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Statement of Profit and Loss Account foe the Year ended 31st March, 1925. Dr. £ s. d. Or. £ s. d. To Management Expenses Account .. .. 4,769 1 3 By Interest Account—Gross profits .. .. 193 12 0 Loss on realization of securities .. .. 90 19 8 Balance—Loss for the year .. .. .. 4,666 8 11 £4,860 0 11 £4,860 0 11 £ s. d. By Income-tax provided for, 31st. March, 1924 —Not £ s. d. To Loan-flotation charges written down .. .. 9,564 10 1 now required .. .. .. .. 191 8 4 Loss for the year .. .. .. .. 4,666 8 11 Transfer from Reserve Fund .. .. 7,532 9 11 Balance .. .. .. .. .. 6,507 0 9 £.14,230 19 0 £14,230 19 0 Statement of Interest Account for the Year ended 31st March, 1925. Dr. £ s. d. £ s. d. Or. £ s. d. £ s. d. To Interest on loans .. .. 176,376 15 11 By Interest on mortgages .. 211,056 7 1 Less accrued at 31st March, Less interest overdue and 1924 .. .. 29,338 0 7 accrued at 31st March, 1924 62,205 18 6 — 147,038 15 4 148,850 8 7 Interest on amounts temporarily transferred Interest on bank balances .. .. .. 131 0 3 from Settlers Branch .. .. .. 36,505 9 7 Interest on temporary investments accrued at Interest on loans accrued but not due .. 53,165 16 2 31st March, 1925 .. .. .. 8,085 13 3 Balance-—Gross profits transferred to Profit Interest on mortgages— and Loss Account .. .. .. 193 12 0 Overdue at 31st March, 1925 19,219 7 3 Accrued but not due at 31st March, 1925 .. .. 60,617 3 9 . 79,836 11 0 £236,903 13 1 £236,903 13 1 Statement of Management Expenses Account for the Year ended 31st March, 1925. Dr. £ s. d. Or. £ s. d. To Audit Office services .. .. .. 150 0 0 By Consent fees .. .. .. .. 013 0 Cleaning, lighting, heating, and messenger Cost of preparation of mortgages .. .. 133 12 0 services .. .. .. .. 135 0 0 Production fees .. .. .. .. 303 5 6 Contingencies .. .. .. .. 15 15 3 Release fees .. .. .. .. 105 10 6 Management charges on New Zealand stock and Balance transferred to Profit and Loss Account 4,769 1 3 bonds .. .. .. .. .. 97 8 2 Post Office services .. .. .. 500 0 0 Postages and telegrams .. .. .. 197 18 10 Printing and stationery .. .. .. 300 0 0 Public Service Superannuation Fund contri bution .. .. .. .. .. 64 0 0 Rent .. .. .. .. .. 600 0 0 Salaries .. .. .. .. .. 2,902 0 0 Valuation Department—Agency work .. 350 0 0 £5,312 2 3 £5,312 2 3 Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1925. R. Robertson, Accountant. The Audit Office, having examined the balance-sheet and accompanying accounts and compared them with the relative books, documents, and securities, hereby certifies them to be in accordance therewith. —G. F. C. Campbell, Controller and Auditor-General. STATE ADVANCES OFFICE. ADVANCES TO LOCAL AUTHORITIES BRANCH. Statement of Liabilities and Assets as at 31st March, 1925. Liabilities. £ s. d. Assett. £ s. d. Sundry loans .. .. .. .. 2,775,529 9 5 Investment Account—Principal owing by local Loan-moneys—Unexpended balances under sec- bodies .. .. .. .. .. 2,775,759 15 5 tion 72, Local Bodies' Loans Act, 1913 .. 3,987 12 10 Sinking Fund investments held Temporary advances from Settlers Branch .. 361,500 0 0 bySuspense Account .. .. .. .. 120 18 3 Advances Office Sinking £ s. d. Interest on loans accrued but not due .. 36,385 16 7 Fund Account .. 308,979 18 8 Sinking Fund .. .. .. .. 99,531 9 1 Public Debt Sinking Fund Branch .. .. 18,761 8 0 327,741 6 8* Interest on debentures — Overdue .. .. 5,554 9 1 Accrued .. .. 23,829 11 5 29,384 0 6 Loan Charges Account .. .. .. 29,669 14 5 Profit and Loss Account .. .. .. 101,834 710 Cash in hand and in bank at 31st March, 1925 9,666 1 4 £3,277,055 6 2 £3,277,055 6 2 * This amount includes the sum of £228,209 17s. 7d. capital paid into the sinking fund under the provisions of the State Advances Act.

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