STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1924.

Appendix to the Journals of the House of Representatives, 1924 Session I, B-13

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1924. N X W ZEALAND.

STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1924.

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

ADVANCES TO SETTLERS BRANCH. Thirtieth Annual Report and Balance-sheet. The Amendment Act of last session authorized the advancing of loans to settlers up to £3,500, in lieu of £2,000 as previously, and authority was also given to advance 75 per cent, of the value of the security, in lieu of 60 per cent, as formerly. The result has been a great increase in the number of applications received and the amounts applied for. The following is a statement showing the advances authorized for settlers by the Board during the year, and classified according to provincial districts : — Provincial Number of Amount, of Advances District. Applications. authorised. Auckland .. .. ■ 2,787 2,413,867 Taranaki .. .. .. .. ..363 382,665 Hawke'sßay .. .. .. .. .. 241 225,900 Wellington .. .. .. .. .. 1,005 778,270 Marlborough .. .. .. .. .. 92 77,980 Nelson .... .. .. .. 73 72,300 Westland .. .. .. .. .. 90 49,420 Canterbury .. .. .. .- .. 584 436.425 Otago.. .. .. .. .- .. 167 166,570 Southland .. .. .. .. ..270 286,540 Totals .. .. .. ..5,672 £4,889,937 The total advances to settlers now current are as follows :— Number. Amount. Not exceeding £500 .. .. .. .. 14,893 3,512,013 6 4 Exceeding £500 but not exceeding £1,000 .. .. 3,611 3,036,786 5 8 Exceeding £1,000 but not exceeding £2,000 .. 1,762 2,332,564 10 2 Exceeding £2,000 but not exceeding £3,500 .. 258 619,830 3 1 Totals .. . .. ..20,524 £9,501,194 5 3 The, number and amounts of current advances on freehold and leasehold are as follows :— Number. On freeholds .. .. .. .. .. 12,757 6,743,289 1 2 On leaseholds . . .. .. .. ..7,534 2,591,036 2 9 On freeholds and leaseholds combined .'. .. 233 166,869 1 4 Totals .. .. .. ..20,524 £9,501,1.94 5 3 The number and amounts of current advances on rural and urban and suburban land are as follows :— Number. On rural land .. '.. .. .. .. 12,286 5,766,139 3 7 On urban and suburban land ~. .. .. 8,238 3,735,055 1 8 Totals .. .. .. . 20,524 £9,501,194 5 3

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The amounts of the advances actually paid over to settlers during the year ended 31st March, 1924, are as follows :— Number. Ara ° unt ' Not exceeding £500 .. .. .. ..1,217 494,480 Exceeding £500 but not exceeding £1,000 .. .. 1,665 1,255,940 Exceeding £1,000 but not exceeding £2,000.. .. 775 1,190,550 Exceeding £2,000 but not exceeding £3,500.. .. 172 393,680 Totals .. .. .. ..3,829 £3,334,650 The number and amounts actually paid over, classified according to tenure of the securities, are as follows :— Number. Am ° unt On freeholds .. .. .. .. .. 3,207 2,751,260 On leaseholds .. .. .. .. ..583 540,785 On freeholds and leaseholds combined .. .. 39 42,605 Totals .. .. .. ..3,829 £3,334,650 The gross profits for the year ended 31st March, 1924, were £61,305, and the cost of management and expenses of the branch £21,934, being 0-199 per cent., or 3s. lid. per £100 of the capital employed. £ s. d. The net profits for the year amounted to .. .. .. .. 36,755 12 11 The following are the appropriations from the profits for the year : — £ a. d. Amount paid to the Public Debt Sinking Eund Branch .. 1,515 14 11 Income-tax .. .. .. .. .. .. 7,210 1.8 0 Loan-flotation charges written down .. .. .. 205 0 0 — 8,931 12 11 Leaving a balance of .. ... .. .. £27,824 0 0 which has been transferred to sinking fund. The sinking fund, after redemption of loans totalling £46,700, amounts to £1,493,080. Sixteen leasehold and eight freehold securities were realized by the Department during the year. Losses debited, and unpaid instalments in respect of mortgaged properties written off, amount to £3,241. For the year ended 31st March, 1924, 287 advances, amounting to £90,195, were authorized on chattel securities. The amount actually paid over during the year to 146 borrowers was £45,400. With regard to the redemption of mortgages, the advances authorized for the year ended 31st March, 1924, numbered 3,151, and amounted to £3,346,985. The amount actually paid over during the year to 2,025 borrowers was £2,084,370. Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1924.

ADVANCES TO WORKERS BRANCH. Seventeenth Annual Report and Balance-sheet. The Amendment Act of last session authorized the advancing of loans not exceeding 95 per cent, of the value of the security, in lieu of 75 per cent, as previously, to workers desirous of purchasing a dwelling-house, whilst to a worker electing to purchase a section and erect a dwellinghouse thereon authority was also given to advance not exceeding 95 per cent, of the cost of the land, building, and improvements. This liberal provision has resulted in a very marked increase of applications from those in search of homes. The following is a statement showing the advances to workers authorized by the Board during the year, and classified according to provincial districts : — Provincial Number of Am ° U " twi^™ 68 District. Applications. authorized. Auckland .. .. .. .. ..1,110 745,890 * Taranaki .. .. .. .. .. 76 49,550 Hawke'sßay .. .. .. .. 127 82,885 Wellington .. .. .. .. ..1,014 749,905 Marlborough .. .. .. .. .. 32 17,190 Nelson .. .. .. .. .. 54 39,665 Westland .. .. .. .. .. 19 8,840 Canterbury... .. .. .. .. 518 329,250 Otago .. .. .. •• •• 137 87,300 Southland .. .. .. .. ..133 79,520 Totals .. .. .. .. 3,220 £2,189,995

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The total of advances to workers now current and the tenure of the securities are as follows :— t„ , Amount. Number. ~ ad On freeholds .'. .. .. .. 11,616 4,255,927 3 6 On leaseholds .. .. .. .. 801 335,562 6 8 Totals .. .. .. ..12,417 £4,591,489 10 2 The advances to workers actually paid over during the year ended 31st March, 1924, on freehold and leasehold are as follows :— AT , Amount. Number. „ On freeholds .. .. .. .. ..2,319 1,666,920 On leaseholds .. .. .. .. 235 116,030 Totals .. .. .. ..2,554 £1,782,950 The gross profits for the year ended 31st March, 1924, were £8,980, and the cost of management and expenses of the branch £4,336, being 0-095 per cent., or Is. lid. per £100 of the capital employed. £ s. d. The net profits for the year amounted to .. .. .. .. 4,582 8 5 The following are the appropriations from profits for the year : — £ s. d. Loan-flotation charges written down .. .. .. 4,352 0 0 Amount paid to Public Debt Sinking Fund Branch .. .. 562 911 Income-tax .. .. .. .. .. .. 890 7 1 Balance transferred from Reserve Fund. . .. .. 1,222 8 7 £5,804 17 0 £5,804 17 0 The sinking fund, after redemption of loans totalling £187,000, amounts to £71,540. Losses debited, and unpaid instalments in respect of mortgaged properties written off, amount to £91. Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1924.

ADVANCES TO LOCAL AUTHORITIES BRANCH. The following is a statement showing the advances under this branch authorized during the year ended 31st March, 1924, classified according to provincial districts : — „ . . , v, _r,-_ . Amount of Advances Provincial Number 01 ~ . , District. Applications. authorized. Auckland.. .. .. .. .. ..59 110,835 Taranaki .. .. .. .. .. ..13 11,605 Hawke'sßay .. .. .. .. .. 4 12,365 Wellington ' .. .. .. .. .. 19 27,150 Nelson .. .. .. .. .. .. 1 2,500 Canterbury .. .. .. .. .. 6 20,960 Otago .. .. .. .. .. .. 2 8,500 Southland .. .. .. .. ..2 6,250 Totals .. .. .. .. ..106 £200,1.65 The amount actually paid over to 130 local bodies during the year was £153,445. Loans to the number of 1,634 have been made to local bodies. They are now indebted to the extent of £2,670,138 15s. 9d. in respect of principal moneys. The net loss amounted to £8,919 os. 7d. The sinking fund amounts to £312,394. Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1924.

PUBLIC DEBT SINKING FUNDS BRANCH. The following is a statement showing the advances under this branch authorized during the year ended 31st March, 1924, classified according to provincial districts : —■ Provincial Number of o ™^ n^ noeß District. Advances to Settlers. Applications. £ Auckland .. 13 2,350 Taranaki .. .. .. .. .. ■■ 2 400 Hawke'sßay .. .. .. .. ..2 650 Wellington .. .. .. ... .. ..17 4,075 Marlborough .. .. .. .. .. 1 500 Nelson .. .. .'. .. •• .-1 3,500 Canterbury .. .. .. .. .. ..7 1,170 Otago .. .. .. .. .. -.1 100 Totals .. .. .. .. ..44 £12,745

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~ . . , at i c Amount of Advances Provmoial Number of ~ . , tv , . . A ~ .. authorized. District. Advances to Workers. Applications. £ Auckland .. .. .. .. .. ..6 1,145 Canterbury .. . . . . .. .. .. 1 200 Totals .. .. .. .. ..7 £1,345 Advances to Local Bodies. Auckland .. .. .. .. .. ..30 74,035 Taranaki .. .. .. .. .. ..6 11,600 Hawke'sßay .. .. .. .. .'.l 5,000 Wellington .. .. .. .. .. ..11 42,550 Marlborough .. .. .. .. ..1 . 4,500 Nelson .. .. .. .. .. ..4 7,600 Canterbury .. .. .. .. .. ..5 .18,000 Otago .. .. .. .. .. ..1 500 Southland .. .. .. .. .. ..1 4,000 Totals .. .. .. .. ..60 £167,785 The amount actually paid, over to 75 settlers during the year was £73,535, to 11 workers £6,965, and to 123 local bodies £226,640—a total of £307,140. 701 settlers are now indebted to the extent of £473,068 12s. Bd. ; 123 workers, £69,166 18s. Id.; and local bodies (in respect of 1,494 loans), £2,074,786 9s. 9d. a total of £2,617,022 os. 6d. in respect of principal moneys. The interest earned for the year amounted to £117,497. The cost of management and expenses was nil. Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1924.

ADVANCES OFFICE SINKING FUND. The following is a statement showing the advances under this branch authorized during the year ended 31st March, 1924, classified according to provincial districts : — ~ . , at i i Amount of Advances Provincial Number of ~ . , -,-.. ... ATx- authorized. District. Advances to Settlers. Applications. £ Auckland .. .. .. .. .. ..204 207,170 Taranaki .. .. .. .. .. ..27 33,085 Hawke'sßay .. .. .. .. ..24 20,125 Wellington .. .. .. .. ..114 129,350 Marlborough .. .. .. .. .. 6 6,575 Canterbury .. .. .. .. ..70 71,020 Otago .. .. .. .. .. ..19 20.870 Southland .. .. ' .. .. .. ..24 26,110 Totals .. .. .. .. ..488 £514,305 Advances to Workers. Auckland .. .. .. .. .. .. 5 1,305 Hawke's Bay .. .. . . .. 1 200 Wellington .. .. .. .. .. 7 3,495 Canterbury .. .. .. .. .. 1 270 Otago .. .. .. .. .. .. 2 1,700 Totals .. .. .. .. ..16 £6,970 Advances to Local Bodies. Auckland .. .. .. .. .. ..16 40,535 Taranaki .. .. .. .. .. .. 5 17,320 Hawke'sßay .. .. .. .. ..1 900 Wellington .. .. .. .. .. 4 9,100 Westland .. .. .. .. .. .. 1 5,000 . Canterbury .. .. .. .. .. 1 4,000 Totals .. .. .. .. ... . 28 £76,855 The amount actually paid over to 457 settlers during the year was £495,965, to 23 workers £13,715, and to 35 local bodies £58,120—a total of £567,800. 1,592 settlers are now indebted, to the extent of £1,177,784 2s. Bd. ; 150 workers, £80,541 Is. 3d. ; and local bodies (in respect of 271 loans), £378,286 Is. lid.—a total of £1,636,61.1 ss. lOd. in respect of principal moneys. The interest earned for the year amounted to £76,882. The cost of management and expenses was nil. Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1924.

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MISCELLANEOUS BUSINESS BRANCH. Repatriation. During the year the sum of £145,075 15s. 9d., principal moneys, was repaid by borrowers. In respect of business loans 2,441 borrowers are now indebted to the extent of £321,233 lis. 10d., and 10,759 borrowers in respect of furniture loans £258,509 3s. sd.—a total of £579,742 15s. 3d. in respect of principal moneys. Housing Account. The following is a statement showing the amount expended for the year ended 31st March, 1924, in '.£ s. d. Acquiring land .. .. .. .. .. 1,422 0 0 Preparing land for dwellings .. .. .. .. 322 14 11 Erecting dwellings .. .. .. .. .. 7,135 5 0 Tota] .. £8,879 19 11 During the year 14 dwellings were erected and 55 disposed of. The payments received for the year ended 31st March, 1924, amounted to £61,435. Loans to Employers for Workers' Dwellings Account ; Fishing Industry Promotion Account ; Fruit - preserving Industry Account ; Cold - storage Advances Account. A statement in respect of each of the above accounts to the 31st March, 1924, is attached. Wm. Waddel, Superintendent. State Advances Office, Wellington, I.lth Juno, 1924.

STATE ADVANCES OFFICE. ADVANCES TO SETTLERS BRANCH. Statement op Liabilities and Assets as at 31st March, 1924. Liabilities. £ s. d. Assets. £ s. d. Sundry Joans .. .. .. . . 10,640,604 13 3 Investment Account —Principal owing by mortTemporary advances from Advances Office gagors .. .. .. .. .. 9,501,194 5 3 Sinking Fund Account .. .. .. 160,500 0 0 Temporary advances to Workers Branch .. 775,000 0 0 Temporary advances from Public Debt Sinking Temporary advances to Local Authorities Branch 256,500 0 0 Fund Branch .. .. .. .. 304,000 0 0 Temporary advances to Miscellaneous Business Advances Suspense Account .. .. 67,420 0 0 Branch.. .. .. .. .. 82,700 0 0 Fire Loss Suspense Account .. .. 3,870 3 3 Sinking Fund investments Suspense Account .. .. .. .. 10,314 7 10 held by— Income-tax Suspense Account .. .. 8,292 10 9 Advances Office Sinking £ s. d. Sundry creditors .. .. .. .. 2,813 18 2 Fund Account .. 1,474,789 14 8 Interest on loans accrued but not due .. 104,243 17 4 Public Debt Sinking Fund Sinking Fund .. .. .. .. 1,054,415 0 10 Branch .. .. 18,290 8 1 Reserve Fund .. .. .. .. 25,000 0 0 * 1,493,080 2 9 Interest on mortgages— Overdue 1". .. 45,861 8 3 Accrued .. .. 100,067 19 4 151,929 7 7 Interest on temporary investments accrued .. 0,829 2 4 Office furniture and equipment .. .. 3,122 1 11 Insurance Premium Account .. .. 502 3 3 Sundry debtors .. .. .. .. 45 8 5 Loan Charges Account .. .. .. 3,903 17 5 Realization Account .. .. .. 3,241 16 9 Cash in hand and in bank at 31st March, 1924 3,420 5 9 £12,281,474 11 5 ' £12,281,474 11 5 * This amount includes £438,665 Is. lid. capital paid into the linking funds under the provisions of the State Advances Act. Statement op Profit and Loss Account for the Year ended 31st March, 1924. Dr. £ s. d. Cr. £ 8. d. To Management Expenses Account .. .. 21,934 8 0 By Interest Account —Cross profits .. .. 61,305 14 7 Loses on realization of securities and doubtful securities written down .. .. .. 2,451 7 3 Office Furniture and Equipment Account written down .. .. .. .. 164 (i 5 Balance —Net profits for the year .. .. 36,755 12 11 £61,305 14 7 £61,305 14 7 £ s. d. £ s. d. To Loan-flotation charges written down .. 205 0 0 By Net profits for the year .. .. .. 36,755 12 11 Sinking fund invested in Public Debt Branch 1,515 14 11 Income-tax .. .. .. .. 7,210 18 0 Balance —Net profits invested in Advances , Office Sinking Fund Account .. .. 27,824 0 0 £36,755 12 11 £36,755 12 11

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Statement op Interest Account for the Year ended 31st March, 1924. Dr. £ a. d. £ s| d. Or. £ s, d. £ s. d. To Interest on loans .. .. 358,941 3 9 By Interest on mortgages .. 338,632 5 10 Less accrued at 31st March, Less overdue and accrued at 1923 .. .. 75,055 9 3 31st March, 1923 .. 117,540 18 3 283,885 14 0 221,091 7 7 Interest on loans accrued but not due • .. 104,243 17 4 Interest on outstanding payments .. .. 1 12 3 Interest on amounts temporarily transferred Interest on bank balances . . .. .. 401 1 3 from other branches .. .. .. 19,268 10 9 Interest on temporary advances to other Balance —Cross profits transferred to Profit branches .. .. .. .. 03,897 8 9 and Loss Account .. .. .. 61,305 14 7 Interest on temporary investments .. .. 42,907 5 8 Less accrued at 31st March, 1923 .. .. 18,413 8 3 24,553 17 5 Interest on temporary investments accrued at 3lst March, 1924 " .. .. .. 0,829 2 4 Interest on mortgages— Overdue at 3.lst March, 1924 45,861 8 3 Accrued but not due at 31st March, 1924 .. .. 106,007 19 4 151,929 7 7 £468,703 17 2 £468,703 17 2 Statement of Management Expenses Account for the Year ended 31st March, 1924. Dr. £ a. d. Or. £ s. d. To Advertising, newspapers, &c. .. .. 28 0 4 By Consent fees .. .. .. .. 22 5 0 Allowances in respect of increased work .. 239 18 4 Cost of preparation of mortgages .. .. 8 3 6 Audit Office services .. .. .. 250 0 0 Production fees .. .. .. .. 565 18 9 Cleaning, lighting, heating, and messenger Release fees .. .. .. .. 406 4 5 services .. .. .. .. 296 16 5 Balance transferred to Profit and Loss Account 21,934 8 0 Contingencies .. .. .. .. 13 4 Fees paid for special services in respect of securities .. .. .. .. 81 10 1 Meal allowances and overtime .. .. 1,31111 8 Office maintenance .. .. .. 205 15 7 Postages and telegrams .. .. .. 960 7 5 Post Office services .. .. .. 1,420 2 4 Printing and stationery .. .. .. 896 0 4 Rent .. .. .. .. .. 1,011 7 1 Salaries .. .. .. .. .. 14,999 18 11 Solicitors' costs and Court costs .. .. 4 15 7 Telephones .. .. .. .. 48 0 9 Travelling-expenses .. .. .. 397 1 8 Typewriters and adding-machines—Repairs .. 73 17 10 Valuation Department—Agency work .. 650 0 0 £22,936 19 8 £22,936 19 8 Wm. Waddel, Superintendent. State Advances Office, Wellington, I.lth June, 1924. R. Robertson, Accountant. The Audit Office, having examined the balance-sheet and accompanying accounts and compared them with the relative books, documents, and securities, hereby certifies them to be in accordance therewith.— G. F. C. Campbell, Controller and Auditor-General. ADVANCES TO WORKERS BBANCH. Statement op Liabilities and Assets as at 31st March, 1924. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. .. 3,784,387 17 10 Investment Account —Principal owing by mortTemporary advances from Settlers Branch .. 775,000 0 0 gagors .. .. .. .. ..4,591,489 10 2 Interest on loans accrued but not due .. 29,338 0 7 Sinking Fund investments held by—• Advances Suspense Account .. .. 102,470 0 0 Advances Office Sinking Fund £ s. d. Fire Loss Suspense Account .. .. 251 10 7 Account .. .. 04,224 13 1 Suspense Account .. .. .. .. 290 19 8 Public Debt Sinking Fund Income-tax Suspense Account .. .. 1,041 7 0 Branch .. .. 7,315 13 8 Sundry creditors 1,000 4 4 *71,540 0 9 Sinking Fund .. .. •• •• 53,315 11 0 Interest on mortgages— Reserve Fund 7,532 9 11 Overdue .. .. 13,728 7 3 Accrued .. .. 48,477 11 3 02,205 18 0 Insurance Premium Account .. .. 169 15 9 Loan Charges Account .. .. .. 83,689 3 9 Realization Account .. .. .. 90 19 8 Cash in hand and in bank at 31st March, 1924 .. 5,442 12 4 £4,814,628 6 11 , £4,814,028 0 11 * This amount includes £18,224 15s. Od. capital paid into the sinking funds under the provisions of the State Advances Act.

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Statement op Profit and Loss Account for the Year ended 31st March, 1924. Dr. £ s. d. Or. £ s . d. To Management Expenses Account .. .. 4,330 1 7 By Interest Account—Gross profits .. .. 8,980 13 9 Loss on realization of securities and doubtful securities written down .. .. .. 02 3 9 Balance—Net profits for the year .. .. 4,582 8 5 £8,980 13 9 £8,980 13 9 m T £ s. d. £ s . d. To Income-tax .. .. .. .. 890 7 I By Net profits for the year .. .. .. 4,582 8 5 Loan-flotation charges written down .. 4,352 0 0 Balance from Reserve Fund .. 1,222 8 7 Sinking fund invested in Public Debt Branch .. 562 9 11 £5,804 17 0 £5,804 17 0 Statement of Interest Account for the Year ended.3lst March, 1924. Dr - £ s. d. £ s. d. Or. £ s. d. £ s. d. To Interest on loans .. .. 97,724 15 4 By Interest on mortgages .. 151,439 9 4 Less interest accrued at 31st Less interest overdue and acMarch, 1923.. .. 25,074 17 5 erued at 31st March," 1923 47,744 3 I 72,649 17 11 103,095 0 3 Interest on amounts temporarily transferred Interest on bank balances .. .. .. 50 2 0 from Settlers Branch .. .. .. 54,982 14 6 Interest on mortgages— Interest on loans accrued but not due .. 29,338 0 7 Overdue at 31st March, 1924 13,728 7 3 Balance—Gross profits transferred to Profit and Accrued but not due at 31st Loss Account .. .. .. .. 8,980 13 9 March, 1924 .. .. 48,477 11 3 62,205 18 6 £165,951 6 9 £165,951 6 9 Statement of Management Expenses Account for the Year ended 31st March, 1924. Dr. £ s. d. Cr. £ s . <J. To Audit Office services .. .. .. 150 0 0 By Consent fees .. .. .. .. 010 0 Cleaning, lighting, heating, and messenger ser- Cost of preparation of mortgages .. .. 108 5 0 vices .. .. .. .. . . 95 0 0 Production fees .. .. .. .. 272 8 6 Management charges on New Zealand stock and Release fees .. .. .. .. 137 5 0 bonds .. .. .. .. .. 357 10 5 Sundry fees .. .. .. 0 4 6 Post Office services .. .. .. 500 0 0 Balance transferred to Profit and Loss Account 4,336 1 7 Postages and telegrams .. .. .. 145 19 4 Printing and stationery .. .. .. 300 0 0 Rent .. .. .. .. .. 406 13 4 Salaries .. .. .. .. 2,549 0 0 Solicitors" costs and Court costs .. .. 011 (i Valuation Department—Agency work .. 350 0 0 7 £4,854 14 ~7 Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1924. R. Robertson, Accountant. The Audit Office, having examined the balance-sheet and accompanying accounts and compared them with the relative books, documents, and securities, hereby certifies them to be in accordance therewith.—6. F. C. Campbell Controller and Auditor-General. advances to local authorities branch. Statement op Liabilities and Assets as at 31st March, 1924. Liabilities. £ s. d. Assets. £ s , ( ]. Sundry loans .. .. .. .. 2,775,529 9 5 Investment Account—Principal owing by local Loan-moneys—Unexpended balances under see- bodies .. .. .. .. .. 2 670 138 15 9 tion 72, Local Bodies' Loans Act, 1913 .. 3,987 12 10 Sinking Fund investments held Temporary advances from Settlers Branch .. 256,500 0 0 by— Suspense Account .. .. .. .. 300 0 0 Advances Office Sinking Fund £ s. d. Sundry creditors .. .. .. .. 308 10 4 Account .. .. 295,605 11. 0 Interest on loans accrued hut not due .. 30,385 16 7 Public Debt Sinking Fund Sinking Fund .. .. .. .. 85,462 13 5 Branch .. .. 16,728 11 1 Interest on debentures— *312,394 2 1 Overdue .. .. .. 3,947 10 5 Accrued .. .. .. 22,329 9 2 20,276 19 7 Loan Charges Account .. .. '.. 30,470 14 5 Profit and Loss Account .. .. .. 91,912 010 Cash in hand and in bank at 31st March, 1924 27,281 3 11 £3,158,474 2 7 £3,158,474 2 7 * This amount includes the sum of £226,031 Bs. Bd, capital paid into the sinking funds under the provisions of the State Advances Act.

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Statement of Profit and Loss Account for the Year ended 31st March, 1924. Dr. £ s. d. Cr. £ S. d. To Balance—lnterest Account .. .. 7,749 1 0 By Balance—Loss for the year .. .. 8,919 0 7 Management Expenses Account .. .. 1,169 19 7 £8,919 0 7 £8,919 0 7 £ s. d. £ s. d. To Balance as at 31st March, 1923 .. .. 82,192 6 3 By Balance .. .. .. . . 91,912 610 Loan-flotation obarges written down .. 801 0 0 Loss for the year .. .. .. 8,919 0 7 £91,912 6 10 £91,912 0 10 Statement of Interest Account por the Year endud 31st March, 1924. Dr. £ s,. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans . . .. 103,195 12 8 By Interest on debentures .. 103,847 211 Less accrued at 31st March, Less overdue and accrued at 1923 .. .. 36,385 16 7 31st March, 1923 .. 26,436 18 11 06,809 16 I 77,410 1 0 Interest on amounts temporarily transferred Interest on bank balances .. .. 10 2 6 from Settlers Branch .. .. .. 8,250 14 5 Interest on debentures — Interest on loans accrued but not due .. 30,385 10 7 Overdue at 31st March, 1924 3,947 10 5 Accrued but not due at 31st March, 1924 .. .. 22,329 9 2 26,276 19 7 ' Balance transferred to Profit and Loss Account 7,749 1 0 £111,446 7 1 £111,446 7 1 Statement of Management Expenses Account for the Year ended 31st March, 1924. Dr. £ s. d. Cr. £ s. d. To Audit Office services .. .. .. 50 0 0. By Balance transferred to Profit and Loss Account 1,169 19 7 Cleaning, lighting, heating, and messenger services .. . . .. . . .. 15 0 0 Management charges, New Zealand stock and bonds .. .. .. .. 308 10 4 Post Office services .. .. .. 25 0* 0 Postages and telegrams .. .. . . 24 15 11 Printing and stationery .. .. .. 125 0 0 Rent .. .. .. .. .. 71. 13 4 Salaries .. .. .. .. . . 550 0 0 £1,169 19 7 £1,169 19 7 Wm. Waddel, Superintendent. State Advances Office, Wellington, ll.th June, 1924. It. Robertson, Accountant. The Audit Office, having examined the balance-sheet and accompanying accounts and compared them with the relative books, documents, and securities, hereby certifies them to be in accordance therewith. —G. K. C. Campbell, Controller and Auditor-General. PUBLIC DEBT SINKING FUND BLANCH. Statement op Liabilities and Assets as at 31st March, 1924. Liabilities. Assets. Sinking fund created under tile provisions of the £ s. d. Investment Account—Principal £ s. d. £ s. d. Public Debt Extinction Act, 1910— owing on loans to— Total fund as at 31st March, £ s. d. Settlers .. .. 473,008 12 8 1923.. .. .. 2,633.385 18 li Workers .. 69,166 18 1 Principal received from Loenl bodies .. .. 2,074,780 9 9 Treasury during the year 210,405 0 o — 2,017,022 0 6 Interest .earned for file year , Temporary Advances to Settlers Branch .. 304,000 0 0 ended 31st March, 1924 117,497 16 2 Insurance' Premium Account .. .. 3 11 5 2,961,288 .14 8 Interest overdue on loans to — £ s. d. Advances Suspense Account ~ .. 665 0 0 Settlers .. .. 1,788 19 11 Fire Loss Suspense Account .. .. 520 10 11 Workers .. .. 73 10 7 Local bodies .. .. 3,828 16 9 5,691 7 3 Interest accrued on loans to — Settlers .. . . 5,215 0 7 Workers .. ..757 15 -1 Local bodies .. .. 20,787 13 II 26,760 9 10 Cash in hand and in bank at 31st March, 1924.. 8,996 16 7 £2,962.474 5 7 £2,962,474 5 7

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Statement op Interest Account .for the Year ended 31st March, 1924. Dr. £ s. d. Cr. £ s. d. To Interest on investments transferred to the By Interest on loans to— £ s. d. Sinking Fund Account .. .. .. 117,497 16 2 Settlers.. .. .. 20,915 14 10 Workers.. .. .. 2,909 7 0 Local bodies .. .. 87,866 16 (i 111,691 18 10 Less overdue and accrued, at 31st March. 1923 .. .. 31,249 11 4 80,442 7 6 Interest on bank balances .. . . .. 4 9 0 Interest on temporary advances to Settlers Branch .. .. .. .. 4,599 2 1 Interest overdue at 31st March, 1924, on loans to — Settlers .. .. .. 1,788 19 11 Workers.. .. .. 73 10 7 Local bodies .. .. 3,828 10 9 5,691 7 3 Interest accrued at 31st March, 1924, on loans to— Settlers .. .. .. 5,215 0 7 Workers.. .. .. 757 15 4 Local bodies .. .. 20,787 13 11 26,760 9 10 £117,497 10 2 £117,497 16 2 Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1924. R. Robertson, Accountant. The Audit Office, having examined the balance-sheet and accompanying accounts and compared them with the relative books, documents, and securities, hereby certifies them to be in accordance therewith.—G. F. C. Campbell, Controller and Auditor-General. ADVANCES OFFICE SINKING FUND ACCOUNT. Statement op Liabilities and Assets as at 31st March, 1924. Liabilities. £ s. d. Assets. £ s. d. Principal received as at 31st Investment Account: PrinciMarch, 1923, with accu- pal owing on loans to— £ s. d. inulated interest from Settlers .. ..1,177,784 2 8 the— £ s. d. Workers .. .. 80,541 I 3 Advances to Settlers Branch 1,432,119 0 8 Local bodies .. .. 378,280 111 Advances to Workers Branch 248,487 19 2 1,636,611 5 10 Advances to Local Authori- Temporary advances to Settlers Branch .. 160,500 0 0 ties Branch .. .. 283,000 12 4 Insurance Premium Account .. .. 55 17 2 Interest overdue on loans to — 1,963,673 18 2 Settlers .. .. 4,882 13 7 Interest earned for the year Workers .. ... 291 19 11 ended 31st March, 1924— Local bodies .. .. 1,231 1 8 Advances to Settlers Branch 01,540 8 0 6,405 15 2 Advances to Workers Branch 2,736 13 11 Interest accrued on loans to — Advances to Local Authori- Settlers .. .. 13,130 5 3 ties Branch .. .. 12,598 18 8 • Workers .. .. 857 9 6 Local bodies .. :. 3,059 4 11 2,040,555 18." 9 17,052 19 8 Balance—Net profits trans- Realization Account . . .. . . 179 17 11 ferred from Advances to Cash in hand and in bank at 31st March, 1924.. 30,340 9 7 Settlers Branch .. .. 27,824 0 0 2,008,379 18 9 Less redemption of loans —Advances to Settlors Branch, £40,700 ; Advances to Workers Branch, £187,000 233,700 0 0 1,834,079 18 9 Advances Suspense Account .. .. 14,865 0 0 Fire Loss Suspense Account .. .. 1,200 0 0 Suspense Account .. .. .. •. 401 0 7 £1,851,140 5 4 £1,851,146 5 4

2—B. 13.

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Statement op Interest Account for the Year ended 31st March, 1924. Dr. £ a, d. Cr. £ s. d. £ s. d. To Loss on realization of securities .. .. 177 16 2 By Interest on loans to— Interest on investments transferred to the Settlers .. .. .. 39,651 17 10 Sinking Fund Account .. .. .. 76,882 0 7 Workers.. .. .. 3,342 8 11 Local bodies .. .. 15,502 10 5 58,496 17 2 Less overdue and accrued at 31st March, 1923 .. .. 17,946 18 2 ■ 40,549 19 0 Interest on bank balances .. .. 4 7 6 Interest on temporary advanoes to Settlers Branch .. .. .. .. 13,046 15 5 Interest overdue at 31st March, 1924, on loans to — Settlers .. .. .. 4,882 13 7 Workers .. .. .. 291 19 1.1 Local bodies .. ..1,231 1 8 6,405 15 2 Interest accrued at 31st March, 1924, on loans to — Settlers .. .. .. 13,130 5 3 Workers .. .. .. 857 !) 6 Local bodies .. .. 3,059 4 11 17,052 19 8 £77,059 10 9 £77,059 16 9 Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1924. It. Robertson, Accountant. The Audit Office, having examined the balance-sheet and accompanying accounts and compared with the relative books, documents, and securities, hereby certifies them to be in accordance therewith. —G. F. C. Campbell, Controller and Auditor-General. MISCELLANEOUS BUSINESS BRANCH. FRUIT-PRESERVING INDUSTRY ADVANCES ACCOUNT. Statement op Liabilities and Assets as at 31st March, 1924. Liabilities. £ s. d. Assets. £ s. d. Sundry loans— £ s. d. Investment Account—Principal owing by mortDebentures .. .. .. 69,610 0 0 gagors .. .. .. ..' .. 52,197 19.11 Advances from Consolidated Fund 1,589 7 10 Properties acquired .. .. .. .. 0,804 I 7 71,199 710 Temporary advances to Settlers Branch .. 5,500 0 0 Sundry creditors .. .. .. .. 110 110 Sinking Fund investments held by Public Debt Interest on loans accrued but not due .. .. 1,403 10 9 Sinking Fund Branch .. .. .. *511 411 Kent accrued but not due .. .. . . 28 0 0 Interest on mortgages- £ S. d. Sinking Fund .. .. .. .. 22 810 Overdue .. .. .. 1,308 11 3 Reserve for losses on realization and bad debts .. 9,340 0 0 Accrued .. .. .. 438 6 0 1,740 17 3 Insurance Premium Account .. .. .. 78 15 0 Sundry debtors , .. .. .. .. 97 15 0 Realization Account .. '.. .. .. 4,494 0 2 Profit and Loss Account .. .. .. 10,004 14 7 Cash in hand and in bank at 31st March, 1924 .. 673 14 4 £82,109 9 3 * £82,109 9 3 * 'L'hls amount, includes the sum of £488 18s. Id. capital paid into the sinking fund in accordance with the Public Debt Extinction Act, 1910. Statement of Profit and Loss Account for the Year ended 31st March, 1924. Dr. £ s. d. Cr. £ s. d. To Balance—lnterest Account .. .. . . 15 19 5 By Balance —Loss for the year .. .. 290 6 6 Management Expenses Account .. .. 100 0 0 Expenses of realization of assets . . .. 174 7 1 £290 0 0 £290 6 6 £ s. d. £ s. d. To Balance as at 31st March, 1923 .. .. 9,714 8 I By Balance .. .. .. .. .. 10,004 14 7 Loss for the year . . .. .. .. 290 6 6 £10,004 14 7 £10,004 14 7

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Statement op Interest Account for the Year ended 31st March, 1924:. Dr. £ s. d. £ s. d. Or. £ s. d. £ s. (I. To Interest on loans .. .. 3,190 2 1. By Interest on mortgages.. .. 2,292 13 3 Less accrued at 31st March, Less overdue and accrued at 1923 .. .. .. 1,409 5 0 31st March, 1923 .. 1,102 18 7 1,720 17 1 . 1,189 14 8 Interest on loans aocruod but not due .. 1,403 10 9 I interest on bank balances .. .. .. 3 14 6 Interest on temporary advances to Settlers Branch.. .. .. .. .. 168 2 0 Interest on mortgages— Overdue at 31st March, 1924.. 1,308 11 3 Accrued but not due at 31st March, 1924 .. .. 438 (i 0 1,740 17 3 Balance transferred to Profit and Loss Account 15 19 5 £3,124 7 10 £3,124 7 10 Statement op Management Expenses Account for the Year ended 31st March, 1924. Dr. £ s. d. Cr. £ s. d. To Administration expenses .. .. ..100 0 0 By Balance transferred to Profit and Loss Account .. 100 0 0 £100 0 0 £100 0 0 Wm. Waddel, Superintendent. State Advances Office, Wellington, J Ith June, 1924. It. Robertson, Accountant. The Audit Office, having examined the balance-sheet and accompanying accounts and. compared them with the relative books, documents, and securities, hereby certifies them to be in accordance therewith. —G. F. 0. Campbell, Controller and Auditor-General. COLD-STORAGE ADVANCES ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1924. Liabilities. £ s. d. i Assets, £ s. d. Sundry loans .. .. .. .. 82,750 0 0 Investment Account—Principal owing by mortInterest on loans accrued but not duo .. .. 301 6 7 ! gagors .. .. .. .. .. 48,837 17 8 Sinking Fund .. .. .. .. 38 17 II Temporary advances to Settlers Branch .. 22,850 0 0 Reserve for losses on realization and bad debts .. 7,720 15 2 I Sinking Fund investments held by Public Debt Sinking Fund Branch .. .. .. *817 11 6 Interest on mortgages — £ s. d. Overdue .. .. .. 701 18 0 Accrued . . .. .. 777 4 1 1,479 2 1 Sundry debtors .. .. .. .. 12 17 0 Realization Account .. .. .. .. 7,720 15 2 Profit and Loss Account .. .. .. 8,919 8 0 Cash in hand and in bank at 31st March, 1924 .. 173 8 3 £90,810 19 8 £90,810 19 8 * This amount Includes the sum of £778 13s. 7d. capital paid into the sinking fund in accordance with the Public Debt Extinction Act, 1910. Statement of Profit and Loss Account for the Year ended 31st March, 1.924. Dr. £ s. d. I Cr. £ s. d. To Management Expenses Account .. .. 1 15 10 0 By Interest Account —Gross profits .. .. 56 12 9 Balance —Loss for the year .. .. .. 58 17 9 £115 10 6 £115 10 6 £ s. d. £ s. d. To Balance as at 31st March, 1923 .. .. 8,860 10 3 By Balance .. .. .. .. .. 8,919 8 0 Loss for the year .. .. .. .. 58 17 9 £8,919 8 0 £8,919 8 0 Statement op Interest Account por the Year ended 31st March, 1924. Dr. • £ s. d. £ s. d. Or. £ s. d. £ s. d. To Interest on loans .. .. 3,576 5 0 By Interest on mortgages .. 3,193 12 6 Loss accrued at 31st March, 1923 293 18 5 Less overdue and accrued at 3,282 0 7 31st March, 1923 .. 1,646 2 3 Interest on loans accrued but not due , ~.'"' 301 0 7 1,547 10 3 Balance—Gross profits transferred to Profit and Interest on bank balances .. .. .. 3 12 0 Loss Account .. .. .. ■ ■ 50 12 9 Interest on temporary advances to Settlers Branch .. .. .. .. 610 I 1 Interest on mortgages — :•'.■ ..... V ..::.,. .: Overdue at 31st March, 1924 701 18 I) Accrued but not .due at 31st. • March, 1924 .. .. 777 4 I .1,179 2 I. £3,640 5 11 j • £3,640 5 II

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Statement of Management Expenses Account for the Year ended 31st March, 1924. Dr. £ s. d. Or. £ s. d. To Administration expenses .. .. .. 115 10 6 By Balance transferred to Profit and Loss Account .. 115 10 6 £1.15 10 0 £115 10 6 Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1924. It. Robertson, Accountant. The Audit Office, having examined the balance-sheet and accompanying accounts and compared them, with the relative books, documents, and securities, hereby certifies them to bo in accordance therewith.—G. F. C. Campbell. Controller and Auditor-General. PISHING INDUSTRY PROMOTION ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1924. .Liabilities. £ s. d. „ Assets. £ s. d. Sundry loans .. .. .. .. 5,575 0 0 Investment Account—Principal owing on bills of Suspense Account .. .. .. .. 40 5 11 sale .. .. .. .. .. 2,824 10 5 Interest on loans accrued but not due .. .. 82 18 5 Temporary advances to Settlers Branch .. .. 1,950 0 0 Sinking Fund .. .. .. .. 115 Sinking Fund investments held by Public Debt Sinking Fund Branch .. .. .. *32 0 2 Interest on bills of sale — £ s. d. Overdue .. .. .. .. 69 13 11 Accrued .. .. .. . . 34 1 (i 103 15 5 Insurance Premium Account . . . . . . 55 7 9 Realization Account .. .. .. .. 184 14 0 Profit and Loss Account .. .. .. 455 11 8 Cash in hand and in bank at 31st March, 1924 . . 93 0 + £5,099 5 9 £5,099 5 9 * This amount includes the sum of £31 4s. 9d. capital paid into the sinking fund in accordance with the Public Debt Extinction Act, 1910. Statement of Profit and Loss Account for the Year ended 31st March, 1924. Dr. £ s. d. Or. £ s. d. To Balance —Interest Account .. .. .. 32 10 9 By Balance —Loss for the year .. .. .. 238 8 4 Management Expenses Account .. .. 30 10 8 Loss on realization of securities .. .. 174 14 11 £238 8 4 £238 8 4 £.s. d. By Transfer from Sinking Fund Reserve Account— £s. d. To Balance as at 31st March, 1923 .. .. 220 1 0 Adjusting sinking funds debited to Profit and Loss for the year .. .. .. .. 238 8 4 Loss Account .. .. . . .. 217 8 Balance .. .. .. .. .. 455 11 8 £458 9 4 £458 9 4 Statement op Interest Account for the Year ended 31st March, 1924. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. dTo Interest on loans .. .. . . 252 4 0 By Interest on bills of sale .. .. f39 9 11 Less accrued at 31st March, 1923 . . 82 18 5 Loss overdue and accrued at 31st 169 6 1 March, 1923 .. .. .. 96 7 7 Interest on loans accrued but not due .. 82 18 5 43 2 4 Interest on bank balances . . . . . . 2 15 0 Interest on temporary advances to Settlers Branch 69 15 0 Interest on bills of saleOverdue at 31st March, 1924 .. 69 13 11 Accrued but not due at 31st March, 1924.. .. .. .. 34 1 6 103 15 5 Balance transferred to Profit and Loss Account. . 32 16 9 £252 4 0 £252 4 6 Statement of Management Expenses Account for the Year ended 31st March, 1924. Dr. £ s. d. i Cr. , £ s. d. To Administration expenses .. .. 18 5 8j By Release fees .. .. .. .. ..050 Survey fees .. .. .. .. 12 16 0 Balance transferred to Profit and Loss Account .. 30 16' 8 . £31 18 £31 1 8 Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1924. R. Robertson, Accountant. The Audit Office, having examined the balance-sheet and accompanying accounts and compared them with the relative books, documents, and securities, hereby certifies them to be in accordance therewith. G. F. C. Campbell, Controller and Auditor-General.

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HOUSING ACCOUNT. Statement ok Liabilities and Assets as at 31st March, 1924. Liabilities. £ s. d. Assets. £ 8. d. Sundry loans— £ s. d. Investment Account—Principal Debentures .. .. 412,400 0 0 owing on— £ s. d. Expenditure from Public Works Dwellings purchased .. 082,714 13 8 Fund .. .. .. 319,918 1 7 Sections purchased .. .. 5,635 911 732,318 1 7 Advances.. .. .. 812 19 7 Temporary advances from Settlers Branoh .. 115,000 0 0 689, .163 3 2 Suspense Account .. .I 1 ' .." .. 4,364 3 2 Completed dwellings .. .. .. .. 16,076 510 Sundry creditors .. .. .."' .. 2,410 3 9 Dwellings let. . .. .. .. .. 34,590 17 II Interest on loans accrued but not due .. .. 4,525 2 0 Uncompleted contracts .. .. .. 1,860 12 O Insurance Fund .. .. .. .. 2,000 0 0 Freehold land .. .. .. .. 53,287 16 8 Sinking Fund .. .. .. .. 107 14 7 Properties aoquired .. .. .. .. 4,294 (i 0 Reserve for losses on realization and bad debts.. 20,094 7 5 Sinking Fund investments held by Public Debt Sinking Fund Branch .. .. .. *2.727 17 3 Insurance Fund investment .. .. .. 2.000 0 0 Sundry debtors . . . . .. .. 298 7 2 Interest on dwellings and land— Overdue .. .. .. 4,238 15 4 Accrued .. .. .. 134 4 2 . 4,372 19 li Rent overdue .. . . .. 642 8 0 Insurance premiums— Overdue .. .. .. 369 11 I Paid in advance .. .. 723 7 6 - 1,093 I 10 Realization Account .. .. .. .. 16,780 16 IO Profit and Loss Account .. .. .. 52,818 14 I Cash in hand and in bank at 31st March, 1924 .. 6,812 6 3 £886,825 12 6 £886,825 12 6 * This amount includes the sum of £2,620 2s. Btl. capital paid into the sinking fund in accordance with the Public Debt Extinction Act, 1010. Statement op Profit and Loss Account por the Year ended 31st March, 1921. Dr. £ s. d. i Cr. £ s. d. To Management Fxpenses Account .. .. 3,021 7 2 By Interest Account—Cross profits .. .. 3,386 12 3 Dwellings maintenance .. .. .. 1,146 0 8'• Sale of land and dwellings .. .. 1.702 12 4 Expenses of realization of assets .. .. 1,347 18 5 Balance —loss for the year .. .. 369 1 8 £5,518 6 3 £5,518 0 3 £ s. d. £ s. d. To Balance as at 31st March, 1923 .. .. 52,195 10 11 By Balance .. .. .. .. 52,818 14 I Income-tax .. .. .. .. 254 I (i Loss for the year . . .. . . 309 I 8 £52,818 14 1 £52,818 14 1 Statement of Interest Account por the Year ended 31st March, 1924. Dr. £ s. d. Or. £ s. d. £ s. d. To Interest on loans .. .. .. 26,847 210 By Interest on dwellings anil land 33,213 13 10 Interest on temporary advances from Settlers Less overdue and accrued at Branch .. .. .. .. 063 19 10 31st March, 1924 .. 2,170 1 5 Interest on loans accrued but not due .. 4,525 2 0 31,043 12 5 Balance —Gross profits transferred to Profit Interest on bank balances . . .. .. 6 5 0 and Loss Account .■". .. .. 3,386 12 3 Interest on dwellings and land— Overdue at 31st March, 1924 4,238 15 4 Accrued but not due at 31st March, 1924 .. .. 134 4 2 4,372 19 0 £35,422 10 11 £35,422 16 II Statement oe: Management Expenses Account por the Year ended 31st March, 1921. Dr. £ s. d. | Cr. £ s.Vd. To Advertising .. .. .. .. 27 11 4I By Administration expenses .. .. .. 727 6 4 Audit Office services .. .. .. 250 00 ' Transfer fees .. .'. .. .. 102 0 0 Cartage .. .. .. .. .. 58 16 9 Balance transferred to Profit and Loss Account 3,024 7 2 Cleaning, lighting, heating, and messenger ser- . vices .. .. .. .. .. 15 0 0 Contingencies .. .. ... .. 20 17 3 Fees paid for special services in respect of securities .. .. .. .. 307 17 4 Labour Department services . . . . 583 0 8 Postages and telegrams .. .. .. 24 15 11 Post Office services .. .. .. 25 18 6 | Printing and stationery .. .. ... 250 0 0 Rent .. .. .. •■ •• 51 13 4 Salaries and wages.. .. .. .. 2,212 I 5 Solicitors'costs .. .. .. .. 17 9 0 Travelling-expenses .. . . . . 8 5 0 £3,853 13 0 £3,853 13 6 Wm. Waddel, Superintendent. State x\dvances Office, Wellington, I.lth June, 1924. R. ROBERTSON, Accountant. The Audit Office, having examined the balance-sheet and accompanying accounts and compared them with the relative books, documents, and securities, hereby certifies them to be in accordance therewith..—G. F. C. Campbell, Controller and Auditor-General.

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LOANS TO EMPLOYERS FOR WORKERS' DWELLINGS ACCOUNT; Statement of Liabilities and Assets as at 31st Marcs, 1924. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. .. 3,975 0 0 Investment Account—Principal owing by mortInterest on loans accrued but not due .. .. 43 12 3 gagors .. .. .. .. .. 3,453 7 7 Sinking Fund .. .. .. .. 12 3 Sinking Fund investments held by Public Debt Sinking Fund Branch .. .. .. *27 8 6 Interest on mortgages— £ s. d. Overdue .. .. .. 113 3 7 Accrued .. .. .. 412 5 . 117 10 0 Sundry debtors .. .. .. .. 90 14 1 Profit and Loss Account . . .. .. 7 .1.2 0 Cash in. hand and in bank at 31st March, 1924 .. 322 16 4 £4,019 14 6 £4,019 14 0 * This amount Includes the sum of £26 6s. 3d. capital paid into the sinking fund in accordance with the Public Debt Extinction Act, 1910. Statement of Profit and Loss Account for the Year ended 31st March, 1924. Dr. £ s. d. Or. £ s. d. To Balance Interest Account .. .. 310 9 By Balance—Loss for the year .. .. 316 9 £3 10 9 £3 10 9 £ s. d. £ s. d. To Balance as at 31st March, 1923 .. .. .. 315 3 By Balance .. .. .. .. . . 712 0 Loss for the year .. .. .. 3 16 9 £7 12 0 £7 12 0 Statement of Interest Account for the Year ended 31st March, 1921. Dr. £ s. (I. £ s. d. Or. £ s. d. £ s. d. To Interest on loans .. .. 178 17 6 By Interest on mortgages .. .. 89 17 0 Less accrued at 31st March, 1923 . . 43 12 3 Less interest overdue and accrued at 135 5 3 31st Miarch, 1923 .. .. 32 12 3 Interest on loans accrued but not due .. 43 12 3 57 4 9 Interest on mortgages— Overdue at 31st March, 1924 .. 113 3 7 Accrued but not due at 31st M.arch, 1924 .. .. .. 4 1.2 5 . 117 16 0 Balance transferred to Profit and Loss Account .. .. .. . . 316 9 £178 17 6 £178 17 6 Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, .1924. R. Robertson, Accountant. The Audit Office, having examined the balance-sheet and accompanying accounts and compared them with the relative books, documents, and securities, hereby certifies them to be in accordance therewith. —G. F. C. Campbell. Controller and Auditor-General.

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