STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1933.

Appendix to the Journals of the House of Representatives, 1933 Session I, B-13

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1933. N K W Z EALA N D.

STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1933.

Laid before Parliament pursuant to Subsection (3) of Section 64 of the State Advances Act, 191,3.

THIRTY - NINTH AN N UAL REPORT.

1. The State Advances Superintendent administers the following : — (a) Advances to Settlers (established 1894). (b) Rural Advances (established 1927). (c) Advances to Workers (established 1907). (d) Advances to Local Authorities (established 1910). (e) Public Debt Sinking Funds (moneys invested for the redemption of the public debt), (established 1910). (/) Advances Office Sinking Fund (moneys invested for the redemption of State Advances loans), (established 1913). 2. Although many of the Department's mortgagors have, through reduced incomes, intermittent employment, and increased taxation, been unable to meet the full requirements under their mortgages, 62 per cent, of the mortgagors are still meeting their commitments to the Department within the rebate period and thereby earning the J-per-cent. reduction in their interest payments. 3. To assist those urban and suburban mortgagors who, through adverse circumstances, are unable to meet their commitments in full on the half-yearly due date, the Department has instituted a collection system whereby mortgagors pay weekly towards current instalments. The appreciation of mortgagors to the assistance provided in this respect is reflected in the figures for the eight months' collection operations which, to the 30th June, 1933, number .179,770, and amount to £274,075. 4. So far as possible, securities are not forced on the market. In some cases realization proceedings are necessary, but in the main a policy of " nursing " securities against better times is being followed. 5. The claims of mortgagors in difficulties and deserving of further assistance are considered, with the result that many remain in possession of their properties, provided an amount approximating the current instalment is paid during the half-yearly period. 6. The ultimate losses of the Department, due to the prolonged economic depression, will not be ascertained until prices and wages are stabilized. Unless the price-levels of primary produce substantially increase, the losses will be considerable. To provide against this contingency provision is made in the year's accounts. 7. The necessity for further provision in the Advances Office Sinking Fund, created for the redemption of the State Advances loan liability, is also present, and this fund will be further added to as funds permit. No accretion to the fund was possible for the past year.

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8. The total amount advanced from the inception of the Office in 1894 up to the 31st March, 1933, was £75,383,597 6s. Id. Payments of halfyearly instalments, together with repayments in full to release securities, have to date totalled £31,549,209 12s. 4d., leaving a balance outstanding of £43,834,387 13s. 9d. 9. The total losses from the inception amount to £664,027 10s. 10d., or 17s. 7d. in every £100 of the amount advanced. This total does not include losses which may in fact exist but are not definitely ascertainable until securities are realized. 10. The percentage of arrears to the balance of advances outstanding at the close of the year was 4-199 per cent. 11. The total capital amounts to £45,397,903 12s. 5d., and the cost of management expenses is £54,617 4s. 7d., being 0-120 per cent, or 2s. sd. per £100 of the capital employed. 12. Mortgages and instalments of principal repaid during the year amounted to £1,362,776 19s. 13. The interest collected amounted to £2,222.626 25., and interest capitalized was £29,575 ss. lid. 14. The interest earned for the year on the Sinking Funds administered was :— £ s. d. Public Debt Sinking Funds .. .. .. .. 152,284 6 5 Advances. Office Sinking Funds .. .. .. 100,756 2 4 15. The commitments in respect of loans granted and not paid over in whole or in part at the 31st March, 1933, amounts to £69,110. 16. Rural Advances bonds to the value of £211,400 were issued during the year. 17. The total advances now current are as follows:—

18. The number and amount of current advances classified into (a) Rural land, (b) urban and suburban land, are as follows :—

19. The average balance of principal outstanding per mortgagor is : — £ Loans on rural properties .. .. .. .. .. .. 1,070 Loans on urban and suburban properties .. ~ ~ .. 550 Loans to local authorities .. .. .. .. .. .. 12,540

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Freeholds Leaseholds Freeholds and leaseholds combined Debentures issued by local bodies .. Totals Loans Number. 20 9 30 933 037 380 350 to 19 3 23 Settlers. Amount. £ ,654,167 ,916,910 401,957 ,973,034 Loans Number. 22 1 24 ,777 ,459 ,236 to 14 14 Workers. Amount. £ ,125,843 782,325 ,908,168 Loans to Local Authorities. Number. 395 Amount. £ 4,953,185 395 .'4,953,185 1 Numbe 43, 10, 54, 710 496 380 395 981 Totals. Amount. £ 33,780,010 4,699,235 401,957 4,953,185 43,834,387

Rural land Urban and suburban land Totals Loans Nnmber, 17 13 30 ,074 ,276 ,350 to 18 .5 23 Settlers. Amount. £ ,266,092 ,706,942 ,973,034 Loans Number. 24 24 ,236 ,236 to 14 14 Workers. Amount. £ ,908,168 ,908,168 Loans to Local Authorities. Number. 154 241 395 Amount. £ 1,436,868 3,516,317 4,953,185 Totals. Number. 17 37 54 ,228 ,753 ,981 Amount. £ 19,702, 24,131, 43,834, 960 427 387

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20. The number and amount of advances, classified in accordance with the tenure of the security, paid over during the year are as follows :• —

21. Consequent 011 the Department exercising its powers of sale, the following advances granted to purchasers replaced existing mortgages : — Number. Amount. £ Loans to settlers .. .. .. .. .. 159 175,660 Loans to workers .. .. .. .. 53 88,440 212 £264,100 22. For the year funds amounting to £105,565, provided by Treasury in accordance with the Earthquake Act, 1931, were paid to local bodies. MISCELLANEOUS BUSINESS BRANCH. 23. Under this Branch the administration of the following accounts, created as national emergency measures during the war period, was transferred by amalgamation to the State Advances Superintendent in 1922. The functions in respect of each account are now limited. (a) Housing Account. (b) Loans to Employers for Workers' Dwellings Account. (c) Fruit-preserving Industry Advances Account. (d) Cold-storage Advances Account. (e) Fishing-industry Promotion Account. (/) Repatriation. Housing Account. 24. No moneys were expended during the year in acquiring land, preparing land for dwellings, or in the erection of houses. 25. The amount outstanding in respect of 490 homes under agreements to purchase is £278,438 12s. 4d., and the arrears at the close of the year were £11,077 Is. 3d. Repatriation. 26. During the year the sum of £3,404 17s. Id. (principal moneys), was repaid by borrowers. 27. The present position is that 960 borrowers are indebted to the extent of £126,819 14s. lOd. for business loans, and 3,947 borrowers owe £208,747 os. lOd. in respect of principal moneys. 28. Mortgages-and instalments of principal repaid for the year in respect of the above sundry accounts amounted to £63,335 7s. 6d., and the interest collected was £32,489 17s. 3d. E. 0. Hales, Superintendent. State Advances Office, Wellington, 30th June, 1933.

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Freeholds Leaseholds Freeholds and leaseholds bined Debentures issued by bodies • Totals .. cornlocal Loans Number. 120 44 9 173 to Settlers. Amount, £ 68,915 19,415 8,070 96,400 Loans Number. 69 1 70 o Workers. Amount. £ 8,230 1,200 9,430 Loans to Local Bodies. Number. 2 2 Amount. £ 720 720 Totals. Number. 189 45 9 2 245 Amount. 77 20 8 106 £ 145 615 070 720 550

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STATE ADVANCES OFFICE. ADVANCES TO SETTLERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1933. Liabilities. £ s. d. I Assets. Sundry loans .. .. .. .. 20,255,970 8 5 i Investment Account—Principal owing by mort- £ s. d. Temporary advances from— £ s. d. gagors .. .. .. .. 17,435,211 16 6 Local Authorities Branch 199,000 0 0 Temporary investments .. .. .. 425,000 0 0 Public Debt Sinking Funds Temporary advances to— £ s. d. Branch .. .. 220,000 0 0 Workers Branch . . 2,642,000 0 0 Advances Office Sinking Rural Advances Branch .. 757.000 0 0 Fund Account .. 853,000 0 0 - 3,399,000 0 0 Miscellaneous Business Sinking Fund Investments held by Advances Branch .. .. 332,410 0 0 Office Sinking Fund Account .. .. 1,910,946 8 2 1,604,410 0 0 Interest on mortgages— £ s. d. Amount held for investment on behalf of the Overdue .. .. 629,168 12 0 Housing Insurance Fund .. .. 6,755 14 9 Accrued .. .. 2ie!559 5 4 •Advances Suspense Account .. .. 4,171 14 1 g4g 727 17 4 lire Loss Suspense Account .. .. 10,888 14 5 Interest on temporary investments accrued .. 9,021 1] 0 Sundry creditors .. .. .. .. 2,373 16 9 Office furniture and equipment .. .. 7,201 8 3 Weekly rental and instalment collections held Motor-vehicles .. .. .. .. 915 2 6 pending allocation .. .. .. 23,068 13 11 Sundry debtors .. .. " 737 0 6 Interest on loans— £ s. d. Securities Protection Suspense Account .. 8,413 10 II Deferred .. .. 118,977 5 6 Lodgment Transit Account .. .. 5,792 11 6 Overdue .. .. 11,872 17 1 Realization Suspense Account .. .. 106,887 10 1 Accrued but not due .. 169,864 15 4 Loan Charges Account .. .. .. 136,008 1 9 300,714 17 11 Cash in hand and in bank at 31st March, 1933 77,731 15 3 Reserve for bad debts .. .. .. 224,294 5 4 Sinking Fund .. .. .. .. 1,910,946 8 2 Reserve Fund .. .. .. .. 25,000 0 0 £24,368,594 13 9 £24,368,594 13 9 Profit and Loss Account for the Year ended 31st March, 193-3. £ s - d. Cr. £ s. d. I'o Management Expenses Account .. .. 33,545 911 By Interest Account—Gross profits .. .. 38,049 8 0 Loss on realization of securities, and doubtful Balance—Loss for the year .. . . 101,781 0 0 securities written down .. .. .. 92,743 13 0 Depreciation on— £ s. d. Furniture and equipment .. 379 0 5 Motor-vehicles .. .. 154 4 8 533 5 1 Loan-fiotation charges written down .. 13,008 0 0 £139,830 8 0 £139,830 8 0 £ s. d. £ s . d. lo Loss for the year.. .. .. .. 101,781 0 0 By Recoupment from Treasury—Reduction of interest under the National Expenditure Adjustment Act, 1932 .. .. .. 101,781 0 0 £101,781 0 0 £101,781 0 0 Interest Account for the Year ended 31st March, 1933. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans . . .. 975,788 3 0 By Interest on mortgages .. 749,238 111 Less accrued at 31st March, Less overdue and accrued 1932 •• ■■ 170,114 18 2 at 31st March, 1932 700,178 13 9 — 805,673 4 10 49,059 8 2 interest on loans accrued but not due .. 169,864 15 4 Interest on temporary investments .. 11,031 10 6 Interest on amounts temporarily transferred Interest on outstanding payments.. .. 72 17 2 from other branches .. .. .. 71,402 0 8 Interest on bank balances .. .. 906 13 0 Balance—Gross profits transferred to Profit Interest on temporary advances to other and Loss Account .. .. .. 38,049 8 0 branches .. .. .. .. 169,169 11 8 Interest on temporary investments (accrued) 9,021 11 0 Interest on mortgages— Overdue at 31st March, £ s. d. 1933 .. .. 629,168 12 0 Accrued but not due at 31st March, 1933 .. 216,559 5 4 845,727 17 4 £1,084,989 8 10 £1,084,989 8 10

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ADVANCES TO SETTLERS BRANCH —continued. Management Expenses Account for the Year ended 31st March, 1933. Dr. £ s. d. Cr. £ s. d. To Advertising, newspapers, &c. .. .. 14 14 6 By Consent fees .. .. .. .. 68 9 6 Audit Office services .. .. .. 395 0 0 Cost of preparation of mortgages .. .. 89 12 6 Cleaning, lighting, heating, and messenger ser- Production fees .. .. .. .. 394 12 8 vices .. .. .. .. .. 279 9 1 Release fees .. .. .. .. 214 2 3 Commission .. .. .. .. 1,094 1 1 Balance transferred to Profit and Loss Account 33,545 9 11 Contingencies .. .. .. . . 11 14 4 Employers' liability insurance .. .. 22 10 4 ! Fidelity guarantee bonds .. .. .. 40 0 0 Inspection fees .. .. .. .. 17 19 1 Management charges on New Zealand stock and bonds .. .. .. .. 2,531 16 3 Meal allowances and overtime .. .. 956 6 3 Motor maintenance .. .. .. 146 12 4 Office maintenance .. .. .. 268 7 4 Postages and telegrams .. .. .. 1, 147 8 1 Post Office services .. .. .. 1,662 5 0 Printing and stationery .. .. .. 492 5 11 Public Service Superannuation Fund contribution .. .. .. .. .. 313 8 4 Rent .. .. .. .. .. 1,925 6 4 Salaries .. .. .. .. .. 19,743 13 9 Solicitors' costs and Court costs .. .. 620 5 7 Telephones .. .. .. .. 169 11 7 Travelling-expenses .. .. .. 276 10 6 Typewriters and adding-machines (repairs) .. 98 1 2 Valuation Department—Agency work .. 2,085 0 0 £34,312 6 10 £34,312 6 10 E. 0. Hales, Superintendent. State Advances Office, Wellington, 30th June, 1933. 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, except that the amount of exchange paid in respect of the interest which has been paid in London on the loans of this account has not been charged to the account, but has been borne by the Consolidated Fund.—G. F. C. Campbell, Controller and Auditor-General.

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RURAL ADVANCES BRANCH. Statement of Liabilities and Assets as at 31st March, 1933. Liabilities. £ s. d. Assets. £ s. d. Bonds issued .. .. .. .. 4,213,050 0 0 Investment Account—Principal owing by mortTemporary advances from Settlers Branch .. 757,000 0 0 gagors .. .. .. .. .. 4,560,852 14 5 Advances Suspense Account .. .. 1,525 0 0 Interest on mortgages — £ s. d. Fire Loss Suspense Account .. .. 3,667 13 3 Overdue .. .. 231,789 13 8 Sundry creditors .. .. .. .. 89 11 9 Accrued .. .. 57,641 15 4 Weekly rental and instalment collections held 289,431 9 0 pending allocation .. .. .. 116 16 3 Sundry debtors .. .. .. .. 017 6 Interest on loans accrued but not due .. 9,233 10 2 Securities Protection Suspense Account .. 554 14 8 Reserve for bad debts .. .. .. 50,551 II 9 Realization Suspense Account .. .. 6,848 6 2 Loan Charges Account .. .. .. 177,297 16 2 Cash in hand and in bank at 31st March, 1933 .. 248 5 3 £5,035,234 3 2 £5,035,234 3 2 Profit and Loss Account for the Year ended 31st March, 1933. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 6,108 6 1 By Balance—Loss for the year .. . . 68,812 2 6 Interest Account .. .. .. 9,39212 Loss on realization of securities and doubtful securities written down .. .. 40,647 12 9 Loan-flotation charges written down .. 12,664 2 6 £68,812 2 6 £68,812 2 6 £ s. d. £ s. d. To Balance —Loss for the year .. .. 68,812 2 6 By Balance as at 31st March, 1932 .. .. 23,036 2 6 Recoupment from Treasury —Reduction of interest under the National Expenditure Adjustment Act, 1932 .. .. .. 45,776 0 0 £68,812 2 6 £68,812 2 6 Interest Account for the Year ended 31st March, 1933. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on bonds .. 207,471 13 9 By Interest on mortgages .. 172,044 3 4 Less accrued at 31st Interest on mortgages— March, 1932 .. 8.720 19 6 Overdue at 31st March, 198,750 14 3 1933 .. .. 231,789 13 8 Interest on bonds accrued but not due .. 9,233 10 2 Accrued but not due at Interest on amounts temporarily transferred 31st March, 1933 .. 57,641 15 4 from Settlers Branch .. .. 41,973 15 0 461,475 12 4 Less overdue and accrued at 31st March, 1932 .. .. 221,010 15 10 240,464 16 6 Interest on temporary investments .. 11 13 8 Interest on bank balances .. .. 89 8 1 Balance transferred to Profit and Loss Account 9,392 1 2 £249,957 19 5 £249,957 19 5 Management Expenses Account for the Year ended 31st March, 1933. Dr. £ s. d. Cr. £ s. d. To Audit Office services .. .. .. 130 0 0 By Consent fees .. .. .. .. 10 0 Cleaning, lighting, heating, and messenger Cost of preparation of mortgages .. .. 110 services .. . . .. .. 100 0 0 Production fees .. .. .. 46 2 9 Inspection fees .. .. .. .. 813 7 Release fees . . .. .. .. 510 0 Postages and telegrams .. .. .. 230 00 j Sundries .. .. .. .. 03 0 Post Office services .. .. .. 300 0 0 Balance transferred to Profit and Loss Account 6,108 6 1 Printing and stationery .. .. .. 150 0 0 Public Service Superannuation Fund contribution .. .. .. . . .. 65 0 0 Rent . . .. .. .. .. 257 0 0 Salaries .. .. .. .. .. 3,832 0 0 Solicitors' costs and Court costs .. .. 342 19 4 Travelling-expenses .. .. .. 62 18 6 Valuation Department —Agency work .. 683 11 5 £6,162 2 10 £6,162 2 10 E. 0. Hales, Superintendent. State Advances Office, Wellington, 30th June, 1933. R. Robertson, Accountant. I hereby certify that the Balance-sheet and the accompanying accounts have been duly examined and compared with the books and documents submitted for audit, and correctly state the position as disclosed thereby, except that the amount of exchange paid in respect of the interest which has been paid in London on the loans of this account has not been charged to the account, but has been borne by the Consolidated Fund. —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, 1933. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. .. 12,828,439 10 4 Investment Account — Principal owing by Temporary advances from Settlers Branch .. 2,642,000 0 0 mortgagors .. .. .. .. 14,799,253 16 1 Liability to Railway Department (railway Sinking Fund investments held by Advances housing .. .. .. .. 11,540 0 0 Office Sinking Fund Account .. .. 86,342 12 10 Advances Suspense Account .. .. 375 0 0 Interest on mortgages— £ s. d. Fire Loss Suspense Account ... .. 2,528 18 1 Overdue .. .. 541,109 5 8 Sundry creditors .. .. .. 52 711 Accrued .. .. 183,394 11 8 Weekly rental and instalment collections held 724,503 17 4 pending allocation .. .. .. 101,205 5 9 Unregistered Transfers Account (Railway emInterest on loans — £ s. d. ployees) .. .. .. .. 11,540 0 0 Deferred .. .. 22,159 1 9 Motor-vehicles .. .. .. .. 2,398 13 0 Accrued but not due .. 105,352 16 3 Sundry debtors .. .. .. .. 4 4 1 Overdue on liability to Securities Protection Suspense Account .. 47,181 7 2 Railway Department .. 2,024 5 7 Realization Suspense Account .. .. 13,267 13 2 129,536 3 7 Loan Charges Account .. .. .. 164,378 18 5 Reserve for bad debts .. .. .. 67,679 15 8 Profit and Loss Account .. .. .. 20,069 14 1 Sinking Fund .. .. .. .. 86,342 12 10 Cash in hand and in bank at 31st March, 1933.. 758 18 0 £15,869,699 14 2 £15,869,699 14 2 Profit and Loss Account for the Year ended 31st March, 1933. Dr. £ s. dJ Gr. £ s. d. To Management Expenses Account .. .. 13,264 7 5 By Interest Account —Gross profits .. .. 7,976 11 2 Loss on realization of securities and doubtful Balance—Loss for the year .. .. 72,276 0 0 securities written down .. .. .. 50 ,670 8 5 Depreciation on motor-vehicles .. .. 216 10 3 Loan-flotation charges written down.. .. 16,101 5 1 £80,252 11 2 £80,252 11 2 £ s. d. To Balance as at 31st March, 1932 .. .. 20,069 14 ] By Recoupment from Treasury—Reduction of £ s. d. Loss for the year .. .. .. .. 72,276 0 0 interest under the National Expenditure Adjustment Act, 1932 .. .. .. 72,276 0 0 Balance.. .. .. .. .. 20,069 14 1 £92,345 14 1 £92,345 14 1 Interest Account for the Year ended 31st March, 1933. Dr. £ s. d. £ s. d. Gr. £ s. d. £ s. d. To Interest on loans .. .. 623,501 5 7 By Interest on mortgages .. 549,416 5 3 Less accrued at 31st March, Less interest ovprdue and 1932 .. .. .. 107,900 18 9 accrued at 31st March, 515,600 6 10 1.932.. .. .. 517,396 8 6 Interest on amounts temporarily transferred 32,019 16 9 from Settlers Branch .. .. .. 127,195 16 8 Interest on bank balances .. .. .. 199 13 (5 Interest on railway expenditure (erection of Interest on outstanding payments .. .. 22 2 dwellings) . . .. .. .. 599 18 10 Interest on mortgages — Interest on loans accrued but not due.. .. 105,352 16 3 Overdue at 31st March, £ s. d. Balance —Gross profits transferred to Profit and 1933 .. .. 541,109 5 8 Loss Account .. .. .. .. 7,976 11 2 Accrued but not due at 31st 1933.. .. .. 183,394 1] 8 724,503 17 4 £756,725 9 9 £756,725 9 9 Management Expenses Account for the Year ended 31st March, 1933. Dr. £ s. d. Gr. £ g . a. To Audit services .. .. .. .. 200 0 0 By Consent fees .. .. .. .. 3110 Cleaning, lighting, heating, and messenger Cost of preparation of mortgages .. .. 151 18 6 services .. .. .. .. 200 0 0 Production fees .. .. .. .. 183 5 0 Commission .. .. .. .. 1,051 19 7 Release fees .. .. .. .. 157 211 Management charges on New Zealand stock and Sundry fees ... .. .. .. 14 16 4 bonds .. .. .. .. .. 1,234 18 5 Balance transferred to Profit and Loss Account 13,264 7 5 Motor-vehicles maintenance .. .. 230 0 0 Post Office services .. .. .. 700 0 0 Postages and telegrams .. .. .. 436 10 0 Printing and stationery .. .. .. 375 0 0 Public Service Superannuation Fund contribution .. .. .. .. .. 115 0 0 Rent .. .. .. .. .. 575 0 0 Salaries .. .. .. .. .. 8,110 0 0 Solicitors' costs and Court costs .. .. 272 13 10 Travelling-expenses .. .. .. 123 19 4 Valuation Department—Agency work .. 150 0 0 £13,775 1 2 £13,775 1 2 E. 0. Hales, Superintendent. State Advances Office, Wellington, 30th June, 1933. 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, except that the amount of exchange paid in respect of the interest which has been paid in London on the loans of this account has not been charged to the account, but has been borne by the Consolidated Fund.—G. F. C. Campbell, Controller and Auditor-General.

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LOCAL AUTHORITIES BRANCH. Statement op Liabilities and Assets as at 31st March, 1933. Liabilities. £ s. d. Assets. Sundry loans .. .. .. .. 2,778,690 15 7 Investment Account— £ s. d. £ s. d. Loan-moneys—Unexpended balance under sec- Principal owing by local tion 72, Local Bodies' Loans Act, 1913 .. 3,987 12 10 bodies .. .. 2,435,379 9 8 Hawke's Bay Rehabilitation —Loan-moneys re- Hawke's Bay rehabilitaceived from Treasury .. .. .. 228,925 0 0 tion .. .. 228,925 0 0 Sundry creditors — Treasury—Hawke's Bay 2,664,304 9 8 rehabilitation principal repayments .. 20 0 0 Temporary advances to Settlers Branch .. 199,000 0 0 Suspense Account .. .. .. .. 47 011 Sinking Funds investments held by Advances Interest on loans accrued but not due .. 36,343 111 Office Sinking Fund Account .. .. 184,249 14 7 Sinking Fund .. .. .. .. 184,249 14 7 Interest on debentures— £ s. d. Overdue .. .. 8,900 15 8 Accrued .. .. 21.615 16 11 30,516 12 7 Sundry debtors .. .. .. .. 0 7 10 Loan Charges Account .. .. .. 26,344 7 8 Profit and Loss Account .. .. .. 123,672 2 9 Cash in hand and in bank at 31st March, 1933 .. 4,175 10 9 £3,232,263 5 10 £3,232,263 5 10 Profit and Loss Account for the Year ended 31st March, 1933. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 1,699 1 2 By Interest Account—Gross profits .. .. 6,213 12 8 Loan-flotation charges written down .. 1,081 410 Balance —Net profits for the year .. .. 3,433 6 8 £6,213 12 8 £6,213 12 8 £ s. d. £ s. d. To Balance as at 31st March, 1932 .. .. 127,105 9 5 By Net profits for the year .. .. .. 3,433 6 8 Balance .. .. .. .. 123,672 2 9 £127,105 9 5 £127,105 9 5 Interest Account for the Year ended 31st March, 1933. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. .. 103,324 9 0 By Interest on debentures .. 102.815 1 9 Less accrued at 31st March, Less overdue and accrued 1932 .. .. .. 36,343 111 at 31st March, 1932 .. 30,668 12 3 66,981 7 1 72,146 9 6 Interest on loans accrued but not due .. 36,343 1 11 Interest on bank balances .. .. 62 9 7 Balance —Gross profits transferred to Profit and Interest on temporary advances to Settlers Loss Account .. .. .. 6,213 12 8 Branch.. .. .. .. 6,812 10 0 Interest on debentures— £ s. d. Overdue at 31st March, 1933 8,900 15 8 Accrued but not due at 3.lst March, 1933 .. .. 21,615 16 11 30,516 12 7 £109,538 1 8 | £109,538 1 8 Management Expenses Account for the Year ended 31st March, 1933. Dr. £ s. d. j Cr. £ s. d. To Audit Office services .. .. .. .. 50 00j By Balance transferred to Profit and Loss Account 1,699 1 2 Cleaning, lighting, heating, and messenger services 30 0 0 Management charges — New Zealand stock and bonds .. .. .. .. .. 299 I 2 Postages and telegrams .. .. .. 50 0 0 Post Office services .. .. .. .. 75 0 0 Printing and stationery .. .. .. 100 0 0 Public Service Superannuation Fund Contribution 50 0 0 Rent .. .. .. .. .. 100 0 0 Salaries .. .. .. .. .. 945 0 0 £1,699 1 2 £1,699 1 2 E. 0. Hales, Superintendent. State Advances Office, Wellington, 30th June, 1933. 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, except that the amount of exchange paid in respect of the interest which has been paid in London on the loans of this account has not been charged to the account, but has been borne by the Consolidated Fund.—G. F. C. Campbell, Controller and Auditor-General.

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PUBLIC DEBT SINKING FUNDS BRANCH. Statement of Liabilities and Assets as at 31st March, 1933. Liabilities. Assets. Sinking Fund created under the provisions of £ s. d. Investment Account —Princi- £ s. d. £ s. d. the Public Debt Extinction Act, 1910 .. 3,258,955 19 4 pal owing on loans to — Weekly rental and instalment collections held Settlers .. .. 1,103,248 1 3 pending allocation .. .. .. 2,051 4 9 Workers .. .. 59,773 14 0 Sundry creditors .. .. .. .. 15 18 6 Local bodies .. .. 1,919,722 10 0 Interest due to Consolidated Fund in accord- j 3,082,744 5 9 ance with section 12 (a). Repayment of Temporary Advances to Settlers Branch .. 220,000 0 0 Public Debt Act, 1925 — £ s. d. Sundry debtors .. .. .. .. 336 18 9 In hand at 31st March, 1933 48,305 15 8 Interest overdue on loans to — £ s. d. Overdue .. .. 37,508 19 2 Settlers .. .. 27,374 14 8 Accrued .. .. 33,803 2 10 Workers .. .. 958 15 9 119,017 17 8 Local bodies .. .. 9,175 8 9 37,508 19 2 Interest accrued on loans to Settlers .. .. 13,707 12 6 Workers .. .. 740 17 0 Local bodies .. .. 19,354 13 4 33,803 2 10 Cash in hand and in bank at 31st March, 1933 6,247 13 9 £3,380,641 0 3 £3,380,641 0 3 Interest Account for the Year ended 31st March, 1933. Dr. j Or. 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 .. .. 47,904 9 11 Repayment of the Public Deb't Act, Workers .. .. 2,582 9 8 1925™ Local bodies .. .. 85,698 18 0 Paid to Treasurv .. .. .. 96,504 15 11 In hand at 31stJIarch, 1933 .. .. 48,305 15 8 136,185 17 7 Overdue at 31st, March, 1933 .. .. 37,508 19 2 Less overdue and accured Accrued at 31st March. 1933 .. .. 33,803 210 at 31st March, 1932 . . 63,838 7 2 72,347 10 5 216,122 13 7 Interest on bank balances .. .. .. 78 11 11 Less overdue and accrued at 31st March, Interest on temporary advances to Settlers 1932 .. .. .. .. 63,838 7 2 Branch .. .. .. .. 8,545 16 8 Interest on outstanding payments .. .. 0 5 5 Interest overdue at 31st, March, 1933, on loans to— £ s. d. ! Settlers .. .. 27,374 14 8 Workers .. .. 958 15 9 Local bodies .. .. 9,175 8 9 37,508 19 2 Interest accrued at 31st March, 1933, on loans to — Settlers .. .. 13,707 12 6 Workers .. . . 740 17 0 Local bodies .. .. 19,354 13 4 33,803 2 10 £152,284 6 5 £152,284 6 5 __ E. 0. Hales, Superintendent. State Advances Office, Wellington, 30th June, 1933. 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.— (J. F. 0. Campbell, Controller and Auditor-General,

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ADVANCES OFFICE SINKING FUND ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1933. Liabilities. A ssets. Principal received as at 31st March, 1932, with £ s. d. Investment Account—Princi- £ s. d. £ s. d. accumulated interest from— pal owing on loans to — Settlers Branch .. .. .. 2,308,052 18 6 Settlers .. 873,721 14 6 Workers Branch .. .. .. 290,446 4 3 Workers .. .. 49,140 13 6 Local Authorities Branch .. 415,552 14 0 Local bodies .. .. 369,158 3 4 1,292,020 11 4 3,014,051 16 9 Temporary advances to Settlers Branch .. 853,000 0 0 Interest earned for the year Sundry debtors .. .. .. .. 320 12 0 ended 31st March, 1933— £ s. d. Interest overdue on loans to— £ s. d. Settlers Branch .. 88,258 11 7 Settlers .. .. 16,966 3 0 Workers Branch .. 3,987 16 6 Workers .. .. 990 7 2 Local Authorities Branch 8,509 14 3 Local bodies .. .. 2,525 10 3 100,756 2 4 20,482 0 5 Interest accrued on loans to— 3,114,807 19 1 Settlers .. .. 9,963 3 7 Less redemption of loans— Workers .. .. 553 5 2 Settlers Branch .. 485,365 1 11 Local bodies .. .. 3,099 5 10 Workers Branch .. 208,091 7 11 13,615 14 7 Local Authorities Branch 239,812 13 8 Cash in hand and in bank at 31st March, 1933.. 3,494 2 11 933,269 3 6 Total funds as at 31st March, 1933 .. .. 2,181,538 15 7 Weekly rental and instalment collections held pending allocation .. .. .. 1,373 8 10 Sundry creditors .. .. .. .. 1260 Fire Loss Suspense .. .. .. 8 10 10 £2,182,933 1 3 £2,182,933 1 3 Interest Account for the Year ended 31st March, 1933. Dr. Cr. To Interest on investments —Transferred to £ s. d. By Interest on loans to— £ s. d. £ s. d. Sinking Fund Account .. .. .. 100,756 2 4 Settlers .. .. .. 37,675 5 2 Workers.. .. .. 2,192 3 7 Local bodies .. .. 16,710 6 9 56,577 15 6 Less overdue and accrued at 31st March, 1932 .. 29,452 1 6 27,125 14 0 Interest on bank balances .. .. .. 71 10 0 Interest on temporarv advances to Settlers Branch .. .. .. .. 37,844 3 4 Recoupment from Treasury—Reduction of interest under the National Expenditure Adjustment Act, 1932 .. .. .. 1,617 0 0 Interest overdue at 31st March, 1933, on loans to— £ s. d. Settlers .. .. .. 16,966 3 0 Workers .. .. . . 990 7 2 Local bodies .. .. 2,525 10 3 20,482 0 5 Interest accrued at 31st March, 1933, on loans to — Settlers .. .. .. 9,963 3 7 Workers .. .. .. 553 5 2 Local bodies .. .. 3,099 5 10 13,615 14 7 £100,756 2 4 £100,756 2 4 E. O. Hales, Superintendent. State Advances Office, Wellington, 30th June, 1933. 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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8.—13.

MISCELLANEOUS BUSINESS BRANCH.—HOUSING ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1933. Liabilities. Assets. Sundry loans — £ s. d. £ s. d. Investment Account —Principal Debentures .. .. .. 412,388 9 4 owing on — £ s. d. £ s. d. Expenditure from Public Works Dwellings purchased .. 278,438 12 4 Fund .. . . .. 319,918 1 7 Sections purchased .. .. 2,312 12 II Advances .. .. 168 15 3 732,306 10 11 280,920 0 6 Less loan liability redeemed Temporary advances to Settlers Branch.. .. 327,000 0 0 and discharged from Con- • Completed dwellings .. .. .. .. 17,17612 7 solidated Fund .. .. 19,468 9 4 Dwellings let .. .. .. .. 13,045 18 4 | Freehold land .. .. .. .. 26,345 15 6 712,838 1 7 Sinking Fund investments held by Public Debt Less loan liability redeemed Redemption Fund . . . . .. *4,575 4 8 by Public Debt Repayment Insurance Fund investment held by Settlers Account .. . . 100 0 0 Branch . . .. .. .. . . 6,755 14 9 712,738 1 7 | Sundry Debtors .. .. .. .. 1,381 15 9 Liability to Consolidated Fund in terms of Interest on on dwellings and land — £ s. d. section 22, Finance Act, 1926 .. .. 100 0 0 Overdue .. .. .. 6,575 7 11 Sundry creditors .. .. .. .. 22 16 0 Accrued .. .. .. 51 13 8 Suspense Account .. .. .. .. 456 15 3 6,627 1 7 Insurance Fund .. .. .. .. 8,162 14 2 Rent overdue .. .. .. .. 1,637 12 5 Interest on loans overdue .. .. .. 22,937 0 1 Insurance premiums— £ s. d. Reserve for bad debts .. .. .. 15,610 18 11 Overdue .. .. .. 429 13 2 Sinking Fund .. .. .. .. 1,220 410 Paid in advance .. .. 260 12 10 690 6 0 Realization Suspense Account . . .. .. 5,903 14 9 Profit and Loss Account .. . . .. 68,402 15 8 Cash in hand and in bank at 31st March, 1933 .. 785 18 4 £761,248 10 10 £761,248 10 10 * This amount includes the sum of £3,354 19s. 10d., capital paid into the Sinking Fund in accordance with the Public Debt Extinction Act, 1910. PROFIT AND Loss ACCOUNT FOR THE YeA.l4 ENDED 31ST MaKCH, 1933. Dr. £ s. d. I Cr, £ s. d. To Management Expenses Account .. .. 1,693 8 4I By Sale of land and dwellings .. .. .. 325 19 11 Dwellings maintenance .. .. .. 202 0 5 ! Balance—Loss for the year.. .. .. 8,35814 Losses on realization of securities, and doubtful securities written down .. .. .. 6,459 3 1 Balance—lnterest Account .. .. 329 9 5 £8,684 1 3 ' £8,684 1 3 £ s. d. To Balance as at 31st March, 1932 .. .. 60,053 14 4 By Recoupment from Treasury—Reduction of in- £ s. d. Loss for the year .. .. .. .. 8,358 1 4 terest under the National Expenditure Adjustment Act, 1932 . . .. . . 9 0 0 Balance .. .. .. .. .. 68,402 15 8 £68,411 15 8 ! £68,411 15 8 Interest Account foe the Year ended 31st March, 1933. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. .. 32,492 13 5 By Interest on land and dwellings .. 12,397 2 10 Less Accrued at 31st March, Less overdue and accrued at 1932 .. .. .. 3,844 3 4 31st March, 1932 .. .. 6,365 11 4 28,648 10 1 6,031 11 6 Interest on amounts temporarily transferred to Settlers Branch .. .. .. ..15,620 16 8 Interest on bank balances .. .. .. 39 10 11 Interest on dwellings and land— £ s. d. Overdue at 31st March, 1933 .. 6,575 711 Accrued but not due at 31st March, 1933 .. .. 51 13 8 6,627 1 7 Balance transferred to Profit and Loss Account 329 9 5 £28,648 10 1 £28,648 10 1 Management Expenses Account for the Year ended 31st March, 1933. Dr. £ s. d. j Or. £ s. d. To Audit Officii services .. .. .. 90 0 0| By Sundry fees . . .. .. . . 2 0 0 Cleaning, lighting, heating, and messenger services 25 0 0 Balance transferred to Profit and Loss Account 1,693 8 4 Fees paid for special services in respect of securities .. .. .. .. 20 6 1 Postages and telegrams . . . . . . 40 0 0 Post Office services.. .. .. .. 125 0 0 Printing and stationery .. .. .. 50 0 0 Public Service Superannuation Fund contribution 40 0 0 Rent .. .. .. .. .. 60 0 0 Salaries .. .. .. .. .. 1,095 0 0 Solicitors' costs .. .. . . .. 50 2 3 Valuation Department—Agency work .. 100 0 0 £1,695 8 4 £1,695 8 4 E. 0. Hales, Superintendent. State Advances Office, Wellington, 30th June, 1933. 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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8.—13.

LOANS TO EMPLOYERS FOR WORKERS' DWELLINGS ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1933. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. .. .. 2,575 0 0 Investment Account—Principal owing by mortgagors 2,001 4 11 Interest on loans— £ s. d. Temporary advances to Settlers Branch .. .. 270 0 0 Overdue .. .. .. 1112 0 Sinking Fund investments held by Public Debt Accrued .. .. .. 25 2 4 Redemption Fund .. .. . . .. 45 19 10 136 4 4 Interest on mortgages overdue .. ... .. 337 9 6 Sinking Fund.. .. .. .. .. 45 19 10 Cash in hand and in bank at 31st March, 1933 .. 165 211 Profit and Loss Account .. .. .. 62 13 0 £2,819 17 2 £2,819 17 2 Profit and Loss Account for the Year ended 31st March, 1933. Dr. £ s. d. Cr. £ s. d. To Administration expenses .. .. .. 10 0 0 By Interest Account—Gross profits .. .. 24 5 2 Balance—Net profits for the year .. .. 14 5 2 £24 5 2 £24 5 2 £ s. d. £ s. d. To Balance—Net profits carried forward .. .. 62 13 0 By Balance as at 31st March, 1932 .. .. 48 710 Net profits for the year .. .. .. 14 5 2 £62 13 0 £62 13 0 Interest Account for the Year ended 31st March, 1933. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. .. .. 149 17 5 By Interest on mortgages .. .. 61 3 6 Less accrued at 31st March, 1932 .. 38 15 5 Interest on mortgages overdue at 31st 11l 2 0 March, 1933 .. .. .. 337 9 6 Interest on loans accrued but not due .. .. 25 2 4 Balance —Gross profits transferred to Profit and 398 13 0 Loss Account .. .. .. .. 24 5 2 Less overdue at 31st March, 1932 .. 292 16 0 105 17 0 I nterest on bank balances .. .. .. 0 10 0 Interest on temporary advances to Settlers Branch 54 2 6 £160 9 6 £160 9 6 Management Expenses Account foe the Yeab ended 31st Maech, 1933. 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 E. 0. Hales, Superintendent. State Advances Office, Wellington, 30th June, 1933. 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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8.—13.

FRUIT-PRESERVING INDUSTRY ADVANCES ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1933. Liabilities. . Assets. £ s. d. £ s. d. £ s. d. Sundry loans .. .. .. 43,858 14 3 Investment Account—Principal owing by mortLess loan liability redeemed and gagors .. .. .. .. . . 29,328 12 9 discharged from Consolidated Properties acquired .. .. .. .. 4,212 8 6 Fund .. .. 0,008 14 3 Temporary advances to Settlers Branch . . .. 1,290 0 0 Sinking Fund investments held by Public Debt 37,850 0 0 Redemption Fund .. . . .. .. *839 7 3 Less loan liability redeemed by Interest on mortgages — £ s. d. Public Debt Repayment Ac- Overdue .. .. 2,431 13 0 count .. .. .. 5,000 0 0 Accrued .. .. .. 217 811 32,850 0 0 2,649 1 11 Liability to Consolidated Fund in terms of section Sundry debtors . . . . . . .. 134 0 6 22, Finance Act, 1926 .. .. 5,000 0 0 Profit.and Loss Account .. .. .. 4,009 11 0 Suspense Account .. . . .. 246 13 10 Cash in hand and in bank at 31st March, 1933 .. 886 17 2 Interest on loans — £ s. d. Overdue .. .. .. 417 13 3 Accrued .. .. .. 734 9 11 — 1,152 3 2 Rent accrued .. .. .. 35 0 0 Reserve for bad debts .. .. .. 3,839 11 8 I Sinking Fund .. .. .. .. 226 10 5 £43,349 19 1 £43,349 19 1 * This amount includes the sum of £012 16s. 10d., capital paid into the Sinking fund in accordance with the I'ublic Deht Extinction Act, 1010. Profit and Loss Account for the Year ended 31st March, 1933. Dr. £ s. d. Or. £ s. d. To Management Expenses Account .. . . 100 0 0 By Interest Acoount —Gross profits . . .. 284 9 10 Expenses on realization of assets .. . . 40 12 0 Balance —Loss for the year .. .. .. 180 0 0 Loss on realization of securities and doubtful securities written down .. .. .. 323 17 10 £464 9 10 £464 9 10 £ s. d. £ s. d. To Balance as at 31st March, 1932 .. .. 4,009 11 0 By Recoupment from Treasury—Reduction of inLoss for the year .. .. .. .. 180 0 0 terest under the National Expenditure Adjustment Act, 1932 .. .. .. .. 180 0 0 Balance .. .. .. .. .. 4,009 11 0 £4,189 11 0 £4,189 11 0 Interest Account for the Year ended 31st March, 1933. Dr. £ s. d. £ s. d. Or. £ s. d. £ s. d. To Interest on loans .. .. 2,274 0 0 By Interest on mortgages .. .. 1,120 14 5 Less accrued at 31st March, 1932 1,130 15 4 Interest on mortgages— 1,143 4 8 Overdue at 31st March, 1933 .. 2,431 13 0 Interest on loans accrued but not due... .. 734 911 Accrued at 31st March, 1933 .. 217 811 Balance—Gross profits transferred to Profit and Loss Account .. .. .. .. 284 910 3,769 16 4 Less interest overdue and accrued at 31st March, 1932 .. 2,401 7 9 1,368 8 7 Interest on bank balances .. .. . . 1 10 0 Interest on temporary advances to Settlers Branch 792 510 £2,162 4 5 £2,162 4 5 Management Expenses Account for the Year ended 31st March, 1933. 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 E. 0. Hales, Superintendent. State Advances Office, Wellington, 30th June, 1933. 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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15. 13.

COLD-STORAGE ADVANCES ACCOUNT. Statement op Liabilities and Assets as at 31st March, 1933. Liabilities. Assets. £ s. d. £ s. d. £ s . d. Sundry loans .. . . 3(3,500 0 0 Investment Account — Principal owing by Less loan liability redeemed mortgagors .. .. . . .. 18,406 3 7 and discharged from Con- Temporary advances to Settlers Branch. . .. 2,790 0 0 solidated Fund .. .. 7,500 0 0 Sinking Fund investments held by Public Debt Redemption Fund .. .. .. .. *1,272 6 9 29,000 0 0 Interest on mortgages — £ s. d. Less loan liability redeemed Overdue .. .. 1,132 7 4 by Public Debt Repayment Accrued .. . . .. 320 19 7 Account .. .. 1,530 0 0 1,453 6 11 27,470 0 0 Sundry debtors .. .. .. .. 31 13 6 Capital Reduction Account .. .. .. 7,500 0 0 Realization Suspense Account .. .. .. 57 10 10 Liability to Consolidated Fund in terms of Profit and Loss Account .. .. .. 13,622 5 0 section 22, Finance Act, 1926 . . . . 1,530 0 0 Cash in hand and in bank at 31st March, 1933 . . 1,223 19 2 Interest on loans — £ s. d. Overdue .. .. .. 1,439 3 6 Accrued .. .. .. 114 19 4 1,554 2 10 Reserve for bad debts . . .. . . 119 7 3 Sinking Fund .. . . . . .. 683 15 8 £38,857 5 9 £38,857 5 9 * This amount includes the sum of £588 lis. 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, 1933. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 115 0 0 By Interest Account—Gross profits .. . . 172 7 3 Loss on realization of securities and doubtful Balance—Loss for the year .. .. .. 62 0 0 securities written down .. .. 119 7 3 £234 7 3 £234 7 3 £ s. d. £ s . d. To Balance as at 31st March, 1932 .. .. 13,622 5 0 By Recoupment from Treasury—Reduction of Loss for the year .. .. .. .. 62 0 0 Interest under the National Expenditure Adjustment Act, 1932 .. .. .. 62 0 0 Balance .. .. .. .. .. 13,622 5 0 £13,684 5 0 £13,684 5 0 Interest Account for the Year ended 31st March, 1933. Dr. £ s. d. £ s. d. Gr. £ s. d. £ s. d. To Interest on loans .. .. 2,132 16 9 By Interest on mortgages .. .. 974 5 10 Less accrued at 31st March, Interest on mortgages — 1932 .. .. .. 217 14 2 Overdue at 31st March, 1933 .. 1,132 7 4 — 1,915 2 7 Accrued at 31st March, 1933 .. 320 19 7 Interest on loans accrued but not due .. 114 19 4 Balance —Gross profits transferred to Profit and 2,427 12 9 Loss Account . . .. .. .. 172 7 3 Less overdue and accrued at 31st March, 1932 .. 1,503 1 1 924 11 8 Interest on bank balances .. . . 15 0 Interest on temporary advances to Settlers Branch .. .. .. .. .. 1,276 12 6 £2,202 9 2 £2,202 9 2 Management Expenses Account for the Year ended 31st March, 1933. Dr. £ s. d. Gr. £ 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, 30th June, 1933. 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.-—-O. F. C. Campbell, Controller and Auditor-General.

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8.—13.

FISHING-INDUSTRY PROMOTION ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1933. Liabilities. £ s. d. £ s. d. ; Assets. £ s. d. Sundry loans .. .. .. 2,521 19 2 i Investment Account —Principal owing on bills of sale 75 8 6 Less loan liability redeemed and 1 Temporary advances to Settlers Branch .. .. 1,060 0 0 discharged from Consolidated Fund 1,036 19 2 Sinking Fund investments held by Public Debt — Redemption Fund .. .. .. .. *55 15 6 J ,485 0 0 Interest on bills of sale— £ s. d. Less loan liability redeemed by Overdue .. .. . . 10 118 Public Debt Repayment Account 1,060 0 0 Accrued .. .. .. 0 12 9 425 0 0 11 4 5 Liability to Consolidated Fund in terms of section Sundry debtors .. .. .. .. 19 5 0 22, Finance Act, 1926 .. .. .. 1,060 0 0 Profit and Loss Account .. .. .. 246 15 11 Interest on loans— £ s. d. Cash in hand and in bank at 31st March, 1933 .. 129 13 9 Overdue . . . . . . 92 19 3 Accrued . . .. .. 5 119 — 98 11 0 Sinking Fund . . .. .. . . . . 14 12 1 £1,598 3 1 £1,598 3 1 * This amount includes the sum of £41 3s. 5d., 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, 1933. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 15 0 0 By Interest Account—Gross profits . . . . 42 1 6 Balance —Net profits for the year .. . . 27 1 6 £42 16 £42 1 6 £ s. d. £ s. d. To Balance at 31st March, 1932 .. .. .. 273 17 5 By Net profits for the year .. .. . . 27 1 6 Balance .. .. .. .. .. 246 15 11 £273 17 5 £273 17 5 Interest Account for the Year ended 31st March, 1933. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. .. .. 143 19 2 By Interest on bills of sale .. .. 15 3 1 Less accrued at 31st March, 1932 .. 50 19 11 Interest on bills of sale— 92 19 3 Overdue at 31st March, 1933 ..10 11 8 Interest on loans accrued but not due .. .. 511 9 Accrued at 31st March, 1933 .. 012 9 Balance—Gross profits transferred to Profit and Loss Account .. .. .. 42 1 6 26 7 6 Less overdue and accrued at 3.lst March, 1932 .. .. .. 20 9 2 5 18 4 Interest on bank balances .. .. .. 0 15 0 Interest on temporary advances to Settlers Branch 133 19 2 £140 12 6 £140 12 6 Management Expenses Account for the Year ended 31st March, 1933. Dr. £ s. d. Cr. £ s. d. To Administration expenses .. .. 10 0 0 By Balance transferred to Profit and Loss Account .. 15 0 0 Audit Office services .. .. .. .. 500 £15 0 0 £15 0 0 E. O. Hales, Superintendent. State Advances Office, Wellington, 30th June, 1933. 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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8.—13.

REPATRIATION. Statement of Liabilities and Assets as at 31st March, 1933. Liabilities. A ssets. 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 .. 208,747 OJO Less repayments to 31st March. 1933 .. 177,r>53 8 9 Less Suspense adjustments .. 152 12 4 208,594 8 6 1,112,628 13 4 I Interest on bills of sale, overdue .. .. 5,081 13 2 Less expenditure irrecoverable £ s. d. j Cash in hand and in bank at 31st March, 1933 .. 436 18 i) to 31st March, 1932 .. 903,653 1 2 Management expenses Account for the year ended 31st March, 1933 .. 381 3 8 904,034 4 10 I Liability to Redemption Account as at 31st March, 1933 .. .. .. .. 208,594 8 6 Sundry creditors, Treasury— £ s. d. Interest .. . . 93 8 11 Principal .. .. 268 14 11 Realization recoveries .. 20 9 4 382 13 2 Suspense Account .. .. .. .. 54 5 7 Interest on advances from War Expenses Account overdue.. .. .. .. 5,081 13 2 £214,113 0 5 £214,113 0 5 Interest Account foe the Year ended 31st March, 1933. Dr. £ s. d. Or. £ s. d. £ s. d. To Interest paid to Treasury .. .. .. 664 7 3 By Interest on bills of sale .. .. 731 4 5 Interest in hand due to Treasury at 31st March, Interest on bi!ls of sale overdue at 1933 .. .. .. .. .. 93 811 31st March, 1933 .. .. 5,081 13 2 Interest due to Treasury overdue at 31st March, 1933 .. .. .. .. .. 5,081 13 2 5,812 17 7 Less overdue at 31st March, 1932 5,010 5 1 5,839 9 4 J 802 12 6 Less interest due to Treasury overdue at 31st Interest on bank balances .. .. 26 11 9 March, 1932 .. ..' .. .. 5,010 5 1 £829 4 3 £829 4 3 Management Expenses Account for the Year ended 31st March, 1933. Dr. £ s. d. I Or. £ s. d. To Audit Office services .. .. .. 20 0 0 By sundry fees .. .. .. .. .. 2 8 8 Cleaning and messenger services .. .. 25 0 0 I Balance recouped in accordance with section 13 (3), Commission .. .. .. .. 7 15 10 State Advances Amendment Act, 1922 .. 381 3 8 Postages and telegrams . . .. .. 20 .0 0 Tost Office services .. .. . . .. 25 0 0 Printing and stationery . . .. .. 10 0 0 Rent .. . . . . . . .. 30 0 0 Salaries .. . . .. .. . . 200 0 0 Solicitors' costs .. . . .. . . 36 16 G Travelling-expenses . . .. . . .. 10 0 0 £383 12 4 £383 12 4 E. 0. Hales, Superintendent. State Advances Office, Wellington, 30th June, 1933. 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.

Approximate Cost of Paper.—Preparation, not given; printing (500 copies), £21.

Authority: G, IT. Loney, Government Printer, Wellington —1933.

Price 9d.\

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