STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1930.

Appendix to the Journals of the House of Representatives, 1930 Session I, B-13

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1930. NEW ZEALAND

STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1930.

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

THLRTY-SIXTH ANNUAL BEPOBT.

ADVANCES TO SETTLERS BRANCH. 1. During the year the State Advances Board has authorized 2,332 advances amounting to £2,181,410, and the following statement shows the amount authorized in each provincial district:—- „ . . , at i Amount of Advances Provincial Number of 1 District. Applications. Auckland .. .. .. .. .. 951 852,200 Taranaki .. .. .. .. .. 135 162,855 Hawke'sßay .. .. .. .. .. 98 102,520 Wellington' .. .. .. .. .. 490 464,295 Marlborough .. .. 26 17,500 Nelson .. .. .. .. .. 45 31,840 West,land .. .. .. .. .. 65 36,585 Canterbury .. .. .. .. .. 243 216,290 Otago.. .. 104 118,985 Southland .. .. . • .. .. 175 178,280 Totals .. .. .. .. 2,332 £2,181,410 2. During the year the advances paid over are as follows : — -.t t Amount. JN umber. £ Not exceeding £500 .. .. .. .. 474 164,565 Exceeding £500 but not exceeding £1,000 .. .. 933 698,780 Exceeding £1,000 but not exceeding £2,000.. .. 487 681,675 Exceeding £2,000 but not exceeding £3,500.. .. 198 554,915 Totals 2,092 £2,099,935 3. The advances paid over classified according to the tenure of the securities, are as follows : — Number. Am ° unt - On freeholds .. .. . • 1,844 1,894,565 On leaseholds .. .. .. .. 243 198,420 On freeholds and leaseholds combined . . . . 5 6,950 Totals .. .. .. .. 2,092 £2,099,935 4. The advances current are as follows : — -» T , Amount. IN umber. s d Not exceeding £500 .. .. .. 14,347 3,209,385 17 8 Exceeding £500 but not exceeding £1,000 .. 6,783 5,173,025 1 2 Exceeding £1,000 but not exceeding £2,000 .. 3,961 5,165,059 3 4 Exceeding £2,000 but not exceeding £3,500 1,367 4,188,096 16 8 Totals .. .. .. .. 26,458 £17,735,566 18 10

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5. The advances current, classified according to the tenure of the securities, are as follows : — ■m T , Amount. Number. s d On freeholds .. 17,568 14,026,976 4 5 On leaseholds .. .. .. .. 8,578 3,412,529 10 8 On freeholds and leaseholds combined .. .. 309 296,061 3 9 Totals .. .. .. .. 26,458 £17,735,566 18 10 6. The advances current on rural and urban and suburban land are as follows : — , T , Amount. JN umber. £ s cl On rural land .. .. .. .. 15,820 11,253,913 8 6 On urban and suburban land .. .. .. 10,638 6,481,653 10 4 Totals .. .. .. .. 26,458 £17,735,566 18 10 7. The commitments in respect of loans granted and not paid over in whole or in part at the 31st March, 1930, amounted to £377,295. 8. The net profits for the year amounted to £32,741 17s. lid. 9. The cost of management was £34,897 15s. 4d., being 0-149 per cent., or 2s. lid. per £100, of the capital employed. 10. Notwithstanding the lower prices ruling during the season for the primary products of the Dominion, settlers generally have continued to pay their instalments in a satisfactory manner, the percentage of arrears to the funds outstanding at the close of the year being only 0-908 per cent. 11. Mortgages and instalments of principal repaid for the year amounted to £1,106,692 lis. lOd. 12. The amount of interest collected was £1,092,802 ss. Id. 13. Twenty-nine leasehold and ninety freehold securities were realized by the Department during the year. 14. On chattel securities thirty-nine advances, amounting to £11,415 were authorized for the year, and the amount paid over to twenty-eight borrowers was £8445. 15. The sinking fund, after redemption of loans totalling £485,365 Is lid., amounted to £1,643,914 6s. Id. at the close of the year. 16. Since its inception in .1894 the Department has advanced to settlers £40,221,615. During that period the losses made were £198,539 195., or 9s. lOd. in every £100 of the amount advanced. The remarkably low loss-rate recorded last year has been well maintained. RURAL ADVANCES BRANCH. 17. During the year the State Advances Board lias authorized 999 advances amounting to £1,841,055, and the following statement shows the amount authorized in each provincial district: — r> • ■ , , T , r Amount of Advances .Provincial dumber oi District. Applications. au °^, 17je Auckland .. .. .. .. .. 397 650,320 Taranaki .. .. .. .. .. 87 164,745 Hawke's Bay .. .. .. .. .. 37 62,155 Wellington .. .. .. .. .. 108 226,020 Marlborough .. .. .. .. .. 22 44,010 Nelson .. .. .. .. .. 24 27,855 Westland .. .. .. .. .. 7 7,150 Canterbury .. .. .. .. 116 266,975 Otago .. .. .. .. .. .. 63 116,615 Southland .. .. .. .. .. 138 275,210 Totals .. .. .. .. 999 £1,841,055 18. The advances paid over during the year aie as follows : — AT , Amount. A'umber. £ Not exceeding £500 .. .. .. .. 88 31,425 Exceeding £500 but not exceeding £1,000 .. .. 171 124,120 Exceeding £1,000 but not exceeding £2,000. . .. 266 405,515 Exceeding £2,000 but not exceeding £3,500.. .. 165 464,165 Exceeding £3,500 but not exceeding £5,500.. .. 89 381,635 Totals .. .. .. .. 779 £1,406,860

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19. The advances paid over, classified according to the tenure of the securities, are as follows : — Number. Am ° unt " On freeholds .. .. .. .. .. 669 1,262,050 On leaseholds .. .. .. .. .. 107 138,060 On freeholds and leaseholds combined .. .. 3 6,750 Totals .. .. .. .. 779 £1,406,860 20. The advances current are as follows : — AT , Amount. Number. £ g _ d _ Not exceeding £500 .. .. .. .. 146 57,709 17 4 Exceeding £500 but not exceeding £1,000 .. 371 277,696 16 2 Exceeding £1,000 but not exceeding £2,000 .. 507 835,883 12 3 Exceeding £2,000 but not exceeding £3,500 .. 451 1,157,360 4 2 Exceeding £3,500 but not exceeding £5,500 .. 213 901,498 6 6 Totals .. .. .. .. 1,688 £3,230,148 16 5 21. The advances current, classified according to the tenure of the securities, are as follows : — AT Amount. JN um her. £ s d On freeholds .. .. .. .. 1,416 2,823,137 2 9 On leaseholds .. .. .. .. 238 345,977 11 4 On freeholds and leaseholds combined .. .. 34 61,034 2 4 Totals .. .. .. .. 1,688 £3,230,148 16 5 22. The commitments in respect of loans granted and not paid over in whole or in part at the 31st March, 1930, amounted to £415,690. 23. The net profits for the year amounted to £5,668 16s. 7d. 24. The cost of management was £2,742 os. 4d., being 0.079 per cent., or Is. 7d. per £100, of the capital employed. 25. The payment of instalments by borrowers is satisfactory, and in no case has the Department made a loss. The percentage of arrears to the funds outstanding at the close of the year was only 0-301 per cent. 26. Bonds to the aggregate value of £1,179,350 were issued during the year. 27. Mortgages and instalments of principal repaid for the year amounted to £51,997 3s. 28. The amount of interest collected was £126,185 15s. 9d. ADVANCES TO WORKERS BRANCH. 29. During the year the State Advances Board has authorized 4,239 advances amounting to £3,555,220, and the following statement shows the amount authorized in each provincial district _ . . , , T i. f Amount of Advances Provincial A N '™ b «' of authorized. District. Applications. £ Auckland .. .. .. ■■ •• 1,282 1,031,135 Taranaki .. .. .. . • .. 65 50,460 Hawke's Bay .. .. .. .. .. 86 63,190 Wellington .. .. •• 1,758 1,611,345 Marlborough .. .. . . .. .. 57 37, 655 Nelson .. .. .. •• 63 46,825 Westland .. .. .. .. 61 35,420 Canterbury .. .. .. .. .. 588 462,550 Otago .. .. .. .. .. .• 138 107,950 Southland .. .. .. .. .. 141 108,690 Totals .. .. .. ..4,239 £3,555,220 30. The advances paid over during the year, classified according to the tenure of the securities, are as follows : — AT , Amount. Number. £ On freeholds .. .. .. .. .. 3,548 3,140,460 On leaseholds .. .. .. .. .. 186 158,010 Totals .. .. .. ..3,734 £3,298,470

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31. The advances current and the tenure of the securities are as follows -vr , Amount. Number. £ On freeholds .. .. .. .. 22,389 13,476,598 16 7 On leaseholds .. .. .. .. 1,315 744,175 610 Totals .. .. .. ..23,704 £14,220,774 3 5 32. The commitments in respect of loans granted and not paid over in whole or in part at the 31st March, 1930, amounted to £777,070. 33. The net profits for the year amounted to £9,587 14s. 4d. 34. The cost of management was £9,324, being 0-064 per cent., or Is. 3d. per £100, of the capital employed. 35. Although in a number of cases workers who have become unemployed have been unable to pay their instalments, in general the payment of instalments by workers has been well maintained and is considered satisfactory, the percentage of arrears to the funds outstanding at the close of the year being only 0-809 per cent. 36. Mortgages and instalments of principal repaid for the year amounted to £514,685 15s. 7d. 37. The amount of interest collected was £609,979 12s. lid. 38. Two leasehold and 158 freehold securities were realized by the Department during the year. 39. The sinking fund, after redemption of loans totalling £208,091 7s. lid, amounts to £75,030 10s. 40. Since the commencement of the Advances to Workers Act in 1906 the Department has advanced to workers the sum of £19,470,872. The losses made during that period amounted to £1],434 19s. 4d., or Is. 2d. in every £100 of the amount advanced. The exceptionally low percentage of loss recorded last year has been well maintained. ADVANCES TO LOCAL AUTHORITIES BRANCH. 41. During the year the State Advances Board has authorized eight advances amounting to £5,580, and the following statement shows the amount authorized in each provincial district:— ■ i -»t i n Amount of Advances Provincial Number of „ • i xv ~ , . i. ~ authorized. District. Applications. £ Auckland . . .. .. .. .. 4 3,980 Taranaki .. . . .. . . .. 2 750 Wellington .. .. .. .. .. 2 850 Totals .. .. .. .. 8 £5,580 42. The amount paid over to eight local bodies during the year was £5,580. 43. The commitments in respect of loans granted and not paid over in whole or in part at the 31st March, 1930, amounted to £5,150. 44. Loans to the number of 1,976 have been made to local bodies. They are now indebted to the extent of £2,668,527 4s. in respect of principal moneys. 45. The payment of instalments by local bodies is satisfactory, the percentage of arrears to the funds outstanding at the close of the year being only 0-084 per cent. 46. Mortgages and instalments of principal repaid for the year amounted to £74,399 15s. 3d. 47. The amount of interest collected was £113,376 19s. sd. 48. The net profits for the year amounted to £648 2s. 3d. 49. The sinking fund, after redemption of loans totalling £239,812 13s. Bd., amounts to £160,115 16s. Bd.

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PUBLIC DEBT SINKING FUNDS BRANCH. 50. During the year tlie State Advances Board has authorized 117 advances amounting to £122,305. 51. The advances paid over during the year to eighty borrowers were £75,955. 52. The commitments in respect of loans granted and not paid over in whole or in part at the 31st March, 1930, amounted to £63,905. 53. 1,317 settlers are now indebted to the extent of £1,110,526 16s. Bd.; 130 workers, £69,655 12s. 6d. ; and local bodies (in respect of 1,628 loans), £2,043,500 Bs. Id.; a total of £3,223,682 17s. 3d. in respect of principal moneys. 54. Mortgages and instalments of principal repaid for the year amounted to £107,962 9s. 2d. 55. The amount of interest collected was £.155,930 12s. Id. 56. The interest earned for the year amounted to £154,310 Bs. lOd. 57. The cost of management was nil. ADVANCES OFFICE SINKING FUND. 58. During the year the State Advances Board has authorized twenty-two advances amounting to £13,320. 59. The advances paid over during the year to twenty-three borrowers were £13,930. 60. The commitments in respect of loans granted and not paid over in whole or in part at the 31st March, 1930, amounted to £2,555. 61. 1,493 settlers are now indebted to the extent of £977,603 9s. 7d. ; 135 workers, £60,171 lis. Id. ; and local bodies (in respect of 319 loans), £394,912 os. lid. ; a total of £1,432,687 Is. 7d. in respect of principal moneys. 62. Mortgages and instalments of principal repaid for the year amounted to £93,428 18s. 9d. 63. The amount of interest collected was £85,834 3s. lid. 64. The interest earned for the year amounted to £82,738 Bs. sd. 65. To date loan-moneys amounting to £933,269 3s. 6d. have been redeemed out of sinking funds, and the balance held to the credit of the fund at the close of the year was £1,879,060 12s. 9d. 66. The cost of management was nil. MISCELLANEOUS BUSINESS BRANCH. Expatriation. 67. During the year the sum of £33,810 lis. 2d. principal moneys was repaid by borrowers. 68. The present position is that 1,235 borrowers are indebted to the extent of £155,708 Is. Bd. for business loans, and 4,634 borrowers owe £98,006 2s. 4d. for furniture loans— a total of £253,714 4s. in respect of principal moneys. Housing Account. 69. The sum of £6,736 4s. Id. was expended during the year in preparing land for dwellings. 70. Mortgages and instalments of principal repaid for the year amounted to £50,409 19s. 4d. 71. The total amount of interest collected was £30,160 19s. Loans to Employers for Workers' Dwellings Account ; Fishing Industry Promotion Account ; Fruit-preserving Industry Advances Account ; Cold Storage Advances Account. 72. Mortgages and instalments of principal repaid for the year in respect of the above accounts amounted to £10,155 os. 9d., and the total amount of interest collected was £6,557 16s. lid. 73. A statement of each account for the year is attached. Wm. Waddel, Superintendent. State Advances Office, Wellington. 23rd June, 1930.

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STATE ADVANCES OFFICE. ADVANCES TO SETTLERS BRANCH. Statement op Liabilities and Assets as at 31st March, 1930. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. .. 20,794,845 8 5 Investment Account — Principal owing by Temporary advances from— mortgagors .. .. .. .. 17,735,566 18 10 Public Debt Sinking Funds £ s. d. Temporary investments .. .. .. 125 0 0 Branch .. .. 91,000 0 0 Temporary advances to— £ s. d. Advances Office Sinking Workers Branch .. 2,700,000 0 0 Fund Account .. 390,000 0 0 Local Authorities Branch 43,000 0 0 Miscellaneous Business Rural Advances Branch.. 734,000 0 0 Branch .. .. 337,430 0 0 3,477,000 0 0 818,430 0 0 Sinking Fund investments held by Advances Amount held for investment on behalf of the Office Sinking Fund Account .. .. 1,643,914 6 1 Housing Insurance Fund .. .. 5,363 9 1 Interest on mortgages — £ s. d. Advances Suspense Account .. .. 31,610 9 7 Overdue .. .. 156,303 13 0 Fire Loss Suspense Account .. .. 10,978 5 2 Accrued .. .. 233,216 311 Suspense Account .. .. .. 3,127 14 5 389,519 16 11 Income-tax Suspense Account .. .. 11,574 6 0 Interest on temporary investments accrued .. 63 0 3 Sundry creditors .. .. .. .. 2,647 14 5 Office furniture and equipment .. .. 6,934 5 8 Interest on loans accrued but not due .. 174,584 0 7 Sundry debtors .. .. .. .. 1,577 15 10 Reserve for bad debts .. .. .. 111,730 1 4 Realization Suspense Account .. .. 141,021 5 3 Sinking Fund .. .. .. .. 1,643,914 6 1 Loan Charges Account .. .. .. 170,749 8 8 Reserve Fund .. .. .. .. 25,000 0 0 Cash in hand and in bank at 31st March, 1930 67,333 17 7 £23,633,805 15 1 £23,633,805 15 1 Profit and Loss Account for the Year ended 31st March, 1930. Or. £ s. d. Or. £ s. d. To Management Expenses Account .. .. 34,897 15 4 By Interest Account —Gross profits .. .. 143,652 7 2 Loss on realization of securities and doubtful securities written down .. .. .. 50,913 18 1 Office furniture and equipment written down.. 364 19 3 Loan-flotation charges written down .. 12,786 5 1 Income-tax .. .. .. .. 11,947 11 6 Balance —Net profits for the year .. .. 32,741 17 11 £143,652 7 2 £143,652 7 2 £ s. d. £ s. d. To Amount invested in Advances Office Sinking By Net profits for the year .. .. .. 32,741 17 11 Fund Account .. .. .. .. 32,741 17 11 £32,741 17 11 £32,741 17 11 Interest Account for the Year ended 31st March, 1930. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. .. 919,074 4 9 By Interest on mortgages .. 919,439 14 8 Less accrued at 31st March, Less overdue and accrued 1929 .. .. 169,034 2 0 at 31st March, 1929 .. 377,838 16 8 — 750,040 2 9 541,600 18 0 Interest on loans accrued but not due .. 174,584 0 7 Interest on outstanding payments .. 174 18 9 Interest on amounts temporarily trans- Interest on bank balances .. .. 850 14 5 ferred from other branches .. .. 33,918 16 2 Interest on temporary advances to other Balance —Gross profits transferred to Profit branches .. .. .. .. 124,564 3 4 and Loss Account .. .. .. 143,652 7 2 Interest on temporary invest- £ s. d. ments .. .. 47,772 13 11 Less accrued at 31st March, 1929 .. .. 2,350 18 11 45,421 15 0 Interest on temporary investments accrued at 31st March, 1930 .. .. .. 63 0 3 Interest on mortgages— £ s. d. Overdue at 31st March, 1930 .. .. 156,303 13 0 Accrued but not due at 31st March, 1930 .. ..233,216 3 11 389,519 16 11 £1,102,195 6 8 £1,102,195 6 8

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ADVANCES TO SETTLERS BRANCH—continued. Management Expenses Account for the Year ended 31st March, 1930. I)r. £ a. d. Cr. £ s. d. To Advertising, newspapers, &e. .. .. 12 2 9 By Consent fees .. .. .. .. 34 14 6 Audit Office services .. .. 275 0 0 Production fees .. .. .. .. 879 16 2 Cleaning, lighting, heating, and messenger Release fees .. .. .. .. 375 3 4 services .. .. .. .. 455 16 0 Balance transferred to Profit and Loss Account 34,897 15 4 Contingencies .. .. .. .. 2 0 6 Management charges on New Zealand stock and bonds .. .. .. .. 3,873 1 9 Meal allowances and overtime .. .. 1,071 18 3 Office maintenance .. .. .. 134 13 6 Postages and telegrams .. .. .. 1,156 9 4 Post Office services .. .. .. 1,866 14 0 Printing and stationery .. .. .. 195 16 3 Public Service Superannuation Fund contribution .. .. .. .. • .. 369 011 Rent .. .. .. .. .. 2,349 9 0 Salaries .. .. .. .. .. 22,660 15 4 Solicitors' costs and Court costs .. .. 110 8 Telephones .. .. .. .. 124 5 1 Travelling-expenses .. .. .. 895 10 5 Typewriters and adding-machines—Repairs .. 83 15 7 Valuation Department—Agency work .. 650 0 0 £36,187 9 4 £36,187 9 4 Wm. Waddel, Superintendent. R. Robertson, Accountant. State Advances Office, Wellington, 23rd June, 1930. 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.— G. F. C. Camprell, Controller and Auditor-General.

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RURAL ADVANCES BRANCH. Statement op Liabilities and Assets as at 31st March, 1930. Liabilities. £ s. d. Assets. £ s. d. Bonds issued .. .. .. .. 2,771,200 0 0 Investment Account —Principal owing by mortTemporary advances from Settlers Branch .. .734,000 0 0 gagors .. .. .. .. 3,230,148 16 5 Advances Suspense Account .. .. 17,093 0 0 Temporary investments .. .. .. 100,085 10 0 Fire Loss Suspense Account .. .. 4,485 0 0 Interest on mortgages — £ s. d. Suspense Account .. .. .. 2,384 11 7 Overdue .. .. 15,324 16 11 Income-tax Suspense Account .. .. 3,634 17 0 Accrued .. .. 43,884 19 2 Interest on loans accrued but. not due .. 5,650 9 2 59,209 16 1 Profit and Loss Account .. .. .. 7,312 10 II Sundry debtors .. .. .. .. 24 12 4 Loan Charges Account .. .. .. 148,663 17 5 Cash in hand and in bank at 31st March, 1930 7,599 16 5 £3,545,732 8 8 £3,545,732 8 8 Profit and Loss Account for the Year ended 31st March, 1930. Dr. . £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 2,742 0 4 By Interest Account—Gross profits .. .. 20,790 12 7 Loan-flotation charges written down .. 8,744 18 8 Income-tax .. .. .. .. 3,634 17 0 Balance —Net profits for the year .. .. 5,668 16 7 £20,790 12 7 £20,790 12 7 £ s. d. £ s. d. To Balance—Net profits carried forward .. 7,312 10 11 By Balance as at 31st March, 1929 .. .. 1,643 14 4 Net profits for the year .. .. .. 5,668 16 7 £7.312 10 11 £7,312 10 11 Interest Account for the Year ended 31st March, 1930. Dr. £ s. d. £ s. d. Gr. £ s. d. £ s. d To Interest on bonds .. .. 97,597 10 4 By Interest on mortgages ..125,870 4 7 Less accrued at 31st March, Less overdue and accrued at 1929 .. .. .. 3,479 5 5 31st March, 1929 .. 32,163 15 2 94,118 4 11 93,706 9 5 Interest on bonds accrued but not due .. 5,650 9 2 Interest on temporary investments .. 257 510 Interest on amounts temporarily transferred Interest on bank balances .. .. . . 58 5 4 from Settlers Branch .. .. .. 32,672 10 0 Interest on mortgages — £ s. d. Balance —Gross profits transferred to Profit Overdue at 31st March, 1930 15,324 16 11 and Loss Account .. .. .. 20,790 12 7 Accrued but not due at 31st March, 1930 .. .. 43,884 19 2 59,209 16 1 £153,231 16 8 £153,231 16 8 Management Expenses Account for the Year ended 31st March, 1930. Dr. £ s. d. Cr. £ s. d. To Audit Office services .. .. .. 75 0 0 By Balance transferred to Profit and Loss Account 2,742 0 4 Cleaning, lighting, heating, and messenger services 50 0 0 Postages and telegrams .. .. .. 96 18 10 Post Offices services .. .. .. 105 0 0 Printing and stationery .. .. .. 75 0 0 Rent .. . . • • •■ •■ 205 0 0 Salaries .. .. .. . • • • 2,108 0 0 Solicitors' costs .. .. .. •• 216 Travelling-expenses .. .. .. .. 25 0 0 £2,742 0 4 £2,742 0 4 Wm. Waddel, Superintendent. State Advances Office, Wellington, 23rd June, 1930. 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. — G. F. C. Campbell, Controller and Auditor-General.

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ADVANCES TO WORKERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1930. Liabilities. £ s. d. Assets. £ a. d. Sundry loans .. .. .. .. 11,866,549 10 4 Investment Account—Principal owiug by mortTemporary advances from Settlers Branch .. 2,700,000 0 0 gagors .. .. .. .. 14,220,774 3 5 Liability to Railway Department (Railway Sinking Fund Investments held by Advances housing) .. .. .. .. 16,880 0 0 Office Sinking Fund Account .. 75,030 10 0 Advances Suspense Account .. .. 143,111 18 6 Interest on mortgages — £ s. d. Fire Loss Suspense Account .. .. 2,790 10 0 Overdue .. .. 109,690 11 1 Suspense Account .. .. .. 4,991 2 0 Accrued .. .. 181,953 3 9 Income-tax Suspense Account .. .. 6,300 0 6 — 291,643 14 10 Sundry creditors .. .. .. .. 1,161 15 5 Unregistered Transfers Account (Railway emInterest on loans accrued but not due .. 101,262 5 2 ployees) .. .. .. .. 16,880 0 0 Reserve for bad debts .. .. .. 4,072 12 11 Sundry debtors .. .. .. .. 1,235 10 11 Sinking Fund .. .. .. .. 75,030 10 0 Realization Suspense Account .. .. 7,967 15 10 Loan Charges Account .. .. .. 206,812 5 7 Profit and Loss Account .. .. .. 42,009 2 8 Cash in hand and in bank at 31st March, 1930 59,797 1 7 £14,922,150 4 10 £14,922,150 4 10 Profit and Loss Account for the Year ended 31st March, 1930. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 9,324 0 0 By Interest Account—Gross profits .. .. 43,778 14 3 Loss on realization of securities .. .. 3,170 310 Loan-flotation charges written down .. 15,396 15 7 Income-tax .. .. .. .. 6,300 0 6 Balance —Net profits for the year .. .. 9,587 14 4 £43,778 14 3 £43,778 14 3 Dr. £ s. d. Cr. £ s. d. To Balance as at 31st March, 1929 .. .. 51,596 17 0 By Net profits for the year .. .. .. 9,587 14 4 Balance .. .. .. .. 42,009 2 8 £51,596 17 0 £51,596 17 0 Interest Account for the Year ended 31st March, 1930. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. .. 525,893 0 5 By Interest on mortgages .. 601,849 1 5 Less accrued at 31st March, Less interest overdue and 1929 .. .. 81,946 14 11 accrued at 31st March, 443,946 5 6 1929 .. .. 225,165 2 8 Interest on amounts temporarily transferred 376,683 18 9 from other branches .. .. .. 86,886 1 8 Interest on bank balances .. .. 315 0 2 Interest on Railway expenditure (erection of Interest on outstanding payments .. .. 71 9 10 dwellings) .. .. .. .. 584 18 6 Interest on temporary investments .. 7,744 1 6 Interest on loans accrued but not due .. 101,262 5 2 Interest on mortgages — £ s. d. Balance—Gross profits transferred to Profit Overdue at 31st March, 1930 109,690 11 I and Loss Account .. .. .. 43,778 14 3 Accrued but not due at 31st March, 1930 .. .. 181,953 3 9 — 291,643 14 10 £676,458 5 I £676,458 5 1 Management Expenses Account for the Year ended 31st March, 1930. Dr. £ S. d. Cr. £ s. d. To Audit services .. .. .. . ■ 200 0 0 By Consent fees .. .. .. .. 2 0 0 Cleaning, lighting, heating, and messenger Cost of preparation of mortgages .. .. 96 14 0 services .. . ■ .. • • 175 0 0 Inspection fees .. .. .. .. 43 1 2 Contingencies .. .. .. • • 3 3 0 Production fees .. .. .. .. 397 14 0 Court costs and solicitors'costs .. .. 16 8 0 Release fees .. .. .. -• 110 19 5 Management charges on New Zealand stock and Sundry fees .. .. .. •• 1600 bonds .. .. •• •• 1,877 17 0 Balance transferred to Profit and Loss Account 9,324 0 0 Post Office services .. .. . • 550 0 0 Postages and telegrams .. .. .. 272 18 1 Printing and stationery .. .. .. 100 0 0 Public Service Superannuation Fund contribution .. .. .. .. • • 40 0 0 Rent .. .. .. • • • ■ 600 0 0 Salaries .. .. .. .. •• 5,754 0 0 Travelling-expenses .. .. .. 51 2 6 Valuation Department —Agency work .. 350 0 0 £9,990 8 7 £9,990 8 7 Wm. Waddel, Superintendent. State Advances Office, Wellington, 23rd June, 1930. R. Robertson, Accountant. I hereby certify that the balance-sheet and accompanying accounts have been duly examined and compared witli the books and documents submitted for audit, and correctly state the position as disclosed thereby.— 6. F. C. Campbell, Controller and Auditor-General.

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ADVANCES TO | LOCAL AUTHORITIES BRANCH. Statement op Liabilities and Assets as at 31st March, 1930. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. .. 2,778,690 15 7 Investment Account—Principal owing by local Loan-moneys—Unexpended balances under sec- bodies .. .. .. .. .. 2,668,527 4 0 tion 72, Local Bodies' Loans. Act, 1913 .. 3,987 12 10 Sinking Fund investments held £ s. d. Temporary from Settlers Branch .. 43,000 0 0 by Advances Office Sinking Income-tax Suspense Account .. .. 436 4 0 Fund Account .. .. 171,718 12 9 Interest on loans accrued but not due .. 32,360 12 11 Less redemption of loan- £ s. d. moneys during the year .. 11,602 16 1 Sinking Fund .. .. 171,718 12 9 " 160,115 16 8 Less amount of loan-moneys Interest on debentures— redeemed from Adva.nces Overdue .. .. .. 2,702 2 7 Office Sinking Fund Ac- Accrued .. .. .. 23,568 14 10 count during the year .. 11,602 16 1 26,270 17 5 160,115 16 8 Sundry debtors .. .. .. .. 22 10 1 Loan Charges Account .. .. .. 29,58822 Profit and Loss Account .. .. .. 130,679 18 6 Cash in hand and in bank at 31st March, 1930 3,386 13 2 £3,018,591 2 0 £3,018,591 2 0 Profit and Loss Account for the Year ended 31st March, 1930. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 1,401 6 9 By Interest account—Gross profits .. .. 3,566 17 10 Loan-flotation charges written down .. 1,081 4 10 Income-tax .. .. .. .. 436 4 0 Balance—Net profits for the year .. .. 648 2 3 £3,566 17 10 £3,566 17 10 Dr. £ s. d. Or. £ s. d. To Balance as at 31st March, 1929 .. .. 142,930 16 10 By Net profits for the year .. .. .. 648 2 3 Sinking Funds set free to redeem loan-moneys— Amount transferred from Sinking Fund .. 11,602 16 1 Balance .. .. .. .. 130,679 18 6 £142,930 16 10 £142,930 16 10 Interest Account for the Year ended 31st March, 1930. Dr. £ s. d. £ s. d. "Cr. £ s. d. £ s. d. To Interest on loans .. .. 107,158 16 6 By Interest on debentures .. 113,345 6 7 Less accrued at 31st March, Less overdue and accrued at 1929 .. .. .. 35,893 18 8 31st March, 1929 .. 27,822 1 7 71,264 17 10 85,523 5 0 Interest on amounts temporarily transferred Interest on bank balances .. .. 31 12 10 from Settlers Branch .. .. .. 4,633 6 8 Interest on debentures — Interest on loans accrued but not due .. 32,360 12 11 Overdue at 31st March, 1930 2,702 2 7 Balance—Gross profits transferred to Profit Accrued but not due at 31st and Loss Account .. .. .. 3,566 17 10 March, .1930 .. .. 23,568 14 10 26,270 17 5 £111,825 15 3 £111,825 15 3 Management Expenses Account for the Year ended 31st March, 1930. Dr. £ s. d. I Cr. £ s. d. To Audit Office services .. .. .. 50 0 0 By Balance transferred to Profit and Loss Account 1,401 6 9 Cleaning, lighting, heating, and messenger services .. .. .. .. .. 30 0 0 j Management charges—New Zealand stock and bonds .. .. .. .. .. 454 6 9 Postages and telegrams .. .. .. 40 0 0 Post Office services .. .. .. 50 0 0 Printing and stationery .. .. .. 50 0 0 Public Service Superannuation Fund contribution 20 0 0 Rent .. .. .. .. .. 100 0 0 Salaries .. .. .. .. .. 607 0 0 £1,401 6 9 | £1,401 6 9 — — i 1 1 rWm. Waddel, Superintendent. State Advances Office, Wellington, 23rd June, 1930. 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.— G. P. C. Campbell, Controller and Auditor-General.

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PUBLIC DEBT SINKING FUNDS BRANCH. Statement of Liabilities and Assets as at 31st March, 1930. Liabilities. Assets. Sinking Fund created under the provisions of £ s. d. Investment Account —Principal £ s. d. £ s. d. the Public Debt Extinction Act, 1910 .. 3,258,955 19 4 owing on loans to — Advances Suspense Account .. .. 6,510 0 0 Settlers .. .. 1,110,526 16 8 Fire Loss Suspense Account .. .. 1,000 0 0 Workers .. .. 69,655 12 6 Suspense Account .. .. .. .. 2330 Local bodies .. .. 2,043,500 8 1 Sundry creditors—lnterest due to Consolidated 3,223,682 17 3 Fund in accordance with section 12 (a), Re- Temporary Advances to Settlers Branch .. 91,000 0 0 payment of the Public Debt Act, 1925 .. 49,261 3 6 Sundry debtors .. .. .. .. 24 13 3 Interest due to Treasury— £ s. d. Interest overdue on loans to— £ s. d. Overdue .. .. 9,790 1 3 Settlers .. .. 6,239 8 3 Accrued .. .. 35,365 9 8 Workers .. .. 391 19 5 45,155 10 11 Local bodies .. .. 3,158 13 7 9,790 1 3 Interest accrued on loans to— Settlers .. .. 13,928 9 6 Workers .. .. 871 10 5 Local bodies .. .. 20,565 9 9 35,365 9 8 Cash in hand and in bank at 31st March, 1930 1,042 15 4 £3,360,905 16 9 £3,360,905 16 9 Interest Account for the Year ended 31st March, 1930. Dr. £ s- d- Or. To Interest on investments due to Consolidated By Interest on loans to — £ s. d. £ s. d. Fund in accordance with section 12 (a) Settlers .. .. .. 54,301 11 0 Repayment of the Public Debt Act, Workers .. .. 3,324 12 6 1925 — Local bodies .. .. 95,082 14 3 Paid to Treasury .. .. .. 106,669 8 7 In hand at 31st March, 1930 .. .. 49,261 3 6 152,708 17 9 Overdue at 31st March, 1930 .. .. 9,790 1 3 Less overdue and accrued Accrued at 31st March, 1930 .. .. 35,365 9 8 at 31st March, 1929 .. 46,775 14 2 105,933 3 7 201,086 3 0 Interest on bank balances .. '.. 84 4 4 Less overdue and accrued at 31st March, Interest on temporary advances 1929 .. .. .. .. 46,775 14 2 to Settlers Branch .. .. 3,137 10 0 Interest overdue at 31st March, 1930, on loans to — Settlers .. .. .. 6,239 8 3 Workers .. .. 391 19 5 Local bodies .. .. 3,158 13 7 9,790 1 3 Interest accrued at 31st March, 1930, on loans to— Settlers .. .. .. 13,928 9 6 Workers .. .. 871 10 5 Local bodies .. .. 20,565 9 9 35,365 9 8 £154,310 8 10 £154,310 8 10 Wm. Waddel, Superintendent. State Advances Office, Wellington, 23rd June, 1930. 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.— G. F. G. Campbell, Controller and Auditor-General.

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ADVANCES OFFICE SINKING FUND ACCOUNT. Statement op Liabilities and Assets as at 31st March, 1930. Liabilities. Assets. Principal received as at 31st March, 1929, with Investment Account —Princiaccumulaterl interest from— £ s. d. pal owing on loans to— £ s. d. £ s. d. Settlers Branch .. .. ... 2,024,637 16 1 Settlers .. .. 977,603 9 7 Workers Branch .. .. .. 279,773 11 11 Workers .. .. 60,171 11 1 Local Authorities Branch .. .. 392,438 1 11 Local bodies .. .. 394,912 0 11 1,432,687 1 7 2,696,849 911 Temporary advances to Settlers Branch .. 390,000 0 0 Interest earned for the year ended 31st March, Sundry debtors .. .. .. .. 51 2 10 1930 — Interest overdue on loans to— £ s. d. Settlers Branch .. .. .. 71,899 14 0 Settlers .. .. 4,994 12 2 Workers Branch .. .. .. 3,348 6 0 Workers .. .. 512 7 9 Local Authorities Branch .. .. 7,490 8 5 Local bodies .. .. 1,411 6 3 6,918 6 2 2,779,587 18 4 Interest accrued on loans to —- Net profits transferred from Settlers Branch .. 32,741 17 11 Settlers .. .. 11,126 2 0 — — Workers .. .. 662 5 5 2,812,329 16 3 Local bodies .. .. 3,313 7 7 Less redemption of loans — £ s. d. 15,101 15 0 Settlers Branch .. 485,365 1 11 Cash in hand and in bank at 31st March, 1930 35,679 8 4 Workers Branch .. 208,091 7 11 Local Authorities Branch 239,812 13 8 933,269 3 6 Total fund as at 31st March, 1930 .. .. 1,879,060 12 9 Advances Suspense Account .. .. 540 0 0 Suspense Account .. .. .. 182 11 2 Fire Loss Suspense Account .. .. 654 10 0 £1,880,437 13 11 £1,880,437 13 11 Interest Account for the Year ended 31st March, 1930. Dr. £ s. d. Or. To Interest on investments — Transferred to By Interest on loans to— £ s. d, £ s. d. Sinking Fund Account .. .. .. 82,738 8 5 Settlers .. .. .. 49,275 0 3 Workers .. .. .. 3,004 0 1 Local bodies .. .. 18,659 9 2 70,938 9 6 Less overdue and accrued at 31st March, 1929 .. 25,115 16 8 45,822 12 10 Interest on bank balances .. .. .. 165 3 6 Interest on outstanding payments .. .. 9 14 3 Interest on temporary advances to Settlers Branch .. .. .. .. 14,720 16 8 Interest overdue at 31st March, 1930, on loans to— £ s. d. Settlers .. .. .. 4,994 12 2 Workers .. .. .. 512 7 9 Local bodies .. .. 1,411 6 3 6,918 6 2 Interest accrued at 31st March, 1930, on loans to— Settlers .. .. .. 11,126 2 0 Workers .. .. .. 662 5 5 Local bodies .. .. 3,313 7 7 ■ 15,101 15 0 £82,738 8 5 £82,738 8 5 Wm. Waddel, Superintendent. State Advances Office, Wellington, 23rd June, 1930. 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. — G. F. C. Campbell, Controller and Auditor-General.

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MISCELLANEOUS BUSINESS BRANCH—HOUSING ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1930". Liabilities. Assets. Sundry loans— £ s. d. £ s. d. Investment Account—Principal £ s. d. £ s. d. Debentures .. .. 412,388 9 4 owing on— Expenditure from Public Works Dwellings purchased .. 349,411 1 6 Fund .. .. .. 319,918 1 7 Sections purchased .. .. 3,273 111 I Advances .. .. .. 374 18 8 732,306 10 11 j Loans on mortgage .. .. 13 6 3 Less loan liability redeemed 353,072 8 4 and discharged from Con- Temporary advances to Settlers Branch .. 274,000 0 0 solidated Fund .. .. 19,468 9 4 Hutt Housing Suspense Account .. .. 1,526 0 0 Completed dwellings .. .. .. 15,051 15 4 712,838 1 7 Dwellings let .. .. .. .. 17,257 7 0 Less loan liability redeemed Freehold land .. .. .. .. 24,325 6 5 by Public Debt Repayment Sinking Fund investments held by Public Debt Account .. .. 100 0 0 Redemption Fund .. " .. .. *4,172 12 8 —— 712,738 1 7 Insurance Fund investment held by Settlers Liability to Consolidated Fund in terms of sec- Branch .. .. .. .. .. 5,363 9 1 tion 22, Finance Act, 1926 .. .. .. 100 0 0 Sundry debtors .. .. .. .. 53 2 2 Sundry creditors .. .. .. .. 2,026 1 4 Interest on dwellings and land— £ s. d. Suspense Account .. .. .. .. 664 4 3 Overdue .. ... .. 6,462 9 9 Insurance Fund .. .. .. .. 6,637 12 11 Accrued .. .. .. 46 15 10 Interest on loans— £ s. d. 6,509 5 7 Overdue .. .. .. 16,858 3 4 Rent overdue .. .. .. .. 1,895 6 3 Accrued .. .. .. 3,889 12 5 Insurance premiums— 20,747 15 9 Overdue .. .. .. 432 15 6 Sinking Fund .. .. .. .. 817 12 10 Paid in advance .. .. 321 18 5 Reserve for losses on realization and bad debts .. 9,436 14 5 754 13 11 Realization Suspense Account .. .. 3,299 16 3 Profit and Loss Account .. .. .. 45,400 17 1 Cash in hand and in bank at 31st March, 1930 .. 486 3 0 £753,168 3 1 £753,168 3 1 * This amount includes the sum of £3,354 19s. lOd. capital paid into the Sinking Fund in accordance with the Public Debt Extinction Act, 1910. Profit and Loss Account for the Year ended 31st March, 1930. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 2,241 1 2 By Interest Account —Gross profits .. .. 828 17 6 Dwellings maintenance .. .. .. 2,882 13 1 Balance—Loss for the year .. .. 7,461 17 6 Losses on realization of securities and doubtful securities written down .. .. .. 3,167 0 9 £8,290 15 0 £8,290 15 0 £ s. d. £ s. d. To Balance as at 31st March, 1929 .. .. 37,938 19 7 By Balance .. .. .. .. 45,400 17 1 Loss for the year .. .. .. 7,461 17 6 £45,400 17 1 £45,400 17 1 Interest Account for the Year ended 31st March, 1930. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. .. 28,775 17 10 By Interest on land and dwellings 17,682 810 Less accrued at 31st March, Less overdue and accrued at 1929 .. .. .. 3,890 14 5 31st March, 1929 .. 7,066 1] 3 24,885 3 5 — 10,615 17 7 Interest on loans accrued but not due .. 3,889 12 5 Interest on amounts temporarily transferred Balance —Gross profits transferred to Profit to Settlers Branch .. .. .. 12,444 8 4 and Loss Account .. .. .. 828 17 6 Interest on bank balances .. .. .. 34 1 10 Interest on dwellings and land — £ s. d. Overdue at 31st March, 1930 6,462 9 9 Accrued but not due at 31st March, 1930 .. .. 46 15 10 6,509 5 7 £29,603 13 4 £29,603 13 4 Management Expenses Account for the Year ended 31st March, 1930. Dr. £ s. d. Cr. £ s d. To Audit Office services .. .. .. 115 0 0 By Sundry fees .. .. .. .. 10 12 6 Cleaning, lighting, heating, and messenger Balance transferred to Profit and Loss Account 2,241 1 2 services .. .. .. . . 35 0 0 Fees paid for special services in respect of securities .. .. .. .. 114 3 6 Postages and telegrams .. .. .. 35 0 0 Post Office services .. .. .. 220 0 0 Printing and stationery .. .. .. 25 0 0 Public Service Superannuation Fund contribution .. .. .. .. .. 30 0 0 Rates .. .. .. .. .. 8 18 0 Rent .. .. .. .. .. 100 0 0 Salaries .. .. .. .. 1,297 0 0 Solicitors' costs .. .. .. .. 21122 Valuation Department—Agency work .. 250 0 0 £2,251 13 8 £2,251 13 8 Wm. Waddel, Superintendent. State Advances Office, Wellington, 23rd June, 1930. R. Robertson, Accountant. I hereby certify that the Balance-sheet and the accompanying accounts have been duly examined and compared with the books and documents submitted for audit, and correctly state the position as disclosed thereby.— 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 March, 1930. Liabilities. £ s. d. Assets. Sundry loans .. .. .. .. 3,975 0 0 Investment Account —Principal owing by mort- £ s. d. Income-tax Suspense Account .. .. .. 3 7 6 gagors .. .. .. .. 2, 503 8 8 Interest on loans —■ £ s. d. Temporary advances to Settlers Branch .. 1,350 0 0 Overdue.. .. .. ~118 1 8 Sinking Fund investments held by Public Debt Accrued .. .. .. 38 15 5 Redemption Fund .. .. .. .. 42 0 7 156 17 1 Interest on mortgages— £ s. d. Sinking Fund .. .. .. .. 42 0 7 Overdue.. .. .. .. 291 0 6 Profit and Loss Account .. .. .. 20 15 3 Accrued .. .. .. 0 18 5 291 18 11 Cash in hand and in bank at 31st March, 1930 .. 10 12 3 £4,198 0 5 £4,198 0 5 Profit and Loss Account for the Year ended 31st March, 1930. Dr. £ s. d. Cr. £ s. d. To Administration expenses .. .. 10 0 0 By Interest Account —Gross profits .. .. 25 210 Income-tax .. .. .. .. .. 376 Balance—Net profits for the year .. .. 11 15 4 £25 2 10 £25 2 10 £ s. d. £ s. d. To Balance —Net profits carried forward .. .. 20 15 3 By Balance as at 31st March, 1929 .. .. 819 11 Net profits for the year .. .. 11 15 4 £20 15 3 £20 15 3 Interest Account for the Year ended 31st March, 1930. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. .. .. 159 0 0 By Interest on mortgages .. .. 146 10 6 Less accrued at 31st March, 1929 38 15 5 Interest on mortgages —• 120 4 7 Overdue at 31st March, 1930 .. 291 0 6 Interest on loans accrued but not due .. .. 38 15 5 Accrued at 31st March, 1930 .. 0 18 5 Balance—Gross profits transferred to Profit and Loss Account .. .. .. .. 25 2 10 438 9 5 Less overdue and accrued at 31st March, 1929 .. .. 310 7 5 128 2 0 Interest on temporary advances to Settlers Branch 56 010 £184 2 10 £184 2 10 Management Expenses Account for the Year ended 31st March, 1930. 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 Wm. Waddel, Superintendent. State Advances Office, Wellington, 23rd June, 1930. 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.— G. F. C. Campbell, Controller and Auditor-General.

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FRUIT-PRESERVING INDUSTRY ADVANCES ACCOUNT. Statement op Liabilities and Assets as at 31st March, 1930. Liabilities. £ s. d. £ s. d. Jssefa. £ s. d. Sundry loans .. .. .. 69,598 14 3 Investment Account—Principal owing by mortLess loan liability redeemed and gagors .. .. .. .. .. 33,479 7 9 discharged from Consolidated Properties acquired .. .. .. .. 4,776 611 Fund .. .. .. 6,008 14 3 Temporary advances to Settlers.Branch .. 24,850 0 0 Sinking Fund investments held by Public Debt 63,590 0 0 Redemption Fund .. .. .. .. *765 16 0 Less loan liability redeemed by Interest on mortgages— £ s. d. Public Debt Repayment Ac- Overdue .. .. .. 1,609 4 8 count .. .. .. 5,000 0 0 Accrued .. .. .. 238 19 6 58,590 0 0 —— 1,848 4 2 Liability to Consolidated Fund in terms of sec- Sundry debtors .. .. .. .. 96 6 8 tion 22, Finance Act, 1926 .. .. .. 5,000 0 0 Profit and Loss Account .. .. .. 4,361 17 8 Suspense Account .. .. .. . . 142 6 3 Cash in hand and in bank at 31st March, 1930 .. 299 9 2 Interest on loans — £ s. d. Overdue .. .. .. 1,313 5 8 Accrued . . .. 1,162 3 4 2,475 9 0 Rent accrued .. .. .. .. 37 1 8 Reserve for losses on realization and bad debts .. 4,079 12 3 Sinking Fund .. .. .. . . 152 19 2 £70,477 8 4 £70,477 8 4 * This amount includes the sura of £612 16s. 10(1. capital paid into the Sinking Fund in accordance with the Public Debt Extinction Act, 1910. Profit and Loss Account for the Year ended 31st March, 1930. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 100 0 0 By Interest Account —Gross profits .. .. 439 4 1 Expenses of realization of assets .. .. 23 10 3 Balance —Loss for the year .. .. .. 248 4 7 Loss on realization of securities .. .. 563 18 5 £687 8 8 £687 8 8 £ s. d. £ s. d. To Balance as at 31st March, 1929 .. .. 4,113 13 1 By Balance .. .. .. .. .. 4,361 17 8 Loss for the year .. .. .. .. 248 4 7 £4,361 17 8 £4,361 17 8 Interest Account for the Year ended 31st March, 1930. D r £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. .. 2,346 17 0 By Interest on mortgages .. .. 1,693 2 5 Less accrued at 31st March, 1929 1,162 3 4 Interest on mortgages — 1,184 13 8 Overdue at 31st March, 1930 .. 1,609 4 8 Interest on loans accrued but not due .. 1,162 3 4 Accrued at 31st March, 1930 .. 238 19 6 Balance —Gross profits transferred to Profit and Loss Account .. .. .. 439 4 1 3,541 6 7 Less interest overdue and accrued at 31st March, 1929 .. 1,855 11 6 1,685 15 1 Interest on bank balances .. .. 3 0 2 Interest on temporary advances to Settlers Branch .. .. .. .. .. 1,097 5 10 £2,786 1 1 ' £2,786 1 1 Management Expenses Account for the Year ended 31st March, 1930. Dr. £ s. d. ! Cr. £ 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 Wm. Waddel, Superintendent. State Advances Office, Wellington, 23rd June, 1930. 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.— G.- F. C. Campbell, Controller and Auditor-General.

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COLD-STORAGE ADVANCES ACCOUNT. Statement op Liabilities and Assets as at 31st March, 1930. 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 .. .. .. .. .. 35,870 5 0 discharged from Consolidated Temporary advances to Settlers Branch .. 33,850 0 0 Fund .. .. 7,500 0 0 Sinking Fund Investments held by Public Debt ■—— Redemption Fund ~ ~ *1,161 4 3 75,250 0 0 Interest on mortgages— £ s. d. Less loan liability redeemed by Overdue .. .. .. 3,112 It) 5 Public Debt Repayment Ac Accrued .. .. .. 705 12 1 count .. .. .. 1,530 0 0 3,818 11 6 73,720 0 0 Sundry debtors .. .. .. .. 23 2 0 Liability to Consolidated Fund in Realization Suspense Account .. .. 4,510 8 3 terms of section 22, Finance Act, Profit and Loss Account .. .. 3,729 6 1 1926 .. .. .. .. 1,530 0 0 Cash in hand and in bank at 31st March, 1930 .. 129 9 9 Interest on loans — Overdue .. .. .. 2,515 2 0 Accrued .. .. .. 244 3 5 2,759 5 5 Reserve for bad debts .. .. .. 4,510 8 3 Sinking Fund .. .. .. .. 572 13 2 £83,092 6 10 £83,092 6 10 * This amount includes the sum ol £588 lis. Id. capital paid into the Sinking Fund in accordance with the Public Debt Extinction Act, 1910. Profit and Loss Account for the Year ended 31st March, 1930. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 115 0 0 By Interest Account —Gross profits .. .. 896 2 2 Loss on realization of securities .. .. 4,510 8 3 Balance —Loss for the year .. .. .. 3,729 6 1 £4,625 8 3 £4,625 8 3 £ s. d. £ s. d. To Loss for the year .. .. .. .. 3,729 6 1 By Balance .. .. .. .. .. 3,729 6 1 £3,729 6 1 £3,729 6 1 Interest Account for the Year ended 31st March, 1930. jOr. £ s. d. £ s. d. Cr. £ s. d. £ s. dTo Interest on loans .. .. 2,948 16 0 By Interest on mortgages .. 1,736 18 4 Less accrued at 31st March, Interest on mortgages— 1929 .. .. .. 244 3 5 Overdue at 31st March, 1930.. 3,112 19 5 2,704 12 7 Accrued at 31st March, 1930 705 12 J Interest on loans accrued but not due .. 244 3 5 Balance—Gross profits transferred to Profit 5,555 9 10 and Loss Account .. .. • • 896 2 2 Less overdue and accrued at 31st March, 1929 .. 3,326 6 3 2,229 3 7 Interest on bank balances .. .. .. 2 12 1 Interest on temporary advances to Settlers Branch .. .. .. .. 1,613 2 6 £3,844 18 2 £3,844 18 2 Management Expenses Account for the Year ended 31st March, 1930. D r _ £ s. d. Cr. £ s. d. To Administration expenses .. . • • • HO 0 0 By Balance transferred to Profit and Loss Account .. 115 0 0 Audit Office services .. • • • • 5 0 0 £115 0 0 £115 0 0 Wm. Waddel, Superintendent. State Advances Office, Wellington, 23rd June, 1930. 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.— G. F. C. Campbell, Controller and Auditor-General.

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FISHING-INDUSTRY PROMOTION ACCOUNT. Statement op Liabilities and Assets as at 31st March, 1930. Liabilities. £ s. d. £ s. d. Asset#. £ s. d. Sundry loans .. .. .. 5,571 19 2 Investment Account —Principal owing on bills of sale 878 0 5 Less loan liability redeemed and Temporary advances to Settlers Branch .. .. 3,380 0 0 discharged from Consolidated Sinking Fund investments held by Public Debt Fund .. .. .. 1,036 19 2 Redemption Fund .. .. .. .. *50 17 0 Interest on bills of sale— £ s. d. 4,535 0 0 Overdue.. .. .. .. 20 2 10 Less loan liability redeemed by Accrued .. .. .. 12 19 7 Public Debt Repayment Account 1,060 0 0 33 2 5 3,475 0 0 Sundry debtors .. .. .. .. 5 0 6 Liability to Consolidated Fund in terms of sec- Profit and Loss Account .. .. .. 324 9 7 tion 22, Finance Act, 1926 .. .. 1,060 0 0 Cash in hand and in bank at 31st March, .1930 .. 33 18 0 Income-tax Suspense Account .. .. .. 6 6 0 Interest on loans— £ s. d. Overdue .. .. .. 103 8 5 Accrued .. .. .. 50 19 11 •— — 154 8 4 Sinking Fund .. .. .. .. 9 13 7 £4,705 7 11 £4,705 7 11 * This amount includes the sum of £41 3s. sd. capital paid into the Sinking Fund in accordance with the Public Debt Extinction Act, 1910. Profit and Loss Account for the Year ended 31st March, 1930. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 14 7 2 By Interest Account—Gross profits .. .. 42 5 7 Income-tax .. .. .. .. 6 6 0 Balance —Net profits for the year .. .. 21 12 5 £42 5 7 £42 5 7 £ s. d. £ s. d. To Balance at 31st March, 1929 .. .. .. 346 2 0 By Net profits for the year .. .. .. 21 12 5 Balance .. .. .. .. .. 324 9 7 £346 2 0 £346 2 0 Interest Account for the Year ended 31st March, 1930. Dr. £ s. d. £ s. d. Gr. £ s. d. £ s. d. To Interest on loans .. .. .. 161 17 6 By Interest on bills of sale .. .. 47 3 9 Less accrued at 31st March, 1929 .. 50 19 11 Less overdue and accrued at 31st 110 17 7 March, 1929 .. .. .. 38 3 7 Interest on loans accrued but not due .. .. 50 19 11 9 0 2 Balance —Gross profits transferred to Profit and Interest on bank balances .. .. .. 110 6 Loss Account .. .. .. . ■ 42 5 7 Interest on temporary advances to Settlers Branch 160 10 0 Interest on bills of sale— £ s. d. Overdue at 31st March, 1930 .. 20 210 Accrued at 31st March, 1930 .. 12 19 7 — 33 2 5 £204 3 1 £204 3 1 Management Expenses Account for the Year ended 31st March, 1930. Dr. £ s. d. Gr. £ s. d. To Administration expenses .. .. 10 0 0 By Sundry fees .. .. .. .. .. 012 10 Audit Office services .. .. .. .. 5 0 0 Balance transferred to Profit and Loss Account .. 14 7 2 £15 0 0 £15 0 0 Wm. Waddel, Superintendent. State Advances Office, Wellington, 23rd June, 1930. 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.— G. F. C. Campbell, Controller and Auditor-General.

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REPATRIATION. Statement op Liabilities and Assets as at 31st March, 1930. Liabilities. £ s. d. ' Assets. £ s. d. £ s. d. Liability to Redemption Account as at Ist April, Investment Account —Principal 1925 .. .. .. . .. 1,290,182 2 1 owing on bills of sale .. 253,714 4 0 Less repayments to 31st March, 1930 .. 156,647 14 5 Less suspense adjustments .. 152 12 4 253,561 11 8 1,133,534 7 8 Interest on bills of sale, overdue .. .. 5,847 5 7 Less expenditure irrecoverable £ s. d. Cash in hand and in bank at 31st March, 1930 .. 1,266 14 9 to 31st March, 1929 .. 862,184 11 11 Losses on realization for the year ended 31st March, 1930 15,388 1 5 Management expenses for the year ended 31st March, 1930 2,400 2 8 879,972 16 0 Liability to Redemption Account as at 31st March, 1930 .. .. .. .. 253,561 11 8 Sundry creditors, Treasury— £ s. d. Interest .. .. .. 364 6 9 Principal ... .. 815 15 1 1,180 1 10 Suspense Account .. .. .. .. 86 12 11 Interest on advances from War Expenses Account overdue .. .. .. .. 5,847 5 7 £260,675 12 0 £260,675 12 0 Interest Account for the Year ended 31st March, 1930. Dr. £ s. d. I Or. £ s. d. £ s. d. To Interest paid to Treasury .. .. .. 1,996 3 9 By Interest on bills of sale .. 2,506 4 8 Interest in hand due to Treasury at 31st March. Interest on bills of sale, overdue 1930 .. .. .. .. .. 364 6 9 at 31st March, 1930 .. 5,847 5 7 Interest due to Treasury, overdue at 31st March, ■——-———■ 1930 .. .. .. .. .. 5,847 5 7 8,353 10 3 Less overdue at 31st March, 8,207 16 1 1929 .. .. .. 6,737 11 5 Less interest due to Treasury, overdue at 31st —-—■ March, 1929 .. .. .. .. 6,737 11 5 1,615 18 10 Less realizations —Interest .. 298 10 8 — 1,317 8 2 Interest on bank balances .. .. .. 87 8 2 Interest on temporary advances to Settlers Branch.. .. .. .. .. 65 8 4 £1,470 4 8 £1,470 4 8 Management Expenses Account por the Year ended 31st March, 1930. Dr. £ s. d. Or. £ s. d. To Audit Office services .. .. .. 70 0 0 By fees .. .. .. .. 4 2 1 Cleaning and messenger services .. .. 50 0 0 Balance recouped in accordance with secCommission .. .. .. .. 26 15 3 tion 13 (3), State Advances Amendment Act, Postages and telegrams .. .. 175 0 0 1922 .. .. .. .. .. 2,400 2 8 Post Office services .. .. .. 230 0 0 Printing and stationery .. .. .. 25 0 0 Rent .. . . . . .. .. 170 0 0 Salaries .. .. .. .. 1,530 0 0 Solicitors' costs .. .. .. .. 65 9 6 Training-expenses .. .. .. .. 62 0 0 £2,404 4 9 £2,404 4 9 Wm. Waddel, Superintendent. State Advances Office, Wellington, 23rd June, 1930. 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.— G. F. C. Campbell, Controller and Auditor-General.

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