STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1931.

Appendix to the Journals of the House of Representatives, 1931 Session I-II, B-13

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1931. NEW ZEALAND.

STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1931.

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

THIRTY-SEVENTH ANNUAL BE POET.

ADVANCES TO SETTLERS BRANCH. 1. During the year the State Advances Board has authorized 1,568 advances amounting to £1,251,420, and the following statement shows the amount authorized in each provincial district: — „ . . . ~, , , Amount of Advances Provincial J\umber oi ~ ■ , District. Applications. authorized. Auckland .. .. .. .. ..587 459,110 Taranaki .. .. .. .. .. 62 60,545 Hawke'sßay .. .. .. .. .. 79 63,365 Wellington .. .. .. .. .. 316 281,705 Marlborough .. .. .. .. .. 24 16,120 Nelson .. .. .. .. .. 29 19,605 Westland .. .. .. .. .. 28 14,620 Canterbury .. .. '.. .. .. 247 182,735 Otago .. .. .. .. .. .. 69 61,410 Southland .. .. .. .. .. 127 92,205 Totals .. .. .. .. 1,568 £1,251,420 2. During the year the advances paid over are as follows : — Number. Amount, Not exceeding £500 .. .. .. .. 522 152,710 Exceeding £500 but not exceeding £1,000 .. .. 759 572,430 Exceeding £1,000 but not exceeding £2,000.. .. 283 381,975 Exceeding £2,000 but not exceeding £3,500. . .. 74 221,625 Totals 1,638 £1,328,740 3. The advances paid over classified according to the tenure of the securities, are as follows :— Number. Amount. On freeholds .. .. .. .. ..1,268 1,060,130 On leaseholds .. .. .. .. ..358 254,680 On freeholds and leaseholds combined .. .. 12 13,930 Totals .. .. .. .. 1,638 £1,328,740 4. The advances current are as follows : — to- n Amount. Number. £ g _ d ■ Not exceeding £500 .. .. .. ..14,511 3,248,746 2 3 Exceeding £500 but not exceeding £1,000 .. 6,932 5,277,393 9 8 Exceeding £1,000 but not exceeding £2,000 .. 4,029 5,263,706 1] 7 Exceeding £2,000 but not exceeding £3,500 .. 1,410 4,314,257 19 10 Totals .. .. .. .. 26,882 £18,104,104 3 4

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5. The advances current, classified according to the tenure of the securities, are as follows :— -.-, , Amount. .Number. £ s d On freeholds .. .. .. .. 17,849 14,294,628 14 10 On leaseholds .. .. .. .. 8,715 3,491,021 7 0 On freeholds and leaseholds combined .. .. 318 318,454 1 6 Totals .. .. .. .. 26,882 £18,104,104 3 4 6. The advances current on rural and urban and suburban land are as follows :— n-r i Amount. Number. £ d On rural land .. .. .. .. 16,053 11,476,562 16 7 On urban and suburban land .. .. ..10,829 6,627,541 6 9 Totals .. .. .. .. 26,882 £18,104,104 3 4 7. The commitments in respect of loans granted and not paid over in whole or in part at the 31st March, 1931, amounted to £113,805. 8. The net profits for the year amounted to £15,313 10s. 2d. 9. The cost of management was £32,854 6s. 10d., being 0-143 per cent., or 2s. 10d. per £100, of the capital employed. 10. Notwithstanding the low prices still ruling for the primary products of the Dominion, settlers generally continue to pay their instalments in a satisfactory manner. It is gratifying to note that more than 75 per cent, of the mortgagors pay their instalments within the rebate period, thus obtaining a concession of \ per cent, reduction in their interest payments. The percentage of arrears to the funds outstanding at the close of the year was 1-548 per cent. 11. Mortgages and instalments of principal repaid for the year amounted to £960,202 15s. 6d. 12. The amount of interest collected was £1,070,593 13s. Id. 13. Twenty-three leasehold and sixty-seven freehold securities were realized by the Department during the year. 14. On chattel securities thirty-six advances, amounting to £9,425 were authorized for the year, and the amount paid over to twenty-nine borrowers was £8,405. 15. The sinking fund, after redemption of loans totalling £485,365 Is. lid., amounted to £1,736,600 12s. Id. at the close of the year. 16. Since its inception in 1894 the Department has advanced to settlers £41,689,625. During that period the losses made were £300,644 2s. 6d., or 14s. sd. in every £100 of the amount advanced. RURAL ADVANCES BRANCH. 17. During the year the State Advances Board has authorized 703 advances amounting to £1,234,995, and the following statement shows the amount authorized in each provincial district: — Provincial Number of Amount of Advances District. Applications. authorized. Auckland .. .. .. .. .. 244 362,445 Taranaki .. .. .. .. .. 65 138,470 Hawke's Bay .. .. .. .. .. 47 76,265 Wellington .. .. .. .. .. 79 146,580 Marlborough .. ■ .. .. .. .. 18 40,680 Nelson .. .. .. .. .. 9 7,250 Westland .. .. .. .. .. 5 2,675 Canterbury .. .. .. .. .. 89 200,145 Otago .. .. .. .. .. .. 52 72,340 Southland .. ~ .. .. .. 95 188,145 Totals .. .. .. .. 703 £1,234,995 18. The advances paid over during the year are as follows : — Number. Amount. Not exceeding £500 .. .. .. .. 15 15,105 Exceeding £500 but not exceeding £1,000 .. .. 96 72,160 Exceeding £1,000 but not exceeding £2,000.. .. 193 278,920 Exceeding £2,000 but not exceeding £3,500.. .. 179 471,985 Exceeding £3,500 but not exceeding £5,500.. .. 136 432,900 Totals .... .. .. 619 £1,271,070"

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19. The advances paid over, classified according to the tenure of the securities, are as follows : — AT , Amount. IN umber. „ On freeholds .. .. .. .. .. 535 1,135,030 On leaseholds .. .. .. .. .. 79 122,665 On freeholds and leaseholds combined .. .. 5 13,375 Totals .. .. ... ... 619 £1,271,070 20. The advances current are as follows : — t. t i Amount. Number. £ ± Not exceeding £500 .. .. .. .. 159 71,793 2 7 Exceeding £500 but not exceeding £1,000 .. 445 346,581 4 11 Exceeding £1,000 but not exceeding £2,000 .. 680 1,055,463 17 8 Exceeding £2,000 but not exceeding £3,500 .. 616 1,607,926 8 2 Exceeding £3,500 but not exceeding £5,500 .. 347 1,322,572 8 4 Totals .. .. ... .. 2,247 £4,404,337 1 8 21. The advances current, classified according to the tenure of the securities, are as follows :— Number. £ Amount. On freeholds .. .. .. .. .. 1,914 3,876,713 14 5 On leaseholds .. .. .. .. 295 457,853 18 2 On freeholds and leaseholds combined .. .. 38 69,769 9 1 Totals .. .. .. .. 2,247 £4,404,337 1 8 22. The commitments in respect of loans granted and not paid over in whole or in part at the 31st March, 1931, amounted to £145,775. 23. The net profits for the year amounted to £9,546 17s. Bd. 24. The cost of management was £3,629 155., being 0-091 per cent., or Is. 10d. per £100, of the capital employed. 25. The payment of instalments by borrowers is still satisfactory, and in no case has the Department made a loss. It is gratifying to note that 75 per cent. of the mortgagors pay their instalments within the rebate period, thus obtaining a concession of \ per cent, reduction in their interest payments. The percentage of arrears to the funds outstanding at the close of the year was 1-188 per cent. 26. Bonds to the aggregate value of £1,207,750 were issued during the year. 27. Mortgages and instalments of principal repaid for the year amounted to £96,881 14s. 9d. 28. The amount of interest collected was £182,843 Bs. 7d. 29. One leasehold and one freehold security were realized by the Department during the year. ADVANCES TO WORKERS BRANCH. 30. During the year the State Advances Board has authorized 1,695 advances amounting to £1,268,715, and the following statement shows the amount authorized in each provincial district: — t, . . , AT i , Amount of Advances P™™ l Number of authorized. Dietnot. Applications. „ Auckland .. .. .. .. ..292 206,385 Taranaki .. .. .. .. .. 45 30,910. .! Hawke'sßay .. .. .. .. .. 69 45,050 Wellington .. .. .. .. .. 725 581,435 Marlborough .. .. .. .. .. 29 18,635 Nelson 41 30,120 Westland 36 20,565 Canterbury .. .. .. .. ..289 209,810 Otago .. .. .. .. .. .. 87 68,510 Southland .. .. .. .. .. 82 57,295 Totals 1,695 £1,268,715

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31. The advances paid over during the year, classified according to the tenure of the securities, are as follows : — AT , Amount. .Number. n On freeholds .. .. .. ".. ..1,927 1,536., 965 On leaseholds .. .. .. .. .. 143 114,130 Totals .. 2,070 £1,651,095 32. The advances current and the tenure of the securities are as follows : — ~T , Amount. Number. £ s _ A On freeholds 23,351 14,455,242 19 3 On leaseholds .. ... .. .. 1,452 821,714 4 4 Totals .. .. .. .. 24,803 £15,276,957 3 7 33. The commitments in respect of loans granted and not paid over in whole or in part at the 31st March, 1931, amounted to £122,545. 34. The net profits for the year amounted to £10,196 13s. 4d. 35. The cost of management was £9,403 Bs., being 0-070 per cent., or Is. sd. per £100, of the capital employed. 36. Notwithstanding temporary unemployment and reduction in wages, the payment of instalments by workers has been well maintained. It is satisfactory to note that more than 75 per cent, of the mortgagors pay their instalments within the rebate period, thus obtaining a concession of f per cent, reduction in their interest payments. The percentage of arrears to the funds outstanding at the close of the year was 1-083 per cent. 37. Mortgages and instalments of principal repaid for the year amounted to £585,181 19s. 10d. 38. The amount of interest collected was £735,982 11s. 7d. 39. One leasehold and 162 freehold securities were realized by the Department during the year. 40. The sinking fund, after redemption of loans totalling £208,091 7s. lid., amounts to £78,561 18s. sd. 41. Since the commencement of the Advances to Workers Act in 1906 the Department has advanced to workers the sum of £21,112,477. The losses made during that period amounted to £29,376 4s. 5d., or 2s. 9d. in every £100 of the amount advanced. ADVANCES TO LOCAL AUTHORITIES BRANCH. 42. During the year the State Advances Board has authorized four advances amounting to £4,000, and the following statement shows the amount authorized in each provincial district: — t. t , e Amount of Advances Provincial a ™ h ™. of authorized. District. Applications. £ Taranaki 3 3,000 Hawke'sßay 1 1.000 Totals 4 £4,000 43. The amount paid over to five local bodies during the year was £2,120. 44. The commitments in respect of loans granted and not paid over in whole or in part at the 31st March, 1931, amounted to £3,000. 45. The net profits for the year amounted to £1,575 os. sd. 46. The cost of management was £1,501 ss. 5d., being 0-051 per cent., or Is. per £100, of the capital employed. 47. Loans to the number of 1,980 have been made to local bodies. They are now indebted to the extent of £2,595,277 Is. in respect of principal moneys. 48. 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 0-190 per cent. 49. Mortgages and instalments of principal repaid for the year amounted to £75,370 3s. 50. The amount of interest collected was £105,636 14s. 6d. 51. The sinking fund, after redemption of loans totalling £239,812 13s. Bd., amounts to £167,651 17s. Bd.

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PUBLIC DEBT SINKING FUNDS BRANCH. 52. During the year the State Advances Board has authorized eighty-six advances amounting to £87,070. 53. The advances paid over during the year to 113 borrowers were £120,060. 54. The commitments in respect of loans granted and not paid over in whole or in part at the 31st March, 1931, amounted to £4,915. 55. 1,387 settlers are now indebted to the extent of £1,172,797 Bs. 4d. ; 131 workers, £65,138 9s. 9d. ; and local bodies (in respect of 1,626 loans), £2,004,275 12s. 5d.; a total of £3,242,211 10s. 6d. in respect of principal moneys. 56. Mortgages and instalments of principal repaid for the year amounted to £101,531 6s. 9d. 57. The amount of interest collected was £148,924 16s. 6d. 58. The interest earned for the year amounted to £156,325 6s. 7d. 59. The cost of management was nil. ADVANCES OFFICE SINKING FUND. 60. During the year the State Advances Board has authorized thirty-eight advances amounting to £21,385. 61. The advances paid over during the year to thirty-one borrowers were £19,450. 62. The commitments in respect of loans granted and not paid over in whole or in part at the 31st March, 1931, amounted to £1,155. 63. 1,451 settlers are now indebted to the extent of £938,247 3s. 4d. ; 133 workers, £55,145 2s. sd. ; and local bodies (in respect of 318 loans), £386,297 15s. 9d. ; a total of £1,379,690 Is. 6d. in respect of principal moneys. 64. Mortgages and instalments of principal repaid for the year amounted to £72,447 os. Id. 65. The amount of interest collected was £87,619 11s. 2d. 66. The interest earned for the year amounted to £88,440 ss. 3d. 67. To date loan-moneys amounting to £933,269 3s. 6d. have been redeemed out of sinking funds, and the balance held to the credit of the fund at the close of the year was £1,982,814 Bs. 2d. 68. The cost of management was nil. MISCELLANEOUS BUSINESS BRANCH. Repatriation. 69. During the year the sum of £26,260 4s. principal moneys was repaid by borrowers. 70. The present position is that 1,122 borrowers are indebted to the extent of £138,853 os. 3d. for business loans, and 4,233 borrowers owe £88,600 19s. 9d. for furniture loans —a total of £227,454 in respect of principal moneys. Housing Account. .. ; 71. The sum of £4,770 19s. 9d. was expended during the year in preparing land for dwellings. 72. Mortgages and instalments of principal repaid for the year amounted to £34,657 7s. 7d. 73. The total amount of interest collected was £29,167 os. 4d. Loans to Employers for Workers' Dwellings Account ; Fishing Industry Promotion Account ; Fruit-preserving Industry Advances Account ; Cold Storage Advances Account. 74. Mortgages and instalments of principal repaid for the year in respect of the above accounts amounted to £18,629 165., and the total amount of interest ; collected was £8,357 os. lid. .151 A statement of each account for the year, is attached. E. O. Hales, Superintendent. State Advances Office, Wellington, 13th June, 1931.

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STATE ADVANCES OFFICE. ADVANCES TO SETTLERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1931. Liabilities. £ s. d. Assets. Sundry loans .. .. .. .. 20,794,870 8 5 Investment Account — Principal owing by £ s. d. Temporary advances from— £ s. d. mortgagors .. .. .. .. 18 104 104 3 4 Local Authorities Branch 30,000 0 0 Temporary advances to— £ s. d'. Public Debt Sinking Funds Workers Branch ..2,340,000 0 0 Branch .. .. 65,000 0 0 Rural Advances Branch .. 740,000 0 0 Advances Office Sinking 3,080,000 0 0 Fund Account .. 565,000 0 0 Sinking Fund Investments held by Advances Miscellaneous Business Office Sinking Fund Account .. .. 1,736,600 12 1 Branch .. .. 361,250 0 0 Interest on mortgages— £ s. d. 1,021,250 0 0 Overdue .. .. 238,084 511 Amount held for investment on behalf of the Accrued .. .. 242 724 15 8 Housing Insurance Fund .. .. 5,631 12 1 ! 480,809 1 7 Advances Suspense Account .. .. 19,578 9 7 Office furniture and equipment .. .. 6'962 2 6 Fire Loss Suspense Account .. .. 7,360 3 0 Motor-vehicle .. .. .. .. 204 6 0 Income-tax Suspense Account .. .. 7,352 711 Sundry debtors .. .. .. .. 4,229 16 5 Sundry creditors ~ .. .. .. 4,649 3 6 Realization Suspense Account .. .. 611 Interest on loans accrued but not due .. 173,835 15 3 Loan Charges Account .. .. .. 159,687 17 2 Reserve for bad debts .. .. .. 124,852 611 Cash in hand and in bank at 31st March, 1931 223 530 12 9 Sinking Fund .. .. .. .. 1,736,600 12 1 Reserve Fund .. .. .. .. 25,000 0 0 £23,920,980 18 9 £23,920,980 18 9 Profit and Loss Account foe the Year ended 31st March, 1931. Dr. £ s. d. Or. £ g. d. To Management Expenses Account .. .. 32,854 610 By Interest Account—Gross profits .. .. 172,079 17 2 Loss on realization of securities and doubtful securities written down.. .. .. 102,104 3 6 Office furniture and equipment written down 366 8 6 Loan-flotation charges written down .. 12,930 12 3 Income-tax .. .. .. .. 8,510 15 11 Balance —Net profits for the year .. .. 15,31310 2 £172,079 17 2 £172,079 17 2 To Amount invested in Advances Office Sinking £ s. d. £ s. d. Fund Account ... .. .. 15,313 10 2 By Net profits for the year .. .. .. 15,313 10 2 £15,313 10 2 £15,313 10 2 Interest Account for the Year ended 31st March, 1931. Dr- £ s. d. £ s. d. Cr. £ B . d. £ s. d. To Interest on loans .. 942,022 6 7 By Interest on mortgages .. 901,789 11 6 Less accrued at 31st March, Less overdue and accrued 1930 .. .. 174,584 0 7 at 31st March, 1930 .. 389,519 16 11 767,438 6 0 512,269 14 7 Interest on loans accrued but not due .. 173,835 15 3 Interest on outstanding payments .. 239 13 7 Interest on amounts temporarily transferred Interest on bank balances .. ... 741 15 0 from other branches .. .. .. 43,920 7 2 Interest on temporary advances to other Interest on temporary investments refunded 4,545 11 11 branches .. .. .. .. 165,254 15 10 Balance —Gross profits transferred to Profit £ s. d. and Loss Account .. .. .. 172,079 17 2 Interest on temporary investments .. .. 2,567 17 2 Less accrued at 31st March, 1930 .. .. 63 0 3 2,504 16 11 Interest on mortgages— Overdue at 31st March, 1931 .. .. 238,084 5 11 Accrued but not due at 31st March, 1931 .. 242,724 15 8 — 480,809 1 7 £1,161,819 17 6 £1,161,819 17 6

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ADVANCES TO SETTLERS BRANCH— continued. Management Expenses Account fob the Yeab ended 31st March, 1931. Dr. £ s. d. I Or. £ s. d. To Advertising, newspapers, &c. .. .. 818 8 By Consent fees .. .. .. .. 78 15 0 Audit Office services .. .. .. 375 0 0 Production fees .. .. .. .. 728 17 4 Cleaning, lighting, heating, and messenger ser- Release fees .. .. .. .. 276 12 5 vices .. .. .. .. .. 467 4 9 Balance transferred to Profit and Loss Account 32,854 6 10 Contingencies .. .. .. .. 19 17 0 Management charges on New Zealand stock and bonds .. .. .. .. 2,533 1 6 Meal allowances and o'vertime .. .. 761 9 3 Office maintenance .. .. .. 176 14 7 Postages and telegrams .. .. .. 1,202 1 1 Post Office services .. .. .. 1,770 19 0 Printing and stationery .. .. .. 329 210 Public Service Superannuation Fund contribution .. .. .. .. 688 15 9 Rent .. .. .. .. .. 2,313 9 0 Salaries.. .. .. .. .. 22,136 1 3 Solicitors' costs and Court costs .. .. 56 12 4 Telephones .. .. .. .. 128 8 9 Travelling-expenses .. .. .. 232 2 4 Typewriters and adding-machines —Repairs .. 88 13 6 Valuation Department—Agency work .. 650 0 0 £33,938 11 7 £33,938 11 7 E. 0. Hales, Superintendent. R. Robertson, Accountant. State Advances Office, Wellington, 13th June, 1931. 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, 1931. Liabilities. . £ s. d. Assets. £ s. d. Bonds issued .. .. .. .. 3,978,950 0 0 Investment Account —Principal owing by mortTemporary advances from Settlers Branch .. 740,000 0 0 gagors .. .. .. .. 4,404,337 1 8 Advances Suspense Account .. ... 12,490 0 0 Temporary investments .. .. .. 39,831 15 0 Fire Loss Suspense Account ... .. 2,260 0 0 Interest on mortgages — £ s.. d. Suspense Account .. .. .. 89 12 11 Overdue .. .. 52,970 10 0 Income-tax Suspense Account .. .. 5,781 7 5 Accrued .. .... 63,801 12 8 Interest on loans accrued but not due .. 8,508 19 9 : 116,772 2 8 Profit and Loss Account .. .. .. 16,859 8 7 Sundry debtors .. .. .. ' .. 44 111 Loan Charges Account .. ... .. 202,585 1 7 Cash in hand and in bank at 31st March, 1931 1,369 5 10 £4,764,939 8 8 £4,764,939 8 8 Profit and Loss Account for the Year ended 31st March, 1931. . Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 3,629 15 0 By Interest Account —Gross profits .. .. 31,983 1 1 Loan-flotation charges written down .. 12,661 11 4 Income-tax .. .. .. .. 6,144 17 1 Balance—Net profits for the year .. .. 9,546 17 8 £31,983 1 1 £31,983 1 1 £ s. d. : £ s. d. To Balance—Net profits carried forward .. 16.859 8 7 By Balance as at 31st March. 1930 .. .. 7,312 10 11 Net profits for the year .. .. ' .. 9,546 17 8 £16,859 8 7 '...,, £16,859 8 7 Interest Account for the Yf,ar ended 31st March, 1931. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on bonds .. .. 162,501 1 0 By Interest on mortgages .. 182,446 11 5 Less accrued at 31st March, Less overdue and accrued at 1930 .. .. 5,650 9 231 st March, 1930 .. 59,209 16 1 156,850 11 10 123,236 15 4 Interest on bonds accrued but not due .. 8,508 19 9 Interest on temporary investments .. 328 13 8 Interest on amounts temporarily transferred Interest on bank balances .. .. 68 3 6 from Settlers Branch .. .. .. 43,063 2 6 Interest on mortgages — £ s. d. Balance —Gross profits transferred to Profit Overdue at 31st March, 1931 52,970 10 0 and Loss Account .. .. .. 31,983 1 1 Accrued but not due at 31st March, 1931 .. .. 63,801 12 8 116,772 2 8 £240,405 15 2 £240,405 15 2 Management Expenses Account for the Year ended 31st March, 1931. Dr. £ s. d. : Gr. £ s. d. To Audit Office services .. .. .. 105 0 0 By Consent fees .. .. .. .. 015 0 Cleaning, lighting, heating, and messenger services 55 0 0 Production fees .. .. .. .. 64 0 0 Postages and telegrams .. .. .. 171 4 6 Release fees .. .. .. .. 7 0 0 Post Office services .. .. .. 200 0 0 Balance transferred to Profit and Loss Account 3,629 15 0 Printing and stationery .. .. .. 150 0 0 Public Service Superannuation Fund contribution 53 0 0 Rent .. .. .. .. . . 270 0 0 Salaries .. .. .. .. .. 2,645 0 0 Solicitors' costs .. .. .. .. 2 5 6 Travelling-expenses .. .. .. 50 0 0 £3,701 10 0 £3,701 10 0 E. 0. Hales, Superintendent. R. Robertson, Accountant. State Advances Office, Wellington, 13th June, 1931. 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, 1931. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. .. 13,366,549 10 4 Investment Account —Principal owing by Temporary advances from Settlers Branch .. 2,340,000 0 0 mortgagors .. .. .. .. 15,276,957 3 7 Liability to Railway Department (Railway Sinking Fund investments hold by Advances housing) .. .. .. .. 14,300 0 0 Office Sinking Fund Account .. .. 78,561 18 5 Advances Suspense Account .. .. 46,315 0 2 Interest on mortgages— £ s. d. Fire Loss Suspense Account .. .. 1,514 6 6 Overdue .. .. 158,311 19 0 Income-tax Suspense Account .. .. 6,819 14 0 Accrued .. .. 200,385 15 6 Sundry creditors .. .. .. 504 5 0 358,697 14 6 Interest on loans accrued but not due .. 111,632 10 2 Interest on temporary investments, overdue 012 1 Reserve for bad debts .. .. .. 13,788 18 5 Unregistered Transfers Account (Railway Sinking Fund .. ... .... .. 78,561 18 5 employees) .. .. .. .. 14,300 0 0 Sundry debtors .. .. .. .. 6,723 1 2 Realization Suspense Account .. .. 13,788 18 5 Loan Charges Account .. .. .. 195,374 5 9 Profit and Loss Account .. .. .. 31,812 9 4 Cash in hand and in bank at 31st March, 1931 3,769 19 9 £15,979,986 3 0 £15,979,986 3 0 Profit and Loss Account foe the Yeae ended 31st Maech, 1931. Dr. £ s. d. Or. £ s. d. To Management Expenses Account .. .. 9,403 8 0 By Interest Account—Gross profits .. .. 60,991 17 10 Loss on realization of securities .. .. 17,941 5 1 Loan-flotation charges written down .. 16,000 17 5 Income-tax .. .. .. .. 7,449 14 0 Balance —Net profits for the year .. .. 10,196 13 4 £60,991 17 10 £60,991 17 10 £ s. d. £ s. d. To Balance as at 31st March, 1930 .. .. 42,009 2 8 By Net profits for the year .. .. .. 10,196 13 4 Balance .. .. .-. .. 31,812 9 4 £42,009 2 8 £42,009 2 8 Inteeest Account foe the Year ended 31st March, 1931. Dr. £ s. d. £ s. d. Or. £ s. d. £ s. d. To Interest on loans .. .. 610,680 5 0 By Interest on mortgages .. 725,401 3 4 Less accrued at 31st March, Less interest overdue and 1930 .. .. 101,262 5 2 accrued at 31st March, 509,417 19 10 1930 .. .. 291,643 14 10 Interest on amounts temporarily transferred 433,757 8 6 from other branches .. .. .. 121,183 6 8 Interest on bank balances .. .. 208 4 3 Interest on Railway expenditure (erection of Interest on outstanding payments .. .. 69 10 11 dwellings) .. .. .. .. 896 12 9 Interest on temporary investments .. 10,303 13 1 Interest on loans accrued but not due .. 110,547 6 3 Interest on temporary investments, overdue 012 1 Balance —Gross profits transferred to Profit Interest on mortgages — and Loss Account .. .. .. 60,991 17 10 Overdue at 31st March, £ s. d. 1931 .. .. 158,311 19 0 Accrued but not due at 31st March, 1931 .. .. 200,385 15 6 358,697 14 6 £803,037 3 4 £803,037 3 4 Management Expenses Account poe the Yeae ended 31st Maech, 1931. Dr. £ s. d. Gr. £ s , a. To Audit Office services .. .. .. 200 0 0 By Consent fees ~ .. .. .. 715 0 Cleaning, lighting, heating, and messenger ser- Cost of preparation of mortgages .. .. 73 6 6 vices .. .. .. .. .. 180 0 0 Production fees .. .. .. .. 510 13 5 Contingencies .. .. .. .. 4 0 0 Release fees .. .. .. .. 107 9 6 Management charges on New Zealand stock and Balance transferred to Profit and Loss Account 9,403 8 0 bonds .. .. .. .. .. 1,235 9 5 Post Offices services .. .. .. 575 0 0 Postages and telegrams .. .. .. 348 6 3 Printing and stationery .. .. .. 250 0 0 Public Service Superannuation Fund contribution .. .. .. .. .. 170 0 0 Rent .. .. .. .. .. 620 0 0 Salaries .. .. .. .. .. 6,043 0 0 Solicitors' costs and Court costs * 7 14 8 Travelling-expenses .. .. .. 119 2 1 Valuation Department—Agency work .. 350 0 0 12 5 £10,102 12 5 E. 0. Hales, Superintendent. State Advances Office, Wellington, 13th June, 1931. E. Robeetson, 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 or Liabilities and Assets as at 31st March, 1931. Liabilities, £ s. d. Assets. £ s. d. Sundry loans .. .. .. .. 2,778,690 15 7 Investment Account —Principal owing by local Loan-moneys —Unexpended balances under bodies .. .. .. .. .. 2,595,277 1 0 section 72, Local Bodies' Loans Act, 1913 .. 3,987 12 10 Temporary advances to Settlers Branch .. 30,000 0 0 Income-tax Suspense Account .. .. 691 10 8 Sinking Fund investments held by Advances Interest on loans accrued but not due .. 32,340 111 Office Sinking Fund Account .. .. 167,651 17 8 Sinking Fund .. .. .. .. 167,651 17 8 Interest on debentures— £ s. d. Overdue .. .. .. 6,929 18 7 Accrued .. .. .. 22,940 7 9 29,870 6 4 Sundry debtors .. ~ .. .. 22 10 1 Loan Charges Account .. .. .. 28,518 9 5 Profit and Loss Account .. .. .. 129,104 18 1 Cash in hand and in bank at 31st March, 1931 2,916 16 1 £2,983,361 18 8 £2,983,361 18 8 Profit and Loss Account for the Year ended 31st March, 1931. Dr. £ s. d. Or. £ •s. d. To Management Expenses Account .. .. 1,501 5 5 By Interest Account —Gross profits .. .. 4,892 13 9 Loan-flotation charges written down .. 1,081 4 10 Income-tax .. .. .. .. 735 3 1 Balance —Net profits lor the year .. .. 1,575 0 5 £4,892 13 9 £4,892 13 9 £ s. d. £ s. d. To Balance as at 31st March, 1930 .. .. 130,679 18 6 By Net profits for the year .. .. .. 1,575 0 5 Balance .. .. .. .. 129,104 18 1 £130,679 18 6 £130,679 18 6 Interest Account for the Year ended 31st March, 1931.' Dr. £ s. d. £ s. d. I Or. £ s. d. £ s. d. To Interest on loans .. .. 103,355 14 0 By Interest on debentures .. 105,579 1 9 Less accrued at 31st March, Less overdue and accrued at 1930 .. .. .. 32,360 12 11 31st March, 1930 .. 26,270 17 5 70,995 1 1 79,308 4 4 Interest on amounts temporarily transferred Interest on bank balances .. .. 57 12 9 from Settlers Branch .. .. .. 1,008 6 8 Interest on debentures — £ s. d. Interest on loans accrued but not due .. 32,340 111 Overdue at 31st March, 1931 6,929 18 7 Balance —Gross profits transferred to Profit Accrued but not due at 31st and Loss Account .. .. .. 4,892 13 9 March, 1931 .. .. 22,940 7 9 29,870 6 4 £109,236 3 5 £109,236 3 5 Management Expenses Account fob the Year ended 31st March, 1931. I Or. £ s. d. Dr. £ s. d. By Balance transferred to Profit and Loss Account 1,501 5 5 To Audit Office services .. .. .. 50 0. 0 Cleaning, lighting, heating, and messenger services 30 0 0 Management charges—New Zealand stock and bonds .. .. .. .. 299 5 5 Postages and telegrams .. .. .. 40 0 0 Post Office services .. .. .. .. 50 0 0 Printing and stationery .. .. .. 100 0 0 Public Service Superannuation Fund contribution 50 0 0 Rent .. .. .. .. 100 0 0 Salaries .. .. .. .. 782 0 0 £1,501 5 5 £1,501 5 5 E. 0. Hales, Superintendent. State Advances Office, Wellington, 13th June, 1931. 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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PUBLIC DEBT SINKING FUNDS BRANCH. Statement op Liabilities and Assets as at 31st March, 1931. Liabilities. Assets. Sinking Fund created under the provisions of £ s. d. Investment Account—Prinoi- £ s. d. £ s. d. the Public Debt Extinction Act, 1910 .. 3,258,955 19 4 pal owing on loans to — Advances Suspense Account .. .. 3,095 0 0 j Settlers .. .. 1,172,797 8 4 Fire Loss Suspense Account .. .. 899 10 0 Workers .. .. 65,138 9 9 Sundry creditors —Interest due to Consolidated Local bodies .. .. 2,004,275 12 5 Fund in accordance with section 12 (a), 3,242,211 10 6 Repayment of the Public Debt Act, 1925 .. 45,235 1 7 Temporary advances to Settlers Branch .. 65,000 0 0 Interest due to Treasury— £ s. d. Sundry debtors .. .. .. .. 156 11 9 Overdue .. .. 16,223 10 11 Interest overdue on loans to — £ s. d. Accrued .. .. 36,332 10 1 Settlers .. .. 9,728 1 1 52,556 1 0 Workers .. .. 407 2 6 Local bodies .. .. 6,088 7 4 16,223 10 11 Interest accrued on loans to — Settlers .. .. 15,333 13 1 Workers .. .. 814 19 11 Local bodies .. .. 20,183 17 1 36,332 10 1 Cash in hand and in bank at 31st March, 1931.. 817 8 8 £3,360,741 11 11 £3,360,741 11 11 Interest Account for the Year ended 31st March, 1931. Dr. £ s. d. Cr. To Interest on investments due to Consolidated By Interest on loans to — £ s. d. £ s. d. Fund in accordance with section 12 (a), Settlers .. .. .. 53,958 16 3 Repayment of the Public Debt Act, Workers.. .. .. 3,257 15 7 1925— Local bodies .. .. 88,493 11 2 Paid to Treasury .. .. .. 103,689 14 11 In hand at 31st March, 1931 .. .. 45,235 1 7 145,710 3 0 Overdue at 31st March, 1931 .. .. 16,223 10 11 Less overdue and accrusd Accrued at 31st March, 1931 .. .. 36,332 10 1 at 31st March, 1930 .. 45,155 10 11 100,554 12 1 201,480 17 6 Interest on bank balances .. .. .. 39 4 10 Less overdue and accrued at 31st March, Interest on outstanding payments .. .. 0 8 8 1930 .. .. .. .. 45,155 10 11 Interest on temporary advances to Settlers Branch .. .. .. .. 3,175 0 0 Interest overdue at 31st March, 1931, on loans to — £ s. d. Settlers .. .. .. 9,728 1 1 Workers.. .. .. 407 2 6 Local bodies .. .. 6,088 7 4 16,223 10 11 Interest accrued at 31st March, 1931, on loans to — Settlers .. . . .. 15,333 13 1 Workers.. .. .. 814 19 11 Local bodies .. .. 20,183 17 1 36,332 10 1 £156,325 6 7 £156,325 6 7 E. 0. Hales, Superintendent. State Advances Office, Wellington, 13th June, 1931. 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. C. Campbell, Controller and Auditor-General.

3—B. 13.

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ADVANCES OFFICE SINKING FUND ACCOUNT. Statement op Liabilities and Assets as at 31st Maech, 1931. Liabilities. Assets. Principal received as at 31st March, 1930, with Investment Account —Princiaccumulated interest from— £ s. d. pal owing on loans to — £ s. d. £ s. d. Settlers Branch .. .. .. 2,129,279 8 0 Settlers .. .. 938,247 3 4 Workers Branch .. .. .. 283,121 17 11 Workers .. .. 55,145 2 5 Local Authorities Branch .. .. 399,928 10 4 Local bodies .. .. 386,297 15 9 1,379,690 1 6 2,812,329 16 3 Temporary advances to Settlers Branch .. 565,000 0 0 Interest earned for the year ended 31st March, Sundry debtors .. .. .. .. 63 0 9 1931 — ' Interest overdue on loans to— £ s. d. • ■ Settlers Branch .. .. .. 77,372 15 10 Settlers .. .. 6,269 5 5 i 1 Workers Branch .. .. .. 3,531 8 5 Workers .. .. 621 7 9 Local Authorities Branch .. .. 7,536 1 0 Local bodies .. .". . 1,264 11 4 8,155 4 6 2,900,770 1 6 Interest accrued on loans to— Net profits transferred from Settlers Branch .. 15,313 10 2 Settlers .. .. 10,845 14 11 :i '■<! :.;." .. Workers .. .. 596 10 8 2,916,083 11 8 Local bodies .. .. 3,243 5 2 Less redemption of loans— £ s. d. 14,685 10 9 Settlers Branch .. 485,365 111 Cash in hand and in bank at 31st March, 1931.. 15,650 10 8 Workers Branch .. 208,091 7 11 Local Authorities Branch 239,812 13 8 933,269 3 6 : Total fund as at 31st March, 1931 .. .. 1,982,814 8 2 Advances Suspense Account .. .. 430 0 0 £1,983,244 8 2 £1,983,244 8 2 j — ■ — — Interest Account foe the Year ended 31st March, 1931. Dr. ' Or. To Interest on investments — Transferred to £ s. d. By Interest on loans to — £ s. d. £ s. d. Sinking Fund Account .. .. .. 88,440 5 3 Settlers .. .. .. 43,638 510 * Workers .. .. .. 2,607 9 6 Local bodies .. .. 17,851 8 6 64,097 3 10 > Less overdue and accrued at : I-: ■' 31st March, 1930 .. 22,020 1 2 42,077 2 8 Interest on bank balances .. .. .. 43 10 9 Interest on outstanding payments .. .. 24 13 3 Interest on temporarv advances to Settlers Branch.. .. .. .. .. 23,454 3 4 Interest overdue at 31st March, 1931, on loans to — £ s. d. : Settlers .. .. .. 6,269 5 5 Workers .. .. .. 621 7 9 Local bodies .. .. 1,264 11 4 8,155 4 6 ; Interest accrued at 31st March, 1931, on loans to — Settlers .. .. .. 10,845 14 11 I i Workers .. .. .. 596 10 8 Local bodies ... .. 3,243 5 2 =i , 14,685 10 9 £88,440 5 3 £88,440 5 3 '•:■■■, ■'■■'• ' _ [ E. 0. Hales, Superintendent. • State Advances Office, Wellington, 13th June. 1931. 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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MISCELLANEOUS BUSINESS BRANCH.—HOUSING ACCOUNT. Statement op Liabilities and Assets as at 31st Maboh, 1931. <* 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 Works Dwellings purchased .. 325,199 14 7 Fund .. .. .. 319,918 1 7 Sections purchased .. .. 2,630 13 5 Advances .. .. .. 315 5 10 732,306 10 11 328,145 13 10 Less loan liability redeemed Temporary advances to Settlers Branch .. 289,000 0 0 and discharged from Con- Completed dwellings .. .. .. 17,176 12 7 solidated Fund .. .. 19,468 9 4 Dwellings let .. .. .. .. 15,132 9 9 Freehold land .. .. .. .. 29,158 2 0 712,838 1 7 Sinking Fund investments held by Public Debt Less loan liability redeemed Redemption Fund.. .. .. .. *4,306 16 8 by Public Debt Repayment Insurance Fund investment held by Settlers , ■ . Account .. .. 100 0 0 Branch .. .. .. .. .. 5,631 12 1 712,738 1 7 Sundry debtors .. .. .. ... 796 10 5 Liability to Consolidated Fund in terms of section Interest on dwellings and land — £ s. d. 22, Finance Act, 1926 .. .. .. 100 0 0 Overdue .. .. .. 6,354 8 6 Sundry creditors .. .. .. .. 1,313 13 11 Accrued .. .. .. 40 5 6. •■ .- Suspense Account .. .. .. .. 1,010 2 1 ,— .... .6,394. .14 0 Insurance Fund .. .. .. .. 7,148 14 2 Rent overdue .. .. .. .. 999 10 6 Interest on loans — £ s. d. Insurance premiums— £ s. d. Overdue .. .. .. 17,177 16 5 Overdue .. .. .. 437 8 11 Accrued .. .. .. 3,844 3 4 Paid in advance .. .. 303 0 0 21,021 19 9 740 8 11 Sinking Fund .. .. .. .. 951 16 10 Realization Suspense Account .. .. 2,249 17 6 Reserve for losses on realization and bad debts .. 8,386 15 8 Profit and Loss Account .. .. .. 51,913 16 1 Cash in hand and in bank at 31st March, 1931 .. 1,024 19 8 £752,671 4 0 £752,671 4 0 * This amount includes the sum of £3,354 19s. 10d. capital paid into the Sinking B'und in accordance with the Public Debt Extinction Act, 1910. ~ Profit and Loss Account fob the Yeab ended 31st Mabch, 1931. •■ ■'' Dr. £ s. d. (Jr. £ B . d. To Management Expenses Account .. .. 2,272 11 2 By Interest Account —Gross profits .. .. 512 15 7 Dwellings maintenance .. .. .. 1,861 11 3 Sale of land and dwellings .. .. 124 710 Losses on realization of securities and doubtful Balance —Loss for the year .. .. 6,512 19 0 securities written down .. .. 3,016 0 0 £7,150 2 5 £7,150 2 5 £ s. d. £ s. d. To Balance as at 31st March, 1930 .. .. 45,400 17 1 By Balance .. .. .. .. 51,913 16 1 Loss for the year .. .. .. 6,512 19 0 £51,913 16 1 £51,913 16 1 Interest Account for the Year ended 31st March, 1931. ■ ',■,.,, ■ Dr. £ s. d. £ s. d. Or. £ s. d. £ s. d. To Interest on loans .. .. 28,585 2 3 By Interest on land and dwellings 15,431 11 5 Less accrued at 31st March, Less overdue and accrued at 1930 .. .. .. 3,889 12 5 31st March, 1930 .. 6,509 5 7 : 24,695 9 10 i ' 8,922 5 10 Interest on loans accrued but not due .. 3,844 3 4 Interest on amounts temporarily transferred to Balance —Gross profits transferred to Profit Settlers Branch .. .. .. 13,695 16 8 and Loss Account .. .. .. 512 15 7 Interest on bank balances .. .. 39 12 3 Interest on dwellings and land— £ s. d. Overdue at 31st March, 1931 6,354 86 Accrued but not due at 31st March, 1931 .. .. 40 5 6 6,394 14 0 £29,052 8 9 £29,052 8 9 Management Expenses Account foe the Year ended 31st March, 1931. Dr. £ s. d. Or. £ s . d. To Audit Office services .. .. .. 95 0 0 By Sundry fees .. .. .. ..... |4,. 5; 0 Cleaning, lighting, heating, and messenger Balance transferred to Profit and Loss Account 2,272* 11 2 services .. • • .. ' • • 25 0 0 Fees paid for special services in respect of securities .. . . • ■ • • 89 3 7 Postages and telegrams .. .. .. 35 0 0 Post Office services .. .. 200 0 0 Printing and stationery .. .. .. 75 0 0 Public Service Superannuation Fund contribution 60 0 0 ■!..:: Rent .. ■■ 85 0 0 Salaries 1,349 0 0 ~.< ;, ,:< ;.:; Solicitors' costs .. .. .. .. 23 12 7 Valuation Department—Agency work .. 250 0 0 £2,286 16 2 £2,286 16 2 E. O. Hales, Superintendent. State Advances Office, Wellington, 13th June, 1931. 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. 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 Mabch, 1931. Liabilities. £ a. d Assets. £ s. d. Sundry loans .. .. .. .. 3,975 0 0 Investment Account —Principal owing by mortgagors 2,378 0 2 Income-tax Suspense Account .. .. .. 4 9 1 Temporary advances to Settlers Branch .. 1,450 0 0 Interest on Loans — £ s. d. Sinking Fund investments held by Public Debt Overdue .. .. .. 118 16 7 . Redemption Fund .. .. .. .. 43 7 0 Accrued .. .. .. 38 15 5 Interest on mortgages — £ s. d. 157 12 0 Overdue .. .. .. 308 5 6 Sinking Fund .. .. .. .. 43 7 0 Accrued .. . . .. 0 6 3 Profit and Loss Account .. .. .. 34 14 9 308 11 9 Cash in hand and in bank at 31st March, 1931 .. 35 311 £4,215 2 10 £4,215, 2 10 Profit and Loss Account for the Year ended 31st March, 1931. Dr. £ s. d. Or. £ s. d. To Administration expenses .. .. 10 0 0 By Interest Account —Gross profits .. 28 8 7 Income-tax .. .. .. .. ..491 Balance —Net profits for the year .. 13 19 6 £28 8 7 , £28 8 7 £ s. d. £ s. d. To Balance—Net profits carried forward .. .. 34 14 9 By Balance as at 31st March, 1930 .. .. 20 15 3 Net profits for the year .. .. 13 19 6 £34 14 9 £34 14 9 Interest Account tor the Year ended 31st March, 1931. Dr. £ s. d. £ s. d. Gr. £ s. d. £ s. d. To Interest on loans .. .. 159 0 0 By Interest on mortgages .. 103 8 3 Less accrued at 31st March, 1930 38 15 5 Interest on mortgages— 120 4 7 Overdue at 31st March, 1931 308 5 6 Interest on loans accrued but not due .. .. 38 15 5 Accrued at 31st March, 1931 0 6 3 Balance —Gross profits transferred to Profit and Loss Account .. .. .. .. 28 8 7 412 0 0 Less overdue and accrued at 31st March, 1930 .. 291 18 11 120 1 1 Interest on bank balances .. .. .. 0 17 6 Interest on temporary advances to Settlers Branch 66 10 0 £187 8 7 . £187 8 7 Management Expenses Account for the Year ended 31st March, 1931. Dr. £ s. d. ! Gr. £ s. d. To Administration expenses .. .. .. 10 0 0 By Balance transferred to Profit and Loss Account .. 10 0 0 £10 0 0 I £10 0 0 E. 0. Hales, Superintendent. State Advances Office, Wellington, 13th June, 1931. . 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 of Liabilities and Assets as at 31st March, 1931. Liabilities. £ s. d. £ s. d. j Assets. £ s. d. Sundry loans .. .. .. 67,858 14 3 Investment Account—Principal owing by mortLess loan liability redeemed and gagors .. .. .. .. .. 30,953 11 6 discharged from Consolidated Properties acquired .. .. .. .. 4,212 8 6 Fund .. .. .. 6,008 14 3 Temporary advances to Settlers Branch .. .. 25,500 0 0 Sinking Fund investments held by Public Debt 61,850 0 0 Redemption Fund .. .. .. .. *790 6 5 Less loan liability redeemed by Interest on mortgages — £ s. d. Public Debt Repayment Ac- Overdue .. .. .. 1,656 2 4 count .. ... .. 5,000 0 0 Accrued .. .. .. 239 1 10 56,850 0 0 1,895 4 2 Liability to Consolidated Fund in terms of section Sundry debtors .. .. .. .. 113 0 2 22, Finance Act, 1926 .. .. .. 5,000 0 0 Profit and Loss Account .. .. .. 4,269 5 0 Suspense Account .. .. .. .. 165 9 0 Cash in hand and in bank at 31st March, 1931 .. 310 2 6 Income-tax Suspense Account .. .. 30 8 10 Interest on loans— £ s. d. Overdue .. .. .. 1,137 0 0 Accrued .. .. .. 1,130 15 4 2,267 15 4 Rent accrued .. .. .. .. 37 1 8 Reserve for losses on realization and bad debts .. 3,515 13 10 Sinking Fund .. .. .. .. 177 9 7 £68,043 18 3 £68,043 18 3 • This amount includes the sum of £612 16s. 10d. 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, 1931. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 100 0 0 By Interest Account—Gross profits .. .. 315 7 1 Expenses on realization of assets .. .. 92 5 7 Income-tax .. .. .. .. 30 8 10 Balance —Net profits for the year .. .. 92 12 8 £315 7 1 '.'."'.". £315 7 1 £ s. d. £ s. d. To Balance as at 31st March, 1930 .. .. 4,361 17 8 By Net profits for the year .. .. .. 92 12 8 Balance .. .. .. .. .. 4,269 5 0 £4,361 17 8 £4,361 17 8 Interest Account for the Year ended 31st March, 1931. Dr. £ s. d. £ s. d. | Cr. £ s. d. £ s. d. To Interest on loans .. .. 2,308 16 0 j By Interest on mortgages .. .. 1,339 13 3 Less accrued at 31st March, 1930 1,162 3 4 Interest on mortgages — 1,146 12 8 : Overdue at 31st March, 1931 .. 1,656 2 4 Interest on loans accrued but not due .. 1,130 15 4 j Accrued at 31st March, 1931 .. 239 110 Balance —Gross profits transferred to Profit and Loss Account .. .. ■•"•.. .. 315 7 1 3,234 17 5 Less interest overdue and accrued at 31st March, 1930 ..1,848 4 2 1,386 13 3 ) Interest on bank balances .. .. .. 1 10 2 • Interest on temporary advances to Settlers Branch .. .. .. .. .. 1,204 11 8 £2,592 15 1 £2,592 15 1 Management Expenses Account for the Year ended 31st March, 1931. l>. .... £ 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 .. .. .. ..500 £100 0 0 £100 0 0 E. 0. Hales, Superintendent. State Advances Office, Wellington, 13th June, 1931. 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. C. Campbell, Controller and Auditor-General.

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COLD-STORAGE ADVANCES ACCOUNT. Statement op Liabilities and Assets as at 31st March, 1931. Liabilities. Assets. £ s. d. £ s. d. £ a, d. Sundry loans .. .. .. 82,750 0 0 Investment Account—Principal owing by mortLess loan liability redeemed and gagors .. .. .. .. .. 20,090 10 0 discharged from Consolidated Temporary advances to Settlers Branch .. 41,700 0 0 Fund .. .. .. 7,500 0 0 Sinking Fund investments held by Public Debt Redemption Fund .. .. .. *1,198 5 1 75,250 0 0 Interest on mortgages — £ s. d. Less Joan liability redeemed by Overdue .. .. ■ ' 1 103 9 5 Public Debt Repayment Ac- Accrued .. .. .. 397 4 0 count .. .. .. 1,530 0 0 1,500 13 5 73 > 720 0 0 Sundry debtors .. .. .. .. 23 2 0 Liability to Consolidated Fund in terms of sec- Realization Suspense Account .. .. 10,068 16 1 tion 22, Finance Act, 1926 .. .. 1,530 0 0 Profit and Loss Account .. .. .. 13,753 10 6 Interest on loans— £ s. d. Cash in hand and in bank at 31st March, 1931 .. 108 4 5 Overdue .. .. .. 2,270 8 0 Accrued .. .. .. 244 3 5 2,514 11 5 Reserve for bad debts .. .. .. 10,068 16 1 Sinking Fund .. .. .. ... 609 14 0 £88,443 1 6 £88,443 1 6 ♦ This amount includes the sum of £588 11s. Id. 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, 1931. Dr. £ s. d. I Or. £ s . d. To Management Expenses Account .. .. 115 0 0 By Interest Account—Gross profits .. .. 159 11 8 Loss on realization of securities .. .. 10,068 16 1 Balance —Loss for the year .. 10,024 4 5 £10,183 16 1 £10,183 16 1 £ s. d. £ s . d. To Balance as at 31st March, 1930 .. .. 3,729 6 1 By Balance .. .. .. .. 13,753 10 6 Loss for the year .. .. .. 10,024 4 5 £13,753 10 6 £13,753 10 6 Interest Account for the Year ended 31st March, 1931. Dr. £ s. d. £ s. d. , Or. £ s. d. £ s. d. To Interest on loans .. .. 2,948 16 0 By Interest on mortgages .. 3,539 5 3 Less accrued at 31st March, 1930 244 3 5 Interest on mortgages— 2,704 12 7 I Overdue at 31st March, 1931.. 1,103 9 5 Interest on loans accrued but not due .. 244 3 5 j Accrued at 31st March, 1931.. 397 4 0 Balance —Gross profits transferred to Profit and Loss Account .. .. ~ 159 11 8 5,039 18 8 Less overdue and accrued at 31st March, 1930 .. 3,818 11 6 1,221 7 2 Interest on bank balances .. .. .. 2 0 6 Interest on temporary advances to Settlers Branch.. .. .. .. .. 1,885 0 0 £3,108 7 8 £3,108 7 8 Management Expenses Account for the Year ended 31st March, 1931. Dr. £ s. d. Or. £ s 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 E. O. Hales, Superintendent. State Advances Office, Wellington, 13th June, 1931. 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 op Liabilities and Assets as at 31st Maech, 1931. Liabilities. £ s. d. £ s. d. 1 Assets. £ a. d. Sundry loans .. .. .. 5,571 19 2 ! Investment Account—Principal owing on bills of sale 679 4 2 Less loan liability redeemed and . j Temporary advances to Settlers Branch .. .. 3,600 0 0 discharged from Consolidated Fund 1,036 19 2 Sinking Fund investments held by Public Debt ——- Redemption Fund .. .. .. .. *52 9 10 4,535 0 0 Interest on bill| of sale— £ s. d. Less loan liability redeemed by Overdue .. .. .. 12 19 9 Public Debt Repayment Account 1,060 0 0 Accrued .. .. .. 11 7 6 3,475 0 0 24 7 3 Liability to Consolidated Fund in terms of section | Sundry debtors .. .. .. .. 10 1 0 22, Finance Act, 1926 .. .. .. 1,060 0 0 I Profit and Loss Account .. .. .. 299 8 2 Income-tax Suspense Account . . . . .. 8 3 3 j Cash in hand and in bank at 31st March, 1931 .. 26 1 0 Interest on loans — £ s. d. Overdue .. .. .. 86 1 10 Accrued .. .. .. 50 19 11 137 1 9 Sinking Fund .. .. .. .. 11 6 5 £4,691 11 5 ,-. £4,691 11 5 * This amount includes the sum of £41 3s. sa. 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, 1931. Dr. £ s. d. Or. £ s. d. To Management Expenses Account .. .. 17 2 0 By Interest Account—Gross profits .. .. 50 6 8 Income-tax .. .. .. .. 833 Balance —Net profits for the year .. ..' 25 1 5 £50 6 8 £50 6 8 £ s. d. £ s. d. To Balance at 31st March, 1930 .. .. 324 9 7 By Net profits for the year .. .. .. 25 1 5 Balance .. .. .. .. .. 299 8 2 £324 9 7 £324 9 7 Interest Account for the Year ended 31st March, 1931. Dr. £ s. d. £ s. d. I Or. £ s. d. £ s. d. To Interest on loans .. .. .. 155 2 6 \By Interest on bills of sale .. .. 42 5 1 Less accrued at 31st March, 1930 .. 50 19 11 Less overdue and accrued at 31st 104 2 7 March, 1930 .. .. 33 2 5 Interest on loans accrued but not due .. 50 19 11 9 2 8 Balance —Gross profits transferred to Profit and - Interest on bank balances .. .. .. 016 9 Loss Account .. .. .. 50 6 8 Interest on temporary advances to Settlers Branch 171 2 6 Interest on bills of sale— £ s. d. Overdue at 31st March, 1931 .. 12 19 9 Accrued at 31st March, 1931 .. 11 7 6 24 7 3 £205 9 2 £205 9 2 — I - ~, Management Expenses Account foe the Year ended 31st March, 1931. Dr. . , . £ s. d. ; Gr. £ a. d. To Administration expenses . . .. 10 0 0 By Balance transferred to Profit and Loss Account . . 17 2 0 Audit Office services .. .. .. ..500 Survey fees .. .. .. ..220 £17 2 0 £17 2 0 E. O. Hales, Superintendent. State Advances Office, Wellington, 13th June, 1931. 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, 1931. Liabilities. I Assets. Liability to Redemption Account as at Ist April, £ s. d. Investment Account —Principal £ s. d. £ s. d. 1925 .. .. .. .. 1,290,182 2 1 owing on bills of sale .. 227,454 0 0 Less repayments to 31st March, 1931 .. 168,246 010 Less suspense-adjustments .. 152 12 4 227,301 7 8 1,121,936 1 3 Interest on bills of sale, overdue .. .. 5,258 0 1 Less expenditure irrecoverable £ s. d. Cash in hand and in bank at 31st March, 1931 .. 594 210 to 31st March, 1930 .. 879,972 16 0 Losses on realization for the year ended 31st March, 1931 12,403 0 9 Management Expenses Account for the year ended 31st March, 1931. .. 2,258 16 10 894,634 13 7 Liability to Redemption Account as at 31st March, 1931 .. .. .. .. 227,301 7 8 Sundry creditors, Treasury — £ s. d. Interest .. .. .. 187 15 11 Principal .. .. 352 17 10 540 13 9 Suspense Account .. .. ■ • ■ • 53 9 1 Interest on advances from War Expenses Account, overdue .. .. .. 5,258 0 1 £233,153 10 7 £233,153 10 7 Interest Account foe the Year ended 31st March, 1931. Dr. £ s. d. Or. ■ £ s. d. £ s. d To Interest paid to Treasury .. .. .. 1,436 5 6 By Interest on bills of sale.. .. 1,874 710 Interest in hand due to Treasury at 31st March, Interest on bills of sale, overdue 1931 .. .. .. .. .. 187 15 11 at 31st March, 1931 .. 5,258 0 1 Interest due to Treasury, overdue at 31st March, 1931 .. .. .. .. 5,258 0 1 7,132 7 11 Less overdue at 31st March, 1930 5,847 5 7 6,882 1 6 j Less interest due to Treasury, overdue at 1,285 2 4 31st March 1930 .. .. •■ 5,847 5 7 Less realizations —Interest .. 324 4 7 960 17 9 Interest on bank balances .. .. 73 18 2 £1,034 15 11 £1,034 15 11 Management Expenses Account for the Year ended 31st March, 1931. Dr. £ s. d. Or. £ s. d. To Audit Office services .. .. .. 60 0 0 By Sundry fees .. .. .. .. 615 10 Cleaning and messenger services .. .. 50 0 0 Balance recouped in accordance with section Commission .. ■■ ■■ ■■ 6 6 0 13 (3), State Advances Amendment Act, 1922 2,258 16 10 Postages and telegrams .. .. . . 175 0 0 Post Office services .. .. ■ • • • 230 0 0 Printing and stationery .. .. • • 25 0 0 Rent 170 0 0 Salaries 1,430 0 0 Solicitors' costs .. . • • ■ ■ ■ 64 16 8 Training-expenses .. . • •. ■ • 34 10 0 Travelling-expenses . - • • • ■ 20 0 0 £2,265 12 8 £2,265 12 8 E. O. Hales, Superintendent. State Advances Office, Wellington, 13th. June, 1931. 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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