8.—13.

MISCELLANEOUS BUSINESS BRANCH. Repatriation. During the year the sum of £87,607 Bs. 4d., principal moneys, was repaid by borrowers. In respect of business loans, 2,148 borrowers are now indebted to the extent of £286,441 10s. lid., and 8,673 borrowers in respect of furniture loans of £205,693 16s.—a total of £492,135 6s. lid. in respect of principal moneys. Housing Account. The following is a statement showing the amount expended for the year ended 31st March, 1925, in £ Acquiring land .. .. .. .. .. . . Nil. Preparing land for dwellings .. .. .. .. .. 4,328 Erecting dwellings .. .. .. .. .. .. 910 Total .. .. .. .. .. .. £5,238 During the year 1 dwelling was erected and 22, amounting to £32,160, disposed of. The payments received for the year ended 31st March, 1925, amounted to £115,255 2s. lid. The total amount of interest collected for the year was £32,403 19s. 9d. Loans to Employers for Workers' Dwellings Account ; Fishing Industry Promotion Account ; Fruit-preserving Industry Account ; Cold-storage Advances Account. Mortgages and instalments of principal repaid for the year in respect of the above accounts amounted to £8,116 19s. 5d., and the total amount of interest collected was £6,692 15s. 6d. A statement of each account to the 31st March, 1925, is attached. Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1925.

STATE ADVANCES OFFICE. ADVANCES TO SETTLERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1925. Liabilities. £ s. d. Asset*. £ s. d. Sundry loans .. .. .. .. 13,268,959 11 4 Investment Account —Principal owing by Temporary advances from— £ s. d. mortgagors .. .. .. .. 12,016,001 14 6 Public Debt Sinking Fund Temporary investments .. .. .. 197,500 0 0 Branch .. .. 349,000 0 0 Temporary advances to — £ s. d. Advances Office Sinking Fund Workers Branch .. 655,000 0 0 Account .. .. 249,500 0 0 Local Authorities Branch 361,500 0 0 Miscellaneous Business Branch 39,165 0 0 1,016,500 0 0 637,665 0 0 Sinking Fund investments Amount held for investment on behalf of the held by— Housing Insurance Fund .. .. 2,090 0 0 Advances Office Sinking Advances Suspense Account .. .. 36,690 0 0 Fund Account .. 1,555,086 17 4 Fire Loss Suspense Account . . . . 7,927 14 3 ! Public Debt Sinking Fund Suspense Account .. .. .. 8,240 11 2 Branch .. .. 22,914 2 1 Income-tax Suspense Account .. . . 7,173 8 9 1,578,000 19 5* Sundry creditors .. .. .. .. 2,445 210 Interest on mortgages — Interest on loans accrued but not due .. 121,281 8 3 Overdue .. 61,176 1 5 Reserve for bad debts .. .. .. 10,369 411 Accrued .. .. 136,809 12 4 Sinking Fund .. .. .. .. 1,139,335 17 6 197,985 13 9 Reserve Fund .. .. .. .. 25,000 0 0 Interest on temporary investments accrued 6,719 3 5 Office furniture and equipment .. . . 5,967 15 2 Sundry debtors .. .. .. .. 9,761 2 6 Loan Charges Account .. .. .. 108,154 19 10 Realization Account .. .. . . 495 11 9 Cash in hand and in bank at 31st March, 1925 130,090 18 8 £15,267,177 19 0 £15,267,177 19 0 * This amount includes £438,665 Is. lid. capital paid into the sinking fund under the provisions of the State Advances Act. Statement op Profit and Loss Account for the Year ended 31st March, 1925. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 27,151 8 3 By Interest Account—Gross profits . .. 66,694 0 4 Loss on realization of securities, and doubtful securities written down .. .. .. 11,073 7 1 Office furniture and equipment written down.. 314 1 9 Balance—Net profits for the year .. .. 28,155 3 3 £66,694 0 4 £66,694 0 4 £ s. d. £ s. d. To Loan-flotation charges written down .. 5,714 6 7 By Net profits for the year .. .. .. 28,155 3 3 Income-tax .. .. .. .. 4,757 6 11 Balance of net profits invested in— £ s. d. Public Debt Sinking Fund Branch.. .. .. 3,798 18 2 Advances Office Sinking Fund Account .. .. 13,884 11 7 17,683 9 9 £28,155 3 3 £28,155 3 3

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