STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1914.

Appendix to the Journals of the House of Representatives, 1914 Session I, B-13

8.—13

1914. NEW ZEALAND.

STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1914.

Laid before Parliament pursuant to Subsection (3) of Section 64 of the State Advances Act, 1913.

ADVANCES TO SETTLERS BRANCH. Twentieth Annual Report and Balance-sheet. The advances actually paid over to settlers during the year by the Board numbered 2,098, and the loans so paid amounted to £973,005. Classified according to provincial districts, the advances authorized during the year ended 31st March, 1914, were,— Provincial Number of Amount of Advances District. Applications. authorized. Auckland .. .. .. .. .. 1,256 438,750 Taranaki .. .. .. .. .. 128 63,285 Hawke's Bay .. .. .. .. ..106 38,770 Wellington .. .. .. .. .. 347 153,320 Marlborough .. '.. .. .. .. 36 14,690 Nelson .. .. .. .. .. 64 19,110 Westland .. .. .. .. .. 43 12,390 Canterbury .. .. .. .. ..225 77,510 Otago .. .. .. .. 69 19,765 Southland .. .. .. .. ..116 41,265 Totals.. .. .. .. ... 2,390 £878,855 The total advances now current are as follows :— „ . Amount. in uniDer. £ s d Not exceeding £500 .. .. .. ..14,561 3,059,381 6 7 Exceeding £500 but not exceeding £1,000.. .. 2,900 2,217,982 2 3 Exceeding £1,000 but not exceeding £2,000 .. 1,366 1,920,811 3 2 Exceeding £2..000 but not exceeding £3,000 .. 214 532,394 1 7 Totals .. .. .. .. 19,041 £7,730,568 13 7 The average amount of the current advances is £406. Number and amounts advanced on freehold and leasehold— Number. | mount - , d On freeholds .. .. .. .. .. 11,669 5,602,253 9 8 On leaseholds .. .. .. .. .. 7,086 1,953,939 3 3 On freeholds and leaseholds combined .. .. 286 174,376 0 8 Totals .. .. .. .. 19,041 £7,730,568 13 7 The average freehold advance is £480, the average leasehold advance £276, and the average of advances secured on both freehold and leasehold combined £610.

I—B, 13

2

8.—13

Number and amounts of current advances on rural and urban and suburban land — Number. £ Amount. On rural land 11,937 5,025,495 10 1 On urban and suburban land .. .. .. 7,104 2,705,073 3 6 Totals .. .. .. .. 19,041 £7,730,568 13 7 The average rural advance is £421, and the average urban and suburban advance is £380. The amounts of the advances actually paid over to settlers during the year ended 31st March, 1914, are as follows :— Number. Amount. Not exceeding £500 .. .. 1,713 602,995 Exceeding £500 but not exceeding £1,000 .. ... 272 191,355 Exceeding £1,000 but not exceeding £2,000 .. .. 98 142,070 Exceeding £2,000 but not exceeding £3,000 .. .. 15 36,585 Totals .. .. .. .. .. 2,098 £973,005 The average amount of the advances granted for the year is £463, and the tenure of the securities IS,_ Number. Amo £ unt - On freeholds .. .. .. .. ~ .. 1,082 487,080 On leaseholds .. .. .. .. .. 985 466,260 On freeholds and leaseholds combined .. .. .. 31 19,665 Totals .. .. .. .. .. 2,098 £973,005 For the year the average freehold advance was £450, the average leasehold advance £473, and the average secured on freehold and leasehold combined £634. The total sum raised by the Government for investment on mortgage since the Department was started is £8,408,950 Is. 7d. Nineteen thousand and forty-one mortgagors are now indebted to the Department to the extent of £7,730,568 13s. 7d. in respect of principal moneys, an increase during the year of 644 mortgagors, owing £272,751 2s. 6d. The gross profits for the year ended 31st March, 1914, were £93,483 16s. 5d., and the cost of management and expenses of the Department £11,264 9s. Bd., being 0-13 per cent., or 2s. 7d. per £100 on capital employed (the cost of the previous year was 0-14 per cent, or 2s. 10d. per £100). The net profits amounted to £81,894 ss. 10d., of which the sum of £32,976 3s. 6d. has been applied in writing down loan-charges. A sum of £84,089 10s. has been added to the sinking fund, under section 26 of the State Advances Act, 1913, which, with £14,001 2s. 2d. interest earned and added to the fund, brings the total amount, including the amount held by the Public Trustee (£322,904 13s. 9d.), standing to the credit of that account to £450,995 ss. lid. Three freehold and two leasehold securities were realized by the Department during the year. Losses debited and unpaid instalments in respect of mortgaged properties written off amount to £325 os. lid. G. F. C. Campbell, Superintendent. State Advances Offices, Wellington, 29th June, 1914.

ADVANCES TO WORKERS BRANCH. Seventh Annual Report and Balance-sheet. The advances actually paid over to workers during the year numbered 879, and amounted to £272,860. Classified according to provincial districts, the advances authorized during the year ended 31st March, 1-914, were, — Provincial Number of Amount of Advances District. Applications. authorized. . Auckland .. .. .. .. .. 407 118,210 Taranaki .. .. .. .. .. 41 11,275 Hawke's Bay .. .. .. .. .. 61 16,785 Wellington .. .. .. .. ..232 66,855 Marlborough .. .. .. .. .. 40 10,435 Nelson .. .. .. .. .. 15 2,880 Westland .. .. .. .. .. 4 995 _ Canterbury .... .. .. .. 274 79,310 Otago.. .. .. .. .. .. 89 23,270 Southland .. .. .. .. .. 37 9,185 Totals ~ .. ~ ~ 1,200 £339,200

8.—13

3

The teirnre of the advances now current is as follows : — Number. Amount, On freeholds .. .. .. .. .. 7,065 2,103,296 Oil On leaseholds .. .. .. .. 517 96,548 1 4 Totals .. .. .. .. 7,582 £2,199,844 2 3 The average freehold advance is £298, and the average leasehold advance £186. The advances actually paid over during the year ended 31st March, 1914, on freehold and leasehold are as follows :— Number. Amount. On freeholds .. .. .. ... .. ..831 262,492 On leaseholds .. .. .. .. .. ..48 10,368 Totals .. .. .. .. ..879 £272,860 For the year the average freehold advance was £316, and the average leasehold advance £216. The total sum raised by the Government for investment on mortgage to workers is £2,281,926 12s. 7d. Seven thousand five hundred and eighty-two mortgagors are now indebted to the Department to the extent of £2,199,844 2s. 3d. in respect of principal moneys, an increase during the year of 739 mortgagors, with loans amounting to £191,926 17s. The gross profits for the year ended 31st March, 1914, were £12,817 6s. 5d., and the cost of management and expenses of the Department £2,443 10s. lid., being 0-11 per cent., or 2s. 2d. per £100 on the capital employed. (The cost of the previous year being the same.) The net profits amounted to £10,140 15s. 10d., of which the sum of £8,822 9s. 6d. has been applied in writing down loan-charges. A sum of £22,819 ss. 3d. has been added to the sinking fund under section 26 of the State Advances Act, 1913, which, with £2,108 12s. 2d. interest earned and added to the fund, brings the total amount, including the amount held by the Public Trustee (£52,715 17s. 9d.), standing to the credit of that account to £77,643 15s. 2d. Two freehold and one leasehold securities were realized by the Department during the year. Losses debited and unpaid instalments in respect of mortgaged properties written off amount to £232 19s. Bd. G. F. C. Campbell, Superintendent. State Advances Office, Wellington, 29th June, 1914. ADVANCES TO LOCAL AUTHORITIES BRANCH. During the year 167 new applications for loans to local bodies were provisionally approved —that is, they were approved by the Board subject to sufficiency and validity of the security offered. The applications provisionally approved from the different provincial districts were, — Amount of Advances Provincial Number of provisionally District. Applications. approved. Auckland .. .. ~ ... .. ..73 69,825 Taranaki .. .. .. .. .. ..23 33,805 Hawke's Bay .. ... ~ .. .. ..16 17,200 Wellington .. .. ~ .. .. ..35 25,220 Marlborough .". .. .. .. .. ..5 2,990 Nelson .. ..'... .. .. ..2 2,500 Westland .. ... ... ... .. ..2 2,600 Canterbury .. .. .. .. .. ..5 4,875 Otago 6 7,150 Totals .. ~ .. .. ..167 £166,165 The new applications finally approved during the year numbered seventy-two, and the loans amounted to £84,970. The amount actually paid over to local bodies during the year was £259,430. The total sum raised by the Government for loans to local bodies is £2,058,067. Local bodies are now indebted to the Department to the extent of £1,889,681 Us. sd. in respect of principal moneys. The net loss for the year amounted to £3,129 3s. 4d. F : l A sum of £20,580 13s. sd. has been added to the sinking fund under section 26 of the State Advances Act, 1913, which, with £1,938 Is. lOd. interest earned and added to the fund, brings the total amount, including the amount held by the Public Trustee (£48,461 os. 5d.), standing to the credit of that account to £70,979 15s. Bd. G. F. C. Campbell, Superintendent. State Advances Office, Wellington, 29th June, 1914.

8.—13

4

PUBLIC DEBT SINKING FUND BRANCH. Classified according to provincial districts, the advances under this branch authorized during the year ended 31st March, 1914, were, — Advances to Settlers. Provincial Number of 068 District. Applications. autnonzed. Auckland .. .. .. .. .. ..35 20,960 Taranaki .. .. .. .. .. ..5 3,175 Hawke's Bay .. .. .. .. .. ..2 1,335 Wellington .. .. .. .. .. ..16 7,890 Marlborough .. .. .. .. .. ..3 1,435 Nelson .. .. .. .. .. ..2 1,100 Canterbury .. .. .. .. .. ..12 6,350 Otago .. .. .. .. .. .. ..9 3,345 Southland .. .. .. .. .. ..12 8,240 Totals .. .. .. .. ..96 £53,830 Advances to Local Bodies. Provincial Number of Amount of Advances District. Applications. authorized. Auckland .. .. .. .. .. ..39 56,780 Taranaki .. .. .. .. .. ..10 25,045 Hawke's Bay .. .. .. .. .. ..6 21,555 Wellington .. .. .. .. .. ..19 15,500 Canterbury .. .. .. .. .. .. 5 6,965 Otago .. ..■ .. .. .. .. ..2 2,500 Southland .. .. .. .. .. ..2 3,400 Totals .. .. .. .. ..83 £131,745 The amount actually paid over to settlers during the year was £5,390, and to local bodies £64,720, a total of £70,110. Local bodies are now indebted to the extent of £117,014 2s. lid., and settlers £138,171 7s. sd. : a total of £255,185 10s. 4d. in respect of principal moneys. G. F. C. Campbell, Superintendent. St,ate Adyances Office, Wellington, 29th June, 1914.

BALANCE - SHEET. — ADVANCES TO SBTTLEES BEANCH. Statement of Liabilities and Assets as at 31st March, 1914. Liabilities. Assets. £ s. d. £ s . a. Sundry loans ... ... .. 8,408,950 1 7 Investment Account, less total repayTemporary advance from Public Debt ments .. .. .. .. 7,722,143 9 6 Sinking Fund Branoh .. .. 45,000 0 0 *Plus mortgage instalments overdue Reserve Fund .. .. .. 50,000 0 0 —principal ..« .. .. 8,425 4 1 Advances Suspense Account ~ .. 28,901 1 0 . . Fire Loss Suspense Account .. .. 2,077 11 8 Total principal owing by mortgagors at Interest payable on loans, accrued but 31st March, 1914 .. .. .. 7,730,568 13 7 not due ~ ~ ... .. 56,677 16 1 * Mortgage instalments overdue—interest 26,263 9 6 Interest payable on deposits, accrued Interest on mortgages, accrued but not but not due .. .. .. 8 5 1 due .. .. .. .. 92,165 16 3 Profit and Loss Account .. .. 286,243 3 9 Suspense Account .. .. .. 688 8 0 Loan Charges Account .. .. 30,000 0 0 Office Furniture and Equipment Account 1,023 15 7 Sinking Fund—Public £ s. d. Trustee .. .. 322,904 13 9 Sinking Fund — Advances Office Sinking Fund Branoh .. 128,090 12 2 450,995 5 11 Temporary advances to Workers Branch 70,000 0 0 Interest acorued on amounts deposited in London .. .. .. 1,700 0 0 Insuranoe Premiums Account .. 393 5 H Cash in hand and in bank at 31st March, 1914 •• •■ •• .. 474,059 4 5 £8,877,857 19 2 £8,877,857 19 2 * Of the mortgage instalments overdue, a large percentage had been received by Postmasters at 31st March 1914 and was in course of transit to this office.

5

8.—13

Statement of Peofit and Loss Account for the Year ended 31st March, 1914. Dβ. £ s. d. Gβ. £ s. d. To Management Expenses Aooount .. 11,264 9 8 By Interest Aooount—gross profits .. 93,483 16 5 Doubtful securities—written down .. 267 7 1 Losses on securities .. .. 57 13 10 Balanoe—net profits for the year ended 31st March, 1914 .. .. .. 81,894 5 10 £93,483 16 5 £93,483 16 5 £ s. d. £ s. d. Loan charges—written down .. 32,976 3 6 Balance at 31st March, 1913 .. 237,44112 0 Office Furniture and Equipment Ac- Net profits for the year .. .. 81,894 510 count—written down .. .. 116 10 7 Balance—net profits carried forward.. 286,243 3 9 £319,335 17 10 £319,335 17 10

Statement of Intebest Account for the Year ended 31st March, 1914. Dr. £ s. d. £ s. d. Oβ. £ s. d. £ s. d. To Interest paid on loans.. 285,214 7 9 By Interest received on Less accrued interest at mortgages .. 319,845 15 5 31st March, 1913 .. 58,832 18 10 Less overdue and ac226,381 8 11 crued at 31st March, Accrued interest pay- 1913 .. .. 92,247 5 1 able on loans at 31st 227,598 10 i March, 1914 .. 56,677 16 1 Interest on bank balances .. .. 1,375 0 0 Interest paid on deposits 15 4 9 Interest on amounts temporarily adLess accrued interest at vanced to other Branches .. 7,997 19 8 31st March, 1913 .. 7 19 5 Interest on temporary 7 5 4 investments .. 7,969 12 10 Accrued interest payable on deposits at Less accrued interest 31st March, 1914 .. .. 8 5 1 at 31st Maroh, 1913 894 0 2 Interest paid on amounts : 7,075 12 8 transferred from other Accrued interest on amounts deposited Branches .. .. 1,722 11 4 in London .. .. .. 1,700 0 0 Less accrued interest at Interest on sinking fund held by Publio 31st March, 1913 .. 103 12 7 Trustee (acorued) .. .. 14,001 2 2 1,618 18 9 Interest on mortgages— Balance—gross profits transferred to Overdue at 31st Profit and Loss Account .. .. 93,483 16 5 March, 1914 .. 26,263 9 6 Acorued but not due at 31st March, 1914 .. .. 92,165 16 3 ■ 118,429 5 9 £378,177 10 7 £378,177 10 7

Statemknt of Management Expenses Account for the Year ended 31st March, 1914. Dβ. £ s. d. Cβ. £ s. d. To Audit Office services .. .. .. 300 0 0 By Consent fees .. .. .. 31 15 0 Court costs .. .. .. .. 0 6 0 Mortgage fee .. .. .. 0 5 0 Commission on money collected .. 2 11 11 Production fees .. .. .. 551 5 0 Inspection fees .. .. .. 3 0 0 Release fees .. .. .. 328 10 3 Overtime, payment for .. .. 128 14 3 Search and Registration fees .. .. 73 17 10 Petty general expenses .. .. 77 1 7 Sundries .. .. .. .. 35 8 1 Plans of Wellington City and Suburbs.. 25 0 0 Balance transferred to Profit and Loss Postages and telegrams .. .. 358 17 4 Account .. .. .. .. 11,264 9 8 Post Office services .. .. .. 588 1 5 Printing and stationery .. .. 403 19 9 Salaries .. .. .. .. 9,678 13 7 Solicitor's costs .. .. .. 12 6 11 Telephones .. .. .. .. 33 10 6 Travelling-expenses .. .. .. 173 7 7 Valuation Department—agency work .. 500 0 0 £12,285 10 10 £12,285 10 10 G. F. C. Campbell, Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 23rd June, 1914. Examined and found correct.—Robeet J. Collins, Controller and Auditor-General.

8.—13.

6

ADVANCES TO WOKKEES BRANCH. Statement of Liabilities and Assets as at 31st March, 1914. Liabilities. Assets. £ s. d. £ a. d. ■ Investment Account— £ s. d. Sundry loans .. 2,281,926 12 7 Less total repayments .. ..2,196,516 5 4 Temporary loan from *Plus mortgage instalments overdue Settlers Branch .. 70,000 0 0 —principal .. .. .. 3,327 16 11 2,351,926 12 7 ■ Interest payable on loans, accrued but Total principal owing by mortgagors not due .. .. .. .. 28,406 7 8 at 31st March, 1914 .. .. 2,199,844 2 3 Advances Suspense Aocount .. .. 14,245 0 0 "Mortgage instalments overdue—intertst 8,040 17 1 Fire Loss Suspense Account .. .. 1,107 17 6 Interest on mortgages, accrued but not Reserve Fund .. .. .. 13,860 11 7 due .. .. .. .. 29,445 5 4 Interest accrued on amounts deposited in London .. .. .. 6,000 0 0 Loan Charges Aocount .. .. 52,000 0 0 Insurance Premiums Aooount .. 116 8 7 Sinking Fund—Publio £ s. d. Trustee .. .. 52,715 17 9 Sinking Fund — Advances Office Sinking Fund Branch .. 24,927 17 5 77,643 15 2 Suspense Account .. .. .. 3,341 16 8 Cash in hand and in bank at 31st Maroh, 1914 .. .. .. 33,114 4 3 £2,409,546 9 4 £2,409,546 9 4 • Of the mortgage instalments overdue, a large percentage had been received by Postmasters at 31st March, 1914, and was in course of transit to this office.

Statement of Profit and Loss Account for the Year ended 31st March, 1914. Dβ. £ s. d. Cβ. £ s. d. To Management Expenses Aocount .. 2,443 10 11 By Interest Aocount—gioss piofitß .. 12,817 6 5 Doubtful securities—written down .. 11l 4 10 Losses on realization of securities .. 121 14 10 Balanoe—net profits for the year .. 10,140 15 10 £12,817 6 5 £12,817 6 5 £ s. d. i £ s. d. Loan charges written down .. .. 8,822 9 6 Net profits for the year .. .. 10,140 15 10 Balance net profits transferred to Reserve Fund .. .. .. 1,318 6 4 £10,140 15 10 £10,140 15 10

Statement of Inteeest Account for the Year ended 31sb March, 1914. De. £ s. d. £ s. d. j Cβ. £ s. d. £ s. d. To Interest paid on loans .. 84,869 17 6 I By Interest on mortgages .. 82,258 16 6 Less interest accrued at Less interest overdue and 31st March, 1913 ..22,182 3 1 accrued at 31st March, 62,687 14 5 1913 .. .. 24,526 1 6 Interest payable on loans, acorued but 57,732 15 0 not due, at 31st March, 1914 .. 28,406 7 8 Interest on bank balanoes .. .. 130 0 0 Interest paid on amounts transferred Interest on sinking fund — Public from Settlers Branch .. .. 639 111 ; Trustee (acorued) .. .. ~ 2,108 12 2 Balance —gross profits transferred to Interest on temporary investments .. 238 7 1 Profit and Loss Account .. .. 12,817 6 5 Interest on temporary advances to other Branches 1,260 6 1 Less interest accrued at 31st March, 1913 .. 405 12 4 ■ 854 13 9 Interest accrued on amounts deposited in London .. .. .. 6,000 0 0 Interest on mortgages— Overdue at 31st Maroh, 1914 .. 8,040 17 1 Accrued but not due at 31st Maroh, 1914 ..29,445 5 4 37,486 2 5 £104,550 10 5 £104,550 10 5

7

8.—13

Statement of Management Expenses Account for the Year ended 31st March, 1914. Dβ. £ s. d. Cβ. £ s. d. To Advertising .. .. .. .. 5 10 0 By Consent fees.. .. .. .. 0 10 0 Audit Office services .. .. .. 150 0 0 Production fees .. .. .. 85 4 6 Commission on money collected .. 5 13 1 Release fees .. .. .. .. 25 15 0 Court oosts .. .. .. .. 0 13 0 Sundries .. .. .. .. 3 3 4 Inspection feea .. .. .. 22 17 6 Balance transferred to Profit and Loss Instalment unrecoverable and costs in- Acoount .. .. .. .. 2,443 10 11 curred—Department v. Colpus .. 21 18 8 Post Office servioes .. .. .. 340 0 0 Postages and telegrams .. .. 97 9 9 Printing and stationery .. .. 100 0 0 Salaries .. .. .. .. 1,557 0 0 Solicitor's costs .. .. .. 7 19 Valuation Department—agency work .. 250 0 0 £2,558 3 9 £2,558 3 9 G. P. C. Campbell, Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 23rd June, 1914. Examined and found correct.—Bobebt J. Collins, Controller and Auditor-General.

PUBLIC DEBT SINKING FUND BEANCH. Statement of Liabilities and Assets as at 31st March, 1914. Liabilities. £ s. d. Assets. £ s. d. Amount received from Treasury .. 445,800 0 0 Investment Account — less Advances Suspense Account .. .. 125 0 0 total repayments of prin- £ s. d. Suspense Account .. .. .. 16 1 0 cipal .. .. .. 138,036 310 Profit and Loss Account .. .. 18,499 4 7 Plus mortgage instalments overdue'—prinoipal .. 135 3 7 Total principal owing on mortgages advanoed to " Settlers" .. 138,171 7 5 Investment Aocounfc — less total repayments of principal .. .. .. 117,012 3 11 Plus mortgage instalments overdue—prinoipal .. 1 19 0 Total principal owing on mortgages advanced to " Local Authorities" .. .. 117,014 2 11 Mortgage instalments overdue —interest .. 500 17 9 Interest on mortgages, accrued but not due 2,824 7 4 Temporary advances to Settlers Branch.. 45,000 0 0 Cash in hand and in bank at 31st March, 1914 .. .. .. .. 160,929 10 2 £464,440 5 7 £464,440 5 7

Statement of Pkofit and Loss Account for the Year ended 31st March, 1914. Dβ. £ s. d. Oβ. £ s. d. To Balance—net profits for the year .. 11,447 16 8 By Interest Aooount .. .. .. 11,410 3 7 Management Account—sundry fees reoeived .. .. .. .. 37 13 1 £11,447 16 8 £11,447 16 8 £ s. d. £ s. d. Balance—net profits carried forward .. 18,499 4 7 Balance at 31st March, 1913 .. .. 7,051 711 Net profits for the year .. .. 11,447 16 8 £18,499 4 7 £18,499 4 7

8.—13

8

Statement of Interest Account for the Year ended 31st March, 1914. Dβ. £ s. d. Cβ. £ a. d. £ s. d. To Balance transferred to Profit and Loss By Interest on mortgages, Account .. .. .. .. 11,410 3 7 "Settlers" .. .. 6,398 12 4 Less interest overdue and acorued at 31st March, 1913 .. .. 2,021 3 5 4,377 8 11 Interest on mortgages, " Local Authorities " .. .. .. .. 2,209 9 6 Interest on amount temporarily transferred to Settlers Branch .. .. 1,329 6 1 Interest on mortgages— Advanced to Settlers — overdue at 31st March, 1914 .. .. 494 3 8 Advanced to Looal Authorities .. 6 14 1 500 17 9 Advanced to Settlers— acorued but not due at 31st March, 1914 .. 1,416 4 8 Advanoed to Local Authorities .. 1,408 2 8 2,824 7 4 Interest on bank balanoes .. .. 168 14 0 £11,410 3 7 £11,410 3 7

Statement of Management Expenses Account for the Year ended 31st March, 1914. Dβ. £ s. d. Or. £ s. d. To Balance transferred to Profit and Loss By Certificate fees .. .. .. 33 12 0 Account .. .. .. .. 37 13 1 Consent fees.. .. .. .. 010 0 Production fee .. .. .. 0 5 0 Release fees .. .. .. .. 3 5 0 Sundries .. .. .. .. 0 11 £37 13 1 £37 13 1 G. F. C. Campbell, Superintendent. W. N. HiNCHLippE, Accountant. State Advances Office, Wellington, 23rd June, 1914. Examined and found correct.—Bobekt J. Collins, Controller and Auditor-General.

ADVANCES TO LOCAL AUTHOEITIES BRANCH. Statement of Liabilities and Assets as at 31st March, 1914. Liabilities. £ s. d. I Assets. Sundry loans.. .. .. .. 2,410,807 0 0 Investment Account, less £ s. d. £ s. d. Moneys received from Treasury in accord- total repayments of ance with section 72, Local Bodies' . principal — Loans Act, 1913 .. ' .. .. 3,082 13 0 Local bodies ..1,882,90111 5 Interest on loan moneys, acorued but not Scot i on 70, Looal due .. .. .. .. 30,326 18 0 Bodies' Loans Act, 1913 .. .. 6,780 0 0 Hauraki Plains .. 92,178 10 10 Opening up land for settlement .. 210,623 14 10 Rangitaiki land drainage .. .. 39,044 7 6 2,231,528 4 7 Plus mortgage instalments overdue .. 1,100 2 2 Total balance of principal owing on mortgages .. .. .. 2,232,628 6 9 Mortgage instalments overdue —interest 2,715 6 2 Interest on mortgages, accrued but not due .. .. .. .. 16,178 11 5 Loan Charges Account .. .. 21,651 5 0 Sinking Fund—Publio TruEtee .. .. 48,461 0 5 Sinking Fund—Advances Office, Sink- ■ ing Fund Branch.. 22,518 15 3 70,979 15 8 ■ Profit and Loss Account 32,818 12 4 Suspense Account .. .. .. 11,789 10 0 Cash in hand and in bank at 31st March, 1914 .. .. .. 55,455 3 8 £2,444,216 11 0 £2,444,216 11 0

8.—13

9

Statement of Peofit and Loss Account for the Year ended 31st March, 1914. Dβ. £ s. d. Ca. £ s. d. To Balance, Interest Account .. .. 2,520 19 10 By Balance—losb for the year .. .. 3,129 3 4 Balance, Management Account .. 608 3 6 £3,129 3 4 £3,129 3 4 £ 8. d. £ s. d. To Balance as at 31st Maroh, 1913 .. 23,192 10 8 By Balance .. .. .. .. 32,818 12 4 Amount of sinking fund transferred in accordance with subsection (sb) of section 26, State Advances Act, 1913 .. *6,496 18 4 Losses for tbe year .. .. * .. 3,129 3 4 £32,818 12 4 £32,818 12 4 This amount will be recovered when the loans appropriated for the purposes of opening up land for settlement, Haiiraki Plains Settlement, and Kangitaiki Land Drainage are transferred.

Statement of Intebbst Account for the Year ended 31st March, 1914. Dβ. £ s. d. £ a. i. Cβ. £ a. d. £ s. d. To Interest paid on loans .. 71,227 17 11 By Interest on mortgages — Less accrued interest at Local bodies .. .. 61,473 6 7 31st March, 1913 .. 31,357 11 9 Opening up land for 39,870 6 2 settlement.. .. 5,544 18 6 Interest paia on amounts transferred Hauraki Plains .. 2,965 8 9 from Settlers Branch .. .. 6,130 4 8 Rangitaiki land drainage 1,036 0 1 Accrued interest payable on loans at 71,019 13 11 ■31st March, 1914 .. .. .. 30,326 18 0 Less interest overdue and accrued at 31st March, 1913 .. .. .. 20,565 4 2 50,454 9 9 Interest on bank balances .. .. 247 6 6 Interest on sinking funa — Public 1 Trustee (accruea) .. .. .. 2,109 12 10 Interest on temporary advance to Mining Branch .. .. .. .. 12 6 0 Interest on temporary investment .. .. 2,126 1 6 Less interest accrued at 31st March, 1913 .. 37 5 2 ■ 2,088 16 4 Interest receivable on mortgages— Overaue at 31st Maroh, 1914 .. .. 2,715 6 2 Accrued but not due at 31st March, 1914.. 16,178 11 5 18,893 17 7 Balance transferred to Profit and Loss Account .. .. .. .. 2,520 19 10 £76,327 8 10 £76,327 8 10

Statement of Management Expenses Account for the Year ended 31st March, 1914. ' Dβ. £ s. d. ; Cβ. £ s. a. To Contribution to Audit Office .. .. 50 0 0I By Certificate fees .. .. .. 15 4 6 Post Office services .. .. .. 100 00 j Consent fees.. .. .. .. 050 Postages and telegrams .. .. 98 16 6 | Sundries .. .. .. .. 0 3 6 Printing and stationery .. .. 75 0 0 Balance transferred to Profit and Loss Salaries .. .. .. 300 0 0 Aooount .. .. .. 608 3 6 £623 16 6 £623 16 6 Q. F. C. Campbell, Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 23rd June, 1914. Examined and found correct.—Eobert J. Collins, Controller and Auditor-General.

2—B. 13.

B.—lB

10

GUARANTEED MINING ADVANCES BEANCH. Transactions for the Period ended 15th December, 1913, at which Date Account was transferred in accordance with the Mining Amendment Act, 1913. £ s. d. £ s. dTo Gash in hand and in bank at 31st By Advances on mortgage .. .. 1,680 0 0 |March, 1918 .. .. .. 3 7 4 Interest paid on loans .. .. 387 10 0 Temporary advance to Settlers Branch Interest on amount temporarily trans - —refunded .. .. .. 10,000 0 0 ferred from Local Authorities Branch 12 6 0 Interest received on mortgages .. 235 6 3 Insurance premium paid by DepartInterest received on amount tempo- ment .. .. .. .. 18 9 rarily advanced to Settlers Branch.. 393 5 3 Temporary advance from Local AuthoInterest on sinking fund — Public rities Branch refunded .. .. 465 0 0 Trustee .. .. .. .. 615 2 Sinking fund . .. .. .. 615 2 Sundry fees ~ .. .. 012 6 Balance — transferred in accordance Amount of mortgage repaid .. .. 300 0 0 with subsection 4of section 4, Mining Amendment Act, 1913 .. .. 8,386 6 7 £10,939 6 6 f £10,939 6 6

Statement of Sinking Fund as at 4th December, 1913. £ s. d. Balanoe as at 31st March, 1913 .. .. .. .. .. .. 202 0 0 Interest added by Public Trustee for the period ended 4th December, 1913 .. .. 6 15 2 Amount transferred in accordance with subsection (6) of section 26, State Advances Act, 1913 .. .., .. .. .. ... .. .. : £208 15 2

LAND FOR SETTLEMENTS BEANCH. Capital liabilities transferred from Treasury in 1910 —balance as at 31st March, £ s. d. £ s. d. 1913 .. .. .. .. .. .. .. .. 4,217,557 0 0 Less debentures redeemed during the year ended 31st March, 1914 .. 50,000 0 0 4,167,557 0 0 Total debentures, &c, issued under the New Zealand State-guaranteed Advanoes Act .. .. 2,981,812 0 0 Total debt in accordance with Publio Debt Tables .. .. .. £7,149,369 0 0

Transactions for the Period ended 4th December, 1913. £ s. d. £ s. d. To Debentures issued.. .. .. 275,503 0 0 By Advances made to Land for SettleInterest on loan-moneys received from ments Account .. .. .. 213,877 12 0 Treasury - .. .. .. 18.868 4 3 Loan charges .. .. .. 1,625 8 0 Interest paid on loan-moneys .. 18,500 0 O Interest paid on temporary loan from Settlers Branoh.. .. .. 368 4 3 Temporary loan from Settlers Branch —refunded .. .. .. 60,000 0 0 £294,371 4 3 £294,371 4 3 Statement of Sinking Fund as at 4th December, 1913. S. s. d. Balance as at 31st March, 1913 .. .. .. .. .. .. 460,708 7 6 Interest for period ended 4th Decimber, 1913 .. .. .. .. .. 16,932 19 2 Amount transferred in accordance with subsection (6) of section 26, State Advances Act, 1913 .. .. .. .. .. ..£477,641 6 8

8.—13

11

NATIVE LAND SETTLEMENT BRANCH. Transactions for the Period ended 4th December, 1913. £ s. d. £ s. d. To Amount of loans .. .. .. 158,500 0 0 By Advanoes made to Native Land Temporary loan from Settlers Branch 25,000 0 0 Settlement Account .. .. 135,000 0 0 Interest on loan-money received from Interest paid on loan-moneys .. 19,631 13 11 Treasury .. .. .. 20,039 14 6 Interest paid on temporary loans .. 408 0 7 Interest accrued on sinking fund as at Temporary loan from Settlers Branch 4th December, 1913 .. .. 319 14 4 —refunded .. .. .. 25,000 0 0 Temporary loan from Workers Branoh —refunded .. .. .. 23,500 0 0 Sinking fund .. .. .. 319 14 4 £203,859 8 10 £203,859 8 10

Statement of Sinking Fund as at 4th December, 1913. £ s. d. Balance as at 31st March, 1913 .. .. .. .. .. .. 11,661 2 5 Interest for period ended 4th De cember, 1913 .. .. .. .. .. 319 14 4 Amount transferred in accordance with subsection (6) of seotion 26, State Advances Act, 1913 .. .. .. .. .. .. .. £11,980 16 9

ADVANCES OFFICE SINKING FUND ACCOUNT. Statement showing Position of Account as at 31st March, 1914. £ s. d. £ s. d. To Refund part sinking fund held by By Amount due from Public Trustee at Public Trustee .. .. .. 30,000 0 0 31st Maroh, 1914 .. .. 18,047 16 2 Amounts paid in for Oash in hand and in bank at 31st year ended 31st March, 1914 .. .. .. 157,489 8 8. Maroh, 1914— Advances to Settlers Branch .. 84,089 10 0 Advanoes to Workers Branch .. 22,819 5 3 Advances to Local Authorities Branch .. 20,580 13 5 — 127,489 8 8 Interest on sinking fundheldby Public Trustee at 31st Maroh, 1914, accrued, but not paid over— Advances to Settlers Branch .. 14,001 2 2 Advances to Workers Branch .. 2,108 12 2 Advances to Local Authorities Branch .. 1,938 110 18,047 16 2 £175,537 4 10 £175,537 4 10 G. F. C. Campbell, Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 23th June, 1914. Examined and found correct. —Eobeet J. Collins, Controller and Auditor-General. Approximate Cost of Paper.—Preparation, not given; printing (2,000 copies), £12 10s.

By Authority : John Mackay, Government Printer, Wellington.—l9l4. Price 6'd]