B—l [Pt. IV]

Writings-off in Suspense .. .. .. .. 28,108 I Realization Account: Leased areas in course of realization .. 6,517 Treasury Adjustment Account, being interest on | Blocks in course of disposal (not finalized) .. .. 197,652 capital— £ j Debtors— £ Due to Land for Settlements Account .. 286,627 j Rents .. .. .. .. .. 4,841 Due to Consolidated Fund (less net revenue j Principal— £ paid direct) .. .. .. .. 518,061 Instalment mortgages .. .. 1,452 804,688 Share-milkers' loans .. .. 220 1,672 Interest— Instalment mortgages .. .. 2,903 Share-milkers' loans .. .. 23 Current Account .. .. 1,743 4,669 Water levies .. .. .. . . 1,089 Disposal of land and improvements .. .. 97,742 Miscellaneous (departmental, &c.) .. .. 12,882 122,895 I Interest unrecouped on development expenditure .. 514,956 Losses in Suspense Account .. .. .. .. 28,108 Subsidies in respect of blocks disposed of— £ Employment Promotion Fund .. .. 154,320 Consolidated Fund .. .. .. 92,693 247,013 Revenue Account: Balance carried forward .. .. 429,531 £10,193,164 ' £10,193,164 Note.—(a) Profits or losses from farming operations on blocks under development are included in the Revenue Account only when the final position is ascertained on realization of the block; (b) interest on expenditure on blocks under development has been credited to Revenue Account only to the extent that trading results have enabled it to be met. The balance has been credited to the Balance-sheet item " Accrued interest on capital on blocks being developed, £514,956." D. M. GrBEiG, Under-Secretary for Lands. Y. J. H. Pledger, A.R.A.N.Z., Chief Accountant. I hereby certify that the Revenue Account and Balance-sheet have been duly examined and compared with the relative books and documents submitted for audit, and correctly state the position as disclosed thereby, subject to the departmental notes enfaced thereon and the explanatory notes dealing with departmental accounts generally as appearing at commencement of parliamentary return B-l [Pt. IV]. The following comments are appended : (1) The account does not bear a charge for the cost of expenses incurred by Departments administering the scheme, other than a reduced charge for the supervision of the erection of cottages and milking-sheds ; (2) it is unlikely that the realizable value of certain properties is equal to the development expenditure thereon.— J. P. Rutherford, Controller and Auditor-General.

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