9

B.- 13

ADVANCES TO WORKERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1929. Liabilities. £ s . d. Assets. £ s. d. Sundry loans .. .. .. .. 10,423,022 19 11 Investment Account' —Principal owing by mortTemporary advances from Settlers Branch .. 1,533,000 0 0 gagors .. .. .. .. 11,436,989 19 0 Liability to Railway Department (Railway Temporary investments .. .. .. 200,128 16 6 housing) .. .. .. .. 5,240 0 0 Sinking Fund investments held by Advances Interest on loans accrued but not due .. 81,946 14 11 Office Sinking Fund Account .. .. 71,682 4 0 Advances Suspense Account .. .. 98,996 2 6 Interest on mortgages — £ s. d. Fire Loss Suspense Account .. .. 1,280 0 0 Overdue .. .. 85,277 311 Suspense Account .. .. .. 4,128 2 7 Accrued .. .. 139,887 18 9 Income-tax Suspense Account .. .. 1,921 15 6 225,165 2 8 Sundry creditors .. .. .. .. 2,930 411 Unregistered Transfers Account (Railway emReserve for bad debts .. .. .. 3,454 17 10 ployees) .. .. .. .. 5,240 0 0 Sinking Fund .. .. .. .. 71,682 4 0 Sundry debtors .. .. .. .. 862 10 I Realization Suspense Account .. .. 3,516 14 1 Loan Charges Account .. .. .. 221,231 10 3 Profit and Loss Account .. .. .. 51,596 17 0 Cash in hand and in bank at Slit March, 1929 11,189 8 7 £12,227,603 2 2 £12,227,603 2 2 Profit and Loss Account for the Year ended 31st March, 1929. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 6,488 3 3 By Interest Account—Gross profits .. .. 20,658 0 9 Loss on realization of securities .. .. 3,282 12 9 Balance —Net profits for the year .. .. 10,887 4 9 £20,658 0 9 £20,658 0 9 £ s. d. £ s . d. To Balance as at 31st March, 1928 .. . . 45,265 3 4 By Net profits for the vear .. .. .. 10,887 4 9 Loan-flotation charges written down .. 15,297 211 Balance.. .." .. .. .. 51,596 17 0 Income-tax .. .. .. .. 1,921 15 6 £62,484 1 9 £62,484 I 9 Interest Account for the Year ended 31st March, 1929. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. .. 434,258 19 2 By Interest on mortgages .. 516,075 18 2 Less accrued at 31st March, Less interest overdue and 1928 .. .. .. 69,506 16 6 accrued at 13st March, 1928 188,096 3 3 364,752 2 8 327,979 14 11 Interest on amounts temporarily transferred Interest on bank balances .. .. .. 233 3 3 from other branches .. .. 81,380 12 2 Interest on outstanding payments .. .. 14 16 0 Interest on Railway expenditure (erection of Interest on temporary investments .. .. 823 3 9 dwellings) .. .. .. .. 5,478 10 1 Interest on mortgages — '£ s. d. Interest on loans accrued but not due .. 81,946 14 11 Overdue at 31st March, 1929 85,277 3 11 Balance —Gross profits transferred to Profit Accrued but not due at 31st and Loss Account .. .. .. 20,658 0 9 March, 1929 .. .. 139,887 18 9 225,165 2 8 £554,216 0 7 £554,216 0 7 Management Expenses Account for the Year ended 31st March, 1929. Dr. £ S. d. Cr. £ s . d. To Audit Office services .. .. .. 150 0 0 By Consent fees .. .. .. .. 015 0 Cleaning, lighting, heating, and messenger Cost of preparation of mortgages .. .. 63 7 0 services .. .. .. .. 150 0 0 Inspection fees .. . . .. .. 77 2 6 Contingencies .. .. .. .. 15 18 0 Production fees .. .. .. .. 389 9 0 Court costs and solicitors' costs .. .. 6 5 0 Release fees .. .. .. .. 85 14 7 Management charges on New Zealand stock and Balance transferred to Profit and Loss Account 6,488 3 3 bonds .. .. .. .. 626 15 11 Post Office services .. .. .. 525 0 0 Postages and telegrams .. .. .. 246 12 5 Printing and stationery .. .. .. 325 0 0 Public Service Superannuation Fund contribution .. .. .. .. .. 38 0 0 Rent .. .. .. .. .. 600 0 0 Salaries .. .. .. .. .. 4,071 0 0 Valuation Department—Agency work .. 350 0 0 £7,104 11 4 £7,104 11 ~4 Wm. Waddel, Superintendent. State Advances Office, Wellington, 29th June, 1929. R. Robertson, Accountant. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the books and documents submitted for audit, and correctly state the position as disclosed thereby.— G. F. C. Campbell, Controller and Auditor-General.

2—B. 13.