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10. On the 31st March, 1925, the total value of the investments was £22,106,190. This total was invested in the following classes of securities £ Government securities . . . . .. . . 1,444,275 Local bodies' debentures . . .. .. 5,832,542 Land Settlement Finance Act debentures .. . . 48,706 Other debentures and shares in companies .. 10,877 Mortgages . . . . .. . . . . 14,255,120 Temporary deposits .. .. .. .. 153,000 Savings-bank accounts .. . . . . . . 174 Overdrafts by way of advances to estates and beneficiaries .. .. .. .. .. 318,426 Advances for protection of securities acquired or in possession . . . . .. .. 6,829 Property acquired by foreclosure (less reserve) .. 36,241 £22,106,190 In addition to the investments summarized above, other assets held on the 31st March were — £ Cash in hand and on current account at banks .. 131,810 Office premises, furniture, plant, stationery, and stores 432,975 Interest and rent accrued due and overdue .. .. 291,583 Sundry debtors .. .. .. .. .. 109,895 £966,263 11. The year's operations resulted in a profit of £90,522, which exceeds that of the previous year by £24,980. This gratifying result has been achieved notwithstanding the numerous concessions recently granted by way of increased rates of interest allowed to estates, more liberal methods in the system of crediting interest, reduced rates of commission for the services of the Office, and the abolition of separate charges for special services rendered by the Office. The increase is accounted for to a great extent by the large amount of new business which has been placed in the Office during the year, and which it has been able to handle without any great addition to the expenses of management, and partly-by the better conditions ruling, which have made for a more ready realization of assets, particularly of land and mortgages, than has been the case during the immediately preceding years. 12. The expenditure for the past year, excluding depreciation, was nearly £30,000 less than it was four years ago, since when the volume of business has increased by more than 50 per cent. With the business extending at such a remarkable rate, unaccompanied by a corresponding increase in the expenditure, bigger profits must naturally follow. 13. Following were the actual working-expenses (exclusive of depreciation on premises, plant, &c.) for the years ending on the dates mentioned : — £ 31st March, 1921 .. .. .. 226,103 1922.. .. .. 202,137 1923.. .. .. 178,707 1924.. .. .. 180,643 1925.. .. .. 197,687 The increase for the last year as compared with the previous year is chiefly accounted for by the increments in salaries of the staff pursuant to the statutory quinquennial reclassification of the whole of the Public Service. 14. The gross value of estates, funds, &c., under administration on the 31st March, 1925, including cash invested in the Common Fund, was £35,570,642, representing an increase of £3,165,918 for the year.

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