B—l [P T . IV]

Balance-sheet as at 31st March, 1948 Liabilities £ I Assets Loan capital: Land for Settlements Account .. .. 1,817,618 Development and settlement— Liability to Consolidated Fund— £ Development schemes— £ £ £ Advances under section 8, Finance Act, 1928: Expenditure .. .. 1,201,953 Principal .. .. .. .. .. 1,800 i Crown land not paid for .. 9,445 Interest on loan capital: Land for Settlements j * Account .. .. .. .. .. 151,594 1,211,398 153,394 Unrecouped and accrued interest 195,955 Grant from Consolidated Fund: For losses on development Unrecouped and accrued departof land -for rehabilitation .. .. .. .. 50,000 ; mental charges .. .. 36,833 Sundry Creditors— £ j —. 1,444,186 Lands and Survey Department .. ..9,445 Advances to settlers .. .. .. 1,191,228 Employment promotion grant unexpended .. 215,519 ; Advances under section 48, Maori Land —- 224,964 | Amendment Act, 1936 .. .. 5,245 Writings-off in Suspense .. .. .. .. 18,265 j Advances under section 340, Maori Land Accumulated Revenue Account— £ Act, 1931, and including accrued interest 281 Balance, Ist April, 1947 .. .. .. 340,927 2,640,940 Add net increase for 1947-48 .. .. 54,112 ; Sundry debtors .. .. .. .. .. .. '75 395,039 Losses in Suspense . . .. .. .. 18,265 £2,659,280 i £2,659,280 ================ j ===== Notes.—(1) Expenditure from employment promotion grants on development schemes since inception amounting to £2,117,047 is not included in the development and settlement expenditure above. (2) Administration expenses have been paid from Consolidated Fund, vote "Maori Affairs," since Ist April, 1936, prior to which the salaries and expenses of the Field Supervisors were paid from Land for Settlements Account, vote " Maori Land Settlement," and were debited in those years to Revenue Account. (3) In previous Balance-sheets the loan capital was shown under two headings : "Land for Settlements Account" arid "Public Works Account," For book-keeping purposes these two items have now been amalgamated. T. T. Ropiha, Under-Secretary. M. J. Lawless, 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 to the explanatory notes dealing with departmental accounts generally as appearing at commencement of parliamentary return B-l [Pt. IV] and to the following comments : (1) The loading of the various schemes for administration expenses is not sufficient to cover the full, cost; (2) moneys expended out of the " Surveys of Maori Land Account " on Maori land-development schemes have not been recouped ; (3) in the opinion of the Audit Office, expenditure from the Public Works Fund on Maori landdevelopment areas incurred prior to the assumption of control by the Maori Affairs Department and included in the Crown Lands Balance-sheet should be reflected in the accounts of the Maori land-development schemes.— J. P. Rutherford, Controller and Auditor-General.

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