B—l3

Reserves— Instalments of principal receivable .. .. 8,255 Insurance .. .. .. .. 795,215 Interest receivable .. .. .. .. 4,994 Maintenance .. .. .. .. 2,088,964 Interest accrued but not due .. .. .. 6,805 Vacant tenancies and bad debts .. .. 544,164 Rates 25,973 1,276,899 3,454,316 Less amount in hand unallocated .. .. 3,730 1,273,169 Rented properties (old) .. .. .. 1,967,700 Less Depreciation Reserve .. .. ... 218,493 1,749,207 Rented properties (new) .. .. .. 53,192,457 Less Depreciation Reserve .. .. .. 2,663, 403 50,529,054 Rented properties (temporary housing scheme) .. 68,582 Less Depreciation Reserve .. .. .. 936 67,646 Rent receivable .. .. .. .. .. 29,290 Sundry debtors— Timber Workers Housing Pool Account (Part 111, Finance Act No. 2, 1946) .. .. 525,766 Miscellaneous . . .. .. .. 1,582 527,348 Writings-off Suspense .. .. .. .. 517 Profit and Loss Account .. .. .. .. 419,861 £54,596,092 £54,596,092

Note.— Dwellings under construction and vacant land are under the control of the Public Works Department and expenditure in connection therewith is not included in these accounts.

W. Gr. Dent, 8.C0m., F.R.A.N.Z., Chief Accountant. T. N. Smallwood, Managing Director. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the relative books and documents submitted for audit, and correctly set out the position as disclosed thereby, subject to the above departmental note.— J. P. Rutherford, Controller and Auditor-General. 7th July, 1950. Approximate Cost of Paper.—Preparation, not given; printing (969 copies), £B2.

By Authority: R. E. Owen, Government Printer, Wellington.— 1950. i Price 9<2.]

23