STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1932.

Appendix to the Journals of the House of Representatives, 1932 Session I-II, B-13

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1932. NEW ZEALAND.

STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1932.

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

THIRTY-EIGHTH ANNUAL REPORT.

ADVANCES TO SETTLERS BRANCH. 1. During the year the State Advances Board has authorized 783 advances amounting to £571,790, and the following statement shows the amount authorized in each provincial district — „ , Amount of Advances Provincial A Nu , mb ® r of authorized. District. Applications. £ Auckland 336 242,521 Taranaki .. •• •• •• •• 27 17,970 Hawke's Bay .. .. . • • • • ■ 68 31,545 Wellington .. .. •• •• 138 107,702 Marlborough .. .. •• •• •• 7 3,790 Nelson .. •• 15 11,600 Westland .. .. .. •• 8 2,560 Canterbury .. .. .. •• 118 110,222 Otago .. 25 11,355 Southland .. .. . • • ■ • ■ 41 32, 525 Totals 783 £571,790 2. During the year the advances paid over are as follows : — , T , Amount. Number. £ Not exceeding £500 .. .. •• •• 274 78,905 Exceeding £500 but not exceeding £1,000 .. .. 238 181,915 Exceeding £1,000 but not exceeding £2,000 .. .. 93 130,185 Exceeding £2,000 but not exceeding £3,500 .. .. 32 83,240 Totals .. .. .. 637 £474,245 3. The advances paid over, classified according to the tenure of the securities, are as follows :— „ , Amount. Number. £ On freeholds .. .. •• 503 376,680 On leaseholds .. .. •• 122 82,470 On freeholds and leaseholds combined .. .. 12 15,095 Totals ■ 637 £474,245 4. The advances current are as follows : — ~ , Amount. JN umber. £ g Not exceeding £500 .. .. .. •• 14,041 3,083,871 14 2 Exceeding £500 but not exceeding £1,000 .. 7,183 5,147,754 811 Exceeding £1,000 but not exceeding £2,000 .. 4,097 5,296,118 12 3 Exceeding £2,000 but not exceeding £3,500 .. 1,431 4,347,924 1 8 Totals 26,752 £17,875,668 17 0

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5. The advances current, classified according to the tenure of the securities, are as follows : — Number. Amount. £ s. d. On freeholds .. .. .. .. 17,624 14,099,241 4 9 On leaseholds .. .. .. .. 8,802 3,448,567 110 On freeholds and leaseholds combined .. .. 326 327,860 10 5 Totals ~ .. .. .. 26,752 £17,875,668 17 0 6. The advances current on rural and urban and suburban land are as follows Number. Amount. £ s. d. On rural land .. .. .. .. 16,005 11,294,021 14 5 On urban and suburban land .. .. .. 10,747 6,581,647 2 7 Totals .. .. .. .. 26,752 £17,875,668 17 0 7. The commitments in respect of loans granted and not paid over in whole or in part at the 31st March, 1932, amounted to £67,170. 8. The net profits for the year amounted to £2,278 3s. 9d. 9. The cost of management was £29,245 ss. Bd., being 0-122 per cent., or 2s. sd. per £100, of the capital employed. 10. Where, owing to the low prices received for produce, farmers are unable to meet the half-yearly payments under their mortgage, the Department is always prepared, subject to the limitations of the Act, to extend to all bona fide cases the utmost relief. Mortgagors, however, must realize that their obligations to the Department, as first mortgagee, are to be met before any payments are made in respect of subsequent encumbrances. Notwithstanding the conditions prevailing during the past few years, 66 per cent, of the settlers pay their instalments within the rebate period, thus obtaining a concession of \ per cent, reduction in their interest payments. The percentage of arrears to the funds outstanding at the close of the year was 3-218 per cent. 11. Mortgages and instalments of principal repaid for the year amounted to £702,680 6s. 4d. 12. The amount of interest collected was £953,557 Is. 9d. 13. Twenty-six leasehold and eighty-six freehold securities were realized by the Department during the year. 14. On chattel securities sixty-eight advances, amounting to £19,870, were authorized for the year, and the amount paid over to thirty-five borrowers was £9,475. 15. The sinking fund, after redemption of loans totalling £485,365 Is. lid., amounted to £1,822,687 16s. 7d. at the close of the year. 16. Since its inception in 1894 the Department has advanced to settlers £42,192,505. During that period the losses made were £415,027 9s. Bd., or 19s. Bd. in every £100 of the amount advanced. RURAL ADVANCES BRANCH. 17. During the year the State Advances Board has authorized 129 advances amounting to £182,815, and the following statement shows the amount authorized in each provincial district:— Provincial Number of Amount of Advances District. Applications. authorized. Auckland .. .. .. .. .. 46 79,985 Taranaki .. .. .. .. .. 9 18,350 Hawke's Bay .. .. .. .. ~ 8 4 750 Wellington .. .. .. .. .. 21 31'460 Marlborough . . . . .. . . ~ 3 3 040 Nelson .. . . .. .. .. .. 1 700 Westland . . .. . . . , .. 1 300 Canterbury .. .. .. .. 19 23,270 Otago .. .. .. .. .. 7 9,120 Southland .. ... .. .. .. 14 11,840 Totals ~ 129 £182,815

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18. The advances paid over during the year are as follows „ , Amount. Number. £ Not exceeding £500 .. .. .. •• 49 14,410 Exceeding £500 but not exceeding £1,000 .. .. 52 • 46,090 Exceeding £1,000 but not exceeding £2,000 .. .. 54 79,775 Exceeding £2,000 but not exceeding £3,500 .. .. 31 87,515 Exceeding £3,500 but not exceeding £5,500 .. 6 26, 460 Totals 192 £254,250 19. The advances paid over, classified according to the tenure of the securities, are as follows , T , Amount. jN u in ber» On freeholds .. .. .. - • •• 149 204,675 On leaseholds... .. . • • • • • 34 32,020 On freeholds and leaseholds combined .. .. 9 17,555 Totals .. .. •• 192 £254,250 20. The advances current are as follows : — , T , Amount. Number. £ s _ d _ Not exceeding £500 .. .. •• 194 83,925 2 7 Exceeding £500 but not exceeding £1,000 .. . . 483 387,322 10 2 Exceeding £1,000 but not exceeding £2,000 .. 721 1,131,809 6 7 Exceeding £2,000 but not exceeding £3,500 .. 643 1,659,601 12 11 Exceeding £3,500 but not exceeding £5,500 .. 352 1,319,958 14 5 Totals 2,393 £4,582,617 6 8 21. The advances current, classified according to the tenure of the securities, are as follows : — , T , Amount. Number. £ s d On freeholds .. .. .. . • .. 2,025 4,023,886 7 9 On leaseholds .. .. •• •• 322 482,937 16 1 On freeholds and leaseholds combined .. .. 46 75,793 210 Totals .. .. .. 2,393 £4,582,617 6 8 22. The commitments in respect of loans granted and not paid over in whole or in part at the 31st March, 1932, amounted to £20,045. 23. The net profits for the year amounted to £6,178 13s. lid. 24. The cost of management was £5,414 ss. 9d., being 0-109 per cent., or 2s. 2d. per £100, of the capital employed. 25. A large number of the advances in this branch were made to sheep-farmers operating on a large scale, and their financial position is reflected in the fact that 46 per cent, of the mortgagors paid their instalments within the rebate period, and the percentage of' arrears to the funds outstanding at the close of the year was 3-581 per cent. 26. Bonds to the aggregate value of £22,700 were issued during the year. 27. Mortgages and instalments of principal repaid for the year amounted to £75,969 15s. 28. The amount of interest collected was £179,813 15s. 9d. 29. Four freehold securities were realized by the Department during the year. ADVANCES TO WORKERS BRANCH. 30. During the year the State Advances Board has authorized 316 advances amounting to £200,145, and the following statement shows the amount authorized in each provincial district: — AT , f Amount of Advances. Provincial A N ™ b ® r of authorized. District. Applications. £ Auckland .. •• •• •• 61 41,(20 Taranaki .. •• •• •• 9 4,125 Hawke's Bay .. .. •• •• •• 32 12,135 Wellington .. .. •• •• 93 67,070 Marlborough . . .. .. • • ■ • 3 1,845 Nelson .. .. . • .. .. .. 10 5,965 Westland .. .. .. •• 16 8,440 Canterbury .. .. •• •• •• 54 34,310 Otago .. 17 11,575 Southland .. • • • • ■ • • • 21 12,960 Totals .. .. •• • 316 £200,145

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31. The advances paid over during the year, classified according to the tenure of the securities, are as follows : — AT , Amount. JNi uiii ber. On freeholds .. . . . • . .. 402 275,388 On leaseholds .. .. . • •• •• 19 9,960 Totals 421 £285,348 32. The advances current and the tenure of the securities are as follows : — , T , Amount. Number. s d. On freeholds .. .. .. .. 23,046 14,262,885 13 11 On leaseholds .. .. .. 1,468 825,702 5 7 Totals .. .. .. .. 24,514 £15,088,587 19 6 33. The commitments in respect of loans granted and not paid over in whole or in part at the 31st March, 1932, amounted to £20,455. 34. The net profits for the year amounted to £11,742 15s. 3d. 35. The cost of management was £11,496 10s. lid., being 0-073 per cent., or Is. 6d. per £100, of the capital employed. 36. As in the other branches of the Office, the Department extends the utmost relief to those workers, who, through no fault of their own, are unable to meet their obligations. During the past year 62 per cent, of the mortgagors paid their instalments within the rebate period. The percentage of arrears to the funds outstanding at the close of the year was 2-416 per cent. 37. Mortgages and instalments of principal repaid for the year amounted to £439,574 4s. Id. 38. The amount of interest collected was £673,557 Is. 7d. 39. Eighty-five freehold securities were realized by the Department during the year. 40. The sinking fund, after redemption of loans totalling £208,091 7s. lid., amounts to £82,354 16s. 4d. 41. Since the commencement of the Advances to Workers Act in 1906 the Department has advanced to workers the sum of £21,363,757. The losses made during that period amounted to £55,034 Bs., or ss. 2d. in every £100 of the amount advanced. ADVANCES TO LOCAL AUTHORITIES BRANCH. 42. During the year the State Advances Board has authorized two advances amounting to £1,900, and the following statement shows the amount authorized in each provincial district: — , at l, £ Amount of Advances. Provincial Number of authorized District. Applications. authorized. Auckland .. .. .. .. .. 1 1,400 Taranaki . .. .. .. .. 1 500 Totals .. .. .. .. 2 £1,900 43. The amount paid over to two local bodies during the year was £1,400. The amount authorized and paid over during the year in respect of Hawke's Bay rehabilitation was £123,900. 44. The commitments in respect of loans granted and not paid over in whole or in part at the 31st March, 1932, amounted to £3,500. 45. The net profits for the year amounted to £1,999 Bs. Bd. 46. The cost of management was £1,518 Is. 3d., being 0-050 per cent., or Is. per £100, of the capital employed. 47. Loans to the number of 1,997 have been made to local bodies. They are now indebted to the extent of £2,641,555 19s. lid. in respect of principal moneys. 48. 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 0-350 per cent. 49. Mortgages and instalments of principal repaid for the year amounted to £79,021 Is. Id. 50. The amount of interest collected was £108,323 12s. 6d. 51. The sinking fund, after redemption of loans totalling £239,812 13s. Bd.. amounts to £175,740 os. 4d.

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PUBLIC DEBT SINKING FUNDS BRANCH. 52. During the year the State Advances Board has authorized fifteen advances amounting to £7,430. 53. The advances paid over during the year to fourteen borrowers were £6,745. 54. The commitments in respect of loans granted and not paid over in whole or in part at the 31st March, 1932, amounted to £275. 55. 1,380 settlers are now indebted to the extent of £1,137,883 17s. lid. ; 133 workers, £62,065 12s. 3d. ; and local bodies (in respect of 1,629 loans), £1,962,092 13s. 3d : a total of £3,162,042 3s. sd. in respect of principal moneys. 56. Mortgages and instalments of principal repaid for the year amounted to £86,914 7s. Id. 57. The amount of interest collected was £145,957 14s. Bd. 58. The interest earned for the year amounted to £157,240 os. lOd. 59. The cost of management was nil. ADVANCES OFFICE SINKING FUND. 60. During the year the State Advances Board has authorized thirty-two advances amounting to £26,470. 61. The advances paid over during the year to thirty borrowers were £21,965. 62. The commitments in respect of loans granted and not paid over in whole or in part at the 31st March, 1932, amounted to £1,355. 63. 1,458 settlers are now indebted to the extent of £910,316 9s. lOd. ; 134 workers, £52,255 2s. 4d. ; and local bodies (in respect of 322 loans), £378,330 Bs. : a total of £1,340,902 os. 2d. in respect of principal moneys. 64. Mortgages and instalments of principal repaid for the year amounted to £60,753 Is. 4d. 65. The amount of interest collected was £89,078 15s. Id. 66. The interest earned for the year amounted to £95,690 Is. 4d. 67. 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 £2,080,782 13s. 3d. 68. The cost of management was nil. MISCELLANEOUS BUSINESS BRANCH. Repatriation. 69. During the year the sum of £15,302 2s. Id. principal moneys was repaid by borrowers. 70. The present position is that 971 borrowers are indebted to the extent of £129,269 lis. Bd. for business loans, and 3,992 borrowers owe £82,882 6s. 3d. • for furniture loans —a total of £212,151 17s. lid. in respect of principal moneys. Housing Account. 71. The sum of £1,050 14s. 6d. was expended during the year in preparing land for dwellings. 72. Mortgages and instalments of principal repaid for the year amounted to £64,858 2s. 3d. 73. The total amount of interest collected was £28,445 18s. Id. Loans to Employers for Workers' Dwellings Account ; Fishing Industry Promotion Account ; Fruit-preserving Industry Advances Account ; Cold Storage Advances Account. 74. Mortgages and instalments of principal repaid for the year in respect of the above accounts amounted to £2,243 6s. Id., and the total amount of interest collected was £5,815 3s. lOd. 75. A statement of each account for the year is attached. E. O. Hales, Superintendent. State Advances Office, Wellington, 23rd June, 1932.

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STATE ADVANCES OFFICE. ADVANCES TO SETTLERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1932. Liabilities. £ s. d. Assets. Sundry loans .. .. .. .. 20,794,870 8 5 Investment Account — Principal owing by £ s. d. Temporary advances from— £ s. d. mortgagors .. .. .. .. 17,875,668 17 0 Local Authorities Branch.. 121,000 0 0 Temporary advances to — £ s. d. Public Debt Sinking Funds Workers Branch .. 2,607,000 0 0 Branch .. .. 144,000 0 0 Rural Advances Branch .. 935,000 0 0 Advances Office Sinking 3,542,000 0 0 Fund Account .. 708,000 0 0 Sinking Fund Investments held by Advances Miscellaneous Business Office Sinking Fund Account .. .. 1,822,687 16 7 Branch .. .. 391,510 0 0 Interest on mortgages— £ s. d. 1,364,510 0 0 Overdue .. .. 456,317 010 Amount held for investment on behalf of the Accrued .. .. 243,861 12 11 Housing Insurance Fund .. .. 6,434 0 9 > 700,178 13 9 Advances Suspense Account .. .. 8,701 3 7 Office furniture and equipment .. .. 6,926 10 8 Fire Loss Suspense Account .. .. 13,280 12 6 Motor-vehicle .. .. .. .. 194 1 9 Income-tax Suspense Account .. .. 6,279 10 6 Sundry debtors .. .. .. .. 6,325 13 7 Sundry creditors .. .. .. .. 1,741 7 2 Realization Suspense Account .. .. 96,265 5 9 Interest on loans — £ s. d. Loan Charges Account .. .. .. 148,427 16 7 Deferred .. .. 39,659 1 10 Cash in hand and in bank at 31st March, 1932 228,869 9 7 Accrued but not due .. 170,114 18 2 209,774 0 0 Reserve for bad debts .. .. .. 174,265 5 9 Sinking Fund .. .. .. .. 1,822,687 16 7 Reserve Fund .. . < .. .. 25,000 0 0 £24,427,544 5 3 £24,427,544 5 3 Profit and Loss Account for the Year ended 31st March, 1932. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 29,245 5 8 By Interest Account —Gross profits .. .. 167,393 10 0 Loss on realization of securities, and doubtful securities written down.. .. .. 114,383 7 2 Office furniture and equipment written down 379 17 4 Loan-flotation charges written down .. 13,166 10 4 Income-tax .. .. .. .. 7,940 5 9 Balance—Net profits for the year .. .. 2,278 3 9 £167,393 10 0 £167,393 10 0 To Amount invested in Advances Office Sinking £ s. d. £ s. d. Fund Account .. .. .. • • 2,278 3 9 By Net profits .. .. .. .. 2,278 3 9 £2,278 3 9 £2,278 3 9 Interest Account for the Year ended 31st March, 1932. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. .. 952,752 12 4 By Interest on mortgages .. 789,764 13 2 Less accrued at 31st March, Less overdue and accrued 1931 .. .. 173,835 15 3 at 31st March, 1931 .. 480,809 1 7 778,916 17 1 308,955 11 7 Interest on loans accrued but not due .. 170,114 18 2 Interest on outstanding payments .. 2 12 8 Interest on amounts temporarily transferred Interest on bank balances .. .. 1,483 18 2 from other branches .. .. .. 56,501 8 8 Interest on temporary advances to other Balance—Gross profits transferred to Profit branches .. .. .. .. 155,179 10 5 and Loss Account .. .. .. 167,393 10 0 Interest on temporary investments .. 7,126 7 4 Interest on mortgages — Overdue at 31st March, £ s. d. 1932 .. .. 456,317 0 10 Accrued but not due at 31st March, 1932 .. 243,861 12 11 — 700,178 13 9 £1,172,926 13 11 £1,172,926 13 11

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ADVANCES TO SETTLERS BRANCH —continued. Management Expenses Account for the Year ended 31st March, 1932. Dr. £ s. d. Gr. £ s, d. To Advertising, newspapers, &c. .. .. 20 2 4 By Consent fees .. .. .. .. 44 2 0 Audit Office services .. .. .. 340 0 0 Cost of preparation of mortgages .. .. 195 6 6 Cleaning, lighting, heating, and messenger ser- Production fees .. .. .. .. 550 2 6 vices .. .. .. .. .. 338 14 2 Release fees .. .. .. .. 245 7 4 Inspection fees .. .. .. .. 20 12 9 Sundries .. .. .. • • 0 2 8 Management charges on New Zealand stock Balance transferred to Profit and Loss Account 29,245 5 8 and bonds .. .. .. .. 2,531 15 8 Meal allowances and overtime .. .. 548 18 4 Motor maintenance .. .. .. 57 11 6 Office maintenance .. .. .. 88 8 6 Postages and telegrams .. .. .. 1,572 13 0 Post Office services .. .. .. 1,509 10 6 Printing and stationery .. .. .. 163 18 11 Public Service Superannuation Fund contribution .. .. .. .. .• 288 14 2 Rent .. .. .. .. •• 2,190 4 0 Salaries .. .. .. .. 18,637 2 9 Solicitors'costs and Court costs .. .. 128 14 6 Telephones .. .. .. . ■ 77 3 3 Travelling-expenses .. .. .. 93 10 6 Typewriters and adding-machines —Repairs .. 75 13 4 Valuation Department — Agency work .. .. .. .. 650 0 0 Contributory fees .. .. .. 946 18 6 £30,280 6 8 £30,280 6 8 E. 0. Hales, Superintendent. State Advances Office, Wellington, 23rd June, 1932. 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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RURAL ADVANCES BRANCH. Statement op Liabilities and Assets as at 31st March, 1932. Liabilities. £ s. d. Assets. £ s. d. Bonds issued .. .. .. 4,001,650 0 0 Investment Account—Principal owing by mortTemporary advances from Settlers Branch .. 935,000 0 0 gagors .. .. .. .. .. 4,582,617 6 8 Advances Suspense Account .. .. 6,280 0 0 Interest on mortgages— £ s. d. Fire Loss Suspense Account .. .. 4,055 0 0 Overdue .. .. 152,529 11 3 Suspense Account .. .. .. .. 149 6 4 Accrued .. .. 68,481 4 7 Sundry creditors .. .. .. .. 26 1 6 221,010 15 10 Income-tax Suspense Account .. .. 7,346 13 2 Sundry debtors .. .. .. .. 146 17 1 Interest on loans accrued but not due .. 8,720 19 6 Realization Suspense Account .. .. 1,903 19 0 Reserve for bad debts .. .. .. 9,903 19 0 Loan Charges Account .. .. .. 189,959 6 0 Profit and Loss Account .. .. .. 23,036 2 6 Cash in hand and in bank at 31st March, 1932 . . 529 17 5 £4,996,168 2 0 £4,996,168 2 0 Profit and Loss Account for the Year ended 31st March, 1932. Dr. £ s. d. Gr. £ s. d. To Management Expenses Account .. .. 5,414 5 9 By Interest Account —Gross profits .. .. 42,676 19 5 Loss on realization of securities and doubtful securities written down .. . . 9,903 19 0 Loan-flotation charges written down .. 12,663 19 0 Income-tax .. .. .. .. 8,518 I 9 Balance—Net profits for the year.. .. 6,176 13 11 £42,676 19 5 £42,676 19 5 £ s. d. £ s. d. To Balance—Net profits carried forward .. 23,036 2 6 By Balance as at 31st March, 1931 .. .. .16,859 8 7 Net profits for the year .. .. .. 6,176 13 II £23,036 2 6 i £23,036 2 6 Interest Account for the Year ended 31st March, 1932. Dr. £ s. d. £ s. d. Gr. £ s. d. £ s. d. To Interest on bonds .. 199,129 16 0 By Interest on mortgages .. 179,730 14 4 Less accrued at 31st Less overdue and accrued March, 1931 .. 8,508 19 9 at 31st March, 1931.. 116,772 2 8 — 190,620 16 3 62,958 11 8 Interest on bonds accrued but not due .. 8,720 19 6 Interest on temporary investments .. 14 0 11 Interest on amounts temporarily transferred Interest on bank balances .. . . 69 0 6 from Settlers Branch .. .. .. 42,033 13 9 Interest on mortgages — £ s. d. Balance —Gross profits transferred to Profit Overdue at 31st March, and Loss Account .. .. .. 42,676 19 5 1932 .. .. 152,529 11 3 Accrued but not due at 31st March, 1932 .. 68,481 4 7 221,010 15 10 £284,052 8 11 £284,052 8 11 Management Expenses Account for the Year ended 31st March, 1932. Dr. £ s. d. Gr, £ s. d. To Audit Office services .. .. .. 130 0 0 By Consent fees .. .. .. .. 010 0 Cleaning, lighting, heating, and messenger Cost of preparation of mortgages .. .. 3 2 6 services .. .. .. .. 75 0 0 Production fees .. .. . . .. 49 10 0 Postages and telegrams .. .. .. 399 19 3 Release fees .. .. .. .. 4 5 0 Post Office services .. .. .. 275 0 0 Sundries .. .. .. .. .. 0 16 6 Printing and stationery .. .. .. 200 0 0 Balance transferred to Profit and Loss Account 5,414 5 9 Public Service Superannuation Fund contribution .. .. .. .. .. 53 0 0 Rent .. .. .. .. .. 350 0 0 Salaries .. .. .. .. .. 3,730 0 0 Travelling-expenses ...... 61 11 0 Valuation Department—Contributory fees .. 197 19 6 £5,472 9 9 £5,472 9 9 E. 0. Hales, Superintendent. State Advances Office, Wellington, 23rd June, 1932. 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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ADVANCES TO WORKERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1932. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. .. .13,066,549 10 4 • Investment Account—Principal owing by Temporary advances from Settlers Branch .. 2,607,000 0 0 mortgagors .. .. .. .. 15,088,587 19 6 Liability to Railway Department (Railway Sinking Fund investments held by Advances housing) .. .. .. .. 13,830 0 0 Office Sinking Fund Account .. .. 82,354 16 4 Advances Suspense Account .. .. 7,242 711 Interest on mortgages— £ s. d. Fire Loss Suspense Account .. .. 1,978 6 0 Overdue .. .. 316,051 8 0 Income-tax Suspense Account .. .. 10,749 19 10 Accrued .. .. 201,345 0 6 Sundry creditors .. .. .. .. 4,470 16 10 — — 517,396 8 6 Interest on loans — £ s. d. Unregistered Transfers Account (Railway emDeferred .. .. 7,386 7 3 ployees) .. .. .. .. 13,830 0 0 Accrued but not due .. 107,900 18 9 Sundry debtors .. .. .. .. 25,704 4 4 Overdue on liability to Realization Suspense Account .. . . 9,353 8 4 Railway Department .. 1,711 12 2 Loan Charges Account .. .. .. 179,885 12 4 116,998 18 2 Profit and Loss Account .. .. .. 20,069 14 I Reserve for bad debts .. .. .. 26,353 8 4 Cash in hand and in bank at 31st March, 1932. . 346 0 4 Sinking Fund .. .. .. .. 82,354 16 4 £15,937,528 3 9 £15,937,528 3 9 Profit and Loss Account .for the Year ended 31st March, 1932. Dr. £ s. d. Gr. £ s. d. To Management Expenses Account .. .. 11,496 10 11 By Interest Account —Gross profits .. .. 77,187 13 11 Loss on realization of securities .. .. 25,658 3 7 Loan-flotation charges written down .. 16,108 18 2 Income-tax .. .. .. •• 12,181 6 0 Balance —Net profits for the year .. .. 11,742 15 3 £77,187 13 11 £77,187 13 II £ s. d. £ s. d. To Balance as at 31st March, 1931 .. .. 31,812 9 4 By Net profits for the year .. .. .. 11,742 15 3 Balance .. .. .. .. 20,069 14 1 £31,812 9 4 £31,812 9 4 Interest Account for the Year ended 31st March, 1932. Dr. £ s. d. £ s. d. Gr. £ s. d. £ s. d. To Interest on loans .. .. 643,843 5 2 By Interest on mortgages .. 673,240 16 1 Less accrued at 31st March, Less interest overdue and 1931 .. .. 110,547 6 3 accrued at 31st March, 533,295 18 11 1931 .. .. 358,697 14 6 Interest on amounts temporarily transferred 314,543 1 7 from Settlers Branch .. .. .. 113,145 16 8 Interest on bank balances .. .. .. 303 2 8 Interest on railway expenditure (erection of Interest on outstanding payments .. . . 3 15 dwellings) .. .. .. .. 724 15 3 Interest on temporary invest- £ s. d. Interest on loans accrued but not due .. 107,900 18 9 ments .. .. 10 1 5 Balance —Gross profits transferred to Profit Less overdue at 31st March, and Loss Account .. .. .. 77,187 13 11 1931 .. .. 0 12 1 9 9 4 Interest on mortgages— Overdue at 3.lst March, 1932 .. . . 316,051 8 0 Accrued but not due at 31st March, 1932 .. 201,345 0 6 517,396 8 6 £832,255 3 6 £832,255 3 6 Management Expenses Account for the Year ended 31st March, 1932. Dr. £ s. d. j Gr. £ ' s. d. To Audit services .. .. .. .. 215 0 0 1 By Consent fees . . .. .. .. 3 0 0 Cleaning, lighting, heating, and messenger services 200 0 0 Cost of preparation of mortgages .. .. 163 7 6 Contingencies .. . . .. .. 713 10 Production fees .. . . .. . . 284 0 0 Management charges on New Zealand stock and ! Release fees .. .. . . .. 169 I 11 bonds .. .. .. .. ■■ 1,234 19 0 j Balance transferred to Profit and Loss Account 11,496 10 11 Post Office services .. .. .. 675 0 0 Postages and telegrams .. .. .. 748 5 9 Printing and stationery .. .. .. 275 0 0 Public Service Superannuation Fund contribution .. .. . ■ . . .. 66 0 0 Rent .. .. .. .. .. 720 0 0 Salaries .. .. . . .. 7,385 0 0 Solicitors' costs and Court costs .. . . 18 0 10 Travelling-expenses .. .. .. 221 0 11 Valuation Department—Agency work .. 350 0 0 £12,116 0 4 ■ £12,116 0 4 E. 0. Hales, Superintendent. State Advances Office, Wellington, 23rd June, 1932. 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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LOCAL AUTHORITIES BRANCH. Statement of Liabilities and Assets as at 31st March, 1932. Liabilities. £ s. d. Assets. Sundry loans .. .. .. •• 2,778,690 15 7 Investment Account — £ s. d. £ s. d. Loan-moneys —Unexpended balance under sec- Principal owing by local tion 72, Local Bodies' Loans Act, 1913 .. 3,987 12 10 bodies .. .. 2,517,655 19 11 Hawke's Bay Rehabilitation —Loan-moneys re- Hawke's Bay Rehabilitaceived from Treasury .. .. .. 123,900 0 0 tion .. .. 123,900 0 0 Income-tax Suspense Account .. .. 1,046 15 2 — 2,641,555 19 11 Interest on loans— Temporary advances to Settlers Branch .. 121,000 0 0 Overdue .. .. .. .. 4,225 0 0 Sinking Fund investments held .by Advances Accrued but not due .. .. .. 36,343 111 Office Sinking Fund Account .. .. 175,740 0 4 Sinking Fund .. .. .. .. 175,740 0 4 Interest on debentures — £ s. d. Overdue .. .. 8,364 12 5 Accrued .. .. 22,303 19 10 30,668 12 3 Sundry debtors .. .. .. .. 0710 Loan Charges Account .. .. .. 27,425 12 6 Profit and Loss Account .. .. .. 127,105 9 5 Cash in hand and in bank at 31st March, 1932 437 3 7 £3,123,933 5 10 £3,123,933 5 10 Profit and Loss Account fob the Year ended 31st March, 1932. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 1,518 1 3 By Interest Account —Gross profits .. .. 5,797 7 2 Loan-flotation charges written down .. 1,092 16 11 Income-tax .. • • • • • ■ 1,187 0 4 Balance —Net profits for the year . . . . 1, 999 8 8 £5,797 7 2 £5,797 7 2 £ s. d. £ s. d. To Balance as at 31st March, 1931 .. .. 129,104 18 1 By Net profits for the year .. .. .. 1,999 8 8 Balance .. .. .. .. 127,105 9 5 £129,104 18 1 £129,104 18 1 Interest Account for the Year ended 31st March, 1932. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. .. 95,096 11 3 By Interest on debentures .. 105,368 4 5 Less accrued at 31st March, Less overdue and accrued at ]93] .. .. 32,340 1 11 31st March, 1931 .. 29,870 6 4 62,756 9 4 75,497 18 I Interest on loans — Interest on bank balances .. .. .. 38 14 9 Overdue.. .. .. 4,225 0 0 Interest on temporary advances Accrued but not due .. .. 36,343 111 to Settlers Branch .. .. .. 2,916 13 4 Balance—Gross profits transferred to Profit Interest on debentures— £ s. d. and Loss Account .. .. 5,797 7 2 Overdue at 31st March, 1932 8,364 12 5 Accrued but not due at 31st March, 1932.. .. 22,303 19 10 30,668 12 3 £109,12118 5 £109,12118 5 Management Expenses Account for the Year ended 31st March, 1932. Dr. £ s. d. Cr. £ s. d. To Audit Office services .. .. •• 50 0 0 By Balance transferred to Profit, and Loss Account 1,518 1 3 Cleaning, lighting, heating, and messenger services 30 0 0 Management charges —NeAv Zealand stock and bonds .. .. . • ■• .. 299 1 3 Postages and telegrams . . .. • • 70 0 0 Post Offices services .. .. • ■ ■ • 50 0 0 Printing and stationery .. . . • • 100 0 0 Public Service Superannuation Fund contribution 50 0 0 Rent .. 100 0 0 Salaries .. .. . ■ • ■ .. 769 0 0 £1,518 1 3 £1,518 1 3 E. O. Hales, Superintendent. State Advances Office, Wellington, 23rd June, 1932. 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.

B—l3.

PUBLIC DEBT SINKING FUNDS BRANCH. Statement of Liabilities and Assets as at 31st March, 1932. Liabilities. £ s. d. Assets. Sinking Fund created under the provisions of Investment Account Princi- £ s. d. fc s. d. the Public Debt Extinction Act, 1910 .. 3,258,955 19 4 pal owing on loans to— Advances Suspense Account .. .. 10 0 0 Settlers .. 1,137,883 17 11 Fire Loss Suspense Account .. .. 1,550 0 0 Workers .. •• b2,0b5 12 A Suspense Account 717 9 4 Local bodies .. ..1,962,092 13 3 Sundry Creditors —Interest due to Consolidated IA Z' !w, a n Fund in accordance with section 12 (a) Temporary Advances to Settlers Branch .. 144,000 0 Repayment of Public Debt Act, 1925 .. 45,005 7 4 Sundry debtors .. .. •• •• 127-3 Interest due to Treasury — £ s. d. Interest overdue on loans to Overdue .. .. 28,069 18 7 Settlers .. .. 19,517 11 2 Accrued .. .. 35,768 8 7 Workers .. • • 562 15 1 63,838 7 2 Local bodies .. .. 7,989 12 4 28,069 18 7 Interest accrued on loans to — Settlers .. •• 15,204 8 11 Workers .. ■ • 797 13 6 Local bodies .. .. 19,766 6 2 35,768 8 7 Cash in hand and in bank at 31st March, 1932 69 10 4 £3,370,077 3 2 £3,370,077 3 2 Interest Account for the Year ended 31st March, 1932. Dr £ a . d. Cr. £ s. d. £ s. d. To Interest on Investments due to Consolidated By Interest on loans to Fund in accordance with section 12 (a), Settlers .. .. , Repayment of the Public Debt Act, 1925— Workers .. .. 3,010 9 A Paid to Treasury .. .. .. 100,952 7 4 Local bodies .. .. 87,621 1 4 In hand at 31st March, 1932 .. .. 45,005 7 4 Overdue at 31st March, 1932 .. .. 28,069 18 7 141,809,12 7 Accrued at 31st March, 1932 .. .. 35,768 8 7 Less overdue and accrued at 31st March, 1931.. 52,556 1 0 209,796 1 10 89,253 11 7 Less overdue and accrued at 31st March, Interest on bank balances .. .. .. 43 18 9 1931 .. 52,556 1 0 Interest on temporary advances to Settlers Branch .. .. •• •• 4,104 3 4 Interest overdue at 31st March, 1932, on loans to — £ s. d. Settlers .. .. 19,517 11 2 Workers .. •. 562 15 I Local bodies .. .. 7,989 12 4 28,069 18 7 Interest accrued at 31st March, 1932, on loans to — Settlers .. .. 15,204 8 11 Workers .. .. 797 13 6 Local bodies .. .. 19,766 6 2 35,768 8 7 £157,240 0 10 £157,240 0 10 E. 0. Hales, Superintendent. State Advances Office, Wellington, 23rd June, 1932. 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.

3—B. 13.

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8.—13.

ADVANCES OFFICE SINKING FUND ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1932. Liabilities. Assets. Principal received as at 31st March, 1931, with Investment Account—Princiaccumulated interest from— £ g. d. pal owing on loans to— £ s. d. £ s. d Settlers Branch .. .. .. 2,221,965 14 0 Settlers .. .. 910,316 910 Workers Branch .. .. .. 286,663 6 4 Workers .. .. 52,255 2 4 Local Authorities Branch .. .. 407,464 11 4 Local bodies .. .. 378,330 8 0 : , 1,340,902 0 2 2,916,083 II 8 Temporary advances to Settlers Branch .. 708.000 0 0 Interest earned for the year ended 31st March, Sundry debtors .. .. .. .. 215 22 1932— £ s. d. Interest overdue on loans to— £ s. d. Settlers Branch .. 83,809 0 9 Settlers .. .. 11,948 9 0 Workers Branch .. 3,792 17 11 Workers .. .. 806 11 7 Local Authorities Branch 8,088 2 8 Local bodies .. .. 2,31711 1 95,690 I 4 : 15,072 11 8 Interest accrued on loans to— 3,011,773 13 0 Settlers .. .. 10,618 11 4 Net profits transferred from— Workers .. .. 585 13 0 Settlers Branch .. .. .. 2,278 3 9 Local bodies .. .. 3,175 5 6 14,379 9 10 3,014,051 16 9 Cash in hand and in bank at 31st March, 1932.. 2,682 0 3 Less redemption of loans— £ s. d. Settlers Branch . . 485,365 111 Workers Branch .. 208,091 711 Local Authorities Br'ch 239,812 13 8 933,269 3 6 Total funds as at 31st March, 1932 .. .. 2.080,782 13 3 Advances Suspense Account . . .. 460 0 0 Fire Loss Suspense Account .. .. 8 10 10 £2,081,251 4 1 £2,081,251 4 1 Interest Account for the Year ended 31st March, 1932. Dr. £ s. d. Cr. To Interest on investments — Transferred to By Interest on loans to— £ s. d. £ s. d. Sinking Fund Account .. .. .. 95,690 1 4 ' Settlers .. .. .. 39,361 1 5 Workers .. .. .. 2,314 1 9 Local bodies .. 16,270 4 11 57,945 8 1 Less overdue and accrued at 31st March, 1931 .. 22,840 15 3 35,104 12 10 Interest on bank balances .. .. .. 75 0 4 Interest on temporary advances to Settlers Branch.. .. .. .. .. 31,058 6 8 Interest overdue at 31st March, 1932, on loans to— £ s. d. Settlers .. .. ..11,948 9 0 Workers .. .. .. 806 11 7 Local bodies .. .. 2,317 11 1 15,072 11 8 Interest accrued at 31st March, 1932, on loans to— Settlers .. .. .. 10,618 11 4 Workers .. .. .. 585 13 0 Local bodies .. .. 3,175 5 6 14,379 9 10 £95,690 I 4 £95,690 1 4 E. 0. Hales, Superintendent. State Advances Office, Wellington, 23rd June, 1932. 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. <T. H. Fowler, Deputy Controller and Auditor-General.

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8.—13.

MISCELLANEOUS BUSINESS BRANCH.—HOUSING ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1932. 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 ..294,543 18 6 Fund .. .. .. 319,918 1 7 Sections purchased .. .. 2,704 310 Advances .. .. . . 182 8 11 732,306 10 11 297,430 11 3 Less loan liability redeemed Temporary advances to Settlers Branch ..317,000 0 0 and discharged from Con- Completed dwellings .. .. .. 17,176 12 7 solidated Fund .. .. 19,468 9 4 Dwellings let .. .. .. .. .. 15,132 9 9 Freehold land .. .. .. ■. 26,188 16 6 712,838 1 7 Sinking Fund investments held by Public Debt Less loan liability redeemed Redemption Fund .. .. .. *4,441 0 8 bv Public Debt Repayment Insurance Fund investment held by Settlers Account .. .. 100 0 0 Branch .. .. .. .. 6,434 0 9 712,738 1 7 Sundry debtors .. .. .. .. 896 13 7 Liability to Consolidated Fund in terms of Interest on dwellings and land— £ s. d. section 22, Finance Act, 1926 .. .. 100 0 0 Overdue .. .. 6,325 17 0 Sundry creditors .. .. •• 215 17 8 Accrued .. .. .. 39 14 4 Suspense Account .. .. .. 474 19 10 6,365 11 4 Insurance Fund .. .. .. •• 7,652 4 4 Rent overdue .. .. .. .. 1,272 14 b Interest on loans— £ s. d. Insurance premiums— £ s. d. Overdue .. .. •• 18,354 13 1 Overdue .. .. .. 433 15 9 \ccrued .. .. 3,844 3 4 Paid in advance .. .. 277 6 2 22,198 16 5 711 1 11 Reserve for bad debts .. .. 11,535 14 1 Realization Suspense Account .. .. 2,398 15 11 Sinking Fund .. .. .. ■■ 1,086 010 Profit and Loss Account .. .. .. 60,053 14 4 Cash in hand and in bank at 31st March, 1932 .. 499 11 8 £756,001 14 9 £756,001 14 9 * This amount includes the sum of £3,354 19s. 10d., 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, 1932. X)r. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 2,049 11 6 By Sale of land and dwellings .. .. 44 11 3 Dwellings maintenance .. .. •• 632 16 2 Balance—Loss for the year .. .. 8,139 18 3 Losses on realization of securities, and doubtful securities written down .. .. .. 5,356 14 9 Balance —Interest Account .. . . 145 7 1 £8,184 9 6 £8,184 9 6 £ s. d. To Balance as at 31st March, 1931 .. •• 51,913 16 1 £ s. d. Loss for the year .. .. •• 8,139 18 3 By Balance .. .. .. .. 60,053 14 4 £60,053 14 4 £60,053 14 4 Interest Account for the Year ended 31st March, 1932. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. .. 28,562 2 6 By Interest on land and dwellings 13,853 0 3 Less accrued at 31st March, Less overdue and accrued at iqqi . 3,844 3 4 31st March, 1931 .. 6,394 14 0 24,717 19 2 7,458 6 3 Interest on loans accrued but not due .. 3,844 3 4 Interest on amounts temporarily transferred to Settlers Branch .. .. • • 14,554 3 4 Interest on bank balances .. .. .. 38 14 6 Interest on dwellings and land — £ s. d. Overdue at 31st March, 1932 6,325 17 0 Accrued but not due at 31st March, 1932 .. 39 14 4 6,365 11 4 Balance transferred to Profit and Loss Account 145 7 1 £28,562 2 6 £28,562 2 6 Management Expenses Account for the Year ended 31st March, 1932. j) r _ £ s. d. Cr. £ s. d. To Audit Office services 90 0 0 By Sundry fees .. .. .. ... 6 0 0 Cleaning, lighting, heating, and messenger services 25 0 0 Balance transferred to Profit and Loss Account Z, 049 II b Fees paid for special services in respect of securities ........ 14 16 0 Postages and telegrams .. ■ . • • 60 0 0 Post Office services .. . • • • 190 0 0 Printing and stationery .. .. • ■ 65 0 0 Public Service Superannuation Fund contribution 56 0 0 Rates .. .. • • • • • • 10 17 11 Rent .. .. • • • ■ ■ • 80 0 0 Salaries .. .. • • ■ • .. 1,208 0 0 Solicitors' costs .. .. ■ • • • 517 7 Valuation Department —Agency work .. 250 0 0 £2,055 11 6 ; £2,055 11 6 ===== I E. 0. Hales, Superintendent. State Advances Office, Wellington, 23rd June, 1932. 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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8.—13.

LOANS TO EMPLOYERS FOR WORKERS' DWELLINGS ACCOUNT. Statement op Liabilities and Assets as at 31st March, 1932. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. .. 3,975 0 0 Investment Account—Principal owing by mortgagors 2,145 15 8 Income-tax Suspense Account .. .. .. 5 112 Temporary advances to Settlers Branch . . ..1,660 0 0 Interest on loans — £ s. d. Sinking Fund investments held by Public Debt Overdue .. .. .. 119 15 1 Redemption Fund .. .. .. . . 44 13 5 Accrued .. . . .. 38 15 5 Interest on mortgages— 158 10 6 Overdue .. .. .. .. .. 292 16 0 Sinking Fund .. .. .. . . 44 13 5 Cash in hand and in bank at 31st March, 1932 .. 88 17 10 Profit and Loss Account .. .. .. 48 7 10 £4,232 2 11 £4,232 2 11 Profit and Loss Account for the Year ended 31st March, 1932. Dr. £ s. d. Cr. £ s. d. To Administration expenses .. . . .. 10 0 0 By Interest Account —Gross profits .. .. 29 4 3 Income-tax .. .. .. .. .. 5112 Balance —Net profits for the year .. 13 13 1 £29 4 3 £29 4 3 £ s. d. £ s. d. To Balance —Net profits carried forward .. .. 48 710 By Balance as at 31st March, 1931 .. .. 34 14 9 Net profits for the year .. .. 13 13 1 £48 7 10 £48 7 10 Interest Account for the Year ended 31st March, 1932. Dr. £ s. d. £ s. d. Or. £ s. d. £ s. d. To Interest on loans .. .. 159 0 0 By Interest on mortgages .. 129 5 0 Less accrued at 31st March, 1931 38 15 5 Interest on mortgages overdue at 31st 120 4 7 March, 1932 .. .. 292 16 0 Interest on loans accrued but not due .. .. 38 15 5 Balance —Gross profits transferred to Profit and 422 1 0 Loss Account .. .. .. .. 29 4 3 Less overdue and accrued at 31st March, 1931 .. .. 308 11 9 113 9 3 Interest on bank balances .. .. .. 0 15 0 Interest on temporary advances to Settlers Branch 74 0 0 £188 4 3 £188 4 3 Management Expenses Account for the Year ended 31st March, 1932. 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 E. O. Hales, Superintendent. State Advances Office, Wellington, 23rd June, 1932. 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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8.—13.

FRUIT-PRESERVING INDUSTRY ADVANCES ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1932. Liabilities. £ s. d. £ s. d. I Assets. £ s. d. Sundry loans .. .. .. 67,858 14 3 ! Investment Account—Principal owing by mortLess loan liability redeemed and j gagors .... . . . . .. 29,894 18 4 discharged from Consolidated ! Properties acquired ■■ ■ • 4,2:12 8 6 p un( j 6,008 14 3 Temporary advances to Settlers Branch .. .. 2b,600 0 0 Sinking Fund investments held by Public Debt 61,850 0 0 I Redemption Fund .. .. .. .. *814 16 10 Less loan liability redeemed by j Interest on mortgages— £ s. d Public Debt Repayment Ac- Overdue .. .. .. t count .. . •• 5,000 0 0 Accrued .. .. .. 217 12 7 56,850 0 0 : 2,401 7 9 Liability to Consolidated Fund in terms of Section Sundry debtors .. .. .. .. 123 2 4 9.9 TVinnpp Act, 1926 .. .. •• 5,000 0 0 Profit and Loss Account .. .. .. 4,009 11 0 Suspense Account' . ■ • • • • l s ® 510 Cash in hand and in bank at 31st March, 1932 .. 76 17 2 Income-tax Suspense Account .. .. • ■ 10' 611 Interest on loans — £ s. d. Overdue .. •• 1,137 0 0 Accrued .. .• •• I>l3o1 >130 15 4 2,267 15 4 Rent accrued .. •• •• 35 0 0 Reserve for bad debts •• ■■ •• 3,515 13 10 Sinking Fund .. .. • • • • 202 0 0 £68,133 1 11 £68,133 1 11 » This amount includes the sum of £612 16s. lOd. capital paid into the Sinking Fund in accordance with the Public Debt Extinction Act, 1010. Profit and Loss Account for the Year ended 31st March, 1932. j) r £ s. d. Gr. £ s. d. To Management Expenses Account .. .. 100 0 0 By Interest Account—Gross profits .. .. 508 4 2 Expenses on realization of assets . . • • 41 3 3 Income-tax .. •. ■ • • • 107 6 11 Balance—Net profits for the year .. .. 259 14 0 £508 4 2 £508 4 2 £ s. d. £ a. d. To Balance as at 31st March, 1931 .. •• 4,269 5 0 By Net profits for the year 259 14 0 Balance .. .. .. .. .. 4,009 11 0 £4,269 5 0 £4,269 5 0 Interest Account for the Year ended 31st March, 1932. Br. £ s. d. £ s. d. Gr. £ s. d. £ s. d. To Interest on loans .. .. 2,274 0 0 By Interest on mortgages .. ..1,000 8 11 Less accrued at 31st March, 1931 1,130 15 4 Interest on mortgages— „ I£JO 1E „ 1,143 4 8 Overdue at 31st March, 1932 .. 2,183 15 2 Interest on loans accrued but not due .. 1,130 15 4 Accrued at 31st March, 1932 .. 217 12 7 Balance—Gross profits transferred to Profit and ~ Loss Account .. .. •• 308 4 2 3,401 Less interest overdue and accrued at 31st March, 1931 .. 1,895 4 2 1,506 12 6 Interest on bank balances .. .. . . 2 5 0 Interest on temporary advances to Settlers Branch .. .. .. .• .. 1,273 6 8 £2,782 4 2 £2,782 4 2 Management Expenses Account for the Year ended 31st March, 1932. j) r . £ s. d. Gr. £ 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 E. 0. Hales, Superintendent. State Advances Office, Wellington, 23rd June, 1932. 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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8.—13.

COLD-STORAGE ADVANCES ACCOUNT. Statement op Liabilities and Assets As at 31st March, 1932. Liabilities. ! Assets. £ s. d. £ s. d. £ s. d. Sundry loans .. .. .. 82,750 0 0 Investment Account — Principal owing by Less loan liability redeemed and mortgagors .. .. .. .. 19,284 10 0 discharged from Consolidated ; Temporary advances to Settlers Branch .. 42,500 0 0 Fund .. .. ~ 7,500 0 0 Sinking Fund investments lield by Public Debt — Redemption Fund .. .. .. *1,235 5 11 75,250 0 0 Interest on mortgages — £ s. d. Less loan liability redeemed by Overdue .. . . .. 1,112 19 5 Public Debt Repayment Accrued .. .. .. 390 1 8 Account .. .. .. 1,530 0 0 1,503 1 I 73,720 0 0 Sundry debtors .. .. .. .. 31 13 6 Liability to Consolidated Fund in terms of Profit and Loss Account .. .. .. 13,622 5 0 section 22, Finance Act, 1926 .. .. 1,530 0 0 Cash in hand and in bank at 31st March, 1932 .. 74 14 1 Income-tax Suspense Account.. .. .. 54 2 3 Interest on loans — £ s. d. Overdue .. .. .. 2,082 18 4 Accrued .. .. .. 217 14 2 2,300 12 6 Sinking Fund .. .. .. 646 14 10 £78,251 9 7 £78,251 9 7 * This amount includes the sum of £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, 1932. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 115 0 0 By Interest Account—Gross profits .. .. 300 7 9 Income-tax . . .. .. .. 54 2 3 Balance —Net profits for the year .. .. 131 5 6 £300 7 9 £300 7 9 £ s. d. £ s. d. To Balance as at 31st March, 1931 .. .. 13,753 10 6 By Net profits for the year .. « .. 131 5 6 Balance .. .. .. .. 13,622 5 0 £13,753 10 6 £13,753 10 6 Interest Account for the Year ended 31 st March, 1932. Dr. £ s. d. £ s. d. Gr. £ s. d. £ s. d. To Interest on loans .. .. 2,853 10 6 By Interest on mortgages 1,085 12 2 Less accrued at 31st March, Interest on mortgages — 1931 .. .. .. 244 3 5 Overdue at 31st March, 1932 1,112 19 5 2,600 7 1 Accrued at 31st March, 1932 390 1 8 Interest on loans accrued but not due .. 217 14 2 — Balance —Gross profits transferred to Profit and 2,588 13 3 Loss Account .. .. .. .. 300 7 9 Less overdue and accrued at 31st March, 1931 .. 1,500 13 5 1,087 19 10 Interest on bank balances .. .. .. 12 6 Interest on temporary advances to Settlers Branch .. .. .. .. 2,038 6 8 £3,127 9 0 £3,127 9 0 Management Expenses Account for the Year ended 31st March, 1932. Dr. £ s. d. Cr. £ s. d. To Administration expenses .. .. .. 110 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 E. O. Hales, Superintendent. State Advances Office, Wellington, 23rd June, 1932. 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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8.—13.

FISHING-INDUSTRY PROMOTION ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1932. Liabilities. £ s. d. £ s. d. Assets. £ s. d. Sundry loans .. .. .. 5,571 19 2 Investment Account—Principal owing on bills of sale 532 15 9 Less loan liability redeemed and Temporary advances to Settlers Branch .. ..3,750 0 0 discharged from Consolidated Fund 1,036 19 2 Sinking Fund investments held by Public Debt Redemption Fund .. . . .. .. *54 2 8 4,535 0 0 Interest on bills of sale— £ s. d. Less loan liability redeemed by Overdue .. .. .. 10 11 8 Public Debt Repayment Account 1,060 0 0 Accrued .. .. .. 917 6 3,475 0 0 — 20 9 2 Liability to Consolidated Fund in terms of section Sundry Debtors .. . . .. .. 16 14 6 22, Finance Act, 1926 .. .. .. 1,060 0 0 Profit and Loss Account .. .. .. 273 17 5 Income-tax Suspense Account .. .. . . 10 10 7 Cash in hand and in bank at 31st March, 1932 .. 49 10 11 Interest on loans— £ s. d. Overdue .. .. . . 88 0 8 Accrued .. .. . . 50 19 11 139 0 7 Sinking Fund .......... 12 19 3 £4,697 10 5 £4,697 10 5 I * This amount includes the sum of £41 3s. sd. capital paid into the Sinking Fund in accordance with the Public Deht Extinction Act, 1910. Profit and Loss Account for the Year ended 31st March, 1932. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 15 0 0 By Interest Account—Gross profits .. .. 51 1 4 Income-tax . . .. . . .. 10 10 7 Balance—Net profits for the year .. .. 25 10 9 £51 1 4 £51 1 4 £ s. d. £ s. d. To Balance at 31st March, 1931 . . . . .. 299 8 2 By Net profits for the year .. . . .. 25 10 9 Balance .. .. .. .. . . 273 17 5 £299 8 2 £299 8 2 Interest Account for the Year ended 31st March, 1932. Dr. £ s. d. £ s. d. ; Cr. £ s. d. £ s. d. To Interest on loans .. .. 155 2 6 ! By Interest on bills of sale .. 29 1 5 Less accrued at 31st March, 1931 50 19 11 Less overdue and accrued at 31st 104 2 7 March, 1931 .. .. 24 7 3 Interest on loans accrued but not due .. .. 50 19 11 414 2 Balance —Gross profits transferred to Profit and Interest on bank balances .. .. . . 10 6 Loss Account .. .. .. 51 1 4 Interest on temporary advances to Settlers Branch 180 0 0 Interest on bills of sale — £ s. d. Overdue at 31st March, 1932.. 10 11 8 Accrued at 31st March, 1932 .. 9 17 6 20 9 2 £206 3 10 . £206 3 10 Management Expenses Account for the Year ended 31st March, 1932. Dr. £ s. d. Or. £ s. d. To Administration expenses .. .. 10 0 0 By Balance transferred to Profit and Loss Account .. 15 0 0 Audit Office services .. .. .. .. 5 0 0 £15 0 0 | £15 0 0 E. 0. Hales, Superintendent. State Advances Office, Wellington, 23rd June, 1932. 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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8.—13.

REPATRIATION. Statement of Liabilities and Assets as at 31st March, 1932. Liabilities. Assets. Liability to Redemption Account as at Ist April, £ s. d. Investment Account—Principal £ s. d. £ s. d. 1925 .. .. .. .. 1,290,182 2 1 owing on bills of sale .. 212,151 17 11 Less repayments to 31st March, 1932 .. 174,529 15 4 Less Suspense adjustments .. 152 12 4 211,999 5 7 1,115,652 6 9 Interest on bills of sale, overdue .. .. 5,010 5 1 Less expenditure irrecoverable £ s. d. Cash in hand and in bank at 31st March, 1932 .. 351 3 5 to 31st March, 1931 ..894,634 13 7 Losses on realization for the year ended 31st March, 1932 7,371 4 4 Management expenses Account for the year ended 31st March, 1932 .. 1,647 3 3 903,653 1 2 Liability to Redemption Account as at 31st March, 1932 .. .. .. .. 211,999 5 7 Sundry creditors, Treasury—• £ s. d. Interest .. .. 208 9 5 Principal .. .. 95 17 7 304 7 0 Suspense Account .. .. .. .. 46 16 5 Interest on advances from War Expenses Account .. .. .. .. 5,010 5 1 £217,360 14 1 £217,360 14 1 Interest Account for the Year ended 31st March, 1932. D r £ s. d. Or. £ s. d. £ s. d. To Interest paid to Treasury .. .. .. 854 16 1 By Interest on bills of sale .. .. 1,328 6 9 Interest in hand due to Treasury at 31st March, Interest on bills of sale overdue at X 932 .. .. .. .. .. 208 9 5 31st March, 1932 .. .. 5,010 5 1 Interest due to Treasury overdue at 31st March, 1932 .. .. .. •• •• 5,010 5 1 6,338 11 10 Less overdue at 31st March, 1931 5,258 0 1 6,073 10 7 —■ Less interest due to Treasury overdue at 1,080 11 9 31st March 1931 .. .. .. 5,258 0 1 Less realizations —Interest .. 297 3 10 783 7 11 Interest on bank balances .. .. 32 2 7 £815 10 6 £815 10 6 Management Expenses Account for the Year ended 31st March, 1932. Or, £ s. d. Or. £ s. d. To Audit Office services .. .. • ■ 60 0 0 By Sundry fees .. .. - • • • 09 3 Cleaning and messenger services .. .. 45 0 0 Balance recouped in accordance with section Commission .. .. •• 6 10 6 13 (3), State Advances Amendment Act, 1922 1,647 3 3 Postages and telegrams .. .. .. 200 0 0 Post Office services .. .. .. ■ ■ 190 0 0 Printing and stationery .. .. • • 25 0 0 Rent .. . ■ • ■ ■ • ■ ■ 150 0 0 Salaries .. .. .. • • ■ • 915 0 0 Solicitors' costs .. .. .. ■ • 27 12 0 Training-expenses .. .. .. • • 8 10 0 Travelling-expenses .. • • ■ • 20 0 0 £1,647 12 6 £1,647 12 6 E. 0. Hales. Superintendent. State Advances Office, Wellington, 23rd June, 1932. 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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