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Higher construction costs are disclosed in the additional housing units taken over during the year, and it is expected that the result of this increase will be reflected to a greater degree in future Financial Statements. The Balance-sheet is submitted in the usual form, and the only items showing any important variation are the increase in the amount invested in new rental properties from £19,969,923 to £22,731,157, and a comparative rise in the loan liability from £20,030,646 to £22,443,297. The reserves have, of course, shown an increase as additional housing units are brought into use. In accordance with section 35 of the Housing Act, 1919, the following statistical information is submitted : — £ (1) Payments received during the year .. .. .. •• 1,224,192 (2) Amount of arrears outstanding at 31st March, 1945 (including instalments due on agreements for sale and purchase and rentals on tenancies old and new) .. .. .. .. • • 22, 829 A. I). Park, Chairman of Directors. T. N. Smallwood, Deputy Chairman of Directors. B. C. Ashwin D. Barnes R. G. Macmorran

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