STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1935.

Appendix to the Journals of the House of Representatives, 1935 Session I, B-13

B —13.

1935. NEW ZEALAND.

STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1935.

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

FORTY-FIRST ANNUAL REPORT.

A. GENERAL. 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). id) 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 The disturbing economic features of the last few years have been reflected m the Department's annual reports to Parliament. In an institution of the nature of this Office, established for the specific purpose of rendering financial assistance within certain limits by way of long-term loans to our citizens endeavouring to establish themselves, it was early apparent that the difficulties of the Office would increase with the serious drop in price-levels of the Dominion's produce and the fall in wages' returns. Although this expectation has been realized, the Department's Accounts for the year ending 31st March, 1935, support the view that earnest efforts are being made by many of its mortgagors to meet their engagements to the Office. 3. Broadly viewed, the Department's mortgagors may be divided into those engaged in rural pursuits and those receiving salaries or wages as their main income. " Farm Securities .—A majority of the farmer-owners, notwithstanding low prices, have been able to continue the payments under the first mortgages secured against their holdings. To some in difficulties postponements of the principal repayftients provided for under the table have afforded considerable assistance. The statutory power contained in section 10 (5) of the Mortgagors and Tenants Relief Act, 1933, has been exercised by the Superintendent where the need of such assistance has been established by the mortgagor. While the relief has been of value to the mortgagors, the Office securities have gained a corresponding benefit by making it possible in many instances for mortgagors to maintain the fertility and condition of the securities.

I—B. 13.

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4. In other cases it has been possible to co-operate with the mortgagors and thereby enable them to take advantage of the subsidies offered by the Unemployment Board. Not having available funds for the rehabilitation of their holdings, they would otherwise be unable to take advantage of the subsidies offering. The Department, under certain conditions, has provided the finance direct or through the dairy companies to the extent of the sums necessary. Apart from the amounts made available through the media of the dairy companies, other assistance has been afforded by way of salvage. Some securities for various causes, principally poor land, are best left in the occupation of the present owners provided they are worked in a reasonable way. On ruling prices of produce the returns are barely sufficient to pay living and maintenance costs. The market demand is limited, and the replacement of such mortgagors by others similarly unfinancial does not offer any solution to the problem. The policy of extending every reasonable opportunity to the mortgagor has been continued, but cases arise where the mortgagor's position renders necessary a sale of his security. There were 158 of such cases during the financial year ending 31st March, 1935. 5. The original organization of the State Advances Office did not provide for Field Officers, with the result that any regular supervision under recent slump conditions of the farming securities on a wide enough scale did not exist. In normal times it was deemed sufficient to concentrate on the comparatively few cases of difficult securities through its Inspecting Valuer. The conditions changed rapidly and the need of Field Officers became urgent. In its difficulty the State Advances Office invoked the assistance of the Valuer-General and his District Valuers, and for the last two years there has been the closest co-operation between the two Departments in respect of the field-work, with resulting benefits to both this Office and its mortgagors. In each valuation district the District Valuer acts now as the representative for this Department and identifies himself with its interests. The assistance obtained has proved most valuable to this Office. 6. Town Securities. —With regard to the securities in the urban and suburban areas, the Department has continued the provision made for regular and frequent collections from its mortgagors in arrear. This activity has now become an integral part of the Office administration, and its value to both the Office and its mortgagors fully established. For the year ended 31st March, 1935, the actual number of collections under the system amounted to 364,701, bringing in a gross return of £606,526. The Office has branch offices in Auckland, Christchurch, and Wellington and operates through agents under agency agreements in other parts of the Dominion. Monthly totals of the results of these operations appear in the Schedule, Forms A to F. Form A representing Auckland Branch operations; Form B, Wellington Branch ; Form C, Christchurch Branch ; Form D, agents in other centres ; Form E shows a summary of A, B, C, and D on a month-to-month variation; Form F is a final summary. 7. While every consideration has been extended to mortgagors, it has become necessary in certain cases to assume control of securities as a mortgagee in possession. The Department has, for the reasons set out in last year's report, confined its measures to the letting of these reverted securities/ This policy has been continued, as the conditions of the property market do not appear to justify any variation at the present time. These securities are referred to in the Schedule, Forms A to F, as " Eentals," but this category covers also approximately two hundred cases in which the Department has accepted an agency from the mortgagor and is collecting the revenue from the property against its charges. The capital represented in the rentals amounts to £2,836,448 approximately, or £786 per house. On the 31st March,'l93s, the total number of " rental " cases amounted to 3,607, of which all but 73 were tenanted. The vacancies vary from month to month, due to seasonal and other causes. Auckland suburbs and Wellington accounted for 33 of these, and the remainder of the total above was distributed throughout New Zealand. The rent collected during the year in respect of the tenanted properties amounted to £158,975, being 94-43 per cent, of the rent payable and 79-38 per cent, of the gross instalments payable during that period in respect of the relative mortgages.

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8. It will be readily appreciated that operations of this nature involve expenditure for repairs and painting in the upkeep of these assets. It is found that most securities of which possession has been obtained require expenditure before they can be let to tenants. The mortgagors have not had the means to undertake the maintenance-work and have held possession as long as it has been possible to do so. The properties are reconditioned by the Department as rapidly as possible so as to place them in a tenantable condition and earn rental revenue. Experience has shown that the Department is in a better position to command good tenants where the properties are in a reasonable tenantable state, but only necessary and unavoidable work is undertaken. The expenditure is strictly controlled and competitive prices obtained for any amount over £3. Tenders are called for work involving an expenditure of £12 or over. The work done is supervised and the relative accounts not passed for payment till the specifications have been complied with. The expenditure for repair and/or painting of these reversions in the year ended 31st March, 1935, is shown in three-monthly periods as follows :— £ s. d. 1934_June quarter .. .. •■ •• 6,493 711 September quarter .. • • ■ • 7,102 14 b December quarter .. •• •• 8,205 19 6 1935—March quarter .. .. •• .. 6,153 9 6 £27,955 11 5 9 The Department is required in its own interests to assist in some cases where the mortgagors are still in possession. Lack of means has prevented the proper maintenance by painting and further delay eventually would re-act against the Department. As the more urgent work has been completed on the " rental" properties opportunity is being taken to extend the Department s operations to those securities still in the possession of mortgagors but requiring to be painted to prevent rapid deterioration. This undertaking was commenced in November last and will be brought under the notice of the Mortgage Corporation for consideration in the coming spring. In the few months available ninety properties were painted for a total expenditure of £818 12s. 4d. It is obviously necessary to limit an expenditure of this nature and the policy followed by the Office ensures to it a reasonable protection. The same supervision and control of expenditure is exercisea as in the " rental" cases and the following limits are prescribed m administration : — , . ~ Applications for loans from present Office mortgagors for painting or repairs are considered by the State Advances Office Board on their receipt. The grant of any loan of this nature, however, is subject to the terms of the State Advances Act, and a valuation at the applicant's expense is required in the usual way. A margin of security satisfactory to the Office Board is required as in the case of all investment loans. Where it is evident without valuation or after valuation that there is no margin of security the cases are dealt with under the following headings :— (a) If the mortgagor is in a position to attend to the upkeep _of his security the Department, like any other mortgagee, requires its security to be kept in a proper condition of repair. (b) If the mortgagor is not in a position to provide the money to meet painting and repairs, the Department assists the mortgagor by postponing the principal part of his instalment, where legally in a position to do so, on his application for a sufficient period to enable payment of the cost of the work to be made by him out of the deferred principal payment. (c) If the mortgagor is not in a position to provide the money to _ meet the cost of painting and repairs and the Department is so satisfied, then, provided the Department's security is in need of salvage, having regard to the amount owing thereon, the Department, with the mortgagor's consent, has essential painting and repair work undertaken and completed. The cost is charged against the security.

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10. Financial Aspects of Invested Capital as represented by the Mortgage Assets — A survey, supported by recent valuations, of the mortgage assets of the Office may be desirable but is not possible without a heavy increase in management expenses resulting from the costs of valuing the securities individually so widely distributed throughout the Dominion. At the 31st March, 1935, the number of securities totalled 51,784. These figures attest the difficulty of such a procedure. Indeed, the justification of entertaining such an expense would require to be supported by convincing reasons, having regard to the following conditions : Firstly, the difficulty of obtaining reliable valuations on a market that is lacking in demand. This is particularly true of house properties. Secondly, as prices of produce are depressed, a fair valuation of farming properties is more a matter of individual expert opinion rather than a reflection of the price that should be obtainable under normal competitive circumstances. Finally, in long-term lending the personal covenant is tied more closely to the security than is generally realized. The continued capacity to pay annual instalments is almost as important as the strong financial position of the borrower at any given time. As a result, provided annual instalments are met as they fall due, over a period of years a doubtful security passes into the class of a safe investment. How can any appraisement be made of this " capacity to pay " ? Under such circumstances it is perhaps as informative to confine the present consideration to an analysis of the financial position of the Office as disclosed by its records. The groupings of the figures below have been arrived at in an endeavour to show the position from two different points of approach. The repayments are referable not only to the advances shown in the line immediately above, but also to all prior advances. 11. Looking at the movements of the capital in retrospect over a period of years, classified under loans to workers and loans to settlers, the following is the position : —

The main deduction that may reasonably be drawn is that capital, represented by current mortgage securities, in a large measure found investment in the ten-year period, 1921-31, a decade of buoyant prices excepting a relatively short period. Again, the growth of the advances in the settlers' classification from 1921 as compared with the operations in the workers' classification was as 15 : 12. 12. Viewing the position from.the stand-point of a block valuation of the amounts advanced as compared with the total valuations then existing, with subclassifications of mortgagors in arrear and mortgagors up to date, with further subdivisions, the following tables have been compiled. The figures are to be taken as estimates, although they have been based on approximate balances from the individual cases in the Office books. The purpose in view was to obtain in broad outline an approximate classification of the securities in the different classes according to stated repaid percentages. Further, the data was obtained approximately two months after the 31st March, 1935, and reconciliation with the totals in the year's accounts must allow for this factor.

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Settlers. Workers. Total. . ; . . £ £ £ Loans outstanding 31st March, 1913 .. .. 7,600,936 2,007,917 9,608,853 New advances 1st April, 1913, to 31st March, 1921.. 6,105,090 2,175,820 8,280,910 Repaid to 31st March, 1921 .. .. .. 6,035,800 1,478,380 7,514,180 Balance outstanding 31st March, 1921 .. .. 7,670,226 2,705,357 10,375,583 Advances 1st April, 1921, to 31st March, 1931 .. 26,438,995 16,665,792 43,104,787 Repaid to 31st March, 1931 .. .. .. 9,489,746 3,973,909 13,463,655 Balance outstanding 31st March, 1931 .. .. 24,619,475 15,397,240 40,016,715 Advances 1st April, 1931, to 31st March, 1935 .. 1,716,981 414,305 2,131,286 Repaid to 31st March, 1935 .. .. .. 3,816,435 1,509,288 5,325,723 Balance outstanding 31st March, 1935 22,520,021 14,302,257 36,822,278

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(a) As to mortgagors in arrear : —■

(b) As to mortgages up to date : —

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Balance of Percentage of Number of Amount of Principal Principal Classification of Principal Mortgagors Original outstanding outstanding repaid. i j n Arrear. Advances. at June, to Original 1935. Advances. •' ' ' ■ ■■ £ £ Farm, 75 per cent, limit 50 per cent, or over repaid 310 199,230 66,787 33 • 52 25 per cent, to 50 per cent. 804 o62,575 362,374 64-40 10 per cent, to 25 per cent. 1,461 2,039,390 1,759,729 86-29 Up to 10 per cent,. .. 2,590 3,815,200 3,620,281 94-89 Farm, 66f per cent, limit 50 per cent, or over repaid .. •• •• •• 3F 25 per cent, to 50 per cent. 6 9,735 5,628 57-81 10 per cent, to 25 per cent. 41 45,535 37,998 83 • 44 Up to 10 per cent. .. 1,199 2,368,990 2,315,397 97• 73 Residential, 75 per cent. 50 per cent, or over repaid 1,084 431,565 152,215 35-27 limit 25 per cent, to 50 per cent. 1,968 1,042,310 653,444 62-69 10 per cent, to 25 per cent. 815 586,990 488,532 83-24 Up to 10 per cent. .. 1,075 892,465 846,125 94-81 Residential, 95 per cent, j 50 per cent, or over repaid 8 5,355 1,670 31-18 limit 25 per cent, to 50 per cent. 486 294,775 198,258 10 per cent, to 25 per cent. 1,192 994,555 842,836 84-74 Up to 10 per cent .. 4,218 3,951,715 3,784,509 95-76 Rental properties, 75 per 50 per cent, or over repaid 38 7,286 37-06 cent, limit 25 per cent, to 50 per cent. 122,000 7J,996 65 57 10 per cent, to 25 per cent. 209 149,075 123,369 Up to 10 per cent. .. 363 319,055 303,661 95• 17 Rental properties, 95 per 50 per cent, or over repaid 1 500 232 4b-49 cent, limit 25 per cent, to 50 per cent. 69 46,075 32,331 70-17 10 per cent, to 25 per cent. 416 355,465 305,570 8o 96 Up to 10 per cent. .. 2,151 j 2,027,190 1,944,361 95-91 Totals .. 20,736 20,279,400 17,932,589

Balance of Percentage of .... Number of Amount of Principal Principal Classification of Principal Mortgagors Original outstanding outstanding " repaid. Up-to-date. Advances. at June, to Original 1935. Advances. 1 __ £ £ Farm, 75 per cent, limit 50 per cent, or over repaid 1,679 "JMSO 360,949 36-97 25 per cent, to 50 per cent. 1,864 1,260,050 780,107 61 10 per cent, to 25 per cent. 2,598 3,723,380 3,138,638 84-26 Up to 10 per cent. .. 1,918 2,641,725 2,501,986 94-70 Farm, 66| per cent, limit 50 per cent, or over repaid 9 17,050 6,315 37-04 25 per cent, to 50 per cent. 21 31,930 22,35-/ 70 00 10 per cent, to 25 per cent. 85 77,855 64,912 ®^'37 Up to 10 per cent. .. 1,177 2,072,180 1,983,509 95'J Residential, 75 per cent. 50 per cent, or over repaid 6,120 2,553,570 943,197 36-90 limit 25 per cent, to 50 per cent. 4,900 2,610,25o 1,602,477 61 39 10 per cent, to 25 per cent. 1,505 1,161,500 969,007 8o-43 Up to 10 per cent. .. 1,498 1,258,950 1,179,838 Residential, 95 per cent. 50 per cent, or over repaid 62 42,525 15,801 37-15 limit 25 per cent, to 50 per cent. 1,217 761,415 483,962 5t> 10 per cent, to 25 per cent. 1,539 1,307,655 1,038,457 Up to 10 per cent. .. 3,881 3,586,145 3,367,652 Rental properties, 75 per 50 per cent, or over repaid 15 8,350 3,791 45-40 cent, limit 25 per cent, to 50 per cent. 14 6,36o 3,947 62 01 10 per cent, to 25 per cent. 6 4,120 3,352 81 35 Up to 10 per cent. .. 14 10 '2aa '??!' ?q'fi9 Rental properties, 95 per 50 per cent, or over repaid I 800 157 cent, limit 25 per cent, to 50 per cent. 3 2,105 1,380 65-55 10 per cent, to 25 per cent. 9 7,750 6,474 83 53 Up to 10 per cent. .. 13 11,360 10,812 Totals .. 30,148 24,133,305 18,498,801

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It is not proposed to express any decided comment as to the eventual outcome, but substantial adjustments are possible under careful management with the aid of some recovery in prices supported by the manner of the lending —viz., repayment tables. It will be observed that seventy-five rental cases are included in the classification of mortgagors up to date. In these instances the arrears have been overtaken by the rental revenue, but legal and other difficulties require their continuance under the existing arrangements. 13. Under section 41 of the State Advances Act, 1913, the mortgagor is entitled to a rebate on his half-yearly instalment provided the instalment is paid within fourteen days of the due date. At yearly intervals the proportion of mortgagors that have earned their rebate has been recorded in the Department and carried forward in the annual reports to Parliament. The comparison of these percentages on the assumption that the average amount owing by the mortgagors who earned their rebate was approximately equal to the average amount owing by those who did not earn their rebate, afforded some indication of the securities that may be termed reasonably good. It is true that the inference is more referable to the capacity of the mortgagors to pay their annual instalments but regarded from the point of view of a long-term mortgage the capacity to meet annual instalments is a fair index of a good security, always providing care was exercised in the original lending. The basis on which the question of rebate was decided has, however, been altered in recent years, and these percentages consequently can no longer be used for the same purpose. Until the postponement of the capital portion of an instalment could be given effect to all instalments on which rebate was earned comprised interest and principal. Under present conditions rebate may be earned on the current interest payment only where the capital portion has been postponed either by the order of the Court or by a prior arrangement with this Office. Again a rebate could not be earned if any arrears were outstanding in respect of prior instalments. Section 20 of the Finance Act, 1932, gave power for the earning of rebate provided the amount paid within the rebate period amounted to the prescribed instalment for that particular period, notwithstanding any existing arrears. Section 19 of the Finance Act gave power for capitalization of the arrears of interest and thus a further factor operates to affect any comparison with the rebate performances prior to 1932. Subject to the above comment the rebate figures are supplied in the three main branches of Settlers, Eural Advances, and Workers, and for information purposes the percentages earned in earlier years back to 1930 are now presented :—

14. Interest due during the Year.- —The interest due by the mortgage securities — i.e., excluding local authorities —in the Office for the financial year just ended, as compared with the interest due for the preceding financial year and the cash receipts in the both years are as follows :—

The receipts of interest as shown in any year are not entirely referable to the interest due in that particular year, but may include payments on account of arrears of interest accrued in previous years.

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I j Branch. ! 1930. 1931. 1932. I 1933. 1934. ! 1935. [ : __J _l Per Cent. Per Gent. Per Cent. Per Cent. Per Cent. Per Cent. Settlers .. 84 77 66 64 73 73 Rural advances .. 91 75 46 41 66 64 Workers .. 80 78 62 61 63 66

Interest due. J Net interest received, j Shortage. £ £ £ 1933-34 .. .. .. 1,966,127 1,562,707 403,420 1934-35 .. .. .. 1,913,611 1,711,446 202,165

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15. The Arrears Position. —A consideration of the position of the annual increase in the arrears of interest and principal payable in respect of instalments that have become due in that time, is possible from the undermentioned table. The figures include any arrears from local-body debenture investments under Part 111 of the Local Bodies' Loans Act, 1926. The figures are taken in quarterly intervals and show T the yearly movements for the years 1932-35 inclusive :—

It should be pointed out that since 1932 a postponement of principal (where made) has not been included in the arrears position unless the postponement arises after due date— 4.e., through a Court order. Furthermore, arrears have been cleared in the Department's books in some cases by way of capitalization since the Finance Act, 1932, was passed. The capitalization would not be agreed to unless it appeared, on the information available, that there was a security to represent the total debt. The peak year of arrears so far as this Office is concerned was in 1931-32. The following financial year disclosed a substantial decline, and the downward trend was further confirmed in the year ended 31st March, 1934. For the year ended 31st March, 1935, the position has shown a decided improvement, and in it lies the encouragement for the future. 16. A further analysis of the arrears figures for the past three years has been made, excluding from the totals the arrears in the Local Authorities Branch. The amounts have been brought down to average monthly totals. The position shown is as follows : — 1932-33. 1933-34. 1934-35. Settlers .. ..23,040 17,462 2,978 Rural advances .. 8,076 5,075 -236 Workers .. .. 16,727 19,534 15,100 The Settlers Branch includes residential and farming securities; the Rural Advances Branch, as the name implies, only rural lands. It would seem that there is some evidence of a time-lag in the recovery of the position of the mortgagors in the Workers Branch. It should not, however, be overlooked that the margins of lending in the above three branches were unequal. In the Settlers Branch the statutory limit of any advance was 75 per cent, of the capital value, in the Eural Advances 66| per cent, of the capital value, and in the Workers 95 per cent, of the cost. Prior to the amending statute of 1923, the limit in the Workers Branch was 75 per cent, of the capital value. 17. Graphs (Form No. 1). —The movement of the arrears is illustrated in the graphs on Form 1 of the Schedule. Graph A shows the volume of the lending and the decline in the amount of principal outstanding due to repayments exceeding the new loans. The period covered is March, 1929, to March, 1935. Graph B shows the growth of arrears over the same period. Graph C shows the same information, but the plottings have been made on the percentage of arrears to principal outstanding at intervals over the same period.

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Quarterly periods. Quarters ending. Year ending Year ending Year ending Year ending 31st March, 1932. 31st March, 1933. 31st March, 1934. 31st March, 1935. £ £ £ £ 30th June .. .. 163,023 163,123 158,773 58,118 30th September .. .. 185,689 165,169 179,288 56,832 31st December .. .. 136,411 119,295 125,709 73,997 31st March .. .. 157,061 111,623 44,362 18,724 Yearly totals .. 642,184 j 559,210 508,132 207,671

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18. Repayment of Mortgages. —The figures below do not include repayments provided for under the tables. They represent the repayment, either in part or in whole, by mortgagors of the amounts secured to the Department:— 1930 .. .. 344,503 1933 .. .. 125,221 1931 229,384 1934 .. .. 218,337 1932 .. .. 125,084 | 1935 .. .. 418,569 A graph (Form No. 2) illustrates the comparison over the period 1930 to 1935. 19. The Mortgagors and Tenants Relief Act, 1933.— Under section 10, paragraph 5, of the above Act power was given to this Office, on the application of a mortgagor, to agree to the postponement of principal repayment by way of temporary relief. Section 19 of the Finance Act, 1932, gave the necessary authority for the capitalization of arrears of interest. The following table illustrates the relief extended by the Department to its mortgagors during the financial year just ended : — Number of Amount. Cases. £ s. d . (1) Arrears of interest remitted .. 131 .. .. .. .. 16,693 16 2 (2) Current interest reduced .. 82 (3) Arrears of interest capitalized 306 .. .. .. 40,294 8 8 (4) Suspension of principal repayments .. .. 3,188 .. .. .. .. 106,187 8 6 (5) Mortgage readjusted .. 108 Annual instalments reduced— From .. .. 9,548 12 2 To 5,797 14 4 Annual reduction .. £3,750 17 10 (6) Term of mortgage extended .. 8 Annual instalments reduced— £ s. d. From .. .. 775 16 4 To .. .. .. 710 15 10 Annual reduction .. £65 0 6 20. The above table includes any relief granted through the Court or any relief that was agreed to by way of a compromise once proceedings had been initiated by the mortgagor. There were in all 428 cases during the year in which proceedings were taken either by the Department or the mortgagor. Of this number, 264, or 60 per cent., were initiated by the mortgagor. Three hundred and fifty of the applications related to rural securities, and this number was made up of 205 applications in respect of dairying securities and 117 in respect of sheep-farming properties. Approximately two-thirds of the cases were disposed of by the Court or by arrangement between the Department and the mortgagors. Approximately 143 still await fmalization by the Court. Application was withdrawn by the mortgagor in 40 instances, while in 43 cases the applications were dismissed by the Court. The following is a brief summary of the forms in which relief, apart from the voluntary arrangement between the parties, was granted :— In 128 cases arrears were postponed. In 45 cases interest arrears were remitted. In 58 cases current interest was reduced. In 10 cases arrears were capitalized. In 52 cases a pooling arrangement was ordered or consented to. It will be seen that the method of relief most availed of is that by way of a suspension of principal repayments of the instalments due. 21. Office Organization. —The State Advances Office organization at the end of the financial year under review consisted of a total staff of 219, made up of 108 permanent officers and 111 temporary officers. The Head Office is in Wellington, and operates through three branches, its agencies in other towns throughout New Zealand, its legal representatives, and its field representation,

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Branches. —The three branches are located one in each Auckland, Wellington, and Christchurch. Each is a collecting agency and also handles and is responsible for the supervision of repair and painting work to _ securities in its district, under certain limitations and conditions. The administration cost has been kept at a minimum. On the annual turnover at the branches the cost of the collection and supervision is as follows: — Per Cent. Auckland Branch Office .. .. .. .. 3• 1 Wellington Branch Office .. .. .. ..3-0 Christchurch Branch Office .. .. . • .. 3• 7 In assessing the costs of the branch offices provision is made not only for current expenses, but also for the writing-off within a period of four years of the capital costs of motor-cars used in the work of collection. Agencies. —There are eighty-two agencies in eighty towns throughout New Zealand. These agents are working under an agency agreement with the Office and were selected by the Department after careful inquiry as to their suitability for the special services required. Legal Representatives.— -There are sixty legal firms in fifty-nine towns and cities representing the State Advances Office. The policy of the Department has been continued so far as its legal work is concerned. The recognized legal representatives act for the Department in its generallegal work and also in the preparation of the securities, unless an applicant indicates a preference for his own solicitor to prepare the security in the event of a loan being granted to him by the State Advances Board. As a general rule the applicant's request in this matter has been acceded to. The costs of the legal services are in accordance with a scale specially referable to this Department. Field representation. —The State Advances Office has been acting in close co-operation with the Valuer-General, and through his office has representation in the eighteen valuation districts throughout the Dominion for its field-work. The work performed by the District Valuers has been of great assistance to this Office. In the absence of a permanent field staff it was found necessary to obtain this assistance in the present circumstances. B. YEAE'S ACCOUNTS. With respect to the year's accounts the following features are to be noted: — 22. The total amount advanced from the inception of the Office in 1894 up to the 31st March, 1935, was £75,878,207 13s. sd. Payments of half-yearly instalments, together with repayments in full to release securities, have to date totalled £34,622,506 15s. 4d., leaving a balance outstanding of £41,255,700 18s. Id. 23. The total losses from the inception amount to £885,396 os. 11d.,0r £l 3s. 4d. 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. 24. The percentage of arrears to the balance of advances outstanding at the close of the year was 6-196 per cent. 25. The total capital amounts to £44,229,509 Is. 3d., and the cost of management expenses is £70,171 125., being 0-159 per cent., or 3s. 2d. per £100 of the capital employed. 26. Mortgages and instalments of principal repaid during the year amounted to £1,671,591 10s. 27. The interest collected from all sources amounted to £1,991,578 Is. 5d., and the interest paid on loan-moneys was £1,652,376 13s. 9d. 28. Interest amounting to £40,294 Bs. Bd. was capitalized during the year. 29. The interest earned for the year on the Sinking Funds administered was :— £ s. d. Public Debt Sinking Funds .. .. .. .. 123,989 111 Advances Office Sinking Funds .. .. .. 95,340 0 7 30. The amount outstanding on Current Account at the 31st March, 1935, was £11,684 os. 2d.

2—B. 13.

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31. The commitments in respect of loans granted and not paid over in whole or in part at the 31st March, 1935, amount to £136,795. 32. No Rural Advances bonds were issued during the year. 33. The total advances now current are as follows : —

34. The number and amount of current advances classified into (a) Eural land, (6) urban and suburban land, are as follows : —

35. The average balance of principal outstanding per mortgagor is:— £ Loans on rural properties .. .. .. .. .. .. 1,065 Loans on urban and suburban properties .. .. .. .. 54$ Loans to local authorities .. .. .. .. ~ .. 15,341 36. The number and amount of advances, classified in accordance with the tenure of the security, paid over during the year are as follows :—

37. Consequent on the Department exercising its powers of.sale, the following advances granted to purchasers replaced existing mortgages :— Number. Amount. Loans to settlers .. .. .. ~ .. 158 171,440 Loans to workers .. .. .. ~ .. 6 3 900 164 £175,340

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Loans to Settlers. Loans to Workers. Loans Local Totals Authorities. I ! Number. Amount. Number. Amount. Number. Amount. Number. Amount. I £ £ £ £ Freeholds .. 19,785 18,218,126 21,290 13,530,693 .. .. 41,075 31748 819 Leaseholds .. 8,922 3,903,712 1,419 771,564 .. .. 10,341 4,675^276 Freeholds and lease- 368 398,183 .. .. .. .. 368 '398' 183 holds combined Debentures issued .. .. .. .. 289 4,433,423 289 4,433,423 by local bodies Totals .. 29,075 22,520,021 22,709 14,302,257 J 289 4,433,423 52,073 41,255,701

Loans to Settlers. Loans to Workers. Totals. : - j , Number. Amount. Number. Amount. Number. Amount. Number. Amount. £ £ £ £ Rural land .. 16,325 17,380,182 .. .. 152 2,312,465 16,477 19,692,647 Urban and suburban 12,750 5,139,839 22,709 14,302,257 137 2,120,958 35,596 21,563,054 land Totals .. 29,075 22,520,021 22,709 14,302,257 289 4,433,423 52,073 41,255,701

Loans to Settlers. Loans to Workers. Totals. Number. Amount. Amount. Amount. Number.' Amount. i : ! ° ; i ' 1 £ £ £ Freeholds .. .. 211 141,540 70 36,945 .. .. 281 178.485 Leaseholds .. .. 22 17,820 2 1,540 .. .. 24 19^360 Freeholds and leaseholds com- 1 2,230 .. . . .. .. 1 2' 230 bined Debentures issued by local bodies Totals .. .. 234 161,590 72 38,485 .. .. 306 200,075

8.—13.

38. Funds amounting to £237,115, provided by Treasury in accordance with the Earthquake Act, 1931, have been paid to local bodies, and the balance outstanding in respect of the above advances at the close of the year was £235,938 12s. Id. MISCELLANEOUS BUSINESS BRANCH. 39. 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. 40. No moneys were expended during the year in acquiring land, preparing land for dwellings, or in the erection of houses. 41. The amount outstanding in respect of 473 homes under agreements to purchase is £251,906 Is. 2d., and the arrears at the close of the year were £12,469 17s. 10d. Repatriation. 42. During the year the sum of £8,540 9s. 6d. (principal moneys), was repaid by borrowers. 43. The present position is that 910 borrowers are indebted to the extent of £113,966 12s. 9d. for business loans, and 3,592 borrowers owe £74,389 10s. 7d. for furniture loans: a total of £188,356 3s. 4d. in respect of principal moneys. 44. Mortgages and instalments of principal repaid for the year in respect of the above sundry accounts amounted to £18,119 ss. 6d., and the interest collected was £17,864 2s. 9d. Staff. 45. With the many and varied problems arising out of the difficult years through which the Dominion is passing a busy year has again been experienced. In spite of the heavy demands made upon the staff, the officers have loyally co-operated with the executive and continue to give their best services to the Department. G. E. Miller, Superintendent. State Advances Office, Wellington, 17th July, 1935.

SCHEDULE EEFEEEED TO IN REPORT. Form A.—Synopsis of Auckland Branch Collections. Form B. —Synopsis of Wellington Branch Collections. Form C.—Synopsis of Christchurch Branch Collections. Form D.—Synopsis of Agency Collections. Form E.—Summary of monthly totals and percentages of branches and agencies. Form F —Summary showing totals and percentages (branches and agencies shown separate). No. I.— Arrears Graphs : Settlers, Workers, and Rural Advances Branches, and Movement of Loan Capital. A. Movement of Loan Capital. B. Arrears of Interest and Principal. C. Percentage of Arrears to Principal. No. 2—Cash Repayments of Principal (excluding Repayments provided for under the lable Mortgages.

11

8.—13.

Form No. 1.

Settlers, Workers, and Rural Advances Branches.

12

8.—13.

Form No. 2. Cash Repayments of Principal (exclusive of Half-yearly Instalment), Twelve Months ending March, 1930, to 1935.

13

8.—13.

SUMMARY OF MONTHLY TOTALS AND PERCENTAGES, YEAR ENDED 31st MARCH, 1935. Form A. Auckland Branch Office.

14

(Note. The calculations in columns 4 and 5 and 14 and 15 have been based on the monthly equivalent of a half-yearly instalment.) Gross Half-yearly Number of Instalments' Kent Per- Percentage of Mortgagors under payable on pa b]e centage Number of Amount of Collections Collection to Per Average Collection. account under i n of Rent Collections. Collections. Half-yearly Monthly Month - Collection. respect payable Instalments. of Rent Payment 7 I : of to -Hall- collected P er Rental y ear ly — j— 1 * —— r — , „ Mortgagor Instal- R enta i„ Instal- R * , Collection. Inst al- ] nsta |. | Instalments. navable in ments. * ments. mentS ' ! ments. ! R ® nt als. — i-r Rentals. | Total. ! j Rentals. I i Arr ear. ; Branch Direct. ments. • ; ; l_ 1934 " £ £ £ Per Cent. £ f f * t> n 1 t> Ē :: :: S IS li i® g BIS ME i S : s IF lI.BiK iug-t:: :: liitl li™ lliZ IjS S ?I2 I'm I'm ' MIS Z S : ?g K li If I It 1? September .. 2,758 1 606 13 562 8 388 6 585> 78 4.fi a 'ttk 1 o'™r 6,711 16,715 73-88 80-93 96-82 3 16 11 SX- :: gg te g : S : £ gs %S SS 112 S sil ? .. 2!, 27 !;£ £S ££ ?.'S S SS £2 SS SS S 'J FeWy :: S !'?§? Js'™ 8»S ? 027 TC38 j'™ f'JS? »•"? 102 '.312 «.182 73-16 81-86 104-69» 3 17 7 .. *4. OS {?:£; iz VZ SS g S !:£ S !:S S:S 33! S3 SSSUS TOtalS " " " j 162 .3S6f 101,449f 79,446 78-31 78,200 58,955 112,420 2,473 78,016 192,909 70-75 | 76-90 98-20 44 5~2 • Mud., to p„™„ , Theae „ „ bi e«. «. , „d«i m National ,„<1 a ,„7o„ „J, to J,,,„

8.—13.

SUMMARY OF MONTHLY TOTALS AND PERCENTAGES, YEAR ENDED 31st MARCH, 1935— continued. Form B. Wellington Branch Office.

15

(Note. —The calculations in columns 4 and 5 and 14 and 15 have been based on the monthly equivalent of a half-yearly instalment.) w , , Gross Half-yearly Percentage of Number of Instalments Rent «r +fnll+ . Collection to Per . Average Mortgagors under payable on paya ble Collections. Amount of Collectaons. Half-yearly ce „tLe Monthly Collection. account under m « «ent Instalments. of Rett Pa y ment M0nth ' C0lle ° tl0n - ie % 6Ct to Half? collected yearly j- to Rent ® Inst f Rentals. Inst f Rentals. Col l ecti(m - ments! Inst f Rentals. Instalments - Rentals . Xotal . Instal- Rentals _ P a y able ' Arrear. ments. ments. ments. Branch. Direct. ments " _ ___ ■ : : : ■ 1934:. £ £ £ Per Cent. £ £ £ £ Per Cent. Per Cent. Per Cent. £ s. d. April .. .. 2,828 603 15,104 3,439 3,041 88-43 6,504 1,568 9,398 370 2,644 12,412 64-67 76-88 86-94 3 12 4 May .. .. 2,847 625 15,197 3,561 3,162 88-77 7,804 1,917 10,870 449 3,053 14,372 74-48 85-73 96-55 4 2 9 June .. .. 2,858 647 15,258 3,679 3,253 88-42 6,718 1,733 9,746 214 2,796 12,756 65-27 76-00 85-95 3 12 9 July .. .. 2,844 654 15,191 3,730 3,291 88-23 7,436 1,940 10,530 496 3,138 14,164 72-58 84-13 95-35 4 0 11 August .. .. 2,838 660 15,142 3,763 3,330 88-49 7,590 2,027 11,115 114 3,253 14,482 74-15 86-44 97-68 4 5 0 September .. 2,810 681 15,035 3,894 3,443 88-41 6,693 1,799 9,837 243 2,989 13,069 67-04 76-76 86-81 3 14 10 October.. .. 2,807 689 15,015 3,935 3,485 88-56 7,302 1,965 10,963 239 3,312 14,514 74-60 84-16 95-03 4 3 0 November .. 2,800 715 14,991 4,093 3,641 89-20 7,160 2,056 10,851 232 3,402 14,485 73-93 83-12 93-43 4 2 5 December .. 2,798 730 14,979 4,180 3,723 89-06 5,649 1,743 9,991 401 3,145 13,537 69-64 75-23 84-47 3 16 9 1935. January .. 2,800 736 15,014 4,219 3,762 89-16 6,020 1,799 10,633 287 3,715 14,635 74-06 88-05 98-75 4 3 10 February .. 2,813 761 15,077 4,367 3,794 86-87 6,333 1,950 9,944 460 3,441 13,845 69-00 78-79 90-69 3 17 5 March .. .. 2,816 774 15,063 4,446 3,876 87-17 6,754 2,122 10,802 281 3,636 14,719 73-57 81-78 93-80 4 2 0 Totals .. .. .. 181,066* 47,306* 41,801 88-36 81,963 22,619 124,680 3,786 38,524 166,990 70-95 81-44 92-16 47 14 0 * These amounts are subject to a reduction under the National Expenditure Adjustment Act and also to a further reduction in respect of rebates allowable.

8.—13.

SUMMARY OF MONTHLY TOTALS AND PERCENTAGES, YEAR ENDED 31st MARCH, 1935— continued. Form C. Christchurch Branch Office.

16

(Note. —The calculations in columns 4 and 5 and 14 and 15 have been based on the monthly equivalent of a half-yearly instalment.) Gross Half-yearly Number of Instalments Bent 61 "" at v. Percentage of Mortgagors under payable on payaMe rentage Number of Amount of Collections. Collection to Per . Average Collection. account under i n Rent Collections. Half-yearly centage Monthly Month. Collection. respect pay»U® Instalments. ofRent Payment of to Half- collected , r P er I Rental j — 7 T to Rent Mortgagor ment j Rentals " ments! Reirtala ' G ° llecti ° n - ments! : Rentalg _ Rentals _ Irntal. | Arrear. Branch. Direct. meiits. I 034 - £ £ £ Per Cent. £ £ £ £ Per Cent. Per Cent. Per Cent. £ s. d. April .. .. 1,476 173 6,103 807 749 92-81 3,147 396 4,035 74 647 4,756 67-33 80-17 86-39 2 17 8 May .. .. 1,493 176 6,176 822 760 92-46 3,728 512 4,674 100 762 5,536 77-29 92-70 100-00* 3 6 4 June .. .. 1,505 179 6,199 838 773 92-24 3,320 458 4,399 190 709 5,298 74-03 84-60 91-72 3 1 11 July .. .. 1,493 176 6,147 822 760 92-45 3,548 476 4,427 223 710 5,360 75-64 86-49 93-42 3 4 3 August .. .. 1,495 187 6,153 876 810 92-46 3,680 525 4,740 88 796 5,624 78-46 90-86 98-27 3 8 3 September .. 1,500 192 6,180 900 832 92-44 3,319 473 4,189 100 696 4,985 83-96 77-33 83-65 3 2 7 October.. .. 1,498 191 6,174 903 832 92-14 3,571 521 4,847 152 834 5,833 80-97 92-36 100-00* 3 9 1 November .. 1,499 197 6,174 930 858 92-95 3,424 504 4,475 107 837 5,419 74-21 90-00 97-55 3 3 10 December .. 1,498 201 6,186 949 875 92-20 2,614 444 4,120 108 758 4,986 68-44 79-87 86-62 2 18 8 1935. January .. 1,502 202 6,189 957 879 91-84 3,164 507 4,442 174 919 5,535 74-58 96-02 104-55* 3 4 10 February .. 1,510 205 6,226 971 883 90-93 3,156 499 4,251 303 808 5,362 73-14 83-21 91-50 3 2 6 March .. .. 1,515 208 6,251 998 905 90-68 3,357 513 4 513 182 864 5,559 75-10 86-57 95-46 3 4 5 Totals .. .. .. 74,158f 10,773f 9,916 j 92-04 40,028 5,828 53,112 1,801 9,340 64,253 74-05 86-67 94-20 38 4 4 . _J I * Includes amounts due in previous month. f These amounts are subject to a reduction under the National Expenditure Adjustment Act and also to a further reduction in respect of rebates allowable.

8.—13.

SUMMARY OF MONTHLY TOTALS AND PERCENTAGES, YEAR ENDED 31st MARCH, 1935-continued. Form D. Agency Collections.

3—B. 13

17

(Note. —The calculations in columns 4 and 5 and 14 and 15 have been based on the monthly equivalent of a half-yearly instalment.) Gross Half-yearly p r> Average Number of Instalments Rent centa ge Number of Amount of Collections. Half-yearly centlae Monthl y Mortgagors under payable on payable ofRent Collections. Instalment! nfTW Pa y ment Collection. account under m ble Instalments. of Rent per Month. Collection. respect £/ Ha]f _ | * to Rent Mor !g a g° r Rental t Instalments. Instal- ' payable. Arrear. Instal- PTltals Instal- Rentals CoUection. t Instal- Rentalg . Rentals. Total. ts _ j Rentals. ments. Bentals - ments. j Kentals - ments. | Branch. [ Direct. j j | „ p „ , | £ £ £ £ P er Cent. Per Cent.! Per Cent, i £ s. d. April 19M - .. 4,852 i 676 18,669,3,053 2 796 "jlS' 4,991 957 10,935 2,398 14,127 62-83 78-54 j 85-76 2 11 1 Ma y •• 4 ' 865 67 ! IMS i ?'?S o'sS 91-48 5'172 1 034 11*311 l'446 2',588 15,345 68-37 82-52; 90-20 2 15 3 June .. 4,859, 697 18,657 3,136 2,869 91 48 5,17 , ; g7g 2 5Q6 14 614 64-70 80-72 1 88-89 2 12 6 J / y •• - {'SI 2} IK I'm I'm SS I'm iS n'JS 864 l;SS 15',121 67-46 78-89 I 86.40 2 14 5 August .. .. 4,830 j 737 18,560 0,000 k oqa 1 n«9 11 659 995 2 772 15,419 68-36 82-23 j 90-11 2 15 5 September .. 4,813 744 18,500 . Q1 *'417 l'o96 11'678 1 091 2'864 15,633 68-98 84-43 I 92-18 2 16 2 October.. .. 4,814 753 18,509: 3,392 3, 07 91-59 5 417 1 096 11,678 1,091 .,8b4 g g :: till | ?82 S:S I l;Ss 92-08 l.Oil n',885 673 3,171 15,699 62-63 89-62 97-32 2 16 4 January .. 4,808 799 18,791 3,614 3,349 92-06 5,286 1,012 9,5o6 1,161 2,482 13,199 57 08 68 68 74 2 lg g Er y . :: SI So I:IS2 2S S i; 69 4 ifrio i, 13 6 3',o97 15,743 66 -7 9 8 i-2 6 1 9 i-n 215 6 Totals . 233,579*1 40,746* 37,193 91-28 63,367 13,741 137,533 11,746 33,095 182,374 66-76 81-22 88-98 js2 14 1 *These amounts are subject to a reduction under the National Act and also to a further reduction in respect of rebates allowable.

8.—13.

SUMMARY OF MONTHLY TOTALS AND PERCENTAGES, PERIOD 1st APRIL, 1934, TO 31st MARCH, 1935. Form E.

18

(Note. The calculations m columns 4 and 5 and 14 and 15 have been based on the monthly equivalent of a half-yearly instalment.) Gross Half-yearly Number of Instalments R ent Per- , T , Percentage of Mortgagors under payable on payable c ® nta g e Amount of Collection Collection to Per . Average Collection. account under j n °f Rent Collections. • Half-yearly centase Monthly Month. Collection. respect P a y able Instalments. of Re n t Payment fr to Half- ii i j per ot , collected ■«*. T , H Rental J ea f l J I ; — to Rent Mortgagor Instal- 7 Instal- ~ x , Collection Anstai - TWal Instalments. n na-vahle 111 ments. Rentals. mentSi Rentals. ments. ments> Rentals. Rentals. Total. Insta l- R enta i s . P 7 * ' Arrear. * Branch. Direct. ments. i " " — — M pril •• •' 2 ' 912 53 '^ 27 14 ' 938 12,581 Pe 84 C 22' 20,922 7,029 33,304 1,529 11,283 46 116 3 22 f ay '• '• 2 ' 989 53 ' 651 15 ' 327 12 > 898 84 ' 15 24,238 8,589 37,062 2,164 12,905 52,131 73-11 84-19 100-00* 3 9 9 ĪT ■' '• 'o?, 3 '° 46 53 ' 698 15 ' 611 13 > 147 84 " 21 21 > 600 7,729 34,439 2,199 11 968 48 606 68-23 76-67 91-03 3 4 3 A 7 t •' ' 3 '™ 2 53 ' 464 15 ' 902 13 ' 383 8446 23 > 082 8,516 35,807 2,093 12 834 50 734 70-81 80-70 95-89 3 7 5 August .. 11,922 3,170 53,395 16,261 13,684 84-33 23,960 8,999 37,399 1,151 13 392 51 942 72-21 82-35 S-86 3 8 10 September .. 11,881 3,223 53,277 16,553 13,933 84-17 21,768 8,129 34,383 1 432 12 379 48 194 67-22 74-77 88-84 3 3 9 October .. 11,849 3,273 53,108 16,892 14,162 83-84 23,259 8,982 37,438 1 633 14 084 53 155 73-57 83-38 99-45 3 10 4 November .. ,8 9 3,341 53,094 17,268 14,526 84-12 22,810 9,021 36 926 1 179 13 913 71-76 80-S 95-09 3 8 7 1935. " ' 3,381 53 ' 063 17 ' 438 14,723 84 ' 43 18 ' 855 7 ' 41 ° 33 ' 793 236 13 ' 002 48 > 031 66-01 74-56 88-S 3 3 2 " i!'o?o !'f 37 53 ' 484 17 ' 722 14 > 974 844 9 20 ' 238 8 > 078 34,399 1,724 14,428 50,551 67-92 81-41 96-35 3 6 5 February .. 11,868 3,486 53,599 18,053 15,064 83-44 21,008 9,070 36,345 1,701 14 288 52 334 70-98 79-14 94-92 3 8 2 March •• •• 11, 922 3,534 53,829 18,309 15,281 83-47 21,818 9,591 SfijtfO 1J65 52,714 70-99 III 9 94-88 3 8 2 Totals ! 641,189f 200,274f 168,356 84-06 263,558 101,143 427,745 19,806 il58,975 606,526 7k58 94-43 40 J~~0 =— — ! ! ! I i L * Includes amounts due in previous month, f These amounts are subject to a reduction under the National Expenditure Adjustment Act and also to a further reduction in respect of rebates allowable"

8.—13.

Form F. SUMMARY FOR THE YEAR ENDED 31st MARCH, 1935, OF COLLECTIONS UNDER BRANCH OFFICES AND AGENCIES.

19

OUiHiUillVJ. JL'V/AV — (NoTE.-Tlie calculations in columns 4 and 5 and 14 and 15 have been based on the monthly equivalent of a half-yearly instalment.) Gross Half-yearly Per CdlecSto Per Average Number of , Instalments Rent cent Number of Amount of Collections. Half-yearly centage Annual Mortgagors under payable on payable of Ee ® t Collections. Instalments. of Rent Pa y ment Collection. account under m ble collected „ P er _ Collection. respect £ -\ hin -_ ; - (o Rent Mortgagor ■ 1 1 " Rental instal Instalments. j Instal- , I P a y aWe - ; Arrear. Instal- -o+i ' Instal- p t i„ Collection. ents Instal- .... : : Rentals. Tota . men ts. ments. BentalS ' : ments. RentalS ' ments - Branch. Direct. | 1 1 . n, g £ £ £ Per Cent. Per Cent. Per Cent. £ s. d. A„cH.„d .. 2,746 1,722 162.« 101,449 79,446 78,200 58,955 112, go 192 909 ,0,5 7,90 9^2 Wellington .. 2,816 774 181,066 47,306 41,801 88-36 81,963 22,bltfU4, , 53 g6-67 94 . 20 38 4 4 ChriJU* .. 1,515 »8 «,158 10,773 M16 92-04 40,028 M» »,112 182,374 68-76 8.-22 88-98 32 14 1 T„ ta , B 558 101,143 427,745 19,806 158,975 606,526 69-80 79-38 94-13 40 1 0 N.Mon.i ... .< »1»« —

8.—13.

STATE ADVANCES OFFICE. ADVANCES TO SETTLERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1935. Liabilities. £ s. d. Assets. £ s. d. £ s. d. Sundry loans .. .. .. .. 19,586,820 8 5 Investment Account— Temporary advances from— £ s. d. Advances not due .. 15,855,757 1 5 Public Debt Sinking Funds Instalments of principal Branch .. .. 150,000 0 0 overdue .. .. 415,164 18 1 Advances Office Sinking Principal owing by Fund Account .. 1,260,000 0 0 mortgagors .. 16,270,921 19 6 — 1,410,000 0 0 Advances on current account .. 11,684 0 2 Amount held for investment on behalf of the Properties acquired .. .. 2,722 3 0 Housing Insurance Fund .. .. . . 7,844 7 4 Temporary investments .. .. 325,000 0 0 Advances Suspense Account .. . . 6, 859 1 8 Temporary advances to— Fire Loss Suspense Account .. .. .. 11,750 16 8 Workers Branch .. 2,875,000 0 0 Sundry creditors .. .. .. .. 2,711 16 8 Rural Advances Branch.. 695,000 0 0 Weekly rental and instalment collections held Local Authorities Branch 285,000 0 0 pending allocation .. .. .. 84,759 19 6 3,855,000 0 0 Income-tax Suspense Account .. .. 7,702 17 11 Sinking Fund Investments held by Advances Interest on loans— £ s. d Office Sinking Fund Account .. .. 2,076,620 14 5 Deferred .. .. 277,613 12 10 Interest on mortgages — £ s. d. Overdue .. .. 11,872 17 1 Overdue .. .. 727,010 8 5 Accrued but not due .. 139,369 1 8 Accrued .. .. 200,293 13 6 ■ 428,855 II 7 927,304 1 11 Reserve for bad debts .. .. .. 285,310 0 2 Interest on temporary investments accrued .. 1,175 7 5 Sinking Fund .. .. .. .. 2,076,620 14 5 Office furniture and equipment .. .. 7,174 11 8 Reserve Fund .. .. .. .. 25,000 0 0 Motor-vehicles .. .. .. .. 649 4 10 Sundry debtors .. .. .. .. 717 14 7 Half-yearly instalments postponed— £ s. d. Interest .. .. 27,216 17 6 Principal .. .. 14,769 0 3 41,985 17 9 Securities Protection Suspense Account .. 5,080 9 2 Lodgment Transit Account .. .. 8,113 3 2 Realization Suspense Account .. .. 163,273 13 7 Loan Charges Account .. .. .. 159,549 18 9 Cash in hand and in bank at 31st March, 1935.. 77,262 14 5 £23,934,235 14 4 £23,934,235 14 4 Profit and Loss Account for the Year ended 31st March, 1935. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 39,100 14 3 By Interest Account: Gross profits .. .. 97,421 11 1 Loss on realization of securities, and doubtful Profit on sale of motor-vehicle .. .. 9 115 securities written down .. .. .. 29,021 18 9 Net revenue on properties acquired .. .. 37 3 5 Depreciation on— £ s. d. Furniture and equipment 377 12 2 Motor-vehicles .. .. 175 2 8 552 14 10 Income-tax .. .. .. .. 7,702 17 11 Loan-flotation charges written down .. 21,090 0 2 £97,468 5 11 £97,468 5 11 £ s. d. £ s. d. To Balance transferred to Reserve for bad debts .. 7,631 910 By Income-tax refunded .. .. .. 7,631 910 £7,631 9 10 £7,631 9 10 Interest Account for the Year ended 31st March, 1935. Dr. £ s. d. £ s. d. Gr. £ s. d. £ s. d. To Interest on loans .. .. 834,061 411 By Interest on mortgages .. 848,437 17 10 Less accrued at 31st March, Interest on mortgages— 1934.. .. .. 157,148 5 1 Overdue at 31st March, 676,912 19 10 1935 .. .. 727,010 8 5 Interest on loans accrued but not due .. 139,369 1 8 Accrued but not due at 31st Interest on amounts temporarily transferred March, 1935 .. .. 200,293 13 6 from other branches .. .. 56,718 1 1 Balance: Gross profits transferred to Profit 1,775,741 19 9 and Loss Account .. .. .. 97,421 II 1 Less overdue and accrued at 31st March, 1934 .. 966,609 12 10 809,132 6 11 Interest on Current Account advances .. .. .. 355 0 5 Interest on temporary investments .. .. 15,912 13 8 Less accrued at 31st March, 1934 .. 1,175 7 5 14,737 6 3 Interest on outstanding payments .. .. 138 6 0 Interest on temporary advances to other branches .. .. .. .. 144,883 6 8 Interest on temporary investments (accrued) .. 1,175 7 5 £970,421 13 8 £970,421 13 8

20

8.—13.

ADVANCES TO SETTLERS BRANCH— continued. Management Expenses Account for the Year ended 31st Maecb, 1935. /> s ' r ' 4-6 Q* 6 To Adverting, newspapers, Ac. 10 6 3 By go«rt^^- rf ;; 9 8 o 0 Audit Office services .. A f « Production fees .. ... ■• |88 3 7 Cartage .. ■ • • ■ ■; " «please fpps • • • ■ ■ • 352 7 11 Cleaning, lighting, heating, and messenger ser- |3££ .. . ■! «j » vices 936 18 6 Balance transferred to Profit and Loss Account 39,100 14 i Commission •■ •• ■• " r ]r 9 Employers' liability insurance .. • ■ n te i Q Exchange on and cost of remittances •• Jo 1 iV Fidelity guarantee bonds .. •• •• " ul Management charges on New Zealand stock and 1 J . . It) 11 bonds . . ■ • • • ■ • n in Meal allowances and overtime .. • • "1075 Motor maintenance • ■ • ■ • ■ f~°, ' Office maintenance ■• ■• •• «Vn ik in Postages and telegrams 1 ,«9 9 « Post Office services «as 1 I Printing and stationery .. ■ ■ • • oaß Public Service Superannuation Fund contnbuRent " " ■■ •• 809 14 4 s2ri es ■■ •' 22,850 1 2 Solicitors'costs and Court costs .. •• z '°Vi .:V Telephones Too t n Travelling-expenses .. • • • ■ of » Typewriters and adding-maohines (repairs) . . »1 14 o Valuation Department: Agency work .. 4,495 * J-" 2 a £39 - 939 U G E. Milleb, Superintendent. State Advances Office, Wellington, 17th June, 1935. B. Robebtson, Accountant. mmmmēmmmmm Controller and Auditor-General.

21

8.— 13.

RURAL ADVANCES BRANCH. Statement of Liabilities and Assets as at 31st March, 1935. Liabilities. £ s. d. Assets. £ s. d. £ g. d -Bonds issued .. .. .. .. 4,213,050 0 0 Investment AccountTemporary advances from Settlers Branch .. 695,000 0 0 Advances not due .. 4 405 382 12 0 Advances Suspense Account .. .. 172 0 0 Instalments of principal Fire Loss Suspense Account .. .. .. 3,393 0 0 overdue .. .. 61,534 13 2 Income-tax Suspense Account .. .. 3,618 3 1 Principal owing by Sundry creditors .. 17 2 4 mortgagors .. 4,466,917 5 2 Weekly rental and instalment collections held Interest on mortgages pending allocation .. .. .. 18,965 6 8 Overdue .. .. 270,682 14 9 Interest on loans accrued but not due .. 7,513 4 0 Accrued .. 17 6 Reserve for bad debts .. .. .. 54,299 2 1: __! 32(j 022 12 3 Stamp duty due under section 47 (2) of the National Expenditure Adjustment Act, 1932.. 4,172 10 0 I Sundry debtors .. .. .. 018 1 i Half-yearly instalments postponed— £ s. d. Interest .. .. 10,401 16 1 I Principal .. .. 3,451 7 8 13,853 3 9 Securities Protection Suspense Account 596 1 7 : Realization Suspense Account .. .. 15,102 1 5 Loan Charges Account .. .. .. 151,981 13 3 ; Cash in hand and in bank at 31st March, 1935 .. 17,381 12 8 £4,996,027 18 j £4,996,027 18 2 Promt and Loss Account foe the Yeae ended 31st March, 1935. Dr. £ s. dj Of, £ s d To Management Expenses Account .. .. 10,680 10 3 By Interest Account: Gross profits .. ..23 432 911 Loan-flotation charges written down .. 12,665 2 g Balance: Loss for the year 3531 6 1 Income-tax .. .. .. .. 3,618 3 1 £26,963 16 0 £26,963 16 0 :....• ' :■', ■} , i £ s. d. £ s d To Loss for the year .. .. .. .. 3,531 6 1 By Income-tax refunded .. .. .. 7,007 0 4 Balance transferred to Reserve for bad debts .. 3,475 14 3 £7,007 0 4 £77007 ol Interest Account foe the Year ended 31st March, 1935. Dr. £ s. d. £ s. d. Cr. £ s . d. £ s d To Interest on bonds .. 170,895 12 6 By Interest on mortgages .. 241,590 9 7 Less accrued at 31st Interest on mortgages— March, 1934 .. 7,471 4 11 Overdue at 31st March, 163,424 7 7 1935 .. .. 270,682 14 9 Interest on bonds accrued but not due .. 7,513 4 0 Accrued but not due at Interest on amounts temporarily transferred 31st March, 1935 .. 55 339 17 6 from Settlers Branch . . .. .. 27,233 6 8 Balance : Gross profits transferred to Profit 5g7 gj3 j jy and Loss Account .. .. .. 23,432 911 Less overdue and accrued at 31st March, 1934 .. .. 346,083 710 221,529 14 0 Interest on bank balances .. 48 12 9 Interest on outstanding payments .. .. 25 1 5 £221,603 8 2 £221,603 8 2 Management Expenses Account foe the Year ended 31st March, 1935. Dr. £ s. d. Or. £ s d To Audit Office services .. .. .. 145 0 0 By Consent fees .. .. .. 1 15 6 Cleaning, lighting, heating, and messenger ser- Cost of preparation of mortgages '.'. 313 6 vices .. .. .. .. .. 120 0 0 Production fees .. .. 41 17 0 Exchange on and cost of remittances .. .. 7 14 10 Release fees . . 6 15 0 Postages and telegrams .. .. .. 169 11 8 Balance transferred to Profit and Loss Account" 10,680 10 3 Post Office services .. .. .. 205 0 0 Printing and stationery .. .. .. 150 0 0 Public Service Superannuation Fund contribution 65 0 0 Rent .. .. .. .. .. 170 0 0 Salaries .. .. .. .. .. 7,399 0 0 Solicitors' costs and Court costs .. .. 753 4 3 Travelling-expenses .. .. .. 50 0 0 Valuation Department: Agency work .. 1,500 0 0 £1 0>734 10 9 £10,734 10 9 G. E. Miller, Superintendent. State Advances Office, Wellington, 17th June, 1935. R. Eobertson, 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.— J. H. Fowler, Deputy Controller and Auditor-General.

22

8.—13.

ADVANCES TO WORKERS BRANCH. Statement of Liabilities and Assets as at 31st Maech, 1935. Liabilities. £ s. d. Assets. £ s. d. £ s. d. Sundry loans .. .. .. .. 12,117,444 10 4 Investment Account— Temporary advances from Settlers Branch .. 2,875,000 0 0 Advances not due ..13,880,427 10 5 Liability to Railway Department (railway Instalments of principal housing) .. .. .. .. 9,195 0 0 overdue .. .. 328,181 11 1 Advances Suspense Account .. .. 7,195 0 0 Principal owing by Fire Loss Suspense Account .. .. 2,052 15 0 mortgagors .. 14,208,609 1 6 Income-tax Suspense .. .. .. 1, 036 4 6 Sinking Fund investments held by Advances Sundry creditors .. .. .. .. 13 3 9 Office Sinking Fund Account .. .. 93,828 3 11 Weekly rental and instalment collections held Interest on mortgages— £ s. d. pending allocations .. .. .. 120,985 8 2 Overdue .. .. 800,147 6 6 Interest on loans — £ s. d. Accrued .. .. 174,728 5 9 Deferred .. .. 51,704 10 9 974,875 12 3 Accrued but not due . . 105,443 12 11 Unregistered Transfers Account (Railway emOverdue on liability to ployees) .. .. .. .. 9,195 0 0 Railway Department .. 2,383 13 5 Motor-vehicles .. .. .. .. 1,469 7 5 159,531 17 1 Sundry debtors .. .. .. .. 66 12 10 Reserve for bad debts .. .. .. 164,930 14 0 Half-yearly instalments postSinking fund .. .. .. .. 93,828 311 poned— £ s. d. Interest .. .. 578 5 9 Principal .. .. 299 2 1 877 7 10 Securities Protection Suspense Account .. 33,406 16 2 Realization Suspense Account .. .. 6,643 1 9 Loan Charges Account . . .. .. 184,446 8 9 Cash in hand and in bank at 31st March, 1935 37,795 4 4 £15,551,212 16 9 £15,551,212 16 9 Profit and Loss Account for the Year ended 31st March, 1935. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 18,644 18 8 By Interest Account : Gross profits .. .. 94,713 0 0 Loss on realization of securities and doubtful securities written down .. .. .. 52,830 3 4 Depreciation on motor-vehicles .. .. 552 2 0 Loan-flotation charges written down .. .. 21,649 11 6 Income-tax .. .. .. .. 1,036 4 6 £94,713 0 0 £94,713 0 0 £ s. d. £ s. d. To Balance transferred to Reserve for bad debts .. 6,873 10 10 By Income-tax refunded .. .. .. 6,873 10 10 £6,873 10 10 £6,873 10 10 Interest Account for the Year ended 31st March, 1935. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. 494,491 8 2 By Interest on mortgages .. 597,970 16 3 Less accrued at 31st Interest on mortgages— March, 1934 .. 101,427 19 7 Overdue at 31st March, 393,063 8 7 1935 .. .. 800,147 6 6 Interest on amounts temporarily transferred Accrued but not due at from Settlers Branch .. .. .. 116,950 0 0 31st March, 1935 .. 174,728 5 9 Interest on railway expenditure (erection of dwellings) .. .. .. .. 255 4 5 1,572,846 8 6 Interest on loans accrued but not due .. 105,443 12 11 Less interest overdue Balance : Gross profits transferred to Profit and accrued at 31st and Loss Account .. .. .. 94,713 0 0 March, 1934 .. 862,832 7 10 710,014 0 8 Interest on bank balances .. .. 87 11 3 Interest on outstanding payments .. .. 323 14 0 £710,425 5 11 £710,425 5 11 Management Expenses Account for the Year ended 31st March, 1935. Dr. £ s. d. Or. £ s. d. To Audit services .. .. .. .. 225 0 0 By Cost of preparation of mortgages .. .. 23 3 6 Cleaning, lighting, heating, and messenger ser- Production fees .. .. .. .. 131 5 0 vices .. .. .. .. . ■ 225 0 0 Release fees .. .. .. .. 154 1 0 Commission .. .. .. .. 1,527 17 7 Sundry fees .. .. .. .. 015 0 Exchange on and cost of remittances .. 57 10 4 Balance transferred to Profit and Loss Account 18,644 18 8 Fidelity guarantee bonds .. .. .. 90 0 0 Management charges on New Zealand stock and bonds .. .. .. .. .. 617 7 6 Motor-vehicle maintenance .. .. 1,000 0 0 Post Office services .. .. .. 550 0 0 Postages and telegrams .. .. .. 369 6 7 Printing and stationery .. .. .. 300 0 0 Public Service Superannuation Fund contribution 115 0 0 Rent .. .. .. .. .. 600 0 0 Salaries .. .. .. 12,718 0 0 Solicitors' costs and Court costs .. .. 134 1 2 Travelling-expenses .. .. .. 75 0 0 Valuation Department : Agency work .. 350 0 0 £18,954 3 2 £18,954 3 2 G. E. Miller, Superintendent. State Advances Office, Wellington, 17th June, 1935. E. Eobertson, 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. — J. H. Fowler, Deputy Controller and Auditor-General.

23

8.—13

LOCAL AUTHORITIES BRANCH. Statement of Liabilities and Assets as at 31st March, 1935. Liabilities. £ a. d. Assets. £ s. d. £ s. d. Sundry loans .. •• •• 2,778,690 15 7 Investment Account— Loan-moneys: Unexpected' balance under sec- Advances not due 2,883,653 10 3 tion 72, Local Bodies' Loans Act, 1926 .. 3,987 12 10 Instalments of principal Hawke's Bay Eehabilitation: Loan-moneys overdue .. .. b,lt>y y » received from Treasury 235,938 12 1 Principal owing by Temporary advances from Settlers Branch .. 285,000 0 0 local bodies .. — 2,889,813 0 0 Sundry creditors : Treasury (Hawke's Bay re- Hawke's Bay rehabilitation advances .. 235,938 12 1 habitation principal repayments) •• ■• 20 0 0 Sinking Fund investments held by Advances Suspense Account . 217 410 Office Smkmg Fund Account .. .. 200,223 9 8 Income-tax Suspense Account .. .. 2,449 19 7 Interest on debentures- £ s. d. Conversion premiums, in accordance with see- Overdue .. •• -» b '« tion 13 of the Local Authorities Interest Accrued .. .. 4 Reduction and Loan Conversion Act, 1932-33 618 12 8 '79 if if Interest on loans accrued but not due .. 11,580 15 7 Interest postponed n7 in Sinking Fund 200,223 9 8 Interest paid in advance 24 646 12 6 Loan Charges Account .. .. •• <24,b4b 1 1 b Profit and Loss Account .. .. . • 121,125 0 5 Cash in hand and in bank at 31st March, 1935.. 14,178 2 3 £3,518,727 2 10 £3,518,727 2 10 Peofit and Loss Account foe the Yeae ended 31st Maech, 1935. Dr £ s. d. Cr. £ s - d - To Management Expenses Account .. .. 1,745 810 By Interest Account: Gross profits .. .. 10,854 810 Loan-flotation charges written down .. .. 1,116 10 4 Annual proportion conversion premiums .. 25 15 6 Income-tax 2,449 19 7 Balance: Net profits for the year .. .. 5,568 5 7 £10,880 4 4 £10.880 4 4 £ s. d. s - dTo Balance at 31st March, 1934 .. .. 127,242 12 8 By Income-tax refunded 549 6 8 Net profits for the year .. .. •• 5,5b8 5 7 Balance 121,125 0 5 £127,242 12 8 £127,242 12 8 Interest Account for the Yeae ended 31st March, 1935. Dr £ s. d. £ s. d. Or. £ s. d. £ s. d. To Interest on loans .. .. 101,225 2 5 By Interest on debentures .. 103,350 15 10 Less accrued at 31st March, Less overdue and accrued at 1934 .. •• 11,580 15 7 31st March, 1934 .. 29,127 12 8 89,644 6 10 — 74,223 3 2 Interest on loans accrued but not due .. 11,580 15 7 Interest on bank balances .. :•■-■„," Interest on temporary advances from Settlers Interest on temporary advances to Settlers Branch 700 0 0 Branch 5,816 13 4 Balance: Gross profits transferred to Profit Interest on debentures— and Toss Account . ■• 10,854 810 Overdue at 31st March, £ s. d. and Loss Account .. . 1935 73g5 Q 10 Accrued but not due at 31st March, 1935 .. .. 25,333 14 4 32,729 4 2 £112,779 11 3 £112,779 11 3 Management Expenses Account for the Year ended 31st Maech, 1935. 7) £ s. d. Cr. £ s - d - To Audit Office services .. •• 50 06 By Balance transferred to Profit and Loss Account 1,745 810 Cleaning, lighting, heating, and messenger services .. •• • • • ■ • • 30 0 0 Management charges : New Zealand stock and bonds 149 8 10 Postages and telegrams .. • • ■ • 40 0 0 Post Office services .. ■ • • ■ 60 0 0 Printing and stationery .. . ■ •• . 75 0 0 Public Service Superannuation Fund contribution 50 0 0 Tfont . . • ■ 80 0 0 Maries V. '.. L™ 0 ° £1;745 8 10 BJIO G. E. Miller, Superintendent. State Advances Office, Wellington, 17th June, 1935. B. Eobeetson, 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.— J. H. Fowlee, Deputy Controller and Auditor-General.

24

8.—13.

PUBLIC DEBT SINKING FUNDS BRANCH. Statement of Liabilities and Assets as at 31st Maech, 1935. Liabilities. \ Assets. Sinking Fund created under the provisions of £ s. d. Investment Account — £ s. d. £ s. d. the Public Debt Extinction Act, 1910 .. 3,258,955 19 4 Advances not dueWeekly rental and instalment collections held Settlers .. .. 1,000,306 10 10 pending allocation .. .. .. 4,620 10 10 Workers .. .. 50,749 5 2 Suspense Account .. .. .. 1,119 2 8 Local bodies .. 1,266,257 2 3 Interest due to Consolidated Fund in accordance 2,317,312 18 3 with section 12 (a), Repayment of Public Instalments of principal Debt Act, 1925 — £ s. d. overdue — In hand at 31st March, 1935 38,026 0 9 Settlers 20,189 22 Overdue.. .. .. 42,035 17 2 Workers .. .. 1,280 10 7 Accrued .. .. .. 25,353 9 5 Local bodies .. 5,210 8 2 105,415 7 4 26,680 0 11 Principal owing by mortgagors and local bodies .. .. 2,343,992 19 2 Temporary advances to Settlers Branch .. 150,000 0 0 Sundry debtors .. .. .. .. 105 16 4 Half-yearly instalments postponed— £ s. d. Interest .. .. .. 560 13 4 Principal .. .. 234 12 0 795 5 4 Interest overdue on loans to— Settlers .. .. .. 32,670 7 6 Workers .. .. .. 822 1 1 Local bodies .. .. 8,543 8 7 42,035 17 2 Interest accrued on loans to— Settlers 12,729 15 7 Workers .. .. .. 645 10 7 Local bodies .. .. 11,978 3 3 25,353 9 5 Realization Suspense Account .. .. 1,136 18 11 Cash in hand and in bank at 31st March, 1935.. 806,690 13 10 £3,370,111 0 2 £3,370,111 0 2 Interest Account fob the Year ended 31st March. 1935. Dr. 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 .. .. 51,666 9 6 Repayment of the Public Debt Act, 1925— Workers .. .. 2,724 4 2 Paid to Treasury .. .. .. 94,590 10 11 Local bodies .. .. 70,988 3 5 In hand at 31st March, 1935 .. .. 38,026 0 9 ■ Overdue at 31st March, 1935 ..■• .. 42,035 17 2 125,378 17 1 Accrued at 31st March, 1935 .. .. 25,353 9 5 Less overdue and accrued at 31st March, 1934 .. 76,016 16 4 200,005 18 3 49,362 0 9 Less overdue and accrued at 31st March, Interest on bank balances .. .. .. 34 5 8 1934 .. .. .. .. 76,016 16 4 Interest on temporary advances to Settlers Branch .. .. .. .. 4,576 13 4 Interest on temporary investments .. 2,316 15 9 Conversion premiums (local bodies) .. 303 16 2 Interest on outstanding payments .. .. 6 3 8 Interest overdue at 31st March, 1935, on loans to— £ s. d. Settlers .. .. 32,670 7 6 Workers .. .. 822 1 1 Local bodies .. .. 8,543 8 7 42,035 17 2 Interest accrued at 31st March, 1935, on loans to — Settlers .. .. 12,729 15 7 Workers .. .. 645 10 7 Local bodies .. .. 11,978 3 3 25,353 9 5 £123,989 1 11 £123,989 1 11 G. E. Miller, Superintendent. State Advances Office, Wellington, 17th June, 1935. 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.— J. H. Fowler, Deputy Controller and Auditor-General.

4—B. 13.

25

8.—13.

ADVANCES OFFICE SINKING FUND ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1935. Liabilities. Principal received as at 31st March, 1934, with Assets. accumulated interest from— £ s. d. Investment Account— £ s. d. £ s. d. Settlers Branch .. .. .. .. 2,478,471 9 2 Advances not dueWorkers Branch 298,146 3 0 Settlers .. .. 743,948 9 5 Local Authorities Branch .. .. 431,983 18 9 Workers .. .. 39,702 9 7 Local bodies .. .. 271,246 10 5 3,208,601 10 11 1,054,897 9 5 Interest earned for the year Instalments of principal overended 31st March, 1935— £ s. d. dueSettlers Branch .. .. 83,514 7 2 Settlers .. .. 17,737 13 5 Workers Branch .. .. 3,773 8 10 Workers .. .. 1,915 18 11 Local Authorities Branch .. 8,052 4 7 Local bodies .. .. 895 11 0 95,340 0 7 20,549 3 4 3,303,941 11 6 Principal owing by mortgagors and local Less redemption of loans— bodies .. .. .. .. 1,075,446 12 9 Settlers Branch .. 485,365 1 11 Temporary advances to Settlers Branch .. 1,260,000 0 0 Workers Branch .. 208,091 711 Sundry debtors .. .. .. .. 425 0 4 Local Authorities Branch 239,812 13 8 Half-yearly instalments post933,269 3 6 poned— £ s. d. Interest .. .. 1,239 17 5 Total funds as at 31st March, 1935 .. .. 2,370,672 8 0 Principal .. .. 756 15 11 1,y90 Jlo 4 Weeklv rental and instalment collections held Interest overdue on loans to— pending allocation 3,194 2 1 Settlers 19,976 1110 Advances Suspense 50 0 0 Workers .. .. 1.228 17 11 Fire Loss Suspense 100 0 0 Local bodies .. .. 1,707 8 4 „„.„,_. — 2z,ylil 18 1 Interest accrued on loans to— Settlers.. .. .. 8,655 9 2 Workers .. .. 468 12 1 Local bodies .. .. 2,215 15 0 11,339 16 3 Cash in hand and in bank at 31st March, 1935 \. 1,895 9 4 £2,374,016 10 1 £2,374,016 10 1 Interest Account for the Year ended 31st March, 1935. Or. £ s. d. £ s. d. j) r £ s. d. By Interest on loans to— To Interest on investments, transferred to Sinking Settlers .. .. .. 38,243 11 1 Fund Account 95,340 0 7 Workers ,I'StZ ,f 2 Local bodies .. .. 15,087 15 2 55,278 11 3 Less overdue and accrued at 31st March, 1934 .. 37,496 0 7 17,782 10 8 Interest on bank balances .. .. 6 17 Interest on temporary advances to Settlers Branch .. .. .. .. 43,296 13 4 Interest on outstanding payments .. .. 2 0 8 ! Interest overdue at 31st March, 1935, on loans to— £ s. d. Settlers .. .. .. 19,976 11 10 Workers .. .. .. 1,228 17 11 Local bodies .. .. 1,707 8 4' 22,912 18 1 Interest accrued at 31st March, 1935, on loans to— Settlers .. .. .. 8,655 9 2 Workers .. .. .. 468 12 1 Local bodies .. .. 2,215 15 0 —- 11,339 16 3 £95,340 0 7 £95,340 0 7 G. E. Miller, Superintendent. State Advances Office, Wellington, 17th June, 1935. 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. H. Fowler, Deputy Controller and Auditor-General.

26

8.—13.

MISCELLANEOUS BUSINESS BRANCH.—HOUSING ACCOUNT. Statement or Liabilities and Assets as at 31st Maech, 1935. Liabilities. Assets. £ s. d. £ s. d. Investment Account — £ s. d. £ s. d. Sundry loans .. .. .. 412,388 9 4 Advances not due — Less loan liability redeemed and Dwellings purchased ..251,906 1 2 discharged from Consolidated Sections purchased .. .. 1,095 0 8 Fund .. .. .. 19,468 9 4 Advances .. .. 126 12 2 _! 253,127 14 0 392,920 0 0 Instalments of principal overLess loan liability redeemed by due— Public Debt Repayment As- Dwellings purchased .. 6,947 0 0 ooun t .. 100 0 0 Sections purchased .. 139 2 1 392,820 0 0 Advances.. .. .. 33 17 1 Liability to Consolidated Fund in terms of sec- 7,119 19 2 tion 22, Finance Act, 1926 .. .. .. 100 0 0 Sundry creditors .. .'. .. •• 7 10 Principal owing by mortgagors .. .. 260,247 13 2 Suspense Account 163 8 3 Dwellings let 30,222 10 11 Insurance Fund .. .. .. 9,206 8 3 Freehold land .. .. .. .. 26,494 5 2 Interest on loans— £ s. d. Sinking Fund investments held by Public Debt Overdue .. .. .. 5,668 15 1 Redemption Fund .. .. .. .. *4,892 5 4 Accrued .. 5,129 11 6 Insurance Fund investment held by Settlers Branch 7,844 7 4 10,798 6 7 Sundry debtors .. .. .. .. 1,105 11 0 Reserve for bad debts .. .. 19,880 18 11 Interest on dwellings and land — £ s. d. Sinking Fund 1,537 5 6 Overdue 7,733 1 2 Accrued .. .. .. 73 5 4 ■ " 7,806 6 6 Rent overdue .. .. .. .. 2,028 5 0 Insurance premiums— Overdue .. .. .. 490 0 7 Paid in advance .. .. 208 17 9 698 18 4 Realization Suspense Account .. .. .. 9,738 16 6 Profit and Loss Account .. .. . . 79,551 7 5 Cash in hand and in bank at 31st March, 1935 .. 3,883 110 £434,513 8 6 £434,513 8 6 * 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 Year ended 31st March, 1935. Dr. £ s. d. Or. £ s. d. To Management Expenses Account .. .. 1,665 53 By Interest Account: Gross profits .. .. 1,331 610 Dwellings maintenance .. .. .. 1,483 8 7 Balance: Loss for the year.. .. .. 1,817 7 0 £3,148 13 10 £3,148 13 10 £ s. d. £ s. d. To Balance as at 31st March, 1934 .. .. 77,777 11 4 By Profits from loans to Employers for Workers' Loss for the year .. .. .. •• 1,817 7 0 Dwellings Account .. .. .. 43 10 11 Balance .. .. .. .. .. 79,551 7 5 £79,594 18 4 £79,594 18 4 Interest Account for the Year ended 31st March, 1935. Dr £ s. d. £ s. d. Or. £ s. d. £ s. d. To Interest on loans .. .. 13,677 8 2 By Interest on land and dwellings 12,504 15 4 Less accrued at.3lst March, ' Less overdue and accrued at 193 4 5 063 410 31st March, 1934 .. 7,917 211 _! 8,614 3 4 4,587 12 5 Interest on loans accrued but not due .. 5,129 11 6 Interest on amounts temporarily transferred to Balance: Gross profits transferred to Profit and Settlers Branch .. .. .. .. 2,660 8 4 Loss Account .. •• 1,331 610 Interest on bank balances .. .. .. 20 14 5 Interest on dwellings and land — £ s. d. Overdue at 31st March, 1935 7,733 1 2 Accrued but not due at 31st March, 1935 .. .. 73 5 4' 7,806 6 6 £15,075 1 8 £15,075 18 Management Expenses Account for the Year ended 31st March, 1935. Dr £ s. d. Or. £ s. d. To Audit Office services .. .. •• 90 0 0 By Balance transferred to Profit and Loss Account 1,665 5 3 Cleaning, lighting, heating, and messenger services 25 0 0 Fees paid for speoial services in respect of securities .. .. • • ■ • • • 51 12 0 Postages and telegrams .. .. • • 40 0 0 Post Office services .. • • ■ • 60 0 0 Printing and stationery .. ■ • • ■ 50 0 0 Public Service Superannuation Fund contribution 40 0 0 Rent 50 0 0 Salaries 1.198 0 0 Solicitors' costs .. .. • • • • 10 13 3 Valuation Department: Agency work .. 50 0 0 £1,665 5 3 £1,665 5 3 G. E. Miller, Superintendent. State Advances Office, Wellington, 17th June, 1935. 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.— J. H. Fowler, Deputy Controller and Auditor-General.

27

8.—13.

LOANS TO EMPLOYERS FOR WORKERS' DWELLINGS ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1935 —NIL. The investments under this account have been repaid and the relative loan liability redeemed. The Sinking Fund and Sinking Fund investment have been transferred to Part I of the Act (Housing Account). Promt and Loss Account for the Year ended 31st March, 1935. Dr. £ s. d. Or. £ s. d. To Administration expenses .. .. .. 10 0 0 By Balance: Loss for the year .. .. .. 31 8 0 Balance: Interest Account .. .. .. 21 8 0 £31 8 0 £31 8 0 £ s. d. £ s. d. To Loss for the year .. '•• .. 31 8 0 By Balance as at 31st March, 1934 .. .. .. 70 19 11 Balance—Profits transferred to Part I of the Act Income-tax refunded .. .. .. 3 19 0 (Housing Account) .. .. .. .. 43 10 11 £74 18 11 £74 18 11 Interest Account for the Year ended 31st March, 1935. Dr. £ s. d. £ s. d. Or. £ s. d. £ s. d. To Interest on loans .. .. .. 116 5 11 By Interest on mortgages .. .. 427 17 11 Less accrued at 31st March, 1934 .. 33 11 8 Less interest on mortgages overdue 82 14 3 at 31st March, 1934 .. .. 370 10 0 g»7 7 U Interest on temporary advances to Settlers Branch .. 3 18 4 Balance—Transferred to Profit and Loss Account .. 21 8 0 £82 14 3 £82 14 3 Management Expenses Account for the Yeab ended 31st March, 1935. Dr. £ s. d. Or. £ 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 G. E. Miller, Superintendent. State Advances Office, Wellington, 17th June, 1935. 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. H. Fowler, Deputy Controller and Auditor-General.

28

8.—13.

FISHING-INDUSTRY PROMOTION ACCOUNT. Statement of Liabilities and Assets as at 31st Maech, 1935. Liabilities. £ s. d. £ s. d. Assets. _ £ s. d. Sundry loans .. •■ 2,521 19 2 Investment Account: Instalments of'principal overLess loan liability redeemed and due .. .. _ .. . "v 75 8 6 discharged from Consolidated Sinking Fund investments held by Public Debt p un d .. .. 1,036 19 2 Redemption Fund .. .. .. .. *59 1 2 Interest on bills of sale overdue.. .. • • 8 18 1,485 0 0 Sundry debtors .'. .. .. .. 19 5 0 Less loan liability redeemed by Profit and Loss Account .. .. .. 252 2 9 Public Debt Repayment Account 1,060 0 0 Cash m hand and m bank at 31st March, 1935 .. 1,094 19 b 425 0 0 Liability to Consolidated Fund in terms of section 22, Finance Act, 1926 .. .. •• •• 1.060 0 0 Interest on loans — Overdue .. .. •• 0 10 0 Accrued .. .. •• 5 10 10 6 0 10 Sinking Fund .. .'. .. •• 17 17 9 _______ £1,508 18 7 £1,508 18 7 * 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 foe the Yeae ended 31st March, 1935. Dr £ s. d. I Or. £ s. d. To Management Expenses Account .. . • 15 0 0 By Balance: Loss for the year 21 010 Balance: Interest Account .. .. • ■ 6 010 £21 0 10 £21 0 10 £ s. d. £ s. d. To Balance at 31st March, 1934 238 7 2 By Income-tax: Refunded 7 5 3 Loss for the year 21 010 Balance 252 2 9 £259 8 0 £259 8 0 Interest Account for the Year ended 31st March, 1935. Dr £ s. d. £s.d. I Or. £ s. d. £s. d. To Interest on loans .. .. .. 14 17 6 By Interest on bills of sale .. .. 210 0 Less accrued at 31st March, 1934 .. 510 10 Interest on temporary advances to 9 6 8 Settlers Branch .. .. .. 8 16 8 Interest on loans accrued but not due .. • • 510 10 Interest on bills of sale overdue at 31st March, 1935 .. .. .. 8 18 19 8 4 Less interest on bills of sale overdue at 31st March, 1934 .. .. 10 11 8 8 16 8 Balance transferred to Profit and Loss Account .. 6 0 10 £14 17 6 £14 17 6 Management Expenses Account for the Year ended 31st March, 1935. Dr £ s. d. Or. £ 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 G. E. Miller, Superintendent. State Advances Office, Wellington, 17th June, 1935. 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. H. Fowler, Deputy Controller and Auditor-General.

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FRUIT-PRESERVING INDUSTRY ADVANCES ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1935. Liabilities. Assets. £ s. d. £ s. d. £ s. d. £ s. d. Investment Account — Sundry loans .. .. 43,858 14 3 Advances not due .. .. 23,555 6 3 Less loan liability redeemed Instalments of principal and discharged from Con- overdue .. .. 4,134 4 9 solidated Fund .. .. 6,008 14 3 Principal owing by mortgagors .. .. .. 27,689 11 0 37,850 0 0 Properties acquired .. .. .. .. 4,212 8 6 Less loan liability redeemed by Sundry debtors .. .. .. .. 6 6 0 Public Debt Repayment Ac- Half-yearly instalments postponed— £ s. d. count .. .. .. 5,000 0 0 Interest .. .. .. 299 15 0 32,850 0 0 Principal .. .. .. 500 0 0 Liability to Consolidated Fund in terms of sec- 799 15 0 tion 22, Finance Act, 1926 .. .. .. 5,000 0 0 Sinking Fund investments held by Public Debt Suspense Account .. .. .. .. 39 19 10 Redemption Fund .. .. *888 8 1 Income-tax Suspense Account .. .. .. 38 11 8 Interest on mortgages — £ s. d. Interest on loans accrued .. .. .. 428 8 1 Overdue .. .. .. 2,708 9 2 Reserve for bad debts .. .. .. 3,839 11 8 Accrued .. .. .. 241 18 9 Sinking Fund .. .. .. .. 275 11 3 2,950 7 11 Profit and Loss Account .. .. .. 3,678 17 10 Cash in hand and in bank at 31st March, 1935 .. 2,246 8 2 £42,472 2 6 £42,472 2 6 • 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, 1935. Dr. £ s. d. Or. £ s . d. To Management Expenses Account .. ..123 12 0 By Interest Account: Gross profits .'. .. 259 11 9 Income-tax .. .. .. .. 38 11 8 Balance : Net profits for the year .. .. 97 8 1 £259 11 9 , £259 11 9 £ s. d. £ a. d. To Balance as at 31st March, 1934 .. .. 3,809 6 8 By Net profits for the year .. .. .. 97 8 1 Income-tax refunded .. .. .. 33 0 9 Balance .. .. .. .. .. 3,678 17 10 £3,809 6 8 £3,809 6 8 Interest Account for the Year ended 31st March, 1935. Dr. £ s. d. £ s. d. Or. £ s.-d. £ s. d. To Interest on loans .. .. 1,149 15 0 By Interest on mortgages .. .. 1,405 011 Less accrued at 31st March, 1934 428 8 1 Interest on mortgages— 721 6 11 Overdue at 31st March, 1935 .. 2,708 9 2 Interest on loans accrued but not due .. .. 428 8 1 Accrued at 31st March, 1935 . . 241 18 9 Balance : Gross profits transferred to Profit and Loss Account .. .. .. .. 259 11 9 4,355 8 10 Less interest overdue and accrued at 31st March, 1934.. 2,958 10 5 1,396 18 5 Interest on temporary advances to Settlers Branch 12 8 4 £1,409 6 9 £1,409 6 9 Management Expenses Account for the Year ended 31st March, 1935. Dr. £ s. d. ■ Or. £ B . d. To Administration expenses .. ... .. 118 12 0; By Balance transferred to Profit and Loss Account .. 123 12 0 Audit Office services .. .. .. .. 500 £123 12 0 £123 12 0 G. E. Miller, Superintendent. State Advances Office, Wellington, 17th June, 1935. 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. H. Fowler, Deputy Controller and Auditor-General.

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COLD-STORAGE ADVANCES ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1935. Liabilities. Assets. £ s. d. £ s. d. £ s. d. Sundry loans .. .. .. 36,500 0 0 Investment Account: Advances not due .. 12,517 18 7 Less loan liability redeemed and Sinking Fund Investments held by Public Debt Redischarged from Consolidated demption Fund ... .. .. .. * 1,346 8 5 Fund .. .. .. 7,500 0 0 Interest on mortgages— £ s. d. — Overdue .. .. .. 1,203 11 4 29,000 0 0 Accrued .. .. .. 195 9 5 Less loan liability redeemed by 1,399 0 9 Public Debt Repayment Ac- Sundry debtors .. .. .. .. 33 5 0 count .. .. .. 1,530 0 0 Realization Suspense Account .. .. .. 57 10 10 —: 27,470 0 0 Profit and Loss Account . .. .. .. 13,986 4 8 Capital Reduction Account .. .. .. 7,500 0 0 Cash in hand and in bank at 31st March, 1935 .. 8,234 7 7 Liability to Consolidated Fund in terms of section 22, Finance Act, 1926 .. .. .. 1,530 0 0 Interest on loans accrued .. .. .. 197 11 3 Reserve for bad debts .. .. .. .. 119 7 3 Sinking Fund .. .. .. .. 757 17 4 £37,574 15 10 £37,574 15 10 * 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, 1935. Dr. £ s. d. I Or. £ s. d. To Management Expenses Account .. .. 115 0 0 By Balance: Loss for the year .. .. ~ 368 8 7 Balance: Interest account .. .. .. 253 8 7 £368 8 7 £368 8 7 £ s. d. £ s. d. To Balance as at 31st March, 1934 .. .. 13,622 10 9 By Income-tax refunded .. .. .. 414 8 Loss for the year .. .. .. .. 368 8 7 Balance .. .. .. .. .. 13,986 4 8 :-'■■.■:■■ £13,990 19 4 £13,990 19 4 Interest Account for the Year ended 31st March, 1935. Dr. £ s. d. £ s. d. Or. £ s. d. £ s. d. To Interest on loans .. .. .. 961 9 0 By Interest on mortgages .. .. 776 17 6 Less accrued at 31st March, 1934 .. 197 11 3 Interest on mortgages— 763 17 9 Overdue at 31st March, 1935 .. 1,203 11 4 Interest on loans accrued but not due .. 197 11 3 Accrued at 31st March, 1935 .. 195 9 5 2,175 18 3 Less overdue and accrued at 31st March, 1934 .. .. 1,508 12 10 667 5 5 Interest on temporary advances to Settlers Branch 40 15 0 Balance transferred to Profit and Loss Account .. 253 8 7 £961 9 0 £961 9 0 Management Expenses Account for the Yeae ended 31st March, 1935. 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 G. E. Miller, Superintendent. State Advances Office, Wellington, 17th June, 1935. 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.— J. H. Fowler, Deputy Controller and Auditor-General.

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REPATRIATION. Statement of Liabilities and Assets as at 31st March, 1935. Liabilities. ' Assets. Liability to Eedemption 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 .. .. 188,356 3 4 Less repayments to 31st March, 1935 .. 189,103 211 Less Suspense adjustments .. 145 12 4 _ 188,210 11 0 1,101,078 19 2 Interest on bills of sale overdue .. .. 4,482 12 11 Less expenditure irrecover- £ s. d. Cash in hand and in bank at 31st March, 1935 .. 959 15 5 able to 31st March, 1934 910,083 9 9 Losses on realization for the year ended 31st March, 1935 .. .. .. 1,772 2 0 Management Expenses Account for the year ended 31st March, 1935 .. 1,012 16 5 912,868 8 2 Liability to Redemption Account as at 31st March, 1935 .. .. .. .. 188,210 11 0 Sundry creditors, Treasury— £ s. d. Interest .. .. .. 305 3 0 Principal .. .. .. 600 6 10 905 9 10 Suspense Account .. .. .. .. 54 5 7 Interest on advances from War Expenses Account overdue .. .. .. .. 4,482 12 11 £193,652 19 4 £193,652 19 4 Interest Account for the Year ended 31st March, 1935. Dr. £ s. d. I Cr. £ s. d. £ s. d. To Interest paid to Treasury .. .. .. 493 11 9 By Interest on bills of sale .. 836 1 5 Interest in hand due to Treasury at 31st March, Interest on bills of sale overdue at 1935 .. .. .. .. .. 305 3 0 31st March, 1935 .. .. 4,482 12 11 Interest due to Treasury overdue at 31st March, 1935 .. .. .. .. .. 4,482 12 11 5,318 14 4 —— Less overdue at 31st March, 1934 4,697 6 3 5,281 7 8 Less interest due to Treasury overdue at 621 8 1 31st March, 1934 .. .. .. 4,697 6 3 Less realizations: Interest .. 49 12 2 571 15 11 Interest on bank balances .. .. 12 5 6 £584 1 5 • £584 1 5 Management Expenses Account for the Year ended 31st March, 1935. Dr. £ s. d. Cr. £ s. d. To Audit Office services .. .. .. 30 0 0 By Balance recouped in accordance with secCleaning and messenger services .. .. 35 0 0 tion 13 (3), State Advances Amendment Act, Commission .. .. .. .. 32 0 2 1922 .. .. .. .. .. 1,012 16 5 Contingencies .. .. .. .. 0 9 11 Postages and telegrams .. .. .. 80 0 0 Post Office services .. .. .. 115 0 0 Printing and stationery .. .. • .. 25 0 0 Rent 90 0 0 Salaries .. .. .. .. .. 580 0 0 Solicitors' costs .. .. .. .. 25 6 4 £1,012 16 5 ' £1,012 16 5 G. E. Miller, Superintendent. State Advances Office, Wellington, 17th June, 1935. K. Eobertson, 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. H. Fowler, Deputy Controller and Auditor-General.

Approximate Cost of Paper.—Preparation, not given ; printing (570 copies), £42 10s. od.

Authority: G. H. Loney, Government Printer, Wellington. —1935.

Price is.]

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