STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1927.

Appendix to the Journals of the House of Representatives, 1927 Session I, B-13

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1927. NEW ZEALAND.

STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1927.

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

ADVANCES TO SETTLERS BRANCH. Thirty-third Annual Report and Balance-sheet. The following is a statement showing the advances authorized for settlers by the Board during the year, and classified according to provincial districts _ . . , tt i n Amount of Advances Provincial Number of ~ . , District. Applications. au "* IZL Auckland .. .. .. .. .. 821 848,210 Taranaki .. .. .. .. 121 165,805 Hawke's Bay .. .. .. .. .. 40 43, 630 Wellington .. .. .. .. .. 222 229,890 Marlborough .. .. .. .. .. 17 21,925 Nelson .. .. .. .. .. 30 20,125 Westland .. .. .. .. .. 14 10,280 Canterbury .. .. .. .. .. 151 143,805 Otago .. .. .. •. ■ • .. 59 62,305 Southland .. .. .. .. .. 117 142,695 Totals .. .. .. .. 1,592 £1,688,670 The total advances to settlers now current are as follows : —- XT i. Amount. Number. £ s d Not exceeding £500 .. .. .. .. 14,340 3,168,211 15 4 Exceeding £500 but not exceeding £1,000 .. 6,255 4,913,061 18 2 Exceeding £1,000 but not exceeding £2,000 .. 3,579 4,779,266 17 10 Exceeding £2,000 but not exceeding £3,500 .. 1, 360 4,249,485 1 2 Totals .. .. .. .. 25,534 £17,110,025 12 6 The number and amounts of current advances on freehold and leasehold are as follows :—• Number. Amount. On freeholds .. .. .. .. .. 17,203 13,456,277 12 5 On leaseholds 8,038 3,373,028 18 4 On freeholds and leaseholds combined .. .. 293 280,719 1 9 Totals .. .. .. .. 25,534 £17,110,025 12 6 The number and amounts of current advances on rural and urban and suburban land are as follows :— Number. Amount. On rural land 15,147 11,036,333 6 5 On urban and suburban land .. .. .. 10,387 6,073,692 6 1 Totals .. .. .. .. 25,534 £17,110,025 12 6

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The amounts of tlie advances actually paid over to settlers during tlie year ended 31st March, 1927, are as follows :— AT , Amount. Number. Not exceeding £500 .. .. .. .. 511 218 ,835 Exceeding £500 but not exceeding £1,000 .. 1,090 860,995 Exceeding £1,000 but not exceeding £2,000 .. 728 1,011,985 Exceeding £2,000 but not exceeding £3,500 .. 428 1,211,150 Totals' .. .. .. .. 2,757 £3,302,965 The number and amounts actually paid over, classified according to tenure of the securities, are as follows :— AT , Amount. .Number. £ On freeholds .. .. .. .. .. 2,297 2,686,355 On leaseholds .. .. .. .. .. 407 531,050 On freeholds and leaseholds combined .. .. 53 85,560 Totals .. .. .. .. 2,757 £3,302,965 The gross profits for the year ended 31st March, 1927, were £94,434, and the cost of management and expenses of the branch £30,426, being 0-147 per cent., or 2s. lid. per £100 of the capital employed. Loan-moneys amounting to £1,332,850 4s. Id. were received during the year. Mortgages and instalments of principal repaid for the year amounted to £901,765 15s. 9d. The total amount of interest collected for the year was £900,230 3s. 3d. The sinking fund, after redemption of loans totalling £126,700, amounts to £1,697,117 Is. lOd. Eight leasehold and sixteen freehold securities were realized by the Department during the year. Eor the year ended 31st March, 1927, 28 advances, amounting to £8,510 were authorized on chattel securities. The amount actually paid over during the year to 33 borrowers was £9,740. With regard to the redemption of mortgages, the advances authorized for the year ended 31st March, 1927, numbered 1,385, and amounted to £1,674,705. The amount actually paid over during the year to 2,304 borrowers was £3,016,155. A. A. Prichard, Deputy Superintendent. State Advances Office, Wellington, 30th June, 1927.

ADVANCES TO WORKERS BRANCH. Twentieth Annual Report and Balance-sheet. 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 Amount of Advances District. Applications. au ™ rzef • Auckland .. .. .. .. .. 901 768,145 Taranaki .. . . . . .. . . 33 22,055 Hawke's Bay .. . . .. . . .. 25 19,820 Wellington .. .. .. .. .. 687 618,765 Marlborough .. .. .. .. .. 13 9,260 Nelson .. .. .. .. .. 16 12,130 Westland .. .. .. .. .. 6 2,225 Canterbury .. .. .. .. .. 134 105,580 Otago .. .. .. .. .. .. 33 27,505 Southland .. .. .. .. .. 54 45,525 Totals .. .. .. ..1,902 £1,631,010 The total of advances to workers now current and the tenure of the securities are as follows : — Number. Amount. £ s. d. On freeholds .. .. .. .. .. 17,002 8,908,264 2 10 On leaseholds .. .. .. .. .. 1,089 545,943 12 9 Totals .. .. .. .. 18,091 £9,454,207 15 7 The advances to workers actually paid over during the year ended 31st.March, 1927, on freehold and leasehold, are as follows :— Number. Amount. On freeholds .. .. .. .. .. 2,713 2,483,135 On leaseholds .. .. .. .. .. 53 42,655 Totals .. .. .. .. 2,766 £2,525,790

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Loan-moneys amounting to £1,082,315 14s. lOd. were received during the year. Mortgages and instalments of principal repaid for the year amounted to £415,978 15s. 2d. The total amount of interest collected for the year was £372,615 Is. Two leasehold and four freehold securities were realized by the Department during the year. The cost of management and expenses of the branch were £5,449, being 0-063 per cent., or Is. 3d. per £100 of the capital employed. The sinking fund, after redemption of loans totalling £187,000, amounts to £84,751 Bs. Bd. A. A. Prichard, Deputy Superintendent. State Advances Office, Wellington, 30th June, 1927.

ADVANCES TO LOCAL AUTHORITIES BRANCH. The following is a statement showing the advances under this branch authorized during the year ended 31st March, 1927, classified according to provincial districts : — Provincial Number of Amount of Advances District. Applications. au £ r,ze • Auckland .. . . .. . . . . 29 23,415 Taranaki .. .. .. .. .. 4 970 Wellington .. .. .. . . .. 14 4,555 Nelson .. .. .. .. .. .. 2 3,000 Canterbury .. .. .. .. .. ..3 11,500 Southland .. .. . . .. .. 1 1,250 Totals .. .. .. .. ..53 £44,690 Loan-moneys amounting to £4,764 2s. 3d. were received during the year. The amount actually paid over to 71 local bodies during the year was £55,800. Loans to the number of 1,922 have been made to local bodies. They are now indebted to the extent of £2,849,519 6s. 3d. in respect of principal moneys. Mortgages and instalments of principal repaid for the year amounted to £71,199 15s. 4d. The total amount of interest collected for the year was £118,305 9s. lOd. The sinking fund amounts to £358,188. A. A. Prichard, Deputy Superintendent. State Advances Offices, Wellington, 30th June, 1927.

PUBLIC DEBT SINKING FUNDS BRANCH. The following is a statement showing the advances under this branch authorized during the year ended 31st March, 1927, classified according to provincial districts :— p_, • • , Number of Amount of Advances j- rovmciai » ■. , • ,« . tv- . . , . Applications. authorized. Dlstrlct - Advances to Settlers. £ Auckland .. .. .. .. .. ..73 85,025 Taranaki .. .. .. .. .. ..6 11,145 Hawke's Bay .. .. . . . . 5 6,200 Wellington .. .. .. .. .. ..23 23,425 Canterbury .... .. .. .. 7 8,475 Otago .. .. .. .. .. ..7 5,575 Southland .. .. .. .. .. 10 12,755 Totals .. .. .. .. .. 131 £152,600 Advances to Workers. Auckland .. .. .. .. .. ..3 2,790 Canterbury .. .. .. .. .. ..5 4,140 Otago .. .. .. . . .. 1 550 Totals .. .. .. .. ..9 £7,480 Advances to Local Bodies. Auckland .. .. .. .. .. 1 600

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The number and amuuiits of current advances on freehold and leasehold are as follows Advances to Settlers. AT t. Amount. .Number. £ s d On freeholds 1,149 995,750 0 10 On leaseholds . . .. •• 9 9,271 4 3 On freeholds and leaseholds combined .. .. 4 4,413 17 1 Totals 1,162 £1,009,435 2 2 Advances to Workers. ■Xt i Amount. JN umber. c , t s d. On freeholds .. .. .. .. •• 130 £70,426 13 7 The number and amounts of current advances on rural and urban and suburban land are as follows :— Advances to Settlers. Number. Amount. . £ s. d. On rural land . . .. .. .. .. 539 563,288 13 1 On urban and suburban land .. .. .. 623 446,146 9 1 Totals .. .. .. .. 1,162 £1,009,435 2 2 » Advances to Workers. Number. Amount. £ s. d. On urban and suburban land .. .. .. 130 £70,426 13 7 The number and amounts actually paid over, classified according to tenure of the securities, are as follows :— Advances to Settlers. Number. Amount. On freeholds .. .. .. •• .. 118 130,900 On leaseholds .. .. .. .. .. 2 2,500 Totals .. .. .. .. 120 £133,400 Advances to Workers. Number. Amount. On freeholds .. .. .. .. .. 11 9,365 The amount actually paid over to 120 settlers during the year was £133,400, to I! workers £9,365, and to 11 local bodies £12,770 —a tota.l of £155,535. 1,162 settlers are now indebted to the extent of £1,009,435 2s. 2d. ; 130 workers, £70,426 13s. 7d. ; and local bodies (in respect of 1,617 loans), £2,152,481 Is. Id. —a total of £3,232,342 16s. lOd. in respect of principal moneys. Mortgages and instalments of principal repaid for the year amounted to £83,174 15s. 7d. The total amount of interest collected for the year was £148,493. The interest earned for the year amounted to £150,565 3s. lid. The cost of management and expenses were nil. A. A. Pbichard, Deputy Superintendent. State Advances Ofiice, Wellington, 30th June, 1927.

ADVANCES OFFICE SINKING FUND. The following is a statement showing the advances under this branch authorized during the year ended 31st March, 1927, classified according to provincial districts Province Number of District. Advances to Settlers. Applications. Auckland .. .. .. .. .. .. 53 51,805 Taranaki .. .. .. .. .. .. 14 15,135 Hawke's Bav .. .. .. .. ..5 7,075 Wellington . .. .. .. .. ..35 39,735 Marlborough .. .. .. .. ..2 3,550 Canterbury .. ». .. .. .. ..10 9,000 Otago .. •• • • • • •• 4 3,200 Southland .. .. .. .. .. ..7 10,025 Totals .. .. .. .. .. 130 £139,525

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Advances to Local Bodies. Number. Amount. Hawke's Bay .. .. .. .. 1 £600 The number and amounts of current advances on freehold and leasehold are as follows :— Advances to Settlers. AT x. Amount. Number. £ g _ d On freeholds .. .. .. .. .. 1,497 1,078.045 9 2 On leaseholds .. .. 69 51,427 4 3 On freeholds and leaseholds combined .. .. 8 8,616 14 8 Totals .. .. .. .. 1,574 £1,138,089 8 1 Advances to Workers. NT , Amount. -N umber. £ s d On freeholds 143 £71,962 7 7 The number and amounts of current advances oil rural and urban and suburban land are as follows : — Advances to Settlers. at k Amount. Number. „ , £ s. d. On rural land .. .. .. .. .. 842 668,160 15 3 On urban and suburban land .. .. .. 732 469,928 12 10 Totals .. .. .. .. 1,574 £1,138,089 8 1 Advances to Workers. Number. Amount. £ s. d. On urban and suburban land .. .. .. 143 £71,962 7 7 The number and amounts actually paid over, classified according to tenure of the securities, are as follows:— Advances to Settlers. Number. Amount. On freeholds .. .. .. .. .. 119 128,875 Oil leaseholds .. .. .. . . .. 1 980 Totals .. .. .. .. 120 £129,855 Advances to Workers. Number. Amount. On freeholds .. .. .. .. .. 2 £1,200 The amount actually paid over to 120 settlers during the year was £129,855, to 2 workers £1,200, and to 3 local bodies £1,630 —a total of £132,685. 1,574 settlers are now indebted to the extent of £1,138,089 Bs. Id. ; 143 workers, £71,962 7s. 7d. ; and local bodies (in respect of 295 loans), £418,611 Is. 2d.—a total of £1,628,662 16s. lOd. in respect of principal moneys. Mortgages and instalments of principal repaid for the year amounted to £90,259 lis. The total amount of interest collected for the year was £91,642 lis. 9d. The interest earned for the year amounted to £93,869 19s. sd. The cost of management and expenses were nil. A. A. Prichard, Deputy Superintendent. State Advances Office, Wellington, 30th June, 1927.

RURAL ADVANCES BRANCH. The Rural Advances Act, 1926, came into force on the Ist April, 1927, and since that date the Department has done everything possible to expedite the payment of advances. During the quarter ended 30th June, 1927, 112 loans amounting to £270,835 were authorized, and 22 advances totalling £47,260 were actually paid over. A. A. Prichard, Deputy Superintendent. State Advances Office, Wellington, 30th June, 1927.

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MISCELLANEOUS BUSINESS BRANCH. Repatriation. During the year the sum of £45,408 ss. 7d., principal moneys, was repaid by borrowers. In respect of business loans, 1,691 borrowers are now indebted to the extent of £224,477 165., and 6,630 borrowers in respect of furniture loans of £148,457 12s. lOd.—a total of £372,935 Bs. lOd. in respect of principal moneys. Housing Account. The following is a statement showing the amount expended for the year ended 31st March, 1927, in— £ s. d. Acquiring land .. .. .. .. .. 337 2 6 Preparing land for dwellings .. .. .. .. 4,522 3 7 Erecting dwellings . . . . . . . . . 2,028 5 0 Totals .. .. .. .. .. £6,887 11 1 During the year 2 dwellings were erected, and 25, amounting to £12,067 os. 7d., disposed of. The instalments of principal repaid for the year ended 31st March, 1927, amounted to £81,310 13s. sd. The total amount of interest collected for the year was £29,830 Bs. lid. Loans to Employers for Workers' Dwellings Account : Fishing Industry Promotion Account ; Fruit-preserving Industry Account ; Cold-storage Advances Account. Mortgages and instalments of principal repaid for the year in respect of the above accounts amounted to £4,516 6s. 5d., and the total amount of interest collected was £6,760 16s. sd. A statement of each account to the 31st March, 1927, is attached. A. A. Prichard, Deputy Superintendent. State Advances Office, Wellington, 30th June, 1927.

STATE ADVANCES OFFICE. ADVANCES TO SETTLERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1927. Liabilities. £ s. d. Assets. Sundry loans .. .. .. .. 19,342,780 3 5 Investment Account—Principal owing by £ s. d. Temporary advances from — mortgagors .. .. .. .. 17,110,025 12 (i Public Debt Sinking Fund £ s. d. Temporary investments .. .. .. 2,381 5 0 Branch .. .. 40,000 0 0 l Temporary advances to— £ s. d. Advances Office Sinking Fund Workers Branch .. 1,585,000 0 0 Account .. .. 430,500 0 0 Local Authorities Branch 433,500 0 0 Miscellaneous Business - 2,018,500 0 0 Branch .. ..111, 400 0 0 Sinking Fund investments held by— 581,900 0 0 Advances Office Sinking Fund Account .. *1,697,117 110 Amount held for investment on behalf of the Interest on mortgages— £ s. d. Housing Insurance Fund .. .. 4,183 5 0 Overdue .. .. 139,732 6 9 Advances Suspense Account .. .. 47,960 0 0 Accrued .. .. 214,829 4 3 Fire Loss Suspense Account .. .. 10,074 6 3 354,561 11 0 Income-tax Suspense Account .. .. 8,498 8 9 Interest on temporary investments accrued .. 7,995 16 11 Sundry creditors .. .. .. .. 2,160 211 Office furniture and equipment .. .. 6,274 16 3 Interest on loans accrued but not due .. 176,996 19 10 Sundry debtors .. .. .. .. 30,593 10 3 Reserve for bad debts .. .. .. 29,274 5 1 Loan Charges Account .. .. .. 202,926 11 5 Sinking Fund .. .. .. .. 1,338,451 19 11 Cash in hand and in bank at 31st March, 1927 136,903 6 0 Reserve Fund .. .. .. .. 25,000 0 0 £21,567,279 11 2 £21,567,279 11 2 * This amount includes the sum of £368,665 Is. lid. capital paid into tlie Sinking Fund under the provisions of the State Advances Act. Profit and Loss Account for the Year ended 31st March, 1927. Dr. £ s. d. Or. £ s. d. To Management Expenses Account .. .. 30,426 411 By Interest Account—Gross profits .. .. 94,434 19 6 Loss on realization of securities and doubtful securities written down .. .. .. 14,891 411 Office furniture and equipment written down 330 5 0 Balance—Net profits for the year .. .. 48,787 4 8 £94,434 19 6 £94,434 19 6 £ s. d. £ s. d. To Loan-flotation charges written down .. 11,471 13 1 By Net profits for the year .. .. .. 48,787 4 8 Income-tax .. .. .. .. 8,477 19 3 Balance of net profits invested in Advances Office Sinking Fund Account .. .. 28,837 12 4 £48,787 4 8 £48,787 4 8

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Interest Account foe the Year ended 31st March, 1927. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. .. 836,179 111 By Interest on mortgages .. 757,007 11 7 Less accrued at 31st March, Less overdue and accrued at 1926 .. .. 163,984 2 7 31st March, 1926 .. 253,078 17 8 672,194 19 4 503,928 13 11 Interest on loans accrued but not due .. 176,996 19 10 Interest on outstanding payments .. .. 56 0 1 Interest on amounts temporarily transferred Interest on bank balances .. .. 772 16 6 from other branches .. .. .. 33,271 1 2 Interest on temporary advances to other Balance—Gross profits transferred to Profit and branches .. .. .. .. 88,187 10 0 Loss Account .. .. .. .. 94,434 19 6 Interest on temporary invest- £ s. d. ments .. .. .. 54,206 5 1 Less accrued at 31st March, 1926 .. .. .. 32,810 13 8 21,395 11 5 Interest on temporary investments accrued at 31st March, 1927 .. .. .. 7,995 16 11 Interest on mortgages — £ s. d. Overdue at 31st March, 1927 139,732 6 9 Accrued but not due at 31st March, 1927 .. .. 214,829 4 3 354,561 11 0 £976,897 19 10 £976,897 19 10 ! , Management Expenses Account for the Year ended 31st March, 1927. Dr. £ s. d. Cr. £ s. d. To Advertising, newspapers, &c. .. .. 16 18 2 By Consent fees .. .. .. .. 25 10 0 Audit Office services .. .. .. 300 0 0 Production fees .. .. . . .. 856 13 9 pieaning, lighting, heating, and messenger Release fees .. .. .. .. 307 8 6 services .. .. .. .. 460 0 0 Sundry fees .. .. .. .. 8 18 6 Compassionate allowance to Mrs. Foote .. 190 0 0 Balance transferred to Profit and Loss Account 30,426 4 11 Fees paid for special service in respect of securities .. .. .. .. .. 63 18 6 Management charges on New Zealand stock and bonds .. .. .. .. 999 0 9 Meal allowances and overtime .. .. 562 1 0 Office maintenance .. .. .. 137 13 6 Postages and telegrams .. .. .. 906 17 2 Post Office services .. .. .. 1,586 8 6 Printing and stationery .. .. .. 1,729 16 11 Public Service Superannuation Fund contribution .. .. .. . . 298 5 7 Rent .. .. .. .. .. 2,474 8 9 Salaries .. .. .. . . . . 20,273 4 3 Solicitors costs and Court costs . . .. 23 15 5 Telephones .. .. .. . . 154 1 6 Travelling-expenses .. .. . . 722 5 0 Typewriters and adding-machines—Repairs .. 75 19 II Valuation Department—Agency work . . 650 0 0 £31,624 15 8 £31,624 15 8 A. A. Prichard, Deputy Superintendent. State Advances Office, Wellington, 30th June, 1927. R. Robertson, Accountant. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the books and documents submitted for audit, and correctly state the position as disclosed thereby.—J. H. Fowler, Deputy Controller and Auditor-General. ADVANCES TO WORKERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1927. Liabilities. £ s. d. Assets. Sundry loans .. .. .. .. 8,058,022 19 II Investment Account —Principal owing by mort- £ s. d. Temporary advances from Settlers Branch .. 1,585,000 0 0 gagors .. .. .. .. 9,454,207 15 7 Interest on loans accrued but not due .. 69,833 7 8 Sinking Fund investments held by Advances Advances Suspense Account .. .. 189,496 12 1 Office Sinking Fund Account .. .. *84,751 8 8 Fire Loss Suspense Account .. .. 1,355 0 0 Interest on mortgages — £ s. d. Suspense Account .. .. .. 4,416 10 7 Overdue.. .. .. 42,159 2 5 Income-tax Suspense Account .. .. 1,529 1 6 Accrued.. .. .. 109,543 10 9 Sundry creditors .. .. .. .. 976 5 6 151,702 13 2 Reserve for bad debts .. .. .. 188 9 9 Interest on temporary investments accrued .. 1,416 0 6 Sinking Fund .. .. .. .. 63,660 0 9 Sundry debtors .. .. .. .. 513 0 4 Loan Charges Account .. .. .. 246,834 11 3 Profit and Loss Account .. .. .. 32,97509 Cash in hand and in bank at 31st March, 1927 2,077 17 6 £9,974,478 7 9 £9,974,478 7 9 * This amount includes the sum of £21,091 7s. lid. capital paid into the Sinking Fund under the provisions of the State Advances Act.

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Profit and Loss Account for the Year ended 31st March, 1927. Dr. £ s. d. Gr. £ s. d. To Management Expenses Account .. .. 5,449 14 5 By Interest Account—Gross profits .. .. 14,413 9 6 Losses on realization of securities . . .. 188 9 9 Balance—Net profits for the year .. .. 8,775 5 4 £14,413 9 6 £14,413 9 6 £ s. d. £ s. d. To Balance as at 31st March, 1926 .. .. 25,969 1 5 By Net profits for the year .. .. .. 8,775 5 4 Loan-flotation charges written down .. 14,252 3 2 Balance .. .. .. .. 32,975 0 9 Income-tax .. .. . . . . 1,529 1 6 £41,750 6 1 £41,750 6 1 Interest Account for the Year ended 31st March, 1927. Dr. £ s. d. £ s. d. Gr. £ s. d. £ s. dTo Interest on loans .. .. 328,499 7 0 By Interest on mortgages .. 350,329 10 3 Less accrued at 31st March, Less interest overdue and 1926 .. .. .. 59,450 3 3 accrued at 31st March, 1926 103,575 8 6 269,049 3 9 246,754 1 9 Interest on amounts temporarily transferred Interest on bank balances .. .. .. 370 0 0 from other branches .. .. .. 66,937 6 8 Interest on outstanding payments .. .. 3 19 2 Interest on loans accrued but not due .. 69,833 7 8 Interest on temporary invest- £ s. d. Balance—Gross profits transferred to Profit and ments .. .. 21,911 11 7 Loss Account .. .. .. .. 14.413 9 6 Less accrued at 31st March, 1926 1,924 18 7 19,986 13 0 Interest on temporary investments accrued at 31st March, 1927 .. .. 1,416 0 6 Interest on mortgages — £ s. d. Overdue at 31st March, 1927 42,159 2 5 Accrued but not due at 31st March. 1927 .. .. 109,543 10 9 151,702 13 2 £420,233 7 7 £420,233 7 7 Management Expenses Account for the Year ended 31st March, 1927. Dr. £ s. d. Gr. £ s. d. To Audit Office services .. .. .. 150 0 0 By Consent fees .. .. .. .. 011 0 Cleaning, lighting, heating, and messenger Cost of preparation of mortgages .. .. 136 12 0 services .. .. .. .. 150 0 0 Inspection fees .. .. .. .. 7 12 6 Contingencies .. .. .. .. 0 14 Production fees .. .. .. .. 384 9 6 Court costs and solicitor's costs .. .. 7 6 6 Release fees .. .. .. . . 100 9 8 Management charges on New Zealand stock and Balance transferred to Profit and Loss Account 5,449 14 5 bonds .. .. .. . . .. 519 11 10 Post Office services . . .. . . 500 0 0 Postages and telegrams . . . . . . 192 9 5 Printing and stationery .. .. . . 300 0 0 Public Service Superannuation Fund contribution .. .. .. .. .. 40 0 0 Bent .. .. .. .. . . 600 0 0 Salaries .. .. .. .. ..3,27000 Valuation Department—Agency work .. 350 0 0 £6,079 9 1 £6,079 9 1 A. A. Prichard, Deputy Superintendent. State Advances Office, Wellington, 30th June, 1927. R. Robertson, Accountant. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the books and documents submitted for audit, and correctly state the position as disclosed thereby.—J. H. Fowler, Deputy Controller and Auditor-General. ADVANCES TO LOCAL AUTHORITIES BRANCH. Statement of Liabilities and Assets as at 31st March, 1927. Liabilities. £ s. d. Assets. Sundry loans .. .. .. .. 2,790,293 11 8 Investment Account —Principal owing by local £ s. d. Loan-moneys—Unexpended balances under sec- bodies .. .. .. .. 2,849,519 6 3 tion 72, Local Bodies' Loans Act, 1913 .. 3,987 12 10 Sinking Fund investments held by Advances Temporary advances from Settlers Branch .. 433,500 0 0 Office Sinking Fund Account .. .. *358,187 13 2 Interest on loans accrued but not due .. 36,554 6 6 Interest on debentures — £ s. d. Sinking Fund .. .. .. .. 129,977 15 7 Overdue .. .. .. 6,341 2 0 Accrued .. .. 24,957 2 O 31,298 4 0 Loan Charges Account .. .. .. 32,831 16 8 Profit and Loss Account .. .. .. 122,238 13 0 Cash in hand and in bank as at 31st March, 1927 237 13 6 £3,394,313 6 7 £3,394,313 6 7 ♦ This amount includes the sum of £228,209 17s. 7d. capital paid into the Sinking Fund under the provisions of the State Advances Act.

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Profit and Loss Account foe the Year ended 31st March, 1927. Dr. £ s. d. Or. £ s. d. To Balance—lnterest Account .. .. 9,646 8 7 By Balance—Loss for the year .. .. 10,848 2 7 Management Expenses Account .. .. 1,201 14 0 £10,848 2 7 £10,848 2 7 £sd £ s d To Balance as at 31st March, 1926 .. .. 110,589 10 5 By Balance .. .. .. .. 122,238 13 0 Loan-flotation charges written down .. 801 0 0 Loss for the year .. .. .. 10,848 2 7 £122,238 13 0 £122,238 13 0 Interest Account for the Year ended 31st March, 1927. Dr. £ s. d. £ s. d. Gr. £ s. d. £ s. d. To Interest on loans .. 103,772 611 By Interest on debentures .. 118,260 910 Less accrued at 31st Less overdue and accrued March, 1926 .. 36,554 6 6 at 31st March, 1926 .. 33,248 12 2 67,218 0 5 85,011 17 8 Interest on amounts temporarily transferred Interest on bank balances .. .. 45 0 0 from Settlers Branch .. .. .. 22,229 3 4 Interest on debentures— Interest on loans accrued but not due .. 36 ,554 6 6 Overdue at 31st March, 1927 6,341 2 0 Accrued but not due at 31st March, 1927 .. 24,957 2 0 31,298 4 0 Balance transferred to Profit and Loss Account 9,646 8 7 £126,001 10 3 £126,001 10 3 Management Expenses Account for the Year ended 31st March, 1927. Dr. £ s. d. Or. £ s. d. To Audit Office services .. .. .. 50 0 0 By Balance transferred to Profit and Loss Account 1,201 14 0 Cleaning, lighting, heating, and messenger services .. .. .. .. .. 30 0 0 Management charges, New Zealand stock and bonds .. . . .. .. .. 151 14 0 Post Office services .. .. .. 25 0 0 Postages and telegrams .. .. .. 25 0 0 Printing and stationery .. .. .. 125 0 0 Public Service Superannuation Fund contribution . . .. .. .. .. 17 0 0 Rent .. .. .. .. .. 100 0 0 Salaries .. .. .. .. .. 678 0 0 £1,201 14 0 £1,201 14 0 A. A. Prichard, Deputy Superintendent. State Advances Office, Wellington, 30th June, 1927. E. Robertson, Accountant. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the books and documents submitted for audit, and correctly state the position as disclosed thereby. —J. H. Fowler, Deputy Controller and Auditor-General. PUBLIC DEBT SINKING FUNDS BRANCH. Statement of Liabilities and Assets as at 31st March, 1927. * Liabilities. Assets. Sinking Fund created under the provisions of £ s. d. Investment Account—Principal owing on loans the Public Debt Extinction Act, 1910 .. 3,258,955 19 4 to— £ s. d. £ s. d. Advances Suspense Account .. .. 2,175 0 0 Settlers .. .. 1,009,435 2 2 Fire Loss Suspense Account.. .. .. 1,002 0 0 Workers .. .. 70,426 13 7 Suspense Account .. .. .. 233 19 4 Local bodies .. .. 2,152,481 1 1 Sundry creditors —Interest due to Consolidated 3,232,342 16 10 Fund in accordance with section 12 (a) of the Temporary advances to Settlers Branch .. 40,000 0 0 Repayment of the Public Debt Act, 1925 .. 10,122 10 11 Sundry debtors .. .. .. .. 15 9 6 Interest due to Treasury, overdue and accrued 44,047 17 0 Interest overdue on loans to— £ s. d. Settlers .. .. 4,421 18 1 Workers .. .. 237 2 4 Local bodies .. .. 4,434 3 6 9,093 3 11 Interest accrued on loans to — Settlers .. .. 12,546 12 1 Workers .. .. 847 16 2 Local bodies .. .. 21,560 4 10 - 34,954 13 1 Cash in hand and in bank at 31st March, 1927.. 131 3 3 £3,316,537 6 7 £3,316,537 6 7

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Interest Account for the Year ended 31st March, 1927. Dr. Gr. To Interest on investments due to Consolidated By Interest on loans to — £ s. d. £ s. d. Fund in accordance with section 12 (a) of the Settlers .. .. 42,803 2 10 Repayment of the Public Debt Act, 1925— £ s. d. Workers .. .. 2,914 3 5 Paid to Treasury .. .. .. .. 138,370 9 1 Local bodies .. .. 97,035 7 7 In hand, 31st March, 1927.. .. .. 10,122 10 11 Overdue and accrued at 31st March, 1927 .. 44,047 17 0 142,752 13 10 Less interest overdue and 192,540 17 0 accrued at 31st March, 1926 41,975 13 1 Less overdue and accrued at 31st March, 1926 41,975 13 1 100,777 0 9 Interest on expenses incurred in protection of 150,565 3 11 securities .. .. .. .. 9311 Interest on bank balances .. .. .. 75 0 0 Interest on temporary advances to Settlers Branch .. .. .. .. 5,656 2 3 Interest overdue at 31st March, 1927, on loans to — £ s. d. Settlers .. .. 4,421 18 1 Workers .. .. 237 2 4 Local bodies .. .. 4,434 3 6 9,093 3 11 Interest accrued at 31st March, 1927, on loans to— Settlers .. .. 12,546 12 1 Workers _. . .. 847 16 2 Local bodies .. .. 21,560 410 34,954 13 1 £150,565 3 11 £150,565 3 11 A. A. Prichard, Deputy Superintendent. State Advances Office, Wellington, 30th June, 1927. 11. Robertson, Accountant. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the books and documents submitted for audit, and correctly state the position as disclosed thereby.— •T. H. Fowler, Deputy Controller and Auditor-General.

ADVANCES OFFICE SINKING FUND ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1927. Liabilities. Assets. Principal received as at 31st Investment Account : PrinciMarch, 1926, with accu- pal owing on loans to— £ s. d. £ s. d. mulated interest from— £ s. d. £ s. d. Settlers .. .. 1,138,089 8 1 Settlers Branch .. .. 1,720,803 13 4 Workers .. .. 71,962 7 7 Workers Branch.. .. 267,983 3 5 Local bodies .. .. 418,611 1 2 Local Authorities Branch .. 342,261 15 2 i 1,628,662 16 10 Temporary advances to Settlers Branch 430,500 0 0 2,331,048 11 11 Sundry debtors .. .. .. 216 10 2 Interest earned for the year Interest overdue on loans to— £ s. d. ended 31st March, 1927 — Settlers .. .. 6,600 7 5 Settlers Branch .. .. 74,175 16 2 Workers .. .. 410 12 7 Workers Branch.. .. 3,768 5 3 Local bodies .. .. 3,093 13 9 Local Authorities Branch.. 15,925 18 0 ]0 104 13 9 Interest accrued on loans to — 2,424,918 11 4 Settlers .. .. 12,765 15 0 Balance—Net profits trans- Workers .. .. 781 16 2 ferred from Settlers Branch 28,837 12 4 Local bodies .. .. 3,508 2 0 —— 17,055 13 2 2,453,756 3 8 Cash in hand and in bank at 31st March, 1927 57,306 9 9 Less redemption of loans— Settlers Branch £126,700 Workers Branch £187,000 313,700 0 0 Total fund as at 31st March, 1927 .. .. 2,140,056 3 8 Advances Suspense Account .. .. 3,790 0 0 £2,143,846 3 8 £2,143,846 3 8

10

8.—13

Interest Account foe the Yeae ended 31st Maech, 1927. Dr. Or. To Interest on investments — Transferred to £ s. d. By Interest on loans to — £ s. d. £ s. d. Sinking Fund Account .. .. .. 93,869 19 5 Settlers .. .. .. 48,482 13 8 Workers .. .. .. 3,199 19 6 Local bodies .. .. 18,433 5 3 70,115 18 5 Less overdue and accrued at 31st March, 1926 .. .. 24,932 19 3 45,182 19 2 Interest on bank balances .. .. 110 0 0 Interest on temporary advances to Settlers Branch 21,416 13 4 Interest overdue at 31st March, 1927, on loans to — £ s. d. Settlers .. .. .. 6,600 7 5 Workers .. .. .. 410 12 7 Local bodies .. .. 3,093 13 9 10,104 13 9 Interest accrued at 31st March, 1927, on loans to — Settlers .. .. .. 12,765 15 0 Workers .. .. .. 781 16 2 Local bodies .. 3,508 2 0 17,055 13 2 £93,869 19 5 £93,869 19 5 A. A. Peichaed, Deputy Superintendent. iState Advances Office, Wellington, 30tli June, 1927. R. Robeetson, Accountant. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the books and documents submitted for audit, and correctly state the position as disclosed thereby.—J. H Fowlee, Deputy Controller and Auditor-General.

MISCELLANEOUS BUSINESS BRANCH. HOUSING ACCOUNT. Statement of Liabilities and Assets as at 31st Maech, 1927. Liabilities. Assets. Sundry loans — £ •s. d. £ s. d. Investment Account: Principal Debentures.. .. .. 412,388 9 4 owing on— £ s. d. £ s. d. Expenditure from Public Works Dwellings purchased .. 464,201 111 Fund .. .. .. 319,918 1 7 Sections purchased .. 4,213 10 11 Advances.. .. .. 408 10 4 732,306 10 11 Loans on mortgage .. 386 17 8 Less loan-moneys redeemed 469,210 0 10 and discharged from Con- Temporary advances to Settlers Branch .. 64,100 0 0 solidated Fund .. .. 19,468 9 4 Advances to Railway Department for erection of 712,838 1 7 Hutt Valley dwellings .. .. .. 80,507 0 0 Sundry creditors .. .. .. 1,131 15 1 Completed dwellings .. .. .. .. 10,774 4 4 Suspense Account .. .. .. 4,92830 Dwellings let .. .. .. 24,354 5 6 Interest on loans— Freehold land .. .. .. .. 46,433 0 8 Overdue .. .. .. 17,357 4 7 Sinking Fund recouped to Consolidated Fund Accrued .. .. .. 4,000 9 2 {from capital) .. .. .. .. 3,354 19 10 21,357 13 9 Insurance Fund investment held by Settlers Insurance Fund .. .. .. 4,183 5 0 Branch .. .. .. .. .. 4,183 5 0 Reserve for losses on realization and bad debts .. 6,716 14 11 Sundry debtors .. .. .. .. 751 1 7 Interest on dwellings and land— £ s. d. Overdue .. .. .. 7,085 17 3 Accrued .. .. .. 81 5 9 7,167 3 0 Rent overdue ' .. .. .. . . 1,630 0 11 Insurance premiums— Overdue .. .. .. 535 8 4 Paid in advance .. .. 439 7 0 974 15 4 Profit and Loss Account .. .. .. 37,143 16 2 Cash in-hand and in bank at 31st March, 1927 .. ' 572 0 2 £751,155 13 4 £751,155 13 4

11

8.—13

Profit and Loss Account for the Year ended 31st March, 1927. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 2,576 4 0 By Interest Account —Gross profits .. .. 1,427 13 7 Dwellings maintenance .. .. .. 923 11 11 Sale of land and dwellings .. .. .. 647 10 6 Losses on realization of securities, and doubtful Balance—Loss for the year .. .. 1,992 811 securities written down.. .. .. 567 17 1 £4,067 13 0 £4,067 13 0 £ s. d. To Balance as at 31st March, 1926 .. .. 37,871 14 0 By Principal moneys written off—Freed from £ s. d. Loss for the year .. .. .. .. 1,992 811 liability .. .. .. .. 2,720 6 9 Balance .. .. . . 37,143 16 2 £39,864 2 11 £39,864 2 11 Interest Account foe the Year ended 31st March, 1927. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. dTo Interest on loans .. .. 29,063 15 7 By Interest on land and dwellings .. 25,030 13 1 Less accrued at 31st March, 1926 4,030 8 3 Less overdue and accrued at 25,033 7 4 31st March, 1926 .. .. 6,536 1 10 Interest on loans accrued but not due .. 4,000 9 2 18,494 11 3 Balance —Gross profits transferred to Profit and Interest on amounts temporarily transferred to Loss Account .. .. .. 1,427 13 7 Settlers Branch .. .. .. .. 4,722 10 10 Interest on bank balances .. .. .. 77 5 0 Interest on dwellings and land — £ s. d. Overdue at 31st March, 1927 .. 7,085 17 3 Accrued but not due at 31st March, 1927 .. .. 81 5 9 7,167 3 0 £30,461 10 1. £30,461 10 1 Management Expenses Account for the Year ended 31st March, 1927. Dr. £ s. d. Cr. £ s. d. To Audit Office services .. .. .. 225 0 0 By Administration expenses .. .. .. 3 4 0 Cleaning, lighting, heating, and messenger Transfer fees .. .. . . .. 9 10 6 services .. .. .. . . 30 0 0 Balance transferred to Profit and Loss Account 2,576 4 0 Fees paid for special services in respect of securities .. .. .. .. .. 169 19 3 Postages and telegrams .. .. .. 25 0 0 Post Office services .. .. .. 225 0 0 Printing and stationery .. .. .. 100 0 0 Public Service Superannuation Fund contribution .. .. .. .. .. 32 0 0 Rates .. . . .. .. .. 7 10 6 Rent .. .. .. .. . . 100 0 0 Salaries .. .. .. .. .. 1,400 0 0 Solicitors' costs .. .. .. .. 24 8 9 Valuation Department—Agency work .. 250 0 0 £2,588 18 6 £2,588 18 6 A. A. Prichard, Deputy Superintendent. State Advances Office, Wellington, 30th June, 1927. R. Robertson, Accountant. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the books and documents submitted for audit, and correctly state the position as disclosed thereby. Note.- In the absence of statutory authority no provision has been made during the year by this account for redemption of loan liability.—J. H. Fowler, Deputy Controller and Auditor-General. The Profit and Loss Account set out above reveals a loss for the year of £1,992 Bs. lid., hence no provision by the account could be made for redemption of loan liability.—A. A. Prichard, Deputy Superintendent. LOANS TO EMPLOYERS FOR WORKERS' DWELLINGS ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1927. Liabilities. £ s. d. Assets. Sundry loans .. .. .. .. 3,975 0 0 Investment Account —Principal owing by mort- £ s. d. Interest on loans — £ s. cl. gagors .. .. .. .. .. 3,030 14 2 Overdue.. .. .. 82 18 6 Temporary advances to Settlers Branch .. .. 750 0 0 Accrued .. .. 38 15 4 Sinking Fund recouped to Consolidated Fund (from 121 13 10 capital) .. .. .. .. .. 33 711 Profit and Loss Account .. .. .. 13 0 8 Interest on mortgages— £ s. d. Overdue .. .. .. 260 18 0 Accrued .. .. .. 2 15 7 263 J3 7 Cash in hand and in bank at 31st March, 1927 .. 31 18 10 £4,109 14 6 £4,109 14 6

12

B. —13

Profit and Loss Account for the Year ended 31st March, 1927. Dr. £ s. d. Cr. £ s. d. To Administration expenses .. . . .. 10 0 0 By Interest Account—Gross profits .. .. 32 1 2 Balance—Net profits for the year .. 22 I 2 £32 I 2 £32 1 2 £ s. d. £ s. d. To Balance as at 31st March, 1926.. .. .. 9 0 6 By Net profits for the year .. .. .. 22 1 2 Balance—Net profits carried forward . . . . 13 0 8 £22 12 £22 1 2 Interest Account for the Year ended 31st March, 1927. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. . . 76 1 6 By Interest on mortgages .. .. 120 10 0 Less accrued at 31st March, 1926 . . 43 12 3 Interest on mortgages — 32 9 3 Overdue .. .. .. 260 18 0 Interest on loans — Accrued .. .. .. 2 15 7 Overdue .. .. 82 18 6 Accrued .. .. 38 15 4 384 3 7 121 13 10 Less interest overdue and accrued Balance —Gross profits transferred to Profit and at 31st March, 1926 .. .. 230 9 3 Loss Account .. .. .. .. 32 1 2 153 14 4 Interest on temporary loans to Settlers Branch .. 32 911 £186 4 3 £186 4 3 Management Expenses Account for the Year ended 31st March, 1927. Dr. £ s. d. Cr. £ s. d. To Administration expenses .. .. 10 0 0 By Balance transferred to Profit and Loss Account .. 10 0 0 £10 0 0 £10 0 0 A. A. Prichard, Deputy Superintendent. State Advances Office, Wellington, 30th June, 1927. R. Robertson, Accountant. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the books and documents submitted for audit, and correctly state the position as disclosed thereby. Note. —In the absence of statutory authority no provision has been made during the year by this account for redemption of loan liability. —J. H. Fowler, Deputy Controller and Auditor-General. FRUIT-PRESERVING INDUSTRY ADVANCES ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1927. Liabilities. £ s. d. £ s. d. /Useis. £ s. d. Sundry loans .. .. •• 69,598 14 3 Investment Account —Principal owing by mortLess loan liability redeemed and gagors .. .. • . . . .. 44,613 3 4 discharged from Consolidated Properties acquired .. .. .. .. 4,21286 Fund .. .. .. 6,008 14 3 Temporary advances to Settlers Branch .. 12,790 0 0 Interest on mortgages — £ s. d. 63,590 0 0 Overdue .. .. .. 1,666 6 9 Less loan liability redeemed by Accrued .. .. . . 357 18 7 Public Debt Repayment Ac- 2,024 5 4 count .. •• •• 5,000 0 0 Sundry debtors .. .. .. .. 60 19 3 58,590 0 0 Profit and Loss Account .. .. .. 4,398 16 7 Liability to Consolidated Fund iti Cash in hand and in bank at 31st March, 1927 .. 1,036 9 2 terms of section 22, Finance Act, 1926.. .. .. 5,000 0 0 Less Sinking Fund recouped to Consolidated Fund.. .. 612 16 10 4,387 3 2 Suspense Account .. .. •. 35 17 10 Interest on loans — Overdue 1,298 19 0 Accrued .. .. •• 1,271 6 8 2,570 5 8 Rent accrued .. .. • • • • 37 1 8 Reserve for losses on realization and bad debts .. .. •• 3,515 13 10 £69,136 2 2 £69,136 2 2 j — — Profit and Loss Account for the Year ended 31st March, 1927. Dr. £ s. d. | Or. £ s. d. To Management Expenses Account .. .. 100 0 0 By Interest Account—Gross profits . . .. 39 16 4 Expenses of realization of assets .. .. 49 18 3 Balance—Loss for the year .. .. .. 110 111 £149 18 3 £149 18 3 £ s. d. £ s. d. To Balance as at 31st March, 1926 .. .. 5,803 2 9 By Principal moneys written off—Freed from liability 1,514 8 1 Loss for the year .. .. ■■ 110 1 11 Balance .. .. .. .. .. 4,398 16 7 £5,913 4 8 | £5,913 4 8

13

B.—13.

Interest Account for the Year ended 31st March, 1927. Dr. . £ s. d. £ s. d. | £ s. d. £ s. d To Interest on loans .. .. 2,601 3 0 Cr. Less accrued at 31st March, 1926 1,295 1 4 By Interest on mortgages .. 1,945 13 2 1,306 1 8 | Less overdue and accrued at Interest on loans accrued but not due .. 1,271 6 8 31st March, 1926 .. 1,934 4 8 Balance—Gross profits transferred to Profit and 11 8 6 Loss Account .. .. .. . . 39 16 4 Interest on bank balances .. .. 15 0 0 Interest on temporary advances to Settlers Branch .. . . 566 10 10 Interest on mortgages— Overdue at 31st March, 1927 1,666 6 9 Accrued but not due at 31st March, 1927 . . .. 357 18 7 2,024 5 4 £2,617 4 8 £2,617 4 8 Management Expenses Account for the Year ended 31st March, 1927. Dr. £ s. d. Or. £ s. d. To Administration expenses .. .. .. 95 0 0 By Balance transferred to Profit and Loss Account . . 100 0 0 Audit Office services .. . . .. . . 5 0 0 £100 0 0 £100 0 0 A. A. Prichard, Deputy Superintendent. State Advances Office, Wellington, 30th June, 1927. R. Robertson, Accountant. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the hooks and documents submitted for audit, and correctly state the position as disclosed thereby. Note. -In the absence of statutory authority no provision has been made during the year by this Account for redemption of loan liability- J. H. Fowler, Deputy Controller and Auditor-General. The Profit and Loss Account set out above reveals a loss for the year of £110 Is. lid., hence no provision by the account could be made for redemption of loan liability.—A. A. Prichard, Deputy Superintendent.

COLD-STORAGE ADVANCES ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1927. Liabilities. £ s. d. £ s. d. Assets. £ s. d. Sundry loans .. .. .. 82,750 0 0 Investment Account—Principal owing by mortLess loan liability redeemed and gagors .. . . .. . . .. 41,760 5 0 discharged from Consolidated Temporary advances to Settlers Branch .. .. 30,920 0 0 Fund .. .. 7,500 0 0 Interest on mortgages — £ s. d. Overdue .. .. .. 863 19 5 75,250 0 0 Accrued .. .. .. 742 7 4 Less loan liability redeemed by 1,606 6 9 Public Debt Repayment Ac- Sundry debtors .. .. .. .. 547 10 0 count .. .. .. 980 0 0 Profit and Loss Account .. .. . . 698 12 9 74,270 0 0 , Cash in hand and in bank at 31st March, 1927 .. 3 17 4 Liability to Consolidated Fund in terms of section 22, Finance Act, 1926 .. .. .. 980 0 0 Less Sinking Fund recouped to Consolidated Fund .. .. 926 2 8 53 17 4 Interest on loans — Overdue .. .. •. 417 16 6 Accrued .. .. • . 247 8 0 665 4 6 Reserve for losses on realization and bad debts.. 547 10 0 £75,536 II 10 £75,536 II 10 Profit and Loss Account for the Year ended 31st March, 1927. Dr. £ s. d. Gr. £ s. d. To Management Expenses Account .. .. 115 0 0 By Interest Account—Gross profits .. .. 607 17 6 Losses on realization of securities .. .. 547 10 0 Balance—Loss for the year .. .. .. 54 12 6 £662 10 0 £662 10 0 - £ s.: d. £ s. d. To Balance as at 31st March, 1926 .. .. 1,020 5 3 By Sinking Fund invested in Public Debt RedempLoss for the year .. .. .. .. 54 12 6 tion Fund (refunded) .. .. .. 376 5 0 Balance .. .. .. .. .. 698 12 9 £1,074 17 9 £1,074 17 9

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8.—1.3

Interest Account for the Year ended 31st March, 1927. Dr. £ s. d. £ s. d. Or. £ s. d. £ s. d. To Interest on loans .. .. 3,010 0 0 By Interest on mortgages .. .. 2,301 14 6 Less accrued at 31st March, 1926 247 4 II Less overdue and accrued at 31st 2,762 15 1 March, 1926 .. .. 1,832 4 0 Interest on loans accrued but not due.. .. 247 8 0 469 10 6 Balance —Gross profits transferred to Profit and Interest on bank balances .. .. .. 15 0 0 Loss Account .. .. .. 607 17 6 Interest on temporary advances to Settlers Branch.. .. .. .. .. 1,527 3 4 Interest on mortgages — £ s. d. Overdue at 31st March, 1927 .. 863 19 5 Accrued but not due at 31st March, 1927 .. .. 742 7 4 1,606 6 9 £3,618 0 7 £3,618 0 7 Management Expenses Account for the Year ended 31st March, 1927. Dr. £ s. d. | Cr. £ s. d. To Administration expenses .. .. .. 110 0 0 i By Balance transferred to Profit and Loss Account .. 115 0 0 Audit Office services .. .. .. .. 5 0 0 £115 0 0 £115 0 0 - I # A. A. Prichard, Deputy Superintendent. State Advances Office, Wellington, 30th June, 1927. R. Robertson, Accountant. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the books and documents submitted for audit, and correctly state the position as disclosed thereby. Note.—ln the absence of statutory authority no provision has been made during the year by this Account for redemption of loan liability.- -J. H. Fowler, Deputy Controller and Auditor-General. The Profit and Loss Account set out above reveals a loss for the year of £54 12s. 6d., hence no provision by the account could be made for the redemption of loan liability.—A. A. Prichard, Deputy Superintendent. FISHING INDUSTRY PROMOTION ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1927. Liabilities. £ s. d. £ s. d. Assets. £ s. d. Sundry loans .. .. .. 5,571 19 2 Investment Account —Principal owing on bills of Less loan liability redeemed and sale .. .. .. .. .. 1,229 6 10 discharged from Consolidated Temporary advances to Settlers Branch .. 2,840 0 0 Fund .. .. .. 1,036 19 2 Interest on bills of sale— £ s. d. Overdue .. .. . . 16 8 10 4,535 0 0 Accrued .. .. 15 10 6 Less loan liability redeemed by 31 19 4 Public Debt Repayment Ac- Sundry debtors .. . . .. . . 17 3 2 count .. .. .. 1,060 0 0 Profit and Loss Account .. .. .. 397 9 0 3,475 0 0 Cash in hand and in bank at 31st March, 1927 .. .197 6 1 Liability to Consolidated Fund in terms of section 22, Finance Act, 1926 .. .. .. 1,060 0 0 Less Sinking Fund recouped to Consolidated Fund .. .. 41 3 5 1,018 16 7 Interest on loans — Overdue .. .. .. 152 14 3 Accrued . . .. .. 66 13 7 219 7 10 £4,713 4 5 £4,713 4 5 Profit and Loss Account for the Year ended 31st March, 1927. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 13 13 4 By Interest Account —Gross profits .. .. 19 1 Balance —Loss for the year .. . . 12 4 3 £13 13 4 £13 13 4 £ s. d. £ s. d. To Balance as at 31st March, 1926 .. .. 1,062 15 0 By Principal moneys written off —Freed from liability 677 10 3 Loss for the year .. .. .. 12 4 3 Balance .. .. . . .. 397 9 0 £1,074 19 3 £1,074 19 3 Interest Account for the Year ended 31st March, 1927. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. .. .. 226 13 6 By Interest on bills of sale .. .. 87 8 0 Less accrued at 31st March, 1926 .. 76 14 9 Less overdue and accrued at 149 18 9 31st March, 1926 .. .. 50 12 7 Interest on loans accrued but not due .. .. 66 13 7 36 15 5 Balance —Gross profits transferred to Profit and Interest on bank balances .. .. 20 0 0 Loss Account .. .. .. .. 19 1 Interest on temporary advances to Settlers Branch 129 6 8 Interest on bills of sale — £ s. d. Overdue at 31st March, 1927 .. 16 8 10 Accrued but not due at 31st March, 1927 .. .. .. 15 10 6 31 19 4 £218 I 5 j £218 1 5

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Management Expenses Account for the Year ended 31st March, 1927. Dr. £ s. d. Gr. £ s. d. To Administration expenses .. .. .. 10 0 0 By Survey fees .. .. .. .... 2 1 8 Audit Office services .. .. .. 5 0 0 Balance transferred to Profit and Loss Account .. 13 13 4 Court costs .. .. .. .. .. 0 15 0 £15 15 0 £15 15 0 A. A. Prichard, Deputy Superintendent. State Advances Office, Wellington, 30th June, 1927. R. Robertson, Accountant. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the books and documents submitted for audit, and correctly state the position as disclosed thereby. Note. —In the absence of statutory authority no provision has been made during the year by this Account for redemption of loan liability.— J. H. Fowler, Deputy Controller and Auditor-General. The Profit and Loss Account set out above reveals a loss for the year of £12 4s. 3d., hence no provision by the account could be made for the redemption of loan liability.—A. A. Prichard, Deputy Superintendent. REPATRIATION. Statement op Liabilities and Assets as at 31st March, 1927. Liabilities. £ s. d. Assets. £ s. d. Liability to Redemption Account as at Ist April, Investment Account — Principal £ s. d. 1925 .. .. .. .. 1,287,258 6 8 owing by mortgagors .. 372,935 8 10 Plus balance reserve for loss as taken over from Less Suspense adjustments .. 161 12 4 Repatriation Department—reversed .. 2,923 15 5 372,773 16 6 Buildings and farm assets .. .. .. 2,41464 1,290,182 2 1 Sundry debtors .. .. .. .. 165 0 0 Less repayments to 31st March, 1927 .. 90,584 10 0 Losses in suspense .. .. .. .. 4,272 17 10 Interest on mortgages —Overdue .. .. 9,830 3 3 1,199,597 12 1 Cash in hand and in bank at 31st March, 1927 .. 4,964 12 0 Less expenditure irrecoverable £ s. d. to 31st March, 1926 ..819,275 12 5 Management expenses for year ended 31st March, 1927 .. 5,000 1 10 824,275 14 3 375,321 17 10 Treasury— Interest .. .. .. 819 12 11 Principal .. .. .. 4,056 1 0 4,875 13 11 Sundry creditors .. . . .. 33 7 0 Suspense Account .. .. .. 86 16 1 Writings off Suspense .. .. 4,272 17 10 Interest on advances from War Expenses Account —Overdue .. .. 9,830 3 3 £394,420 15 11 £394,420 15 11 Interest Account for the Year ended 31st March, 1927. Dr. £ s. d. i Or. £ s. d. £ s. d. To Interest paid to Treasury .. .. ..- 4.140 15 5 : By Interest on bills of sale.. .. 4,256 17 1 Interest due to Treasury — Overdue at 31st Interest on bills of sale—Overdue March, 1927 .. .. .. .. 9,830 3 3 ! at 31st March, 1927 .. 9,830 3 3 13,970 18 8 ! 14,087 0 4 Less interest due to Treasury—Overdue at Less overdue at 31st March, 1926 10,535 1 0 31st March, 1926 .. ' .. .. 10,535 1 0 i — 3,551 19 4 Less realizations—lnterest .. 166 I 8 3,385 17 8 Interest on bank balances .. .. 50 0 0 £3,435 17 8 J £3,435 17 8 I Management Expenses Account for the Year ended 31st March, 1927. Dr. £ s. d. Cr. £ s. d. To Audit Office services .. .. .. 175 0 0 By Balance recouped in accordance with section Cleaning and messenger services .. .. 65 0 0 [3 (3), of the State Advances Amendment Cartage .. ..' .. .. .. 0 6 6 Act, 1922 .. .. .. .. 5,000 1 10 Commission .. .. .. .. 26 3 7 Inspection fee .. .. .. .. 110 Postages and telegrams .. .. .. 349 15 II Post < iffice services .. .. .. 450 0 0 Printing and stationery .. .. .. 300 0 0 Rent .. .. .. • • • • 250 0 0 Salaries .. .. .. .. 3,200 0 0 Solicitor's costs .. .. .. .. 130 5 11 Training subsidy .. .. .. .. 49 10 0 Petty expenses .. .. .. .. 218 11 £5,000 1 10 £5,000 1 10 A. A. Prichard, Deputy Superintendent. State Advances Office, Wellington, 30th June, 1927. R. Robertson, Accountant. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the books and documents submitted for audit, and correctly state the position as disclosed thereby. —J. H. Fowler, Deputy Controller and Auditor-General.

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