STATE-GUARANTEED ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1912.

Appendix to the Journals of the House of Representatives, 1912 Session II, B-13

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Session 11.. 1912. NEW ZEALAND,

STATE-GUARANTEED ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1912.

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

ADVANCES TO SETTLERS BRANCH. Eighteenth Annual Report and Balance-sheet. Five thousand three hundred and fifty-five applications for loans, amounting to £2,593,084, were received during the year. The advances actually granted numbered 4,136, amounting to £2,174.085, which exceeds those of the previous year by 953, and the amount by £969,775. The Board had from the commencement of its business up to the 31st March, 1912, authorized 36,916 advances, amounting to £13,719,445. Applicants to the number of 4,133 declined the grants offered them, amounting to £1,668,065, making the number of advances authorized to the 31st March, 1912, 32,783, and the amount £12,051,380 net. The total amount of advances actually paid over during the year for both the Advances to Settlers and Advances to Workers Branches was £2,717,925. Classified according to provincial districts, the total number and amount of advances, including repayments advanced again, authorized to date are, — Provincial Number of Amount of Advance* District. Applications. authorized. Auckland .. .. .. .. .. 10,570 3,596,013 Taranaki .. .. - .. .. .. 4,622 2,134,944 Hawke'sßay .. .. .. .. .. 1,821 570,615 Wellington' .. .. .. .. ..9,338 3,644,018 Marlborough .. .. .. .. ..1,057 447,265 Nelson .. .. .. .. .. 609 190,190 Westland .. .. 757 188,935 Canterbury .. .. .. .. .. 3,457 1,154,670 Otago .. .. .. .. .. 2,107 832,220 Southland .. .. 2,578 960,575 Total .. .'. ... .. .. 36,916 £13,719,445 Classified according to provincial districts, the advances authorized during the year ended 31st March, 1912, were, — „ . . , at t. c Amount of Advances Provincial Number of authorized District. Applications. authorized. Auckland .. ..' .. 1,717 794,745 Taranaki .. ..361 236,475 Hawke'sßay .. .. .. .. ... 263 102,150 Wellington' .... .. 1,024 525,150 Marlborough .. .. .. .. .. 121 64,465 Nelson .. .. .. .. •• •• 120 41,675 Westland .. .. .. ._. .. 80 26,165 Canterbury .. .. .. .'. ■■ 554 210,235 Otago .". .. .. .. .. ..174 88,850 Southland .. .. .. .. ... 196 101,390 Total .. ~ ~ .. ~4,610 £2,191,300

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The advances now outstanding are as follows :— Number Amount. Not exceeding £500 .. ..13,663 2,834,304 9 4 Exceeding £500 but not exceeding £1,000.. .. 2,735 2,062,386 1 6 Exceeding £1,000 but not exceeding £2,000 .. 1,294 1,882,308 6 8 Exceeding £2.000 but not exceeding £3,000 .. 205 522,029 7 2 Total .. .. .. ..17,897 £7,301,028 4 8 The average amount of the advances now outstanding is £408. Number and amounts advanced on freehold and leasehold :— Number. Amount. On freeholds .. .. .. .. ..10,802 5.274,034 18 7 On leaseholds .. .. .. .. .. 6,828 1,865,468 2 5 On freeholds and leaseholds combined .. .. 267 .161,525 3 8 Total.. .. .. .. .. 17,897 £7,301,028 4 8 The average freehold advance is £488, the average leasehold advance £273, and the average over freehold and leasehold combined £605. Number and amounts advanced on rural and urban and suburban land :— Number. Amount. On rural land .. .. ~ ... .. 11,270 4,769,024 19 11 On urban and suburban-land .. .. .. 6,627 2,532,003 4 9 Total.. .. .. .. .. 17.897 £7,301,028 4 8 The average rural advance is £423, and the average urban and suburban advance is £382. The amounts of the advances granted during the year ended 31st March. 1912, are as follows ; — vr * Amount. Number. £ g> d Not exceeding £500 .. .. .. ..2.872 801,030 0 0 Exceeding £500 but not exceeding £1,000 .. .. 797 584,890 0 0 Exceeding £1,000 but not exceeding £2,000 ~ 380 559,260 0 0 Exceeding £2,000 but not exceeding £3,000 ... 87 228,905 0 0 Total .. .. .. .. ..4,136 £2/174,085 0 0 The average amount of the advances granted for the year is £525, and the tenure of the securities is,— Number. Amount. On freeholds .. .. .. .. .. 2,561 1,351.320 0 0 On leaseholds .. .. .. .. ..1,530 781,495 0 0 On freeholds and leaseholds combined .. .. 45 41,270 0 0 Total .. .. .. .. .4,136 £2,174.085 0 0 For the year the average freehold advance was £527. the average leasehold advance £511, ttll d the average freehold and leasehold combined £917. The total sum raised by the Government for investment on mortgage since the Department was started is £7,747,881 Is. 7d. Seventeen thousand eight hundred and ninety-seven mortgagors are now indebted to the Department to the extent of £7,301,028 4s. Bd. in respect of principal moneys, an increase during the year of 1,892 mortgagors, owing £1,155,799 3s. sd. The gross profits for the year ended 31st March, 1912, were £75,216 ss. 9d., and the cost of management and expenses of the Department £11,086 16s. 5d., being 0 - 14 per cent., or 2s. lOd. per £100 on capital employed. (The cost of the previous year was 0-15 per cent., or 3s. per £100.) The net profits amounted to £63,276 95.-, of which the sum. of £45,441 Is. 7d. has been applied in writing down loan-charges. A sum of £77,478 16s. 2d. has been added to the sinking fund established under section 30 of the State-guaranteed Advances Act, 1909, which, with £7,794 6s. Id. interest earned and added to the fund held by the Public Trustee, brings the total amount standing to the credit of that account to £261,584 16s. lid. One freehold security was realized by the Department during the year. - Losses on realization to the extent of £58 16s. 6d. have been debited this year. There are on the Department's hands two securities which are not satisfactory. They have been considerably written down out of profits. At present they are leased at a nominal rental, awaiting a favourable opportunity for realization. Mortgagors.confSnu_e to meet their half-yearly payments of interest and principal in a manner creditable to themselves and -satisfactory to the Department.

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The total amount of interest collected for the year amounted to 10s., an increase on the previous year of £30,324 3s. 4d. The total amount of interest collected from the time advances were first made up to the 31st March, 1912, amounted to the sum of £2,238,749, in addition to the repayments of principal £5,421,027, making a grand total of £7,659,776. Compared with previous years, the volume of business transacted has during the last twelve months been exceptionally large ; the staff have worked well,' and deserve commendation for the efficient manner in which the work has been carried out. 5: W. PoYNTON, Superintendent. State-guaranteed Advances Office, Wellington. 1 Ith June, 1912. ADVANCES TO WORKERS BRANCH. Fifth 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, 1912. the applications received numbered 2,223, amounting to £750,772, as against 2,125. applications, amounting to £660,892, for the previous year —an increase of 98 applications, in amount £89,880. The advances actually granted during the year numbered 1,624, for £543,840, being an increase in amount over the previous year of £136,080. From the Bth January, 1907, up to the 31st March last the Board had authorized 7,674 advances, amounting to £2,160,665. Applicants to the number of 686 declined the grants offered them, amounting to £158,290, so that the net advances authorized to the 31st March, 1912, numbered 6,988, and amounted to £2,002,375. Classified according to provincial districts, the total advances authorized are as under :— ~ . . i .. , ,■ Amount of Advances P ™™°f Number ot aut horized. District. Applications. . Auckland .. .. .. .. .. ..1,941 516,735 Taranaki .. . . .. "" .. .. 224 60,195 Hawke'sßay .. .. .. .. .. 469 129,915 Wellington" .. .. .. .. ..1,896 557,845 Marlborough . .. ■ ■'.'/. ... .. ' ... ; 247- 70,885 . . Nelson. .. 158 38,505 Westland .. ..... .: .. .. 175 . 37,830 Canterbury .'. .. .. .. ..1,752 -. 529,110 Otago '.. .. .. .. .. .. 540 149,945 Southland .. .. .. .. .. .. 272 69,700 Total .. .. .. .. .. 7,674 £2,160,665 Classified according to provincial districts, the advances authorized during the year ended 31st March, 1912, were,— „ . . , . T _■ c Amount of Advances PJ- 0 ™ 1 Number ot irat horiz«l. .District. Applications. Auckland .. \. .. .. .. .. 476 156,000 Taranaki .. .. .. .. .. .. 62 19,560 Hawke'sßay .. .. 133 39,685 Wellington .. .. .. .. .. 426 137,515 Mail-borough .. .. .. .. .. 60 19,515 Nelson .. .. ... .. 32 9,135 Westland .. .. .. .. .. .. 14 3,245 Canterbury .. .. .. .. " .. 512 170,625 Otago ' .. .. .. 113 36,055. . , Southland .. ~ .. . . .. . . 72 21,575 Total .. .. .. .. .. 1.900 £612,910 The tenure of the advances outstanding is as follows : — „ , Amount. JNumoer. £ g _ d On freeholds .. .. .. .. ..5.206 1.572,668 1 8 On leaseholds .. 393 70,760 0 10 Total .. .. .. .. .. 5,599 £1,643,428 2 6

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The average freehold advance is £302, and the average leasehold advance*£lBo. The advances granted during the year March, 1912, on freehold and leasehold are as follows:- Number £ Amoun *; d . On freeholds] 1.555 528,315 0 0 On leaseholds .. 69 15,525 0 0 Total .. .. .. .. .. 1,624 £543,840 0 0 For the year the average freehold advance was £340, and the average leasehold advance £225. The total sum, including temporary advances from the Settlers Branch, raised by the Government, for investment on mortgage to workers is £1,645,933 12s. 7d. Five thousand five hundred and ninety-nine mortgagors are now indebted to the Department to the extent of £1,643,428 2s. 6d. in respect of principal moneys, an increase during the year of 1,317 mortgagors, amounting to £464,987 10s. 9d. The gross profits for the year ended 31st March, 1912, were £12,396 Bs. 6d., and the cost of management and expenses of the Department £2,093 12s. Id., being o'l2 per cent., or 2s. 6d. per £100 on the capital employed. (The cost of the previous year was o'l4 per cent., or 2s. 10d. per £100.) The net profits amounted to £10,300 Is. 2d., of which the sum of £8,000 has been applied in writing down loancharges. A sum of £13,159 6s. Bd. has been added to the sinking fund established under section 30 of the State-guaranteed Advances Act, 1909, which, with £768 15s. 7d. interest earned and added to the fund held by the Public Trustee, brings the total amount standing to the credit of that account to £30,525 9s. 4d. Loss on realization debited for the year amounts to £3 14s. 9d. The plans and specifications of various types of buildings are 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 and principal post-offices throughout the Dominion, and are supplied to borrowers free of charge. J. W. Poynton, Superintendent. State-guaranteed Advances Office, Wellington, 11th June, 1912. ADVANCES TO LOCAL AUTHORITIES BRANCH. The number of applications dealt with during the year totalled 257. Of these 23 were declined, and 234 were provisionally approved—that is, agreed to be granted subject to sufficiency and validity of the security offered. The applications from the different provincial districts were, — Provincial Number of Amount of Advances District. Applications. authorized. Auckland .. .. .. .. .. ..91 559.255 Taranaki .. .. .. .. .. ..41 88,095 Hawke'sßay.. .. .. .. .. ..26 260,539 Wellington.. .. .. .. .. ..61 102,977 Marlborough . . . : .. .. .. .. 6 7,850 Westland .. .. .. .. .. .. 3 15,000 Canterbury .. .. .. .. .. ..21 98,167 Otago .. .. .. .. .. .. 7 20,250 Southland .. .. .. .. .. .. 1 32,000 Total .. .. .. .. ..257 £1,184/133 The number of applications finally approved was 227. and the amount of the loans finally approved £1,047,484. To the 31st March, 1912, the total sum paid over to local bodies amounted to £1,195,680. J. W. Poynton, Superintendent. State-guaranteed Advances Office, Wellington. I.lth June, 1912.

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BALANCE-SHEET.—ADVANCES TO SETTLEES BEANCH. Statement of Liabilities and Assets at 31st March, 1912. Liabilities. Assets. £ s. d, £ s. a. £ s. d. S, b. (i, 3-per-cent. loan re- Investment Account— depmable Ist April, Advances on mort--1945 .. .. 2,000,000 0 0 gage .. ..12,722,053 0 0 Sundry loans .. 5,747,881 1 7 Less repayments .. 5,426,287 2 5 7,747,881 1 7 7,293,767 17 7 Accrued interest payable on deposits .. 9 3 7 Mortgage instalments receivable—overAccrued interest payable on loans .. 53,054 5 7 due .. .. ..■ .. 5,260 7 1 Reserve Fund '.. .. .. 50,000 0 0 Interest receivableSuspense Account .. .. .. 5,030 7 3 overdue .. .. 18,821 3 7 Advances SuspeDse Account .. .. 35,860 0 0 Interest receivable— Fire Loss Suspense Account .. .. 5,369 1 8 accrued .. .. 67,535 711 Temporary transfer from Public Debt 86,356 11 6 Sinking Fund Branch .. .. 83,475 00 | Loan Charges Account .. ..■ 20,000 0 0 Profit and Loss Account .. .. 208,602 10 7 > Amounts temporarily transferred to Workers Branch .. .. .. 330,000 0 0 ' Insurance Premiums Account .. 342 19 10 Office Furniture and Equipment Account 567 0 3 Smking Fund Account .. .. 261,584 16 11 Cash in hand and in bank .. .. 189,401 17 1 — I £8,189,281 10 3 i £8,189,281 10 3 J. W. Poynton, Superintendent. W. N. HiNCHLiPFE, Accountant. New Zealand State-guaranteed Advances Office, Wellington, 11th June, 1912. Examined and found correct. —Eobeet J. Collins, Controller and Auditor-General. Statement of Pbofit and Loss Account for the Year ended 31st March, 1912. Dr. & s. d. i Cβ. & s. d. To Management Expenses Account .. 11,086 16 sBy Interest Account—gross profits .. 75,216 5 9 Losses on realization of security .. .. 58 tfi 6 Amount paid over to Lars Anderson, in accordance with the recommendation of the Publio Petitions Committee .. .. 244 0 0 Advances on doubtful securities —written down .. 487 310 790 0 4 Office Furniture and Equipment Account—written down .... 68 0 0 Balance—net profits for the year ended 31st Marob, 1912 .. 63,276 9 0 £75,216 5 9 £75,216 5 9 Loan flotation charges—written off .. 45,441 1 7 Balance at 31st March, 1913 .. 190,767 3 2 Bal&noe—net profits carried forward 208,602 10 7 Net profits for the year .. .. 63,276 9 0 £254,043 12 2 £254,043 12 2 Statement of Interest Account for the Year ended 31st March, 1912. Dβ. £ s. d. £ s. d. Cβ. £ s. d. S b. d. To Interest paid on loans 243,365 15 10 By Interest received on Less accrued interest at mortgages .. 289,906 5 9 31st March, 1911 .. 43,446 6 5 Less interest over199,919 9 5 due and accrued at Interest paid on deposits 36 0 0 81st Marob, 1911.. 66,575 6 1 Less accrued interest at 223,330 19 8 31st March, 1911 .. 20 15 10 Interest on bank balances.. .. 456 1111 15 4 2 Interest on amounts transferred to Interest on amounts transferred from Workers Branch .. .. 12,281 12 i Local Authi rities Branoh.. .. 1,923 11 0 Interest on sinking fund (Public Interest refunded .. .. .. 82 2 0 Trustee) .. .. .. 7,794 6 1 Accrued interest payable on deposits at Interest receivable— g s. d. 31st March, 1912 .. .. 9 3 7 Overdue at 31st Accrued interest payable on loans at March, 1912 .. 18,821 3 7 81st Match, 1912 .. .. .. 53,054 5 7 Accrued at 31st Balance of interest—gross profits trans- March, 1912 .. 07,535 711 farred to Profit and Loss Account .. 75,216 5 9 -— 86,336 11 6 £330,220 1 6 £330,220 1 6

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Statement of Management Expenses Account for the Year ended 31st March. 1912. Dβ. £ s. d. I Cβ. £ s. d. To Audit Office .. .. .. 100 001 By Consent fees .. .. .. 20 IS 0 Clerical assistance .. ~ .. 184 46 j Court and solicitors'costs .. .. 12 15 6 Ftes paid to Crown Law Office . . 919 6 Inspection fees .. .. '.'.■ ■', I 1-0 Petty general expenses .. .. 34 18 6 | Mortgage fees .. .. .. 010 0 Postages and telegrams .. .. 496 8 7 Production fees .. .. .. 470 19 : 3 Post Office services .. .. .. ' 412 0 9 I Release fees .. .. .. 638 13 10 Printing and stationery .. .. 899 14 11 ! Valuation fees .. .. .. 9,66118 7 Rent of offices .. .. .. 75 0 0 Balance transferred to Profit and Loss Salaries .. ..' .. .. 9,499 1 5 Aocount .. .. .. .. 11,086 16 .> Sundries ........ 8 7 1 - Telephones.. .. 30 6 7 Travelling expenses .. .. .. 157 15 8 Valuation Department— Agenoy work .. .. .. 500 0 0 Fees .. .. .. .. 7,815 12 8 Valuation fees refunded .. .. 1,433 19 5 Valuation fees transferred .. ' .. 206 0 0 £21,898 9 7 621,893 9 7 Statement of Receipts and Expenditure for the Year ended 31st March, 1912, Receipts. H s. d. I Expenditure. S. s. d, To Cash in hand and in bank at 31sc | By Advances on mortgage .. .. 2,174,085 0 0 March, 1912 .. .. .. (595,442 18 7 Advances Suspense Account .. 64,549 610 Advances Suspense Account .. ,81,230 4 6 Audit Office .. .. .. 100 ,0:0 Consent fees .. .. .: ' 21 0 0 Clerical assistance .. .. 184 4 6 Court costs .. .. .. 29 7 6 Consent fee refunded .. .. 0 5 0 Fire Loss Suspense Account .. 12,475 16 1 Court fees and solicitors'costs .. 28 11 6 Inspection fees .. .. .. 110 Fees paid to Crown Law Office .. 919 H Insurance Premiums Account .. 949 4 2 Fire Loss Suspense Account ... 12,712. _0 7 Interest on bank balances.. .. 456 11 11 Insurance Premiums Account .. , 975 10 2 Interest on mortgages .. .. 289,906 5 9 Interest on deposits .. ■:'... .■•„. 36-. 0 0 Interest on amounts transferred to Interest refunded .. .. 82 ,2 0 Workers Branch .. .. 12,281 12 4 Interest on loans .. 243,865 IS li Mortgages and instalments of prin- Interest on temporary advances from . cipal repaid .. .. .. I ,018,285 16 7 . Local Authoritifs Branch .. 1,923 11 0 Mortgage fees .. .. .. 010 0 Loan-flotation charges .. .... 657.441 t 7 Petty cash recredited by Receiver .. 0 16; Office Furniture and Equipment .-. ~ Postages refunded .. .. 14 14 11 Account .. .. .: ... - 201 2 4 Production fees .. .. .. 477 15 3 . Petty general expenses -.. " . ~ .'■ 35 0 0 Registration and search fees .. 605 6 6 Postages and telegrams .. .. 811 3 6 Registration and search fees trans- Post Office services .. .. 662 0 9 ferred .. .. •• 19 15 2 j Printing and stationery .. .. 1,099 14 11 Release fees .. .. ■ • 639 18 10 j Profit and Loss Account .. .. 790 0 4 Solicitors'costs .. ,'".'. .: 11 19 6 j Production fees refunded ..- ~: .. 6 16: 0 Sundries .. .. -■ 20 16 10 < Release fees refunded >. ... 1 5 0 Suspense Account .. .. 22,509 10 10 Registration and search fees .. 625 1 8 Sundry advances on aocount of loans 737,946 1 7 Rent of offices .. .. .. 75 0 0 Temporary Advances to Workers Salaries.. .. .. .. 11,005 1 5 Branch refunded .. .. 325,000 0 0 Sinking fund .. .. .. 77,478 16 2 Temporary advances from Looal Sundries .. .. .. 29 3 11 Authorities Branch .. .. 250,000 0 0 : Suspense Account .. .. 22,830 2 0 Temporary advance from Public Temporary ad%»ances from Local Debt Sinking Fund Branch 83,475 0 0 Authorities Branch refunded .., 250,000 0 0 Valuation fees ".. .. .. 9.66118 7 Temporary advanoes to Workers Local Authorities Branch refunds - Branch .. .. .. 330,000 .0 0 Printing and stationery.. .. 100 0 0 Telephones .. .. .. 80 6. .7 Postages and telegrams.. .. 150 0 0 Travelling-expenses .. .. 157 15 8 Post Office contributions .. 50 0 0 Treasury payment refunded (amountSalaries .. .. . • 156 0 0 of loan paid in error) .. .. 85,000 0 0 Workers Branch refunds— Valuation Department— Postages and telegrams.. .. 150 0 0 Agenoy work .. .. .. SOO 0 0 Post Office comribuiion .. 200 0 0 Fees .. .. .. .. 7,845 12 8 Printing and stationery.. .. 100 0 0' Valuation fees refunded .. .. 1,433 19 5 Salaries .. .. .. 1,350 0 0, Valuation fees transferred .. 206 0 0 Cash in hand and in bank at 31st Maroh, 1912 .. .. 189,40117 1 £3,543,719 7 11 £3,543,719 7 11 J. W. Poynton, Superintendent. : . W. N. Hinchliffe, Accountant. New Zealand State-guaranteed Advances Office, Wellington, 11th June, 1912. Examined and found correct. —Bobbrt J. Collins, Controller and Auditor-General.

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ADVANCES TO WOEKBES BEANOH. Statement of Liabilities and Assets at 31st March, 1912. Liabilities. . £ s, <1, Assets. . ; .. . Sundry loans* .. .. .. 1.315,933 12 7 Investment Account— £ s. d. .S ;' s. d. Temporary advances from Settlers . Advances on mortBranoh .. .. .. .. 330,000 0 0 gage ~ .. 1,821,605 0 0 ..-. Accrued interest payable on aocount of Less repayments .. 179,472 0 4 ■ loans .. .. .. .. 15,332 5 I , —. 1,643,132 18 8 Advances Suspense Account .. .. 24,866 0 0 ; Mortgage instalments receivable—over- .: Fire Loss Suspense Aocount 21 0 0 due .. .. .. .. 1,295 2 10 Suspense Acoount .. .. .. 456 13 11 j Interest receivable—overdue .. .. 4,082 12 10 Beserve Fund .. .. .. 11,279 8 i i Interest receivable—accrued .. .. 14,102 . A 0 I Insurance Premiums Aocount 84 6 2 I Loan-flotation charges .. .. 4,451 2 10 ; Sinking Fund Account ~ .. 30,525 3 4 Cash in hand and in bank at 31st March, 1912 .. .. .. 1,215 2 9 £1,697,889 0 5\ £1,697,889 0 5 J. W. Poynton, Superintendent. W. N. Hinchliffe, Accountant. New Zealand State-guaranteed Advances Office, Wellington, 11th June, 1912. Examined and found correct.—Eobert J, Collins, Controller and Auditor-General. Statement of Pbofit and Loss Account for the Year ended 31st March, 1912. Dr. &" s. d. \ Oβ. £ s. d. To Management Expenses Account .. 2,093 12 1| By Interest Account—gross profitu .. 12,396 8 6 Losß on realization of security .. 314 9 i Part loss oh security recovered .. 019 6 Balance—net profits for the year .. 10,300 1 2 j £12,397 8 0 ' £12,397 8 0 Loan-flotation charges written off .. 8,000 0 0 Net profits for the year .. ..-10,300 1 2 Balance net profits transferred to Beserve Fund .. .. .. 2,300 1 2 £10,300 1 2 J £10,300 1 2 Statement of Interest Account for the Year ended 31st March, 1912. Dβ. £ s. d. M s. d. i Cβ. £ s. 'd. £ ». d. To Interest paid on loans .. 33,534 1 9 By Interest on mortgages .. 56,166 19 8 Less accrued interest at Less interest overdue and 31st March, 1911 .. 9,473 17 i accrued at 31st March, __ 24,060 4 S| 1911 , .. .. 11,097 16 4 ;■ Accrued interest payable on loans at 45,069 2 11 81st March, 1912 .. .. .. 15,332 5 7 Interest on bank balances .. .. -- 51 010 Interest paid on amounts transferred Interest on sinking fund (Public from Settlers Branch .. .. 12,281 12 4: Trustee).. .. .. .. 768 15 7 Interest refunded .. .. .. 3 5 4 Interest receivable— Balance — gross profits transferred to Overdue at 31st March, Profit and Loss Account .. ..12,396 8 6, 1912 .. .. 4,082 12 10 Accrued at 31st March, 1912 .. .. 14,102 4 0 .1 .. . . - . . ___ : 18,184 16 M) '" £64,073 16 2; * : : £64;073 16 ; '2 Statement of Management Expenses Account for the Year ended 31st March, L 912.. Dk. : £ s, d. Cβ. : ~, $], s. d To Audit Department .. .. .. 100 0 0 By Cons»nt fees.. .. ■■ .-. - -.-. ff 10 0 Postages and telegrams .. . ■ 146 3 6 Court costs .. .. . . .. 2 4 0 Post Office services .. .. .. 200 0 0 Production fees .. .. .. 37 15 8 Printing and stationery .. .. 100 0 0 ! Release fees .. .. . . .. 44 10 0 Salaries .. .. ■• ■■ 1,350 0 0 Sundries .. .. .. .. 15 8 Solici'ors' costs .. .. .. 34 10 1 Valuation fees .. .. .. 1,766 10 6 Valuation Department— Balance transferred to Profit and Loss Agency work .. .. .. 250 0 0 Account .. .. .. .. 2,093 12. 1 Fees .. .. •• • • 1,589 10 Valuaiion fees re'unded .. 128 1 6 ' " ' ■ - Valuation fees transferred .. 48.11 0 -■■' ."." . £3,946 7 1 .., £3,946 7 1

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Statement of Receipts and Expendituke for the Year ended 31st March, 1912, Receipts, S s. d. Expenditure. £ c. <3. To Cash in hand and in bank at 31st By Advanoes on mortgage .. .. 543,8-10 0 0 Maroh, 1911 .. .. .. 2,642 410 Advances Suspense Account .. 115,154 19 :0 Advances Suspense Account.. .. 120,806 19 0; Audit Department.. .. .. 100 0 .0 C'nsentfees .. .. .. 010 0 j Fire Loss Suspense Aocount .. 1,881 0 6 Court costs .. .. .. 2 4 0| Insurance Premiums Account .. 231 15 3 Fire Loss Suspense Aocount .. 1,511 0 5' Interest on loans .. .. .. 88,584 1 9 Insurance Premiums Account . . 182 iJ 4 Interest on amounts transferred from Interest on bank balances .. .. 51 010 Settlers Branch .. ... .. 12,281.12 14 Interest on mortgages .. .. 56,166 19 3 Interest refunded .. .. ..... 3 5 A Mortgages and instalments of principal Loan-flotation charges .. .. 12,451 .2.10 repaid .. .. .. .. 78,852 9 3 Postages and telegrams .. .. 150 0 0 Postages and telegrams—refunded .. 8 16 6 Post Office services.. .. .. 200 0 0 Production fees .. .. . . 39 0 8 Printing and stationery .. .. 100 0 0 Profit and Loss Account, part loss on Profit and Loss Account .. .. 314 9 security recovered . . .. 019 6 j Production fees refunded .. .. 15 0 Registration and search fees . . 594 5 0 j Registration and search fees .. 594 5 0 Release fees .. .. .. 44 15 0 ! Release fees refunded . . .. 0 5 0 Sundries.. .. .. .. 15 3i Salaries .. .. .. .. 1,350 0 0 Sundry anvances on account of loans 471,168 12 7 Sinking fund .. .. .. 13,159 6 8 Suspense Account .. .. 2,397 3 3 j Solicitors'costs .. .. .. 34 10 1 Temporary advances .. .. 330,000 0 0 Suspense Account .. .. .. 2,479 19 1 Valuation feea .. .. .. 1,766 10 6 ! Temporary advances from Settlers Branch refunded .. .. 325,000 0 0 Valuation Department— Agency work .. .. .. 250 0 0 EVes .. ... .. .. 1,589 1 0 Valuation fees refunded .. .. 128 1 6 Valuation fees transferred .. .. 48 11 0 Cash in hand and in bank at 31st March, 1912 .. .. .. 1,215 2 9 £1,065,73118 9 I £1,065,73118 9 J. W. Poynton, Superintendent. W. N. Hinchliffe, Accountant. New Zealand State-guaranteed Advances Office, Wellington, 11th June, 1912. Examined and found correct. —Eobekt J. Collins, Controller and Auditor-General. PUBLIC DEBT SINKING FUNDS BEANCH. Statement of Liabilities and Assets at 31st March, 1912. ".: Liabilities. ' £ s. d. j Assets. & s. d. Amount received from Treasury .. 144,885 0 0 j Advances on mortgage .. .. .. 61,410 0 0 Advances Suspense Account .. .. 645 0 0 Interest receivable—accrued .. .. 190 1 2 Suspense Account .. .. .. 14 3 6 Temporary arivance to Settlers Branch .. 83,475 0 0 Profit and Loss Account .. .. 340 1 2 Cash in hand and in bank .. .. 809 3 6 £145.884 4 8 j £145,884 4 8 J. W. Poynton, Superintendent. W. N. Hinchliffe, Accountant. New Zealand State-guaranteed Advances Office, Wellington, 11th June, 1912. Examined and found correct—Eobeet J. Collins, Controller and Auditor-General. Statement of Peofit and Loss Account for the Year ended 31st March, 1912. Dβ. £ s. d. Cβ. £ s. d. To Balance—net profits for the year ended By Interest Account .. .. .. £340 1 2 81st March, 1912 .. .. .. £340 1 2 Statement of Inteeest Account for the Year ended 31sc March, 1912.: Dβ, S 3. d. i Cβ. &:s. d. To Balance transferred to Profit and Loss j By Interest on bank balances ... ... 150 .0 0 Account ~ ~ .. .. 340 1 2 Interest receivable—acorued at 3lst March, 1912 .. .. .. .. 190 1 2 £340 12 .:.... £340 1 -i

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Statement of Receipts and Expenditueb for the Year ended 31st March, 1912. Receipts. £ s. d. j Expenditure. £ B. d. To Amount received from Treasury .. 144,885 0 0 By Advances on mortgage .. .. 61,410 0 0 Valuation fees .. .. .. 124 19 0 . Valuation fees paid ,to Valuation DeInterest on bank balances .. .. 150 0 0 partment .. .. .. 110 5 0 Advances Suspense Account .. 645 0 0 : Valuation fee refunded .. .. 0 10 6 Suspense Account .. .. .. 14 3 6 Valuation fees transferred .. .. 14 3 6 Temporary advance to Settlers Branch 83,475 0 0 Cash in band and in bank at 31st March, 1912 .. .. .. .. 809 3 6 £145,819 2 6 £145,819 2 6 J. W. Poynton, Superintendent. W. N. HiNCHLiPFB, Accountant. New Zealand State-guaranteed Advances Office, Wellington, 11th June, 1912. Examined and found correct, Bobert J. Collins, Controller and Auditor-General. ADVANCES TO LOCAL AUTHOBITIES BBANCH. Statement of Liabilities and Assets as at 31st March, 1912. Liabilities. £ s. d. Assets. Sundry loans.. .. .. .. 1,597,000 0 0 Investment Account, £ s. d. £ s. d. Accrued interest payable on aooount of advances on loans .. .. .. .. 26,323 3 8 mortgageLocal bodies .. 1,195,680 0 0 Hauraki Plains .. 70,000 0 0 Opening up land for settlement .. 115,515 0 0 ■ Hangitaiki land drainage .... 25,000 0 0 Less repayments— Local bodies.. .. 9,18116 8 Hauraki Plains .. 1,013 2 6 Opening up land for . settlement .. 3,895 18 9 Rangitaiki land drainage .. .. 346 17 6 14,437 15 5 1,391,757 4 7 Mortgage instalments receivable—overdue .. .. .. .. 112 19 2 Interest receivable—overdue .. .. 284 4 9' Interest receivable—accrued : at 31st March, 1912— £ s. d. Local bodies .. 8,656 1 3 : Hauraki Plains .. 211 1 8 ; i :".':> Opening up land for settlement .. 363 5 10 Rangitaiki land drainage 70 18 3 ■ 9,801 7 0 Temporary advance to Guaranteed Mining Branch .. .. .. 25 0 0 Interest accrued on temporary advances to Native Land Settlement Branch .. 607 6 8 Interest accrued on temporary advances to Guaranteed Mining Advances Branch .. .. .. 46 10 2 Interest accrued on temporary investTrustee .. .. 199 9 1 Temporary investment—Public Trustee 20,000 0 0 , ~ Sinking Fund Account—Public Trustee 34,813 16 7 Profit and Loss Account .. .. 22,557 4 5 Cash in hand and in bank at 31st March, 1912. .. 143,618 1 3 £1,623,323 3 8 •- £1,623,323 3 8 J. W. Poynton, Superintendent. W. N. IJinchliffe, Accountant. New Zealand State-guaranteed Advances Office, Wellington, 11th June, 1912. Examined and found correct—Bobert J. Collins, Controller and Auditor-General.

2—B. 13.

8.—13

10

Statement of Profit and Loss Account for the Year ended 31st March, 1912. Dβ. £ s. d. Cβ. £ s. d. To Balance as at 31st Maroh, 1911 .. 11,978 13 7 By Management Expenses Account .. 3,193 2 0 Balance Interest Account .. .. 13,771 12 10 Balance .. .. .. .. 22,557 4 5 £25,750 6 5 £25,750 6 5 Statement of Inteeest Account for the Year ended 31st March, 1912. Dβ. £ s. d. £ s. a. Cβ. £ s. d. £ s. A. To Interest paid on loans .. 44,656 16 3 By Interest on mortgages— Less accrued interest at Local bodies .. .. 20,068 14 9 31st March, 1911 .. 19,270 7 3 Opening up land for 25,386 9 0 settlement.. .. 2,,598 9 1 Accrued interest payable on loans at Hauraki Plains .. 1,890 611 31st March, 1912 .. .. .. 26,323 3 8 Rangitaiki land drainage 905 8 9 Refund of interest over-credited by 25,462 19 6 Guaranteed Mining Branch .. 25 0 0 Less interest overdue and accrued at 31st Maroh, 1911 .. .. .. 3,217 17 5 22,245 2 1 Interest on bank balances .. .. 1,550 0 0 Interest on sinking fund (Public Trustee) 873 16 7 Interest on advances to Guaranteed Mining Advances Branch .. .. 112 10 0 Interest on advances to Land for Settlements Branch .. ... .. 119 17 3 Interest on advances to Native Land, Settlement £ s. d. Branch .. .. 1,816 12 7 Less accrued interest at 31st Maroh, 1911 .. 1,304 15 3 511 17 4 Interest on advances to Settlers Branch 1,923 11 0 Interest on temporary investment .. 187 7 11 Interest accrued on aavances to Guaranteed Mining Advances Branoh .. 46 10 2 Interest accrued on advances to Native Land Settlement Branch .. .. 607 6 8 Interest accrued on temporary investment .. .. .. .. 199 9 1 Interest receivable— Overdue at 31st March, £ s. d. 1912 (local bodies) .. 284 4 9 Accrued at 31st March, 1912— Local bodies .. 8,656 1 3 Hauraki Plains .. 211 1 8 Opening up land for settlement .. 363 510 Rangitaiki land drainage .. 70 18 3 9,585 11 9 Balance transferred to Profit and Loss Account .. .. .. .. 13,771 12 10 £51,734 12 8 .£51,734 12 8 Statement of Management Expenses Account for the Year ended 31st March, 1912. Dβ. £ s. d. j Cβ. £ s . d. To Certificate fees .. .. .. 71 18 6 By Commission fees .. .. .. 3,935 8 6 Postages and telegrams .. .. 149 8 0 Post Office services .. .. .. 50 0 0 Printing and stationery .. .. 100 0 0 Salaries .. .. .. 371 0 0 Balance transferred to Profit and Loss Account .. .. .. .. 3,193 2 0 £3,935 8 6 £3,935 8 6

11

8.—13

Statement of Beceipts and Expenditure for the Tear ended 31st March, 1912. Receipts. £ c. A. \ Expenditure. £ a. d. To Gash in hand and in bank at 31st [ By Advances on mortgage— March, 1911 .. .. .. 829,880 810 Local bodies .. .. .. 790,485 0 0 Certificate fees paid by local bodies 185 6 6 Hauraki Plains .. .. 20,000 0 0 Commission fees .. .. .. 3,935 8 6 Opening up land for settlement .. 61,250 0 0 Interest on bank balances .. .. 1,550 0 0 | Certificate fees paid to Crown Law Interest on mortgages .. .. 25,462 19 6 Office.. .. .. .. 257 5 0 Interest on amounts transferred to Interest on loans .. .. 44,656 16 3 Native Land Settlement Branch.. 1,816 12 7 Interest over-credited by Guaranteed Interest on amounts transferred to Mining Branch refunded .. 25 0 0 Land for Settlements Branch .. 119 17 8 Postages and telegrams .. .. 150 0 0 Interest on amounts transferred to Post Office services .. .. 50 0 0 Guaranteed Mining Advances Printing and stationery .. .. 100 0 0 Branch .. .. .. 112 30 0 Salaries.. .. .. .. 371 0 0 Interest on amounts transferred to Sinking fund .. .. .. 15,970 0 0 Settlers Branch .. .. 1,923 11 0 Advances to Land for Settlements Interest on temporary investment .. 187 7 11 Branch .. .. .. 25,000 0 0 Instalments of principal repaid .. 10,283 8 5 I Advances to Guaranteed Mining Postages refunded .. .. 0 12 0 Advances Branch .. .. 5,025 0 0 Sundry loans .. .. .. 222,000 0 0 Advances to Native Land Settlement Advances to Land for Settlements Branch .. .. .. 204,500 0 0 Branch refunded .. .. 25,000 00| Advances to Settlers Branch .. 250,000 0 0 Advances to Guaranteed Mining Temporary investment .. .. 20,000 0 0 Advances Branch refunded .. 5,000 0 , 0j Cash in hand and in bank at 31st Advances to Native Land Settlement March, 1912 .. .. .. 143,618 1 3 Branch refunded .. .. 204,500 0 0 Advances to Settlers Branch refunded.. .. .. .. 250,000 0 0 £1,581,458 2 6 £1,581,458 2 6 J. W. Poynton, Superintendent. W. N. Hinchlifpe, Accountant. New Zealand State-guaranteed Advances Office, Wellington, 11th June, 1912. Examined and found correct—Eobeet J. Collins, Controller and Auditor-General. GUARANTEED MINING ADVANCES BRANCH. Statement of Liabilities and Assets as at 31st March, 1912. Liabilities. £ s. d, I Assets. £ s. d. Amount of loan .. .. .. 5,000 0 0 Advance on mortgage.. .. .. 5,000 0 0 Advance from Local Authorities Branch 25 0 0 Sinking fund .. .. .. 50 0 0 Accrued interest payable on advance Interest Receivable Account (accrued) .. 90 12 4 from Local Authorities Branch .. 46 10 2 Accrued interest payable on loan .. 25 13 8 Profit and Loss Account .. .. 43 8 6 £5,140 12 4 £5,140 12 4 J. W. Poynton, Superintendent. W. N. HiNCHLiPPE, Accountant. New Zealand State-guaranteed Advances Office, Wellington, 11th June, 1912. Examined and found correct —Eobert J. Collins, Controller and Auditor-General. Statement of Profit and Loss Account for the Year ended 31st March, 1912. Dβ. £ s. d. Cβ. £ s. d. To Balance net profits for the year .. 43 8 6 By Interest Account .. .. .. 43 8 6 Statement of Interest Account for the Year ended 31st March, 1912. Dβ. £ s. d. j Ca. £ s. d. To Interest paid on temporary advance j By Interest on mortgage .. .. 112 10 0 from Local Authorities Branch .. 112 10 0| Interest overpaid to Local Authorities Accrued interest payable on temporary Branch refunded .. .. 25 0 0 advance at 31st March, 1912 .. 46 10 2 j Interest receivable accrued at 31st Accrued interest payable on loan .. 25 13 8 March, 1912 .. .. .. 90 12 4 Balance—transferred to Profit and Loss Account .. .. .. 43 8 6 £228 2 4 £228 2 i

8.—13

12

Statement of Receipts■ and Expenditure for the Year ended 31st March; 1912. Receipts. £ s. d. Expenditure. £ s. d. To Amount of loan .. .. .. 5,000 0 0 By Advance on mortgage .. .. 5,000 0 0 Temporary advances from Local Temporary advance fr im Local AutboAuthorities Branch .. .. 5,025 0 0 rities Branch refunded .. .. 5,000 0 0 Interest on mortgage .. .. 112 10 0 Interest paid on temporary advance.. 112 10 0 Interest overpaid to Local Authorities Sinking fund .. .. .. 50 0 0 Branch refunded .. .. 25 0 0 £10,162 10 0 £10,]62 10 0 J. W. Poynton, Superintendent. W. N. Hinchljffe, Accountant. New Zealand State-guaranteed Advances Office, Wellington, 11th June, 1912. Examined and found correct —Bobeht J. Collins, Controller and Auditor-General. LAND FOE SETTLEMENTS BEANCH. £ s. d. Capital liabilities transferred from Treasury, 81st March, 1910 . .. .. 5,874,938 0 0 Less debentures redeemed and renewed .. .. .. .. .. 412,415 0 0 5,462,523 0 0 Total debentures issued under the New Zealand State-guaranteed Advances Act 852,915 0 0 Total liability at-31st March, 1912 .. .. .. £6,315,438 0 0 Transactions for the Year ended 31st March, 1912. £ s. d. £ s. d. £ s. d> To Debentures issued.. .. .. 819,915 0 0 By Advances made to Amount of sinking fund received Land for Settlefrom Treasury .. .. .. 63,154 7 7 ments Branch — Interest received on advances .. 935 13 8 Purchase of estates 407,500 0 0 Temporary advance from Local Au- Redemption of dethorities Branch .. .. 25,000 0 0 bentures .. 200,850 0 0 Renewal of debentures .. '211,565 0 0 819,915 0 0' Sinking fund paid to Public Trusteu 63,151 7 7 Interest paid on debentures .. 815 16 5Interest paid on temporary advance 119 17 3 Temporary advance from Local Au thorities Branch refunded .. 25,000 0 0 £909,005 1 3 £909,005 1 3 Statement of Sinking Fund as at 31st March, 19.12. £ s. d. Balance as at 31st March, 1911 .. .. .. .. .. .. 301,057 511 Amount paid to Public Trustee for the year ended 31st March, 1912 .. .. 63,154 7 7 Interest added by Public Trustee for year ended 31st March, 1912 .. .. 14,49119 3 £378,703 12 9 NATIVE LAND SETTLEMENT BEANCH. Transactions for the Year ended 31st March, 1912. £ s. d. i £ s. d. To Amount of loans .. .. .. 254,500 0 0 By Advances made to Native Land SetTemporary advances from Local tlement Account .. .. 254,500 0 0 Authorities Branoh .. .. 204,500 0 0 Temporary advances from Local Interest reoeived on advanoes .. 5,422 2 1 Authorities Branch refunded .. 204,500 0 0' Amount of sinking fund received Interest paid on loans .. .. 3,605 9 6 from Treasury .. .. .. 4,361 00J Interest paid on temporary advances 1,816 12 7 Sinking fund paid to Public Trustee 4,361 0 0 £468,783 2 1 £468,783 2 1 Statement of Sinking Fund as at 31st March, 1912. £ s. d. Balance as at 31st March, 1911 .. .. .. .. .. .. 1,816 0 0 Amounts paid to Public Trustee for year ended 31st March, 1912 .. .. 4,361 0 0 Interest added by Public Trustee for year ended 31at March, 1912 .. .. 73 2 5 £6,250 2 5 J. W. Poynton, Superintendent. W. N. Hinchliffe, Accountant.. New Zealand State-guaranteed Advances Office, Wellington, 11th June, 1912. Examined and found correct. —Eobeet J. Collins, Controller and Auditor-General. Approximate Coat ol Paper .—Preparation, not given; printing (1,900 copies), £12 lO.<.

By Authority : John Mackay, Government Printer, Wellington. —1912.

Price 6d.]