B.—l [Pt. IV].

34

HOUSING ACCOUNT. (LABOUR DEPARTMENT.) Balance-sheet as at 31st October, 1922. Liabilities. £ s. d. Assets. Capital .. .. .. .. .. 808,681 911 Cash at bank— £ s. d. £ s. d. Sundry creditors .. .. .. .. 16,488 12 8 Public Account .. .. 12,081 16 2 Accrued interest payable .. .. .. 45,853 010 Deposit Account .. .. 2,768 611 Sundry depositors .. .. .. .. 2,31111 1 15,450 3 1. Suspense .. .. .. .. .. 6,122 4 7 Sundry debtors — Unclaimed deposits .. .. .. 378 16 11 Open Account .. .. 4,435 11 7 Insurance reserve .. .. .. .. 2,320 0 1 Coronation Shipping Company 3,587 10 0 State Advances adjustment .. .. .. 0 II 7 Westhaven Limited .. 700 10 0 Reserve for bad debts .. .. .. 524 1 0 8,729 17 7 Reserve for loss on realization .. .. 25,570 6 5 Sundry purchasers — Dwellings .. .. 649,317 15 3 Advances.. .. .. 849 2 0 Vacant sections .. .. 2,856 5 4 653,023 2 7 Instalments in arrears .. 3,589 1 3 Rents in arrears .. .. 218 15 9 Grazing rents in arrears .. 29 11 11 3,837 8 11 Stocks of materials .. .. .. .. 32,363 1 2 Works in progress .. .. .. .. 12,526 19 4 Incompleted contracts .. .. .. 52,857 6 3 Office furniture .. .. 729 15 4 Less —Sales and transfers, £239 ss. 3d. ; depreciation, £220 1.35. Bd. .. .. 459 18 11 269 16 5 Freehold land .. .. .. .. 65, 505 711 Freehold dwellings let or leased . . .. 5,304 2 2 Rates paid in advance .. .. .. 106 11 2 Insurance premiums recoverable .. .. 69 4 1 Insurance premiums paid in advance .. .. 1,771 19 11 Sinking Fund .. .. .. .. 522 17 2 Revenue Account — Balance at 31st March, 1922 18,096 12 3 Add net loss for period .. 37,816 5 1 . 55,912 17 4 £908,250 15 1 £908,250 15 1 Revenue Account for Seven Months ended 31st October, 1922. Dr. £ s. d. Cr. £ s. d. To Interest payable .. .. .. 25,226 11 1 By Interest receivable .. .. .. 16,444 810 Salaries .. .. .. .. 4,1.41 8 1 Insurance rebates .. .. .. 123 10 4 Office rent .. .. .. .. 50 0 0 Administration charges .. .. .. 1,868 7 6 Administration expenses .. .. 1,132 2 7 Miscellaneous receipts .. .. .. 80 15 5 Commission .. .. .. .. 122 3 3 Special maintenance reserve .. .. 99 15 10 Depreciation .. .. .. .. 222 13 8 Depreciation reserve .. .. .. 1,875 4 8 Sale of dwellings .. .. .. 1,268 10 1 Tenants' maintenance reserve .. .. 179 8 6 Compensation for loss on contracts .. 230 0 0 Balance .. .. .. .. 37,810 5 I Reserve for bad debts .. .. .. 524 1 0 Reserve for loss on realization .. .. 25,570 0 5 £58,487.10 2 £58,487 16 2 £ s. d. £ s. cl. To Balance .. .. .. .. 37,816 5 1 By Balance, 31st October, 1922 .. .. 55,912 17 4 Balance, 31st March, 1922 .. .. 18,096 12 3 £55,912 17 4 £55,912 17 4 A. Burgess, Accountant, Labour Department. I hereby certify that the Revenue Account and balance-sheet have been duly examined and compared with the relative books and documents submitted for audit, and correctly state the position as disclosed thereby, except— (I) Sundry Depositors' Account does not agree with the balance of Deposit Account; (2) the insurance reserve has not been invested as required by section 3, subsection (6), of the Housing Amendment Act, 1921-22 ; (3) no complete stock-sheets arc available, and no proper record of stocks has been kept; (4) the Land Account does not include all land under the Department's control; (5) the Capital Account is not complete.—G. F. C. Campbell, Controller and Auditor-General.