Investment Account—Principal owing by mortLess loan liability redeemed and gagors .. . . .. . . .. 40,634 5 0 discharged from Conaolidated Temporary advances to Settlers Branch .. 33,300 0 0 Fund .. .. .. 7,500 0 0 Sinking Fund investments held by Public Debt Redemption Fund .. .. .. *1,124 3 5 75,250 0 0 ; Interest on mortgages — £ s. d. Less loan liability redeemed by Overdue .. .. .. 2,607 9 5 Public Debt Repayment Ac- Accrued' .. .. .. 718 16 10 count .. .. .. 1,530 0 0 ———— 3,326 6 3 73,720 0 0 Sundry debtors .. .. .. .. 23 2 0 Liability to Consolidated Fund in terma of aec- Caah in hand and in bank at 31st March, 1929 . . 35 16 9 tion 22, Finance Act, 1926 .. .. .. 1,530 0 0 Income-tax Suspense Aocount.. . . . . 106 16 0 Interest on loans— £ s. d. Overdue . . .. . . 2,307 1 8 Accrued ~ , . . , 244 3 5 2,551 5 1 Sinking Fund .. , . . . ~ 535 12 4 £78,443 13 5 £78,443 13 5 * This amount includes the snm of £588 11*. Id. capital paid into the Sinking Fund in accordance with tlie Public Debt Extinction Act, 1910. Profit and Loss Account for the Year ended 31st March, 1929. Dr. £ a. d, I Cr. £ a. d. To Management Expenses Account .. .. 115 0 0 By Interest Account—Gross profits .. .. 720 1 6 Balance —Net profits for the year .. .. 605 1 6 £720 1 6 £720 1 6 £ s. d. £ s. d. To Balance as at 31st March, 1928 .. .. 160 13 11 By Net profits for the year .. .. .. 605 1 6 Income-tax .. . . .. . . 106 16 0 Balance of net profits invested in Public Debt Redemption Fund .. 337 11 7 £605 1 6 £605 1 6 Interest Account for the Year ended 31st March, 1929. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s.' d. To Interest on loans .. .. 2,950 0 1 By Interest on mortgages.. .. 990 0 0 Less accrued at 31st March, 1928 244 3 5 Intereat on mortgagee — 2,705 16 8 Overdue at 31st March, 1929. . 2,607 9 5 Interest on loans accrued but not due .. 244 3 5 Accrued at 31st March, 1929.. 718 16 10 Balance —Gross profits transferred to Profit and Loss Account .. .. .. .. 720 1 6 4,316 6 3 Less overdue and accrued at 31st March, 1928 .. .. 2,238 3 7 2,078 2 8 Interest on bank balances .. .. .. 2 14 9 Interest on temporary advances to Settlers Branch.. .. .. .. .. 1,589 4 2 £3,670 1 7 | £3,670 1 7 Management Expenses Account for the Year ended 31st March, 1929. Dr. £ s. d. Cr. £ s . d. To Administration expenses .. .. .. 110 0 0 By Balance transferred to Profit and Loss Account .. 115 0 0 Audit Office services .. .. ... .. 500 £H5 o o Wm. Waddel, Superintendent. State Advances Office, Wellington, 29th 'June, 1929. 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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FISHING-INDUSTRY PROMOTION ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1929. Liabilities. £ s. d. £ s. d. Assets. £ s. d. Sundry loans .. .. ... 5,571 19 2 Investment Account—Principal owing on bills of sale 1,025 17 2 Less loan liability redeemed and Temporary advances to Settlers Branch .. .. 3,250 0 0 discharged from Consolidated Sinking Fund investments held by Public Debt Fund .. .. .. 1,036 19 2 Redemption Fund .. .. .. .. *49 4 2 Interest on bills of sale — £ s. d. 4,535 0 0 Overdue .. .. .. 23 12 9 Less loan liability redeemed by Accrued .. .. .. 14 10 10 Public Debt Repayment Account 1,060 0 0 38 3 7 3,475 0 0 Sundry debtors .. .. .. .. 16 8 8 Liability to Consolidated Fund in terms of sec- Profit and Loss Account .. .. . . 346 2 0 tion 22, Finance Act, 1926 .. .. .. 1,060 0 0 Cash in hand and in bank at 31st March, 1929 .. 29 14 10 Suspense Account .. .. .. .. 42 4 10 Income-tax Suspense Account .. .. .. 513 0 Sundry creditors . . .. .. .. 110 Interest on loans— £ s. d. Overdue . . . . . . 112 10 11 Accrued . . . . . . 50 19 11 — 163 10 10 Sinking Fund .. . . .. .. 8 0 9 £4,755 10 5 £4,755 10 5 * This amount includes the sum of £41 3s. sd. 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, 1929. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 18 3 0 By Interest Account—Gross profits .. .. 49 16 5 Balance —Net profits for the year .. .. 31 13 5 £49 16 5 £49 16 5 £ s. d. £ s. d. To Balance at 31st March, 1928 .. .. .. 372 2 5 By Net profits for the year .. .. .. 31 13 5 Income-tax .. .. .. .. 5 13 0 Balance .. .. .. .. .. 346 2 0 £377 15 5 £377 15 5 Interest Account for the Year ended 31st March, 1929. Dr. £ s. d. £ s. d. Cr. £ s . d. £ s. d. To Interest on loans .. .. .. 155 2 6 By Interest on bills of sale .. .. 61 2 7 Less accrued at 31st March, 1928.. 50 19 11 Less overdue and accrued at 31st, 104 2 7 i March, 1928 .. .. . . 47 19 7 Interest on loans accrued but not due .. .. 50 19 11 ] 13 3 0 Balance —Gross profits transferred to Profit and : Interest on bank balances .. .. .. 2 16 Loss Account .. .. .. .. 49 16 5 j Interest on temporary advances to Settlers Branch 151 10 10 Interest on bills of sale — £ s. d. Overdue at 31st March, 1929 . . 23 12 9 Accrued at 31st March, 1929 14 10 10 38 3 7 £204 18 11 £204 18 11 Management Expenses Account for the Year ended 31st March, 1929. Dr. £ s. d. , Cr. £ s. d. To Administration expenses .. .. 10 0 0 By Balance transferred to Profit and Loss Account .. 18 3 0 Audit Office services .. .. . . .. 5 0 0 Survey fees .. .. .. .. 3 3 0 £18 3 0 £18 3 0 Wm. Waddel, Superintendent. State Advances Office, Wellington, 29th June, 1929. R. Robertson, Accountant. 1 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, 1929. 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 .. 287,524 15 2 Less repayments to 31st March, 1929 .. 140,625 7 4 Less Suspense adjustments .. 152 12 4 — 287,372 210 1,149,556 14 9 Interest on bills of sale, overdue .. .. 6,737 11 5 Less expenditure irrecoverable £ s. d. Cash in hand and in bank at 31st March, 1929.. 3,676 12 5 to 31st March, 1928 .. 838,121 19 11 Losses on realization for the year ended 31st March, 1929 21,232 16 6 Management expenses for the year ended 31st March, 1929 2,829 15 6 862,184 11 11 Liability to Redemption Account as at 31st March, 1929 .. .. .. 287.372 2 10 Sundry creditors, Treasury — £ s. d. Interest . . . . .. 739 9 2 Principal.. .. .. 2,875 8 4 — 3,614 17 6 Suspense Account .. .. .. .. 01 14 11 Interest on advances from War Expenses Account, overdue .. .. .. .. 6,737 11 5 £297,786 6 8 £297,786 6 8 Interest Account for the Year ended 31st March, 1929. Dr. £ s. d. Gr. £ s. d. £ s. d. To Interest paid to Treasury .. .. .. 2,369 0 0 By Interest on bills of sale .. 3,335 16 10 Interest in hand due to Treasury 31st March, Interest on bills of sale, overdue 1929 .. .. .. .. .. 739 9 2 at 31st March, 1929 .. 6,737 11 5 Interest due to Treasurv, overdue at 31st March, 1929 .. .. .. .. .. 6,737 11 5 10,073 8 3 I/ess overdue at 31st March,l92B 8,072 3 9 9,846 0 7 Less interest due to Treasury, overdue at 31st 2,001 4 6 March, 1928 .. .. .. .. 8,072 3 9 Less realizations —Interest .. 392 19 11 —— 1,608 4 7 Interest on bank balances .. .. 165 12 3 £1,773 16 10 £1,773 16 10 Management Expenses Account for the Year ended 31st March, 1929. Dr. £ s. d. Or. £ s. d. To Audit Office services .. .. .. 75 0 0 By Sundry fees .. .. . . .. 015 10 Cleaning and messenger services .. .. 60 0 0 Balance recouped in accordance with secCommission .. .. .. . . 31 14 1 tion 13 (3), State Advances Amendment Act, Postages and telegrams .. .. .. 225 0 0 1922 .. .. .. .. .. 2,829 15 6 Post Office services . . . . .. 300 0 0 Printing and stationery .. . . . . 110 0 0 Rent .. . . ' .. .. 250 0 0 Salaries .. . . . . . . 1,655 0 0 Solicitors' costs . . . . . . . . 72 17 3 Training-expenses . . . . • . . 51 0 0 £2,830 11 4 £2,830 11 4 Wm. Waddel, Superintendent. State Advances Office, Wellington, 29th June, 1929. 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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