STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1934.

Appendix to the Journals of the House of Representatives, 1934 Session I, B-13

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1934. NEW ZEALAND.

STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1934.

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

FORTIETH ANNUAL REPORT.

1. The State Advances Superintendent administers the following: — (a) Advances to Settlers (established 1894). (b) Rural Advances (established 1927). (c) Advances to Workers (established 1907). (d) Advances to Local Authorities (established 1910). (e) Public Debt Sinking Funds (moneys invested for the redemption of the public debt), (established 1910). (f) Advances Office Sinking Fund (moneys invested for the redemption of State Advances loans), (established 1913). 2. The difficulties of the prevailing conditions are reflected in the position of the Office accounts with its mortgagors. These mortgagors have not, in the main, securities other than those charged to the Department. Consequently, no reserves are available to carry them over the time of depression, and the sources from which their annual charges are met arise from receipts of the mortgaged assets or from their earnings. A present improvement in the general position appears to be indicated by the increased cash payments being made to this Office by mortgagors in arrear with their payments. A comparison with preceding years will best illustrate this point. The amount of the annual increase in the arrears payable to the Office has shown a definite downward tendency, notwithstanding the fact that the number of mortgagors who have been unable to meet their commitments over the same periods has increased. Increase in arrears for year ending 31st March, 1932, was £642,184. Increase in arrears for year ending 31st March, 1933, was £559,210. Increase in arrears for year ending 31st March, 1934, was £508,132. 3. The number of mortgagors in urban and suburban properties failing in their payments has increased during the past twelve months, but the facilities offered through the system of frequent and regular collections have enabled the Department to restrict the amount of the arrears in each case as much as possible. A general acceptance of these facilities by the mortgagors is now met with as the value to the mortgagors themselves of these measures is being recognized. For the year ended 31st March, 1934, 343,127 actual collections were made, the total sum received from these collections being £514,344.

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4. The Department has continued to extend its various forms of relief in suitable cases to its mortgagors. The facilities offered by way of a postponement of principal in the instalment due under a mortgage have been freely availed of when it was found that the difficulties are transitory. In many cases appreciation has been expressed by its mortgagors of the Department's efforts. 5. With those properties in urban and suburban areas that have come under the control and administration of the Department no change has at present been made in the policy of refraining from forcing realization sales. Meantime the action is restricted to the regaining possession of the asset and its letting until a more favourable market for realization is reached. The real estate movements are closely watched, and adequate steps will be taken in sufficient time to meet the market when the conditions are definitely more buoyant than those which exist at the present time. The same policy cannot be applied, for obvious reasons, to rural securities, and offerings of reverted securities are therefore from time to time necessary. 6. The advance in the price of wool during last season offered some relief to many of the Office mortgagors. Most of the Office mortgagors in sheep, however, have not large flocks, and any steep increase in their annual returns was not therefore experienced. In some cases, however, it has been noticed that the mortgagors have taken advantage of their increased revenue to reduce the arrears under their mortgages as much as possible. The position of the dairying industry, in so far as it is reflected by Office mortgagors in dairying, shows a slight decline for the year just ended as compared with the immediate preceding year. The total number of mortgagors dairying on freehold and leasehold land as at the 31st March, 1934, was 10,222. " Of this number approximately 54 per cent, have met their commitments to the Office. The number in default at the 31st March, 1934, is 4,665, as compared with 4,455, for the corresponding period ending 31st, March, 1933. 7. It is clear that the losses in this Department will be increased if the present indications of continued low price-levels are realized. A number of the Department's securities affects land that may be described as " marginal." Unless the price-levels rise, this marginal land will revert, as its continued development will not be justified by economic considerations. 8. Until the Department disposes of its properties and collects payment of the outstanding arrears, the ultimate loss will not be ascertained. To provide in some measure for this contingency the balance of gross profits available has been transferred to the Reserve for Loss. It is regretted that no accretion to the Advances Office Sinking Fund created for the redemption of the loan liability was possible during the year. 9. The total amount advanced from the inception of the Office in 1894 up to the 31st March, 1934, was £75,462,498 4s. 9d. Payments of halfyearly instalments, together with repayments in full to release securities, have to date totalled £32,950,915 ss. 4d., leaving a balance outstanding of £42,511,582 19s. sd. 10. The total losses from the inception amount to £785,563 3s. lid., or £l os. lOd. in every £100 of the amount advanced. This total does not include losses which may in fact exist but are not definitely ascertainable until securities are realized. 11. The percentage of arrears to the balance of advances outstanding at the close of the year was 5-519 per cent. 12. The total capital amounts to £44,880,936 Bs. 5d., and the cost of management expenses is £65,522 6s. 7d., being 0-146 per cent., or 2s. lid. per £100 of the capital employed. 13. Mortgages and instalments of principal repaid during the year amounted to £1,402,245 13s. 14. The interest collected amounted to £1,825,714 6s. Bd., and the interest paid on loan-moneys was £1,667,208 14s. lid. 15. Interest amounting to £22,675 18s. Bd. was capitalized during the year.

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16. The interest earned for the year on the Sinking' Funds administered was : £ s. d. Public Debt Sinking Funds .. .. •• 145,046 18 7 Advances Office Sinking Funds .. •• •• 93,793 11 10 17. The amount advanced on Current Account to the 31st March, 1934, was £2,110 9s. sd. 18. The commitments in respect of loans granted and not paid over in whole or in part at the 31st March, 1934, amount to £58,030. 19. No Rural Advances bonds were issued during the year. 20. The total advances now current are as follows : —

21. The number and amount of current advances classified into (a) Rural land, (b) urban and suburban land, are as follows : —

22. The average balance of principal outstanding per mortgagor is : £ Loans on rural properties .. .. • • • • • • 1 » o^3 Loans on urban and suburban properties .. .. • • • • 548 Loans to local authorities .. . ■ •• •• •• •• 15,605 23. The number and amount of advances, classified in accordance with the tenure of the security, paid over during the year are as follows : —

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„ _ , „ T , Loans to Local Tntak Loans to Settlers. Loans to Workers. Authorities. lotais. Number, j Amount. Number. Amount. Number, Amount. Number. Amount. £ £ £ £ Freeholds .. 20,125 18,997,606 22,297 13,825,364 .. •• 42,422 32,822,970 Leaseholds .. 9,021 3,933,352 1,442 781,142 .. .. 10,463 4,714,494 Freeholds and lease- 374- 401,894 .. .. ■■ •• 374 401,894 holds combined , Debentures issued 293 4,572,225 293 4,572,225 by local bodies Totals .. 29,520 23,332,852 23,739 14,606,506 293 4,572,225 53,552 42,511,583

~ t . tt7 i Loans to Local Tr.+oia Loans to Settlers. ! Loans to Workers. Authorities. lotais. Number. Amount. Number. Amount. Number.j Amount. Number. Amount. £ £ £ Rural land .. 16,702 17,912,161 .. .• 154 2,387,140 16,856 20,299,301 Urban and suburban 12,818 5,420,691 23,739 14,606,506 139 2,185,085 36,696 -j2,212,-j82 land Totals .. 29,520 23,332,852 23,739 14,606,506 293 4,572,225 53,552 42,511,583

Loans to Settlers. Loans to Workers. Totals. Number. Amount. N b u ™" Amount. Amount. Number. J Amount. £ £ £ Freeholds .. .. 61 27,595 6 3,590 .. .. 67 31,185 Leaseholds .. .. 5 2,200 « 2,200 Freeholds and leaseholds combined Debentures issued by local bodies Totals .. •• 66 29,795 6 3,590 .. .. 72 33,385

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24. Consequent on the Department exercising its powers of sale, the following advances granted to purchasers replaced existing mortgages :— Number. Amount. Loans to settlers .. .. .. .. ..192 238,475 Loans to workers .. .. .. .. ..18 13,830 210 £252,305 25. Funds amounting to £237,115, provided by Treasury in accordance with the Earthquake Act, 1931, have been paid to local bodies, and the balance outstanding in respect of the above advances at the close of the year was £236,285. MISCELLANEOUS BUSINESS BRANCH. 26. Under this Branch the administration of the following accounts, created as national emergency measures during the war period, was transferred by amalgamation to the State Advances Superintendent in 1922. The functions in respect of each account are now limited. (а) Housing Account. (б) Loans to Employers for Workers' Dwellings Account. (c) Fruit-preserving Industry Advances Account. (d) Cold-storage Advances Account. (e) Fishing-industry Promotion Account. (f) Repatriation. Housing Account. 27. No moneys were expended during the year in acquiring land, preparing land for dwellings, or in the erection of houses. 28. The amount outstanding in respect of 479 homes under agreements to purchase is £267,691 4s. 7d., and the arrears at the close of the year were £13,269 18s. sd. Repatriation. 29. During the year the sum of £11,850 Bs. (principal moneys), was repaid by borrowers. 30. The present position is that 930 borrowers are indebted to the extent of £118,723 18s. sd. for business loans, and 3,833 borrowers owe £78,172 14s. sd. for furniture loans : a total of £196,896 12s. lOd. in respect of principal moneys. 31. Mortgages and instalments of principal repaid for the year in respect of the above sundry accounts amounted to £22,040 lis. ild., and the interest collected was £26,553 Is. 2d. E. O. Hales, Superintendent. State Advances Office, Wellington, 30th June, 1934.

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STATE ADVANCES OFFICE. ADVANCES TO SETTLERS BRANCH. Statement of Liabilities and Assets as at 31st Maech, 1934. Liabilities. £ s. d. Assets. Sundry loans .. .. •• 20,311,415 8 5 Investment Account: Principal owing by £ s. d. Temporary advances from— £ s. d. mortgagors .. .. .. .. 16,926,605 0 6 Local Authorities Branch 270,000 0 0 Advances on current account .. .. 2,110 9 5 Public Debt Sinking Funds Temporary investments .. .. .. 625,000 0 0 Branch .. ■ • 60,000 0 0 Temporary advances to — £ s. d. Advances Office Sinking Workers Branch ..3,100,000 0 0 Aooount .. 1,009,000 0 0 Rural Advances Branch .. 746,000 0 0 Miscellaneous Busi n e s s ~~ 3,846,000 0 0 Branch .. .. 327,360 0 0 Sinking Fund Investments held by Advances 1,666,360 0 0 Office Sinking Fund Account .. .. 1,993,106 7 3 Amount held for investment on behalf of the Interest on mortgages— £ s. d. Housing Insurance Fund.. .. .. 7,542 12 11 Overdue .. .. .. 757,03/ 17 2 Advances Suspense Account .. .. 2,645 18 1 Accrued .. .. .. 209,571 15 8 Fire Loss Suspense Account .. .. 9,659 18 3 - - ® Sundrv creditors .. .. •• •• 2,716 16 9 Interest on temporary investments accrued .. 1,175 7 ō Weekly rental and instalment collections held Office furniture and equipment .. .. 7,183 5 6 tending allocation .. .. •• 74,977 10 9 Motor-vehicles .. .. .. .. 813 10 10 Interest on loans— £ s. d. Sundry debtors .. .. .. .. 10,065 17 5 Deferred .. .. 198,295 9 2 Securities Protection Suspense Account .. 7,352 0 8 Overdue .. .. 11,872 17 1 Lodgment Transit Account.. .. .. 9,298 4 2 Accrued but not due .. 157,148 5 1 Realization Suspense Account .. .. 132,135 12 1 367,316 11 4 Loan Charges Account .. .. .. 179,056 0 5 Reserve for bad debts .. .. •• 265,068 7 6 Cash in hand and in bank at 31st March, 1934 .. 19,298 2 9 Sinking fund .. .. •• 1,993,106 7 3 Reserve Fund .. . • ■ ■ • • 25,000 0 0 £24,725,809 11 3 £24,725,809 11 3 Profit and Loss Account foe the Yeae ended 31st March, 1934. />. £ s. d. Or. £ S. d. To Management Expenses Account .. .. 38,359 19 2 By Interest Account: Gross profits .. .. 127,765 19 3 Loss on realization of securities, and doubtful securities written down .. .. •• 66,303 17 10 Depreciation on— £ s. d. Furniture and equipment .. 378 1 4 Motor-vehicles .. • • 215 13 8 593 15 0 Income-tax .. •• 1,516 2 4 Loan-flotation charges written down .. 20,992 411 £127,765 19 3 £127,765 19 3 Interest Account for the Year ended 31st March, 1934. Dr £ s. d. £ s. d. Or. £ s. d. £ s. To Interest on loans .. .. 839,927 711 By Interest on mortgages .. 738,508 14 2 Less accrued at 31st March, Interest on mortgages— 1933 169,864 15 4 Overdue at 31st March, 670,062 12 7 1934 .. .. 757,037 17 2 Interest on loans accrued but not due .. 157,148 5 1 Accrued but not due at Interest on amounts temporarily transferred 31st March, 1934 .. 209,571 15 8 from other branches .. .. 64,052 0 0 - - — Balance —Gross profits transferred to Profit 1,705,118 7 0 and Loss Account .. .. ..127,765 19 3 Less overdue and accrued at 31st March, 1933 .. .. 845,727 17 4 — 859,390 9 8 Interest on temporary investments .. .. 32,468 15 0 Less accrued at 31st March, 1933 .. 9,021 11 0 23,447 4 0 Interest on outstanding payments.. .. 419 6 Interest on bank balances .. .. 998 4 2 Interest on temporary advances to other branches .. .. .. 133,976 22 Interest on temporary investments (accrued) 1,175 7 5 £1,019,028 16 11 £1,019,028 16 11

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ADVANCES TO SETTLERS BRANCH—continued. Management Expenses Account foe the Year ended 31st March, 1934. Dr. £ a. d. Cr. £ s . d. To Advertising, newspapers, &c. .. .. 22 13 8 By Consent fees .. .. .. .. 43 6 0 Audit Office services .. .. .. 355 0 0 Cost of preparation of mortgages .. .. 55 18 10 Cartage .. .. .. .. .. 27 11 2 Production fees .. .. .. .. 369 0 5 Cleaning, lighting, heating, and messenger ser- Release fees .. .. .. .. 247 11 0 vices •• •• •• •• 331 8 5 Balance transferred to Profit and Loss Account 38,359 19 2 Commission .. .. .. .. 974 16 5 Contingencies .. .. .. .. 9 17 6 Employers' liability insurance .. .. 26 3 6 Fidelity guarantee bonds .. .. .. 64 3 5 Management charges on New Zealand stock and bonds .. .. .. .. 2,531 16 4 Meal allowances and overtime .. .. 85 3 0 Motor maintenance .. .. .. 443 19 10 Office maintenance .. .. .. 313118 Postages and telegrams .. .. .. 806 22 Post Office services .. .. .. 1,470 4 6 Printing and stationery .. .. .. 520 8 5 Public Service Superannuation Fund contribution .. .. .. .. .. 255 3 7 Rent .. .. .. .. .. 1,934 7 8 Salaries .. .. .. .. .. 21,784 6 4 Solicitors'costs and Court costs .. .. 1,806 13 5 Telephones .. .. .. .. 216 17 9 Travelling-expenses .. .. .. 162 10 8 Typewriters and adding-machines (repairs) .. 122 5 1 Valuation-Department: Agency work .. 4,810 10 11 £39,075 15 5 £39,075 15 5 E. 0. Hales, Superintendent. State Advances Office, Wellington, 30th June, 1934. 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, except that the amount of exchange paid in respect of the interest which has been paid in London on the loans of this account has not been charged to the account, but has been borne by the Consolidated Fund.—J. H. Fowler, Deputy Controller and Auditor-General.

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RURAL ADVANCES BRANCH. Statement of Liabilities and Assets as at 31st March, 1934. Liabilities. £ s. d. £ s. d. Bonds issued .. .. .. .. 4,213,050 0 0 Investment Account: Principal owing by mortTemporary advances from Settlers Branch .. 746,000 0 0 gagors .. .. •• • • 4,513,607 111 Advances Suspense Account .. .. 287 0 0 Interest on mortgages £ s. d. Fire Loss Suspense Account .. •• 2,695 0 0 Overdue .. .. 289,346 211 Suspense Account .. .. .. 2,135 7 6 Accrued .. .. 56,737 411 Sundry creditors 110 11 3 34 0'n0? I a Weekly rental and instalment collections held Sundry debtors .. .. .. i? pending allocation .. .. •• 17,194 2 8 Securities Protection Suspense Account .. 34/ 15 10 Interest on loans accrued but not due .. 7,471 411 Realization Suspense Account .. .. Reserve for bad debts .. .. .. 50,823 710 Loan Charges Account .. .. .. 164,646 15 11 Cash in hand and in bank at 31st March, 1934 4,058 13 10 £5,039,766 14 2 £5,039,766 14 2 Profit and Loss Account for the Year ended 31st March, 1934. Dr. £ s. d. Gr. £ s. d. To Management Expenses Account .. .. 9,210 9 0 By Interest Account: Gross profits .. .. 29,796 6 3 Loss on realization of securities and doubtful securities written down .. .. 7,920 14 7 Loan-flotation charges written down .. 12,665 2 8 £29,796 6 3 £29,796 6 3 I ' ' ■ Interest Account for the Year ended 31st March, 1934. Dr. £ s. d. £ s. d. Gr. £ s. d. £ s. d. To Interest on bonds .. 172,847 5 6 By Interest on mortgages .. 176,348 18 3 Less accrued at 31st Interest on mortgages— March, 1933 .. 9,233 10 2 Overdue at 31st March, 163,613 15 4 1934 .. .. 289,346 211 Interest on bonds accrued but not due .. 7,471 4 11 Accrued but not due at Interest on amounts temporarily transferred 31st March, 1934 .. 56,737 411 from Settlers Branch .. .. .. 32,143 11 9 — Balance : Gross profits transferred to Profit 522,432 6 1 and Loss Account .. .. .. 29,796 6 3 Less overdue and accrued at 31st March, 1933 .. .. 289,431 9 0 233,000 17 I Interest on temporary investments .. 3 15 0 Interest on bank balances .. .. 16 11 6 Interest on outstanding payments.. .. 3 14 8 £233,024 18 3 £233,024 18 3 Management Expenses Account for the Year ended 31st March, 1934. Dr. £ s. d. Gr. £ s. d. To Audit Office services .. .. .. 145 0 0 By Consent fees .. .. .. .. 11l 0 Cleaning, lighting, heating, and messenger Production fees.. .. .. .. 37 10 0 services .. .. • • • • 120 0 0 Release fees .. .. .. .. 4 13 Contingencies !. .. .. •• 110 8 Balance transferred to Profit and Loss Account 9,210 9 0 Postages and telegrams .. .. .. 159 17 4 Post Office services .. .. . ■ 185 0 0 Printing and stationery .. .. .. 120 0 0 Public Service Superannuation Fund contribution .. •. • ■ • • 65 0 0 Rent .. .. • • • • • • 180 0 0 Salaries .. .. •• •• 5,972 0 0 Solicitors' costs and Court costs .. .. 838 6 3 Travelling-expenses .. .. .. 16 17 0 Valuation Department: Agency work .. 1,450 0 0 £9,253 11 3 £9,253 11 3 E. 0. Hales, Superintendent. State Advances Office, Wellington, 30th June, 1934. 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, except that the amount of exchange paid in respect of the interest which has been paid in London on the loans of this account has not been charged to the account, but has been borne by the Consolidated Fund.—J. H. Fowler, Deputy Controller and Auditor-General.

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ADVANCES TO WORKERS BRANCH. Statement op Liabilities and Assets as at 31st March, 1934. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. .. 12,145,734 10 4 Investment Account: Principal owing bv Temporary advances from Settlers Branch .. 3,100,000 0 0 mortgagors .. .. .. .. 14,504,448 11 11 Liability to Railway Department (railway Sinking Fund investments held by Advances housing) .. .. .. .. 9,195 0 0 Office Sinking Fund Account .. .. 90,054 15 1 Advances Suspense Account .. .. 10 0 0 Interest on mortgages— £ s. d. Fire Loss Suspense Account .. .. 1,438 19 3 Overdue .. .. 684,239 10 0 Sundry creditors .. .. .. .. 61 2 9 Accrued .. .. 178,592 17 10 Weekly rental and instalment collections held 862,832 7 10 pending allocation .. .. .. 110,853 14 7 Unregistered Transfers Account (Railway emInterest on loans — £ s. d. ployees) .. .. .. " 9,195 0 0 Deferred .. .. 36,931 16 3 Motor-vehicles .. .. .. .. 1,875 12 4 Accrued but not due .. 101,427 19 7 Sundry debtors .. .. .. .. 1,213 2 9 Overdue .. .. 3,808 18 3 Securities Protection Suspense Account .. 34,457 3 5 Overdue on liability to Realization Suspense Account .. .. 5,831 19 8 Railway Department .. 2,128 9 0 Loan Charges Account .. .. .. 187,640 4 6 144,297 3 1 Cash in hand and in bank at 31st March, 1934.. 9,323 7 5 Reserve for bad debts .. .. .. 105,226 19 10 Sinking fund .. .. .. .. 90,054 15 1 £15,706,872 4 11 £15,706,872 4 11 Profit and Loss Account for the Year ended 31st March, 1934. Dr. £ s. d. Cr. £ s. d. To Management Expenses Account .. .. 16,131 17 7 By Interest Account—Gross profits.. .. 106.840 15 11 Loss on realization of securities and doubtful securities written down .. .. 47,311 0 8 Depreciation on motor-vehicles .. .. 523 0 8 Loan-flotation charges written down .. 20,888 11 10 Income-tax .. .. .. .. 1,916 11 I Balance : Net profits for the year .. .. 20,069 14 1 £106,840 15 11 £106,840 15 11 £ s. d. £ s. d. To Balance as at 31st March, 1933 .. .. 20,069 .14 1 By Net profits .. .. .. .. 20,069 14 1 £20,069 14 1 £20,069 14 1 Interest Account for the Year ended 31st March, 1934. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans.. .. 524,608 12 1 By Interest on mortgages .. 591,353 13 3 Less accrued at 31st March, Interest on mortgages— 1933 .. .. 105,352 16 3 Overdue at 31st March, 419,255 15 10 1934 .. .. 684,239 10 0 Interest on amounts temporarily transferred Accrued but not due at from Settlers Branch .. .. .. 101,832 10 5 31st March, 1934 .. 178,592 17 10 Interest on railway expenditure (erection of dwellings) .. .. .. .. 495 9 8 1,454,186 1 1 Interest on loans accrued but not due .. 101,427 19 7 Less interest overdue Balance : Gross profits transferred to Profit and accrued at and Loss Account .. .. .. 106,840 15 11 31st March, 1933 724.503 17 4 729,682 3 9 Interest on bank'balances .. .. 25 15 11 Interest on outstanding payments .. 144 11 9 £729,852 11 5 £729,852 11 5 Management Expenses Account for the Year ended 31st March, 1934. Dr. £ s. d. Cr. £ s. d. To Audit services .. .. .. .. 225 0 0 By Cost of preparation of mortgages .. .. 18 6 6 Cleaning, lighting, heating, and messenger Production fees.. .. .. .. 137 0 0 services .. .. .. .. 199 14 4 Release fees .. .. .. .. 130 3 4 Commission . . .. .. .. 1,492 9 1 Search and registration fees .. .. 84 6 4 Fidelity guarantee bonds .. .. .. 80 0 0 Sundry fees .. .. .. .. 22 7 Management charges on New Zealand stock and Balance transferred to Profit and Loss bonds .. .. .. .. .. 1,235 3 8 Account .. .. .. .. 16,131 17 7 Motor-vehicles maintenance .. .. 800 0 0 Post Office services .. .. .. 450 0 0 Postages and telegrams .. .. .. 330 0 11 Printing and stationery .. .. .. 250 0 0 Public Service Superannuation Fund contribution .. .. .. .. .. 115 0 0 Rent .. .. .. .. .. 600 0 0 Salaries .. .. .. .. .. 10,310 0 0 Solicitors' costs and Court costs .. .. 217 5 9 Travelling-expenses .. .. .. 49 2 7 Valuation Department: Agency work .. 150 0 0 £16,503 16 4 £16,503 16 4 E. O. Hales, Superintendent. State Advances Office, Wellington, 30th June, 1934. 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, except that the amount of exchange paid in respect of the interest which has been paid in London on the loans of this account has not been charged to the account, but has been borne by the Consolidated Fund.—J. H. Fowler, Deputy Controller and Auditor-General.

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LOCAL AUTHORITIES BRANCH. Statement of Liabilities and Assets as at 31st March, 1934. 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 .. ■■ 2,338,528 19 11 Hawke's Bay Rehabilitation: Loan-moneys Hawke's Bay rehabilitation 236,285 0 0 received from Treasury .. .. 236,285 0 0 • 2,574,813 19 11 Sundry creditors: Treasury (Hawke's Bay re- Temporary advances to Settlers Branch .. 270,000 0 0 habilitation principal repayments).. .. 20 0 6 Sinking Fund investments held by Advances Suspense Account 4 3' 5 ! Office Sinking Fund Account .. . . 192,171 5 1 Interest on loans accrued but not due .. 11,580 15 7 Interest on debentures £ s. d. Sinking fund .. .. .. 192,171 5 1 Overdue .. ■■ 9,217 19 6 Miming i n Accrued .. 19.909 13 2 29,127 12 8 Sundry debtors .. .. • ■ ■ ■ 172 11 1 Loan Charges Account .. ■■ 25,263 2 10 Profit and Loss Account .. .. ■■ 127,242 12 8 Cash in hand and in bank at 31st March, 1934 .. 3,948 8 9 £3,222,739 13 0 £3,222,739 13 0 Profit and Loss Account for the Year ended 31st March, 1934. J)r. £ s. d. ; Cr. £ s - dTo Management Expenses Account .. .. 1, 820 010| By Balance Loss for the year . . .. 3, 570 911 Loan-flotation charges written down .. .. 1,081 410 Income-tax .. • • • • ■ ■ 586 4 5 Balance: Interest Account ...... 82 19 10 £3,570 9 11 £3,570 9 11 £ s. d. £ s. d. To Balance as at 31st March, 1933 .. .. 123,672 2 9 By Balance .. .. ■■ .. 127,242 12 8 Loss for the year .. .. 3,570 9 11 £127,242 12 8 £127,242 12 8 Interest Account for the Year ended 31st March:, 1934. Or £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. .. 129,329 19 9 By Interest on debentures .. 96,943 15 9 Less accrued at 31st March, Less overdue and accrued at 19 33 . 36,343 111 31st March, 1933 .. 30,516 12 7 92,986 17 10 I — 66,427 3 2 Interest on loans accrued but not due .. 11,580 15 7 | Interest on bank balances. . ... •. 15 10 7 Interest on temporary advances to Settlers Branch .. .. •• 8,914 7 2 Interest on debentures — £ s. d. Overdue at 31st March, 1934 9,217 19 6 Accrued but not due at 31st March, 1934 .. .. 19,909 13 2 | 29,127 12 8 Balance transferred to Profit and Loss Account 82 19 10 £104,567 13 5 1 £104,567 13 5 Management Expenses Account for the Year ended 31st March, 1934. D r £ s. d. (Jr. £ s. d. To Audit Office services .. •• 50 0 0 By Balance transferred to Profit and Loss Account.. 1,820 010 Cleaning, lighting, heating, and messenger services .. .• • • • • • • 30 0 0 Management charges : New Zealand stock and bonds 299 0 10 Postages and telegrams ...... 40 0 0 . Post Office services.. .. • • • • 60 0 0 Printing and stationery . . • • • • 75 0 0 Public Service Superannuation Fund contribution . . .. •• ■ • • • 50 0 0 Rent 80 0 0 Salaries .. ■ • • • ■ • ■ • 1,136 0 0 £1,820 0 10 £1,820 0 10 E. 0. Hales, Superintendent. State Advances Office, Wellington, 30th June, 1934. 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, except that the amount of exchange paid in respect of the interest which has been paid in London on the loans of this account has not been charged to the account, but has been borne by the Consolidated Fund.—J. H. Fowler, Deputy Controller and Auditor-General.

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PUBLIC DEBT SINKING FUNDS BRANCH. Statement op Liabilities and Assets as at 31st March, 1934. Liabilities. Asiets Sinking crated under the provisions of £ s. d. Investment Account: Princi- "& s d £ , d the Pahhc Debt Eximohcn Act 1910 .. 3,258,055 19 4 pa] owing on loans to- * S ' d ' Weekly icntal and instalment collections held Settlers 1 ftfi7 879 1Q " pending allocation 4,248 12 7 Workers " " 56 701 13 2 Suspense Account 1,355 0 2 Local bodies .. .. 1 873 382 9 9 Sundry creditors .. .. n 14 9. ' z a „ Interest due to Consolidated Fund in accord- " Temporary investments .. ~ 250 000 0 "üblic W Debt Se A° ri 9 4 (0) ' Re P7 m eiito/ Temporary advances to Settlers Branch .'. 10',5 0 0 t 1 , £ s ' d - Sundry debtors .. .. 95a 9in In hand at 31st March, 1934 48,496 2 8 interest overdue on loans to- £ sd " Accrued " ' " ' 33,36117 9 31,836 4 4 Workers .. ... 981 12 3 124,512 19 0 Local bodies .. .. 9,837 2 0 44,180 12 0 interest accrued on loans to— Settlers .. .. 13,276 16 6 Workers .. .. 700 18 0 Local bodies .. .. 17,858 910 31,836 4 4 Idealization Suspense Account . . .. 93 13 6 Cash in hand and in bank at 31st March, 1934 .. 4,758 17 3 £3,389,084 5 3 . £3,389,084 5 3 Interest Account for the Year ended 31st March, 1934. D r • I Cr To Interest on investments due to. Consolidated £ s. d. jßy Interest on loans to— £ sd £ ,rf -bund in accordance with section 12 (a), I ' Settlers 4fi 730 ft 1 Repayment, of the Public Debt Act, 1925— ! Workers " 2'720 16 7 Paid to Treasury 91,846 1 7 Local bodies .'! !! 81'667 11 7 In hand at 31st March, 1934 .. .. 48,496 2 8 Overdue at 31st March, 1934 .. .. 44'180 12 0 m 118 s ~ Accrued at 31st March, 1934 .. .. 31,836 4 4 Less overdue and accrued i at 31st March, 1933 71,312 2 0 T 216,359 0 7 QAg « o Less overdue and accrued at 31st March, I Interest on bank balances .. .. .. '6915 0 71 '312 2 0 | Interest on temporary advances to Settlers Branch .. .. 5,623 6 8 interest on temporary investments .. .. 3,530 9 5 Interest on outstanding payments .. .. 0 4 11 Interest overdue at 31 st March, 1934, on loans to— £ s . d Settlers .. .. 33,361 17 9 Workers .. .. 981 12 3 Local bodies .. .. 9,837 2 0 44,180 12 0 Interest accrued at 31st March, 1934, on loans to— Settlers .. .. 13,276 16 6 Workers .. . . 700 18 0 Local bodies .. .. 17,858 910 31,836 4 4 £145.046 18 7 £145,046 18 7 State Advances Office, Wellington, 30th June, 1934. R. • + i, l^ ere i by I certlf y i at tlle Balance-sheet and accompanying accounts have been duly examined and compared ttt w ® documents submitted for audit, and correctly state the position as disclosed thereby.— J. H. iowLER, Deputy Controller and Auditor-General.

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3—B. 13.

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ADVANCES OFFICE SINKING FUND ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1934. Liabilities. Assets. Principal received as at 31st March, 1933, with Investment Account—Princiaccumulated interest from — £ s. d. pal owing 011 loans to — £ s. d. £ s. d. Settlers Branch .. .. .. 2,396,311 10 1 Settlers .. .. 824,767 6 5 Workers Branch . .. .. .. 294,434 0 9 Workers .. .. 45,355 15 10 Local Authorities Branch .. .. 424,062 8 3 Local bodies .. .. 360,313 7 7 1,230,436 9 10 3,114,807 19 1 Temporary advances to Settlers Branch .. 1,009,000 0 0 Interest earned for the year ended 31st March, Sundry debtors .. .. .. .. 649 011 1934 — " £ s. d. Interest overdue on loans to — £ s. d. Settlers Branch .. .. 82,159 19 1 Settlers .. .. 20,582 611 Workers Branch .. .. 3,712 2 3 Workers .. .. 1,192 11 5 Local Authorities Branch .. 7,921 10 6 Local bodies .. .. 2,946 13 5 — 93,793 11 10 24,721 11 9 Interest accrued on loans to — 3,208,601 10 11 Settlers .. .. 9,411 7 5 Less redemption of loans — Workers .. .. 509 2 6 Settlers Branch .. 485,365 1 11 Local bodies .. .. 2,853 18 11 Workers Branch .. 208,091 7 11 12,774 8 10 Local Authorities Branch 239,812 13 8 Cash in hand and in bank at 31st March, 1934 1,452 0 2 933,269 3 6 Total funds as at 31st March, 1934 .. .. 2,275,332 7 5 Weekly rental and instalment collections held pending allocation .. .. .. 2,941 4 1 Advances Suspense ...... 110 0 0 Fire Loss Suspense .. .. .. 650 0 0 £2,279,033 11 6 £2,279,033 11 6 Interest Account foe the Yeae ended 31st March, 1934. Dr. I @ r - To Interest on investments, transferred to Sinking £ s. d. By Interest on loans to — £ s. d. £ s. d. Fund Account .. .. .. • - 93,793 11 10 Settlers .. .. .. 36,725 9 9 Workers.. .. .. 1,996 14 7 Local bodies .. .. 15,385 14 3 54,107 18 7 Less overdue and accrued at 31st March, 1933 .. 34,097 15 0 20,010 3 7 Interest on bank balances .. .. .. 13 18 0 Interest on temporary advances to Settlers Branch .. .. .. .. 36,273 6 8 Interest on outstanding payments .. .. 0 3 0 Interest overdue at 31st March, 1934, on loans to— £ s. d. Settlers .. .. .. 20,582 6 11 Workers.. .. .. 1,192 11 5 Local bodies .. .. 2,946 13 5 24,721 11 9 Interest accrued at 31st March, 1934, on loans to— Settlers .. .. .. 9,4117 5 Workers .. .. .. 509 2 6 Local bodies .. .. 2,853 18 11 12,774 8 10 £93,793 11 10 £93,793 11 10 E. O. Hales, Superintendent. State Advances Office, Wellington, 30th June, 1934. 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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MISCELLANEOUS BUSINESS BRANCH.—HOUSING ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1934. 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 .. 267,691 4 7 Fund .. .. .. 319,918 1 7 Sections purchased .. 2,118 7 9 Advances .. .. 164 14 3 732,306 10 11 269,974 6 7 Less loan liability redeemed Temporary advances to Settlers Branch 321,000 0 0 and discharged from Con- Completed dwellings .. .. .. . . 9,645 15 0 solidated Fund .. .. 19,468 9 4 Dwellings let .. .. .. 20,576 15 11 Freehold land .. .. .. .. 26,012 18 8 712,838 1 7 Sinking Fund investments held by Public Debt Less loan liability redeemed Redemption Fund .. .. .. . . *4,709 8 8 by Public Debt Repay- Insurance Fund investment held by Settlers Branch 7'542 12 11 ment Account . . .. 100 0 0 Sundry debtors .. .. .. .. 934 4 1 712,738 I 7 Interest on dwellings and land— £ s. d. Liability to Consolidated Fund in terms of see- Overdue .. .. .. 7,858 19 0 tion 22, Finance Act, 1926 .. .. .. 100 0 0 Accrued .. .. .. '583 11 Sundry creditors .. .. .. .. 78 2 7 7 917 2 11 Suspense Account .. .. .. .. 182 0 0 Rent overdue .. .. .. .. 1,700 19 7 Insurance Fund .. .. .. 8,667 0 4 Insurance premiums— Interest on loans— £ s. d. Overdue .. .. .. 520 16 1 Overdue .. .. .. 17,332 910 Paid in advance .. .. 248 0 0 Aocrued .. .. .. 5,063 410 7gB 16 1 22,395 14 8 Realization Suspense Account .. .. . . 8,694 4 6 Reserve for bad debts .. .. .. 19,880 18 11 Profit and Loss Account .. .. .. 77,777 11 4 Sinking fund .. .. .. .. 1,354 810 Cash in hand and in bank at 31st March, 1934 .. 8,141 10 8 £765,396 6 11 £765,396 6 II • This amount, includes the sum of £3,354 19s. lOd. capital paid into the sinking Jund in accordance with the Public Debt Extinction Act, 1910. Profit and Loss Account for the Year ended 31st March, 1934. Dr ■ £ s - d - Cr. £ s. d. To Management Expenses Account .. .. 1,662 18 0 By Balance, loss for the year .. .. .. 9,374 15 8 Dwellings maintenance .. .. .. 1,566 4 5 Losses on realization of securities, and doubtful securities written down .. .. .. 4,27000 Balance: Interest Account.. .. .. 1,875 13 3 £9,374 15 8 £9,374 15 8 £ s. d. £ S- (j ā To Balance as at 31st March, 1933 .. .. 68,402 15 8 By Balance .. .. .. .. .. 77.777 11 4 Loss for the year .. .. .. .. 9,374 15 8 £77,777 11 4 £77,777 11 4 Interest Account for the Year ended 31st March, 1934. T Df. £ s. d. Or. £ s. d. £ s. d. To Interest on loans .. .. .. .. 21,467 9 7 By Interest on land and dwellings ..10,680 7 2 Interest on loans accrued but not due .. 5,063 410 Less overdue and accrued at 31st March, 1933 .. .. 6,627 1 7 4,053 5 7 Interest on amounts temporarily transferred to Settlers Branch .. .. .. .. 12,666 6 8 Interest on bank balances .. .. .. 18 6 0 Interest on dwellings and land — £ s. d. Overdue at 31st March, 1934 7,858 19 0 Accrued but not due at 31st March, 1934 .. .'. 58 3 11 7,917 2 li Balance transferred to Profit and Loss Account.. 1,875 13 3 £26,530 14 5 £26,530 14 5 Management Expenses Account for the Year ended 31st March, 1934. Dr - £ s. d. Cr. £ s. d. .To Audit Office services .. .. .. 90 0 0 By Balance transferred to Profit and Loss Account.. 1,662 18 0 Cleaning, lighting, heating, and messenger services 25 0 0 Fees paid for special services in respect of securities .. .. .. .. 70 1 3 Postages and telegrams .. .. .. 40 0 0 Post Office services.. .. _ .. .. 60 0 0 Printing and stationery .. .. .. 50 0 0 Public Service Superannuation Fund contribution 40 0 0 Rates .. .. .. .. .. 0 10 2 Rent .. .. .. .. .. 50 0 0 Salaries .. .. .. .. .. 1,152 0 0 Solicitors' costs .. .. .. .. 35 6 7 Valuation Department: Agency work .. 50 0 0 £1,662 18 0 £1,662 18 0 E. 0. Hales, Superintendent. State Advances Office, Wellington, 30th June, 1934. 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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LOANS TO EMPLOYERS FOR WORKERS' DWELLINGS ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1934. Liabilities. £ s. d. Assets. £ s. <1. Sundry loans .. .. .. .. .. 2,575 0 0 Investment Account: Principal owing by mortInterest on loans— £ s. d. gagors .. .. .. •• " a Overdue .. .. .. 12 9 11 Temporary advances to Settlers Branch .. .. 420 0 0 Accrued . . .. .. .. 33 11 8 Sinking fund investments held by Public Debt Re46 1 7 demption Fund . . .. .. • • 47 6 3 Sinking fund .. .. .. .. • ■ 47 6 3 Interest on mortgages overdue .. .. .. 370 10 0 Profit and Loss Account .. .. • ■ 70 19 11 Cash in hand and in bank at 31st March, 1934 .. 418 10 £2,739 7 9 £2,739 7 9 Profit and Loss Account for the Year ended 31st March, 1934. Dr. £ s. d. Cr. To Administration expenses .. . . 10 0 0 By Interest Account: Gross profits .. 20 3 3 Income-tax .. .. .. .. .. 1 16 4 Balance : Net profits for the year .. .. 8 6 11 £20 3 3 £2 ° 3 3 £ s. d. £ To Balance : Net profits, carried forward .. 70 19 11 By Balance as at 31st March, 1933 .. 62 13 0 Net profits for the year .. .. •• 8 611 £70 19 11 £70 19 11 Interest Account for the Year ended 31st March, 1934. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. .. . . 81 6 5 By Interest on mortgages .. . . 64 2 6 Less accrued at 31st March, 1933 .. 25 2 4 Interest on mortgages overdue at 31st 56 4 1 March, 1934 .. .. .. 370 10 0 Interest on loans accrued but not due .. .. 33 11 8 Balance —Gross profits transferred to Profit and 434 12 6 Loss Account .. .. .. .. 20 3 3 Less overdue at 31st March, 1933 .. 337 9 6 97 3 0 Interest on temporary advances to Settlers Branch 12 16 0 £109 19 0 £109 19 0 Manaciement Expenses Account for the Year ended 31st March, 1934. 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. 0. Hales, Superintendent. State Advances Office, Wellington, 30th June, 1934. 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 or Liabilities and Assets as at 31st March, 1934. Liabilities. £ s. d. £ s . d. Assets. £ s . d Sundry loans . 43,858 14 3 Investment Account: Principal owing by mortLess loan liability redeemed and gagors .. .. . oq iqi r, R discharged from Consolidated Properties acquired .. . . .. .. 4'212 8 6 •• 6,008 14 3- Temporary advances to Settlers Branch .. 1,'490 0 0 —— Sinking Fund investments held by Public Debt t i t , «17,850 0 0 Redemption Fund .. .. .. 17 « Less loan liability redeemed by Interest on mortgages— £ g d I üblic Debt Repayment Ac- Overdue . . .. 2 738 10 8 00unt • • • • • ■ 5,000 0 0 Accrued .. . . '219 19 9 ~ , 32,850 0 0 9 Q fi ß in r. Liability to Consolidated Fund ill terms of sectioft22, Profit and Loss Account .. .. .. 3'809 6 8 mance Act, 19-6 . . . • • ■■ 5,000 0 0 Cash in hand and in bank at 31st March, 1934 .. 21 3 0 Weekly rental and instalment collections held pend- ' 0 J ing allocation . . . . ~ . 100 0 0 Suspense Account . . ~ , , ~ 17 11 1 Interest on loans accrued .. .. .. 428 8 1 Reserve for bad debts .. .. .. 3 839 11 8 Sinking fund .. .. .. .. '2,51 0 10 £42,486 11 8 £42,486 11 8 » This amount includes the sum of £612 16s. 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, 1934. T ° & ment E TT S A ° f COUnt : ' ' • • 100 odo By Interest' Account : Gross profits .. .. 332 B'4 Expenses on realization of assets .. 32 4 0 Balance : Net profits for the year .. . . 200 4 4 £332 8 4 £332 8 4 To Balance as at 31st March, 1933 .. .. 4,009 U0 By Net profits for the year 200 4*4 Balance .. .. .. .. .. 3 )809 6 g £4,009 11 0 £4,009 11 0 Interest Account for the Year ended 31st March, 1934. Dr • £ s. d. £ S. d. Cr £ „ j , To Interest on loans .. 1,450 4 1 By Interest on mortgages .. 1 076 3 5 Less accrued at 31st March, 1933 734 911 _ Interest on mortgages— T„i 4. 1 ~ , ~ " —~ 715 14 2 Overdue at 31st March, 1934 .. 2,738 10 8 nterest on loans accrued but not due .. .. 428 8 1 Accrued at 31st March, 1934 . 239 19 9 Balance : Gross profits transferred to Profit and Loss Account 332 8 4 4>034 13 10 Less interest overdue and accrued at 31st March, 1933 ..2,649 1 11 T , , , 1,385 11 11 Interest on temporary advances to Settlers Branch 90 18 8 10 7 Management Expenses Account for the Year ended 31st March, 1934. Dr. £ s d I Cr "iSRSESSrr :: :: :: « .. i;'. £10 ° 0 0 £100 0 0 State Advances Office, Wellington, 30th Jnnc, 1». S. wJ ,, ' t 6 "! 1 " 7 , Certlf y lat the Balance-sheet and accompanying accounts have been duly examined and compared and " rreo% —

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8.—13.

COLD-STORAGE ADVANCES ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1934. Liabilities. Assets. £ a. d. £ s. d. £ s. d. Sundry loans .. .. .. 36,500 0 0 Investment Account: Principal owing by mortLess loan liability redeemed and gagors .. .. .. .. •• 17,572 3 7 discharged from Consolidated Temporary advances to Settlers Branch .. 3,390 0 0 Fund .. .. .. 7,500 0 0 Sinking Fund investments held by Public Debt Redemption Fund .. .. .. .. *1,309 7 7 29,000 0 0 Interest on mortgages— £ s. d. Less loan liability redeemed by Overdue .. .. .. 1,181 14 4 Public Debt Repayment Ac- Accrued .. .. .. 326 18 6 count .. .. .. 1,530 0 0 ~~ ~~ 1,508 12 10 27,470 0 0 Sundry debtors .. .. .. .. 31 13 6 Capital Reduction Account .. . . .. 7,500 0 0 Realization Suspense Account .. .. . . 57 10 10 Liability to Consolidated Fund in terms of sec- Profit and Loss Account .. .. .. 13,622 10 9 tion 22, Finance Act, 1926 .. .. .. 1,530 0 0 Cash in hand and in bank at 31st March, 1934 .. 45 15 11 Interest on loans accrued .. .. .. 197 11 3 Reserve for bad debts .. .. .. 119 7 3 Sinking fund .. .. .. . • 720 16 6 £37,537 15 0 £37,537 15 0 • 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, 1934. Dr. £ s - d. Or. £ s. d. To Management Expenses Account .. .. 115 0 0 By Interest Account —Gross profits .. .. 114 14 3 Balance : Loss for the year .. .. 0 5 9 £115 0 0 £115 0 0 £ s. d. £ s. d. To Balance as at 31st March, 1933 .. .. 13,622 5 0 By Balance .. .. .. .. .. 13,622 10 9 Loss for the year .. .. ■. . • 0 5 9 £13,622 10 9 £13,622 10 9 Interest Account for the Year ended 31st March, 1934. Dr. £ s. d. £ s. d. Cr. £ s. d. To Interest on loans .. .. .. 859 12 6 By Interest on mortgages .. 860 0 9 Less accrued at 31st March, 1933 .. 114 19 4 Interest on mortgages— 744 13 2 Overdue at 31st March, 1934.. 1,181 14 4 Interest on loans accrued but not due .. .. 197 11 3 Accrued at 31st March, 1934 326 18 6 Balance —Gross profits transferred to Profit and Loss Account .. .. .. .. 114 14 3 2,368 13 7 Less overdue and accrued at 31st Maroh, 1933 .. 1,453 6 11 — — 915 6 8 Interest on temporary advances to Settlers Branch .. .. .. .. 141 12 0 £1,056 18 8 £1,056 18 8 Management Expenses Account for the Year ended 31st March, 1934. Dr. £ s. d. Gr. £ 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, 30th June, 1934. 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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FISHING INDUSTRY PROMOTION ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1934. Liabilities. £ s. d. £ s. d. Assets. £ s. d. Sundry loans .. .. .. 2,521 19 2 Investment Account : Principal owing on bills of sale 75 8 6 Less loan liability redeemed and dis- Temporary advances to Settlers Branch .. . . 1,060 0 0 charged from Consolidated Fund.. 1,036 19 2 Sinking fund investments held by Public Debt Redemption Fund .. . . .. .. *57 8 4 1,485 0 0 Interest on bills of sale, overdue . . .. 10 118 Less loan liability redeemed by Public Sundry debtors .. .. .. 1950 Debt Repayment Account . . 1,060 0 0 Profit and Loss Account . . .. . . 238 7 2 425 0 0 Cash in hand and in bank at 31st. March, 1934 . . 55 0 7 Liability to Consolidated Fund in terms of section 22, Finance Act, 1926 .. .. .. .. 1,060 0 0 Interest on loans — £ s. d. Overdue . . .. .. ..956 Accrued ~ .. .. .. 5 10 10 14 16 4 Sinking fund .. .. . . . . .. 16 4 11 .516 1 3 £1,516 1 3 * This amount includes the sum of £41 3s. 5d., capital paid into the sinking fund in accordance with tho Public Debt Extinction Act, 1910. Profit and Loss Account for the Year ended 31st March, 1934. °r. £ s. d. Gr. £ s . d. To Management Expenses Account .. .. 15 0 0 By Interest Account: Gross profits .. .. 26 18 11 Income-tax .. .. .. .. .. 3 10 2 Balance : Net profits for the year . . . . 8 8 9 £26 18 11 £26 18 11 £ s * £ s. d. To Balance at 31st March, 1933 .. .. .. 246 15 11 By Net profits for the year .. .. . . 88 9 Balance .. .. .. .. .. 238 7 2 £246 15 11 £246 15 11 Interest Account for the Year ended 31st March, 1934. Dr - £ S. d. £ s. d. Gr. £ s. d. £ s. d. To Interest on loans . . . . .. 14 17 3 By Interest on temporary advances to Less accrued at 31st March, 1933 511 9 ' Settlers Branch .. .. .. 42 8 0 9 5 6 Interest on bills of sale overdue at 31st Interest on loans accrued but not due .. .. 510 10 March, 1934 .. .. 10 11 8 Balance : Gross profits, transferred to Profit and Loss Account .. .. .. .. 26 18 11 52 19 8 Less interest on bills of sale overdue and accrued at 31st March, 1933 .. 11 4 5 41 15 3 £41 15 3 £41 15 3 Management Expenses Account for the Year ended 31st March, 1934. Dr. £ s. d. Gr. £ 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, 30th June, 1934. E. Robertson, Accountant. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the books and documents submitted for audit, and correctly state the position as disclosed thereby.— J. H. Fowler, Deputy Controller and Auditor-General.

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REPATRIATION. Statement of Liabilities and Assets as at 31st March, 1934. Liabilities. _ Assets. Liability to Redemption Account as at Ist April, £ s. d. Investment Account: Principal £ s. d. £ s. d. 1925 .. .. .. .. .. 1,290,182 2 X owing on bills of sale .. 196,896 12 10 Less repayments to 31st March, 1934 .. 183,354 11 10 Less Suspense adjustments .. 152 12 4 1,106,827 10 3 Interest on bills of sale, overdue .. .. 4,697 6 3 Less expenditure irrecoverable £ s. d. Cash in hand and in bank at 31st March, 1934 .. 2,161 18 7 to 31st March, 1933 . . 904,034 4 10 Losses on realization for the year ended 31st March, 1934 4,780 7 0 Management Expenses Account for the year ended 31st March, 1934 .. 1,268 17 11 910,083 9 9 Liability to Redemption Account as at 31st March, 1934 .. .. .. .. 196,744 0 6 Sundry creditors, Treasury— £ s. d. Interest .. . . .. 262 11 2 Principal .. . . . • 1,843 14 9 2,106 5 1,1 Suspense Account . . . • .. . • 55 12 8 Interest on advances from War Expenses Account overdue . . .. •. •• 4,697 6 3 £203,603 5 4 £203,603 5 4 ' - I Interest Account for the Year ended 31st March, 1934. Dr. £ s. d. Cv. £ s. d. £ s. d. To Interest paid to Treasury .. .. .. 782 10 1 By Interest on bills of sale .. .. 1,069 7 9 Interest in hand due to Treasury at 31st March, Interest on bills of sale overdue at 1934 .. .. .. .. .. 262 II 231 st March, 1934 .. .. 4,697 6 3 Interest due to Treasury overdue at 31st March, 1934 .. .. .. .. -■ 4,697 6 3 5,766 14 0 Less overdue at 31st March, 1933 5,081 13 2 5,742 7 6 Less interest due to Treasury overdue at 31st 685 0 10 March 1933 .. .. .. 5,081 13 2 Less realizations —Interest .. 50 2 0 ' 634 18 10 Interest on bank balances .. .. 25 15 6 £660 14 4 £660 14 4 Management Expenses Account for the Year ended 31st March, 1934. X)f. £ s. d. Gv. £ s. d. To Audit Office services .. .. .. 20 0 0 By Sundry fees .. .. .. •• •• 19 8 Cleaning and messenger services .. .. 50 0 0 Balance recouped in accordance with section 13 (3), Commission .. .. .. .. 46 13 8 State Advances Amendment Act, 1922 .. 1,268 17 11 Postages and telegrams .. . . .. 120 0 0 Post Office services.. .. .. •• 145 0 0 Printing and stationery . . . . . . 35 0 0 Rent .. .. . . ■ ■ ■ • 115 0 0 Salaries .. . . . . . . ■ ■ 710 0 0 Solicitors'costs .. .. .. 28 13 11 £1,270 7 7 £1,270 7 7 E. 0. Hales, Superintendent. State Advances Office, Wellington, 30th June, 1934. 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.

Approximate Cost of Paper.—Preparation, not given ; printing (510 copies), £22.

By Authority : G. H. Loney, Government Printer, Wellington. —1934.

Price 9d.]

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