STATE-GUARANTEED ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1911.

Appendix to the Journals of the House of Representatives, 1911 Session I, B-13

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1911. NEW ZEALAND.

STATE-GUARANTEED ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1911.

Prevented to both Houses of the General Assembly by Command of His Excellency.

ADVANCES TO SETTLERS BRANCH. Seventeenth Annual Report and Balance-sheet. Four thousand nine hundred and fifty-seven applications for loans, amounting to £2.122,749, were received during the year. The advances actually granted numbered 3,183, amounting to £1,204,310, which exceeds those of the previous year by 438. and the amount by £109,190. The Board had from the commencement of its business up to the 31st March, 1911, authorized 32,306 advances, amounting to £11,528,145. Applicants to the number of 3,415 declined the grants offered them, amounting to £1,347,910, making the advances authorized to the 31st March, 1911, 28,891, and the amount £10,180,235 net. The total amount of advances actually paid over during the year for both the Advances to Settlers and Advances to Workers Branches was £1,612,070. Classified according to provincial districts, the total number and amount of advances, including repayments advanced again, authorized to date are, — ___~. »t «k ~ n f Amount of Advanoes Pr ° v »«>ial / v ? b, ; of authorized. Distriot. Applications. ™ Auckland .. .. .. 8,853 2,801,268 Taranaki .. .. .. • • ■ 1,261 1,898,469 Hawke's Bay . .. .. .. 1,558 468,465 Wellington .. .. .. .. .. 8,314 3,118,868 Marlborough 936 382,800 Nelson .. .. .. .. • ■ ■ • 189 148,515 Westland 677 162,770 Canterbury -',903 944,435 Otago . . .. • ■ 1,933 743.370 Southland 2,382 859,185 Total .. .. .. •■ •• 32,306 £11,528,145 Classified according to provincial districts, the advances authorized during the year ended 31st March, 1911, were,— v . . Amount of Advances Provincial Xvmbei ol authorized. District. Applications. £ Auckland 1,297 458,165 Taranaki 319 147,700 Hawke's Bay 172 56,075 Wellington " .. .. .. .. • ■ *95 345,075 Marlborough .. .. 74 27,870 Nelson 59 17,200 Westland 69 17,685 Canterbury 108 124,125 Otago 136 41,240 Southland .. 112 17,745 Total .. 3,571 £1,282,880

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The advances now outstanding are as follows : — „ , Amount. JN umber. £ s fl Not exceeding £500 .. .. .. .. 12,591 2,533,274 15 4 Exceeding £500 but not exceeding £1,000 .. .. 2.238 1,777,496 19 1 Exceeding £1,000 but not exceeding £2,000 .. 1014 1.403.018 6 3 Exceeding £2,000 but not exceeding £3,000 .. 162 431.409 0 7 Total .. .. .. .. 16.005 .tti.145.229 1 3 The average amount of the advances now outstanding is £384. Number and amounts advanced on freehold and leasehold :— XT , Amount. Number. £ j (| On freeholds 9,747 4.541.571 19 9 On leaseholds .. .. .. .. .. 6.036 1.473.40114 5 On freeholds and leaseholds (combined) .. .. 222 130,255 7 1 Total .. .. .. .. 16,005 £6,145,229 1 8 The average freehold advance is £466, the average leasehold advance is £244, and the average freehold and leasehold combined is £586. Number and amounts advanced on rural and urban and suburban land :— „ , Amount. Number. £ g _ d On rural land .. .. .. . . .. 10,048 3,996,481 19 5 On urban and suburban land .. .. .. 5,957 2,148,747 1 10 Total .. .. .. .. 16,005 6,145,229 1 3 The average rural advance is £398, and the average urban and suburban advance is £361. The amounts of the advances granted during the year ended 31st March, 1911, are as follows : — Number. Amount Not exceeding £500 .. .. .. .. 2,730 794,365 6 0 Exceeding £500 but not exceeding £1,000 .. .. 352 261,915 0 0 Exceeding £1,000 but not exceeding £2,000 .. 92 126,380 0 0 Exceeding £2,000 but not exceeding £3.000 .. 9 21,650 0 0 Total .. .. .. .. 3,183 £1,204,310 0 0 The average amount of the advances granted for the year is £378, and the tenure of the securities is - Number On freeholds .. .. .. .. .. 2,019 762,705 0 0 On leaseholds .. .. .. .. .. 1,139 -131,465 0 0 On freeholds and leaseholds combined .. .. 25 10,140 0 0 Total .. .. .. .. 3,183 £1,204,310 0 0 For the year the average freehold advance was £377, the average leasehold advance £379, and the average freehold and leasehold combined £405. The total sum raised by the Government on debentures for investment on mortgage since the Department was started is £7,094,935. Sixteen thousand and five mortgagors are now indebted to the Department to the extent of £6,145,229 Is. 3d. in respect of principal moneys, an increase during the year of 1,497 mortgagors, owing £477,595 13s. 4d. The gross profits for the year ended 31st March, 1911, were £71,324 10s. 5d., and the cost of management and expenses of the Department £10,830 18s. Bd., being 0-15 per cent., or 3s. per £100 on capital employed —the same as the previous year. The net profits amounted to £60,440 10s. A sum of £70,949 7s. has been added to the sinking fund established under section 30 of the Stateguaranteed Advances Act, 1909, which, with £3,734 9s. interest earned and added to the fund held by the Public Trustee, brings the total amount standing to the credit of that account to £176,311 14s. Bd. Nineteen freehold and thirteen leasehold securities have for various reasons, during its existence, been realized by the Department. This year losses to the extent of £53 Is. 9d. have been made. There are, however, on the Department's hands two securities which are not satisfactory. At present they are leased at a nominal rental, awaiting a favourable opportunity for realization. Mortgagors continue to meet their half-yearly payments of interest and principal in a manner satisfactory to the Department. The total amount of interest collected for the year amounted to £272,320 6s. Bd.. an increase on the previous year of £30,855 4s. 9d. The total amount of interest collected from the time advances were first made up to the 31st March, 1911, amounted to the sum of £1,936,104, in addition to the repayments of principal £4,402,740, making a grand total of £6,338,844. Applications are now being carefully examined when first received before a valuation is ordered. If the grant of a loan is considered doubtful, the facts are submitted to the Board for preliminary con-

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sideration. When the property offered is not considered satisfactory for a loan, the application is declined and the valuation fee returned. In this way delays are avoided, and loss of the fee—which to a poor man is considerable—prevented. The term for repayment of small loans has been found to be too long, and short-term loans have now been provided for. Advances are granted on first-class securities for a term of thirty-six years and a half, on second-class securities for a term of thirty years, and on third-class securities for a term of twenty years. These terms have found favour with borrowers, and there have been few complaints about the change. In some instances borrowers have asked that the loans be granted for terms not exceeding twenty years, although entitled to the loans for longer terms. An Inspector of Securities has been appointed to the staff of the office, and has now taken up his duties. Already good work is being done by him, and as time goes on a considerable benefit must accrue to the Department from his periodical inspection of securities and districts. The volume of business transacted during the year has again been very large, and thanks are due to the staff for the zeal shown in the discharge of their duties and their devotion to the Department's interests. J. W. Poynton, Superintendent. State-guaranteed Advances Office, Wellington, Bth July, 1911.

ADVANCES TO WORKERS BRANCH. Fourth Annual Report and Balance-sheet. The Government Advances to Workers Act was passed on the 29th October, 1906. Applications for loans were first considered by the Board at its meeting on the Bth January, 1907. For the year ended 31st March, 1911, the applications received numbered 2,125, amounting to £660,892, as against 2,028 applications, amounting to £550,651, for the previous year— an increase of 97 applications, in amount £110,241. The advances actually granted during the year numbered 1,296, for £407,760, being an increase in amount over the previous year of £45,408. From the Bth January, 1907, up to the 31st March the Board had authorized 5,774 advances, amounting to £1,547,755. Applicants to the number of 322 declined the grants offered them, amounting to £84,965, so that the net advances authorized to the 31st March, 1911, numbered 5,452, and amounted to £1,462,790. Classified according to provincial districts, the total advances authorized are as under : — Provincial Number of Amoun *' of Ad ™ nces District. Applications. authorized. Auckland . . . . . . .. .. . . 1,465 360,735 Taranaki .. .. .. .. .. .. 162 40,635 Hawke's Bay .. .. .. .. .. 336 90,230 Wellington .. .. .. .. .. .. 1 470 420,330 Marlborough.. .. .. .. .. .. 187 51,370 Nelson .■ 126 29,370 Westland .. .. .. .. .. '.. 161 34,585 Canterbury .. . . . . . . .. .. 1,240 358,485 Otago .. .. .. .. .. .. 427 113,890 Southland .. .. .. .. .. .. 200 48,125 Total 5,774 £1,547,755 Classified according to provincial districts, the advances authorized during the year ended 31st March, 1911, were, — Provincial Number of Amomt . * fdjaaoei District. Applications. authorised. Auckland .. .. .. .. .. .. 355 104,460 Taranaki .. .. .. .. .. .. 48 13,590 Hawke's Bay . . .. . . .. 102 . 30,475 Wellington .. .. .. .. .. .. 444 144,455 Marlborough.. .. .. .. .. .. 51 16,910 Nelson .. .. .. ... .. .. 15 4,375 Westland .. .. .. .. .. .. 26 6,320 Canterbury .. .. .. .. .. .. 340 111,705 Otago :. .. .. .. 89 26,605 Southland 51 14,635 Total ... .-. .. .. .. 1,521 £473,530 The tenure of the advances onistanding is as follows :— ~ , Amount. Number. „ , On freeholds 3,928 1,118,105 11 9 On leaseholds .. .. .. .. .. 354 60,335 0 0 Total .. .. . . .. 4,282 £1,178,440 11 9 The average freehold advance is £285, and the average leasehold advance is £170.

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The advances granted during the year ended 31st March, 1911, on freehold and leasehold are as follows :— Number. £ Amoimt. d . On freeholds .. .. .. .. .. 1,208 390,700 6 6 On leaseholds .. .. .. .. .. 88 17,060 0 0 Total .. .. .. .. 1,296 £407.760 0 0 For the year the average freehold advance was £323, and the average leasehold advance £194. The total sum raised by bhe Govemmeni cm debentures for investment on mortgage to workers is £1,169,765. Four thousand two hundred and eighty-two mortgagors are now indebted to the Department in the extent of £1.178.440 11s. 9d. in respect of principal moneys, an increase during the year of 1,247 mortgagors, amounting to £359,834 17s. 3d. The gross profits for the year ended 31st March, 1911, were £8,598 6s. lid., and the cost of management and expenses of the Department £1,645 9s. 4d., being 0-14 per cent., or 2s. 10d. per £100 on the capital employed. The net profits amounted to £5,912 Is. 2d. A sum of £8,447 13s. has been added to the sinking fund established under section 30 of the Stateguaranteed Advances Act, 1909. which, with £311 17s. Id. interest earned and added to the fund by the Public Trustee, brings the total amount standing to the credit of that account to £16,597 7s. Id. Three freehold securities have since 1907 for various reasons been realized by the Department. Losses for the year amount to £88 Bs. 4d. The plans and specifications of various types of buildings referred to in my last report have been prepared, and are now available to borrowers. They include eighteen different kinds of dwellings of from two to seven rooms, costing from £120 to £750 to build. They can be inspected at the chief postoffices throughout the Dominion, and are supplied to borrowers free of charge. Provision has now been made for short-term loans. Advances are granted on three classes of securities—viz., first class fol a term of thirty-six years and a half, second class for a term of thirty years, and third class for a term of twenty years. The power given to the Board to grant loans for a shorter term than thirty-six years and a half has enabled owners of sections of little value to obtain loans which would be unsafe to grant for so long a period. It is obvious that when a security consists very largely of improvements which quickly deteriorate, the term of the loan should not be so long as thirty-six years and a half. J. W. PoTNTON, Superintendent. Stiite-guaranteed Advances Office, Wellington, Bth July, 1911.

ADVANCES TO LOCAL AUTHORITIES BEANCH. The number of applications dealt with during the year totalled 429. Of these, 44 were declined, 376 were provisionally approved—that is, agreed to be granted subject to sufficiency and validity of the security offered—-and 9 were either postponed or withdrawn. The applications from the different provincial districts were, — Provincial Number of 069 District, Applications. authorized. Auckland .. .. .. .. .. ..139 732,599 Taranaki .. .. .. .. .. .. 52 188,236 Hawke'sßay.. .. .. 27 709,670 Wellington .. .. . . .. .. .. 129 826,890 Marlborough .. .. .. .. .. .. 9 75,625 Nelson .. .. .. .. .. .. 6 31,225 Westland .. . . .. .. .. 11 83,660 Canterbury .. .. .. .. .. ..31 373,380 Otago .. . . .. .. .. 14 381,800 Southland .. .. .. .. .. ..11 169,500 Total .. .. .. .. ..429 £3,572,585 The number of applications nnally approved was 193 ; the amount of the loans fully approved, £947,770. The number of loans finally completed was 186 ; the amount of cash paid over, £405,195. The complicated procedure formerly necessary before a loan could be obtained has now been greatly simplified. After the ratepayers have sanctioned the loan the Department does all that is necessary, thus saving much time and expense to borrowers. J. W. Poynton, Superintendent. State-guaranteed Advances Office, Wellington, Bth July, 1911.

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BALANCE-SHEET.—ADVANCES TO SETTLERS BRANCH. Statement of Liabilities and Assets at 31st March, 1911. Liabilities. Assets. £ a. d. £ s. d. £ s. d. £ s. d. 3-per-oent. loans re- Investment Account— deemable Ist April, Advances mort--1945 .. .. 2,000,000 0 0 gage .. ..10,547,970 0 0 Sundry loans .. 5,094,935 0 0 Less repayments .. 4,406,986 2 i 7,094,935 0 0 6,140,983 17 S Accrued interest payable on deposits .. 20 15 10 Mortgage instalments rnoeivalile -overAocrued interest payable on aoermnt of due .. .. .. .. 4,246 3 7 loans .. .. .. .. 43,446 B 5 Interest receivable— Reserve Fund .. .. .. 50,000 0 0 overdue .. .. 16,385 19 7 Suspense Account .. .. .. 5,350 18 5 Interest receivable— Advances Suspense Aooount .. .. 19,179 2 4 accrued .. .. 50,189 6 6 Fire Loss Suspense Aocount .. .. 5,605 6 2 66,575 6 1 Profit and Loss Acoount .. .. 190,767 3 2 Office Furniture Aocount .. .. 428 17 11 Insurance Premiums Acoount .. 316 13 10 Amounts transferred to Workers Branch 325,000 0 0 Sinking Fund Acoount .. .. 176,31114 8 Gash in hand and in bank .. .. 695,442 18 7 £7,409,304 12 4 £7,409,304 12 4 J. W. Poynton, Superintendent. W. N. Hinchliffe, Accountant. New Zealand State-guaranteed Advances Office, Wellington, 27th May, 1911. Examined and found correct. —Eobeet .1. Collins, Controller and Auditor-General. Statement of Pkofit and Loss Account for the Year ended 31st March, 1911. Da. £ a. ri. Cr. 8 s. d. To Management Expenses Account .. 10,830 18 8 By Interest Aooount—gross profits .. 71.324 in 5 Losses on realization of securities .. 53 1 9 Balance—net profits for the year ended 31st Maroh, 1911 .. 60,440 10 0 £71,324 10 5 £71,324 10 8 Balanoe—net profits carried forward 190,767 8 2 Balance at 31st Maroh, 1910 .. 86,136 14 6 Net profits for the year .. .. 60.440 10 0 Sinking fund set up under the provisions of the Government Advances to Settlers Act, 1908—transferred 44,189 18 8 £190,767 3 2 | £190,767 3 2

Statement of Interest Account for the Year ended 31st March, 1911. Dβ. £ s. d. £ s. d. Cβ. £ s. d. £ s. d. To Interest paid on loans 190,629 4 4 By Interest received on Less accrued interest at mortgages .. 264,776 3 10 31st March, 1910 .. 32,933 0 0 'Less interest over157,696 i 4 due and accrued at Interest paid on deposits 37 5 4 31st March, 1910.. 62,647 9 5 Less aoorued interest at 202,128 14 5 31st March, 1910 .. 20 10 2 Interest on bank balances.. .. 564 5 7 IH 15 2 Interest on amounts transferred to Interest on amounts transferred from Workers Branch .. .. 6,979 17 3 Local Authorities Branch.. .. 7,359 16 8 Interest on sinking fund (Public Interest refunded .. .. .. 118 3 6 Trustee) .. .. .. 3,734 9 0 Accrued interest payable on deposits at Interest receivable— £ 8. d. 31st March, 1911 .. .. 20 15 10 Overdue at 31et Accrued interest payable on loans at Maroh, 1911 .. 16,385 19 7 31st March, 1911 .. .. .. 43,446 6 5 Accrued at 31st Balance of interest—gross profits trans- March, 1911 .. 50,189 6 6 ferred to Profit and Loss Account .. 71,324 10 5 66,575 6 1 £279,982 12 4 £279,982 12 4

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Statbmhnt of Management Bxpknsbw Account for the Year ended 31st March, 1911. Dβ. £ a. A. Cβ. £ s. d. To Advertising .. .. .. .. 20 0 0 By Consent fees .. .. .. 21 15 0 Audit Department .. .. .. 200 0 0 Mortgage fees .. .. .. 912 0 Clerical assistance .. 133 11 6 Production fees .. .. .. 458 5 9 Court costs .. .. .. .. 5 14 4 Rates .. .. .. .. 44 810 Petty general expenses .. .. 25 8 2 Release fees .. .. .. 381 8 3 Postages and telegrams .. .. 598 11 10 Balance transferred to Profit and Loss Post Office services .. .. .. 500 0 0 Account ... .. .. .. 10,830 18 8 Printing ami stationer; .. .. 965 11 1 Rent of offices .. . . .. 85 011 Salaries .. .. . . .. 8,574 15 10 Solicitors' costs .. .. .. 13 11 2 Sundries .. .. .. .. -27 7 9 Telephones .. .. .. .. 58 17 7 Travelling expenses .. .. .. 37 13 i Valuation Department—agency work .. 500 0 0 £11,746 3 6 £11,746 3 6

Statement of Receipts and Expendituhk for the Year ended 31st March. 1911. Receipts. t sd. Expenditure. i; s. d. To Cash in hand and in bank tit 31st By Advances on mortgage .. .. 1,204,810 0 0 March, 1910 .. .. .. 87,873 12 7 ' Advertising .. .. .. 20 0 0 Advances Suspense Account . .. 35,127 1 7 Advances Suspense Account .. 47,u' I J9 3 8 Billk Receivable Account .. .. 25 10 7 Consent fee refunded .. .. 0 5 0 . Consent fees .. .. .. 22 0 0 Audit Department .. .. 200 0 0 Court oosts .. .. .. 70 11 8 Clerioal assistance .. .. 133 11 6 Fire Loss Suspense Acoount .. 10,629 19 3 Court coats .. .. .. 76 6 0 Insurance Premiums Account .. 606 15 8 Fire Loss Suspense Account .. 8,586 4 7 Interest on bank balances.. .. 564 5 7 Insurance Premiums Account .. 852 1 8 Interest on mortgages _.. .. 264,776 310 Interest on deposits .. .. 37 5 4 Interest on amounts transferred to Interest on loans .. .. .. 190,629 4 4 Workers Branch .. .. 6,979 17 8 Interest on amounts transferred Loan-flotation charges refunded .. 0 4 6 from Local Authorities Branch .. 7,359 16 8 Mortgagee and instalments of prin- Interest refunded .. .. 118 3 6 cipal repaid .. .. .. 726.714 .(i 8 Loan-flotatation charges .. .. 0 4 6 Mortgage fees .. .. .. 912 0 Office Furniture Account .. .. 225 18 3 Petty cash recredited by Receiver .. 211 ID Petty general expenses .. .. 28 0 0 Production fees .. .. .. 462 4 9 Postages and telegrams .. .. 900 6 6 Postages refunded .. .. 1 14 8 Post Office services .. .. 500 0 0 Bates .. .. .. .. 44 810 Printing and stationery .. .. 1,085 11 1 Registration and searoh fees .. 610 15 10 Profit and Loss Account—losses on Registration and search fees trans- realization of securities .. 53 1 9 ferred .. .. .. 31 1 8 Production fees refunded .. .. 3 19 0 Release fees .. .. .. 383 18 3 ; Release fees refunded .. .. 215 0 Salary refunded .. .. .. 75 0 0 Registration and search fees .. 641 17 6 Solicitors' costs .. .. .. 9 18 6 Rent of offices .. .. .. 85 0 11 Sundries .. .. .. 20 11 4 Sinking fund .. .. .. 115,139 5 8 Suspense Account .. .. 14,696 7 11 Salaries.. .. .. .. 9,805 15 10 Sundry advances on aocount of loan 1,351,135 0 0 Solicitors'oosts .. .. .. 23 9 8 Temporary advances from Local Suspense Account .. .. 12,844 18 3 Authorities Branch .. .. 470,000 0 0 Sundries .. .. .. 47 19 1 Temporary Advances to Workers Telephones .. .. .. 58 17 7 Branch refunded .. .. 50,000 0 0 Temporary advances from Local Valuation fees .. .. .. 8.2J2 911 Authorities Branch refunded .. 470,000 0 0 Local Authorities Branch refunds— Temporary advances to Workers Salary .. .. .. .. 156 0 0 • Branch .. .. .. 255,000 0 0 Postages and telegrams .. .. 150 0 Oj Travelling-expenses .. .. 37 13 4 Printing and stationery .. .. 100 0 0 Valuation Department— . Workers Branch refunds— Agency work .. .. .. 500 0 0 Salaries .. .. .. 1,000 0 0 Fees .. .. .. .. 6,183 10 9 Postages and telegrams.. .. 150 0 o! Valuation fees refunded .. .. 1,498 7 2 Printing and stationery.. .. 20 0 0 Valuation fees transferred .. 560 12 0 Cash in hand and in bank at 31st Maroh, 1911 .. .. 695,442 18 7 £3,030,602 4 8. . £3,030,692 4 8 J. W. Poynton, Superintendent. W. N. Hinchliffe, Accountant. New Zealand Scate-guaranteed Advances Office, Wellington, 27th May, 1911. Examined and found correct. —Robert J. Collins, Controller and Auditor-General.

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ADVANCES TO WOEKEBS BRANCH. Statement of Liabilities and Assets at 31st March, 1911. Liabilities. £ >. d. I Assets. Sundry loans .. .. .. .. 844,765 0 0 1 Investment Account — £ a. d. £ a. d. Advances from Settlers Branch.. .. 325,000 0 0 Advances on inortAccrued interest payable on account of gage .. .. 1,277,765 0 0 loans .. .. .. .. 9,473 17 4 Lees repayments .. 99,806 1 2 Advances Suspense Account .. .. 19,714 0 0 1,177,958 18 10 Fire Loss Suspense Acoount .. .. . 341 0 0 Mortgage instalments receivable—overSuspense Account .. .. .. 539 9 9 due .. .. .. .. 481 12 11 Reserve Fund .. .. .. 8,979 7 2 I Interest receivable—overdue .. .. ~> 12 9 ' Interest receivable—accrued .. .. S. 7U2 3 7 , Insurance Premiums Acoount .. 34 14 3 Sinking Fund Account .. .. 16,597 7 1 Cash in hand and in bank at 31st March, 1911 2,681 -I 4 Less unpreßented cheques 38 17 6 2,642 4 10 £1,208,812 14 3 £1,208,812 14 3 J. W. Povnton, Superintendent. W. N. HiNCHLiFFE, Accountant. New Zealand State-guaranteed Advances Office, Wellington, 27th May, 1911. Examined and found correct. —Robert J. Collins, Controller and Auditor-General.

Statement of Profit and Loss Account for thu Year ended 31st March, 1911. Dr. £ r. ,!. os. 6 s. (I. To Management Expenses Account .. 1,645 9 4 By Intflrent Account—gross profits ' .. H.iiius i> I] Loan-flotation charges for the yearended 31st March, 1911-written off .. 952 8 1 ■ Losses on realization of securities .. 88 8 4 Balance—net profits for the year .. 5,912 1 2 £8,59H 6 11 £8,598 6 11 • Balance transferred to Reserve Fund .. 7,1fi4 l> 9 Net profits for the yoar .. .. 5,912 1 2 Sinking fund set up under the provisions of the Government Advances to Settlers Act, 1908—transferred .. 1,552 17 0 £7,464.18 i £7,461 18 2

Statement of Interest Account for the Year ended 31st March, 1911. Dβ. £ s. d. £ s. d. On. £ s. d. £ i. d. To Interest paid on loane .. 26,906 13 8 By Intorest on mortgages .. 39,825 2 6 Less accrued interest at Less interest overdue and 31st March, 1910 .. 5,988 8 9 acorued at 31st March, 19,918 4 6 1910 .. .. 6,297 IS 11 Accrued interest payable on loans at 33,527 8 7 31st March, 1911 .. .. .. 9,473 17 4 Interest on hank balances .. .. 38 4 0 Interest paid on amounts transferred Intorest on sinking fund (Publio from Settlers Branch .. .. 6,979 17 8 Trustee).. .. .. .. 811 17 1 Balance Interest Account—grosf profits Interest receivable— transferred to Profit and Loss Account 8,598 fill Overdue at3lst March, 1911 .. .. 2,305 12 9 Accrued at 31st March, 1911 .. .. 8,792 8 7 11,097 16 4 £44,970 6 0 - £44,970 6 0 Statement of Management Rxpenses Account for the Year ended 31st March. 1911. Dr. £ c. d Cβ. & s. d. To Court costs .. .. .. .. 3 1 0 By Production fees .. .. .. 10 16 9 Postages and telegrams .. .. 150 0 0 Release fees .. .. .. .. 28 10 0 Printing and stationery .. .. 100 19 8 Balance transferred to Profit and Lo^s Salaries .. .. .. .. 1,000 0 (i Account .. .. .. .. 1,645 9 4 Solicitors'costs .. .. 81 2 10 Sundries .. .. .. .. 98 17 o Travelling-expenses .. .. .. 0 15 4 Valuation Department—agency work ~ 250 0 0 £1,684 16 1 . . . £1,684

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Statkmknt of Receipts and Expenditure for the Year ended 31st March, 1911. Receipts. £ s. d. Expenditure. £ a. d. To Cash in hand and in bank at 31st By Advanoes on mortgage .. .. 407,760 0 0 March, 1910 .. .. .. 16,940 6 4 Advanoes Suspense Account .. 94,807 12 0 Advances Suspense Acoount.. .. 99,084 9 6 i Court costs .. .. .. 12 16 0 Court costs .. .. .. 915 0 Fire Loss Suspense Account .. 1,645 18 9 Fire Loss Suspense Aooount .. 1,897 6 9 Insurance Premiums Account .. 120 13 2 Insuranoe Premiums Acoount .. 93 2 7 i Interest on loans .. 25,90fi 13 3 Interest on bank balances .. .. 33 4 0 interest on amounts transferred from Interest on mortgages .. .. 39,825 2 6 Settlers Branch .. .. .. 6,979 17 3 Mortgages and instalments of principal Loan-flotation charges .. .. 952 S 1 repaid .. .. .. .. 47,925 2 9 Postages and telegrams .. .. 150 0 0 Produotion fees .. .. .. 112 0 Printing and stationery .. .. 100 19 3 Registration and search fees .. 580 6 4 Profit and Loss Account—losses on Release fees .. .. .. 28 10 0 realization of securities .. .. 88 8 4 Sundries.. .. .. .. 12 4 Production fees refunded .. .. 0 5 3 Sundry advances on account of loans 141,265 0 0 j Registration and search fees .. SSO 6 4 Suspense Account .. .. 1,662 12 7 Salaries .. .. .. .. 1,000 0 0 Temporary advanoes from Settlers Solicitors' costs .. .. .. 81 210 Branch .. .. .. .. 255,000 0 0 Sinking fund .. .. .. 10,000 10 0 Valuation tees .. .. .. 1,617 16 6 Sundries .. .. .. .. 100 0 0 Suspense Account .. .. .. 1,176 17 0 Temporary advances from Settlers Branch refunded .. .. 50,000 0 0 Travelling-expenses .. .. 0 15 4 Valuation Department— Agency work .. .. .. 250 0 0 Fees .. .. .. .. 1,338 17 6 Valuation fees refunded .. .. 239 2 0 Valuation fees transferred .. .. 39 17 0 Cash in hand and in bank at 31st March, 1911 .. .. .. 2,642 410 £605,974 19 2 £605,974 19 2 J. W. Poynton, Superintendent. W. N. Hinchliffe, Accountant. New Zealand State-guaranteed Advances Office, Wellington, 27th May, 1911. Examined and found correct.—Robert J. Collins, Controller and Auditor-General,

ADVANCES TO LOCAL AUTHORITIES BRANCH. Statement of Liabilities and Assets as at 31st March, 1911. Liabilities. £ s. d. Assets. Sundry loans.. .. .. .. 1,375,000 0 0 Investment Acoount, ad- £ s. d. £ g. d. Accrued interest payable on acoount of vanoes on mortgage— loins .. .. .. .. 19,270 7 8 Local bodies .. .. 405,195 0 0 Hauraki Plains .. 50,000 0 0 Opening up land for settlement .. .. 54,265 0 0 Rangitaiki land drainage 25,000 0 0 534,460 0 0 Less repayments— Local bodies .. .. 1,172 5 8 Hauraki Plains .. 241 17 6 Opening up land for settlement .. .. 2,767 311 4,181 6 8 580,278 13 4 Mortgage instalments reoeivable—overdue (local bodies) .. .. .. 139 18 10 Interest receivable—overdue .. .. 356 4 3 Interest receivable—accrued— Local bodies .. .. 2,898 7 5 Hauraki Plains .. 176 13 11 Opening up land for settlement .. .. 181 2 8 Hangitaiki land drainage 105 9 7 2,861 18 '2 Interest accrued on advances to Native Land Settlement Branch .. .. 1,304 15 8 Sinking Fund Account—Public Trustee .. 17,970 0 0 Profit and Lots Account .. .. 11,978 13 7 Cash in hand and in bank at 31st March, 1911 .. .. .. .. 829,380 8 10 £1,394,270 7 3 £1,394,270 7 3 J. W. Poynton, Superintendent. W. N. Hinchliffe, Accountant. New Zealand State-guaranteed Advances Office, Wellington, 27th May, 1911. Examined and found correct —Robeet J. Collins, Controller and Auditor-General.

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Statement of Profit and Loss Account for the Year ended 81st March, 1911. Dβ. £ s. d. Cβ. £ s. d. To Balance as at 31st March, 1910 .. 636 3 3 By Management Expenses Account .. 1,205 4 4 Balance Interest Account .. .. 12,547 14 8 Balance .. .. .. .. 11,978 13 7 £13,183 17 11 £13,183 17 11

Statement of Interest Account for the Year ended 31st March, 1911. Dβ. £ s. d. t s. d. j Ok. £ s. d. £ B. d. To Interest paid on loans .. 12,542 8 10 By Interest on mortgages — Less accrued interest at Lncal authorities .. 2,627 14 '2 31st March, 1910 .. 901 7 i Hauraki Plains .. 592 11 0 11,641 1 8 Opening up land for Aocrued interest, payable on loans at settlement.. .. 775 7 0 31st March, 1911 .. .. .. 19.270 7 8 I 3,995 !2 2 Less interest accrued at Mist March, 1910 .. .. .. .. 7 13 5 3,987 18 9 Interest on bank balanoes .. .. 1,707 11 2 Interest on sinking fund (Public Trustee) 220 0 0 Interest on advances to Settlers Branch 7,859 16 8 Interest on temporary investment .. 565 15 0 Interest accrued on advances to Native Land Settlement Branch .. .. I . 804 15 3 Interest receivable— Overdue at 31st March, 1911 .. .. 356 4 3 Accrued at 31st March, 1911 .. .. 2,861 13 2 3,217 17 6 Balance transferred to Profit and Loss Acoount .. .. .. .. 12,547 14 8 £30,911 811 I £30,1111 8 11

Statkment of Management Expenses Account for the Year ended 31st March, 1911. Dβ. £ s. d. i Cβ. £ s. d. To Postages and telegrams .. .. 150 00j By Commission fees .. .. .. 2,040 19 6 Printing and stationery .. .. 100 0 0 | Salaries .. .. .. .. 371 0 0 Sundries .. .. .. 214 15 2 Balance transferred to Profit and Loss Acoount .. .. .. .. 1,205 4 4 £2,040 19 6 £2,040 19 6

Statement of Eeceipts and Expenditure for the Year ended 31st March, 1911. Receipts. fc s. d. Expenditure. £ s. d. To Cash in hand and in bank at 31st By Advances on mortgage .. .. 524,460 0,0 March, 1910 .. .. .. 386,257 10 6 Cost of telegraphing money .. 0 6 '0 Commission fees .. .. .. 2,040 19 6 Interest on loans .. .. 12,542 8 10 Cost of telegraphing money .. 0 6 0 Postages and telegrams .. .. 150 0 O Interest on amounts transferred to Printing and stationery .. .. 100 0 0 Settlers Branoh .. .. 7,359 16 8 Salaries.. .. .. .. 371 0 0 Interest on bank balances.. .. 1,707 11 2 Sinking fund .. .. .. 13,750 0 O Interest on mortgages .. .. 3,995 12 2 Stamp duty .. .. .. 0 5 0 Stamp duty .. .. .. 0 5 0 Sundries .. .. .. 214 15 2 Sundry loans .. .. .. 975,000 0 0 Temporary advances to Settlers Temporary advances to Settlers Branoh .. .. .. 470,000 0 0 Branch refunded .. .. 470,000 0 0 Temporary advances to Native Land Temporary advances to Native Land Settlement Branoh .. .. 161,600 0 0 Settlement Branch refunded .. 161,600 0 0 Temporary investment .. .. 100,000 0 0 Temporary investment refunded .. 100,000 0 0 Cash in hand and in bank at 31st Mortgages and instalments of prin- March, 1911 .. .. .. 829,380 810 cipal repaid .. .. .. 4,041 710 Interest on temporary investment .. 66S 15 0 £2,112,669 3 10 £2,112,569 8 10 J. W. Poynton, Superintendent. W. N. Hinchlifpe, Accountant. New Zealand State-guaranteed Advances Office, Wellington, 27th May, 1911. Examined and found correct—Robert J. Collins, Controller and Auditor-General.

2—B. 13.

B;—13.

10

LAND FOE SETTLEMENTS BRANCH. Capital liabilities transferred from Sinking fund held by Public Trustee — £ s. d. Treasury, 31st March, 1910 ..£5,874,938 0 0 Amount as at 31st March, 1910 .. 232,793 17 8 Amount paid to Publio Trustee, 31st March, 1911 .. .. .. 59,079 7 7 Interest for year ended ■ 31st March, 1911 .. .. .. .. 9,184 1 1 £301,057 5 11

Transactions for the Year ended 31st March, 1911. £ s. d. £ s. d. To Amount of loan .. .. .. 33,000 0 0 By Advance made in accordance with Amount of sinking fund received section 89 of the New Zealand from Treasury .. .. .. 59,079 7 7 State - guaranteed Advances Act, 1909 .. .. .. .. 33,000 0 0 Sinking fund paid to Publio Trustee 59,079 7 7 £92,079 7 7 £92,079 7 7

NATIVE LAND SETTLEMENT BRANCH. Transactions for the Year ended 31st March, 1911. H s. d. j t s. d. To Amount of sundry loans .. .. 181,600 0 0 By Advances made in acoordance with Temporary advances from Local section 94 of the New Zealand Authorities Branch .. .. 161,600 0 0J State - gnarauteed Advances Act, Interest reoeived on advances .. 245 9 1 ' 1909 .. .. .. .. 181,600 0 0 Accrued interest receivable on ad- Temporary advances from Local vanoes.. .. .. .. 1,714 16 6 Authorities Branch refunded .. 161,600 0 0 Sinking fund received from Treasury 1,816 0 0! Interest paid on loans .. .. 245 9 7 Accrued interest payable on loans .. 410 1 3 Accrued interest payable on amounts transferred from Local Authorities Branch .. .. .. 1,304 15 3 Sinking fund paid to Public Trustee 1,816 0 0 £346,976 6 1 I £346,976 6 1

GUARANTEED MINING ADVANCES BRANCH. Transactions for the Year ended 31st March, 1911 : Nil. J. W. Poynton, Superintendent. W. N. Hinchlipfe, Accountant. New Zealand State-guaranteed Advances Office, Wellington, 27th May, 1911. Examined and found correct. —Robert J. Collins, Controller and Auditor-General.

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