B.—l [Pt. IY.].

60

NATIONAL ENDOWMENT ACCOUNT. ' Revenue Account for the Year ended 31st Mabch, 1925. Dr. Cr. £ s. d. To Loan repayments, principal and £ s. d. £ s. d. By Accrued rents, &c. .. .. .. 135,491 15 3 interest— Accrued royalties .. .. .. 21,572 14 2 Local Bodies' Loans Act, 1908 4,422 1 0 Accrued coal rents and royalties .. .. 511 0 2 Section 63, Land Laws Accrued interest on sales of land .. .. 192 11 10 Amendment Act, 1913 .. 4,094 14 9 Interest on National Endowment Account 8,516 15 9 investments .. 2,343 15 6 Administration expenses .. .. .. 7,043 11 0 Interest on National Endowment Trust " Thirds," " fourths," and" halves " .. 16,259 10 4 Account investments .. .. .. 421 411 Remissions of rent .. .. .. 382 14 5 Rents written off under section 80, Reserves and other Lands Disposal Act, 1924 .. 1,190 0 4 Royalties written off .. .. .. 6,218 17 8 Rebates granted .. .. .. 2,371 1 8 Survey costs .. .. .. .. 615 16 5 Balance carried down .. .. .. 117,934 14 3 £160,533 1 10 £160,533 1 10 To Adjustment on account of previous year— £ s. d. £ s. d. Rents charged in advance at 31st March, By Balance brought down .. .. .. 117,934 14 3 1924, &c. .. .. .. .. 41,385 1 5 Balance from previous years .. .. 72,136 16 8 Contribution for education and old - age pensions .. .. .. .. 123,848 4 8 Balance .. .. .. .. 24,838 410 £190,071 10 11 £190,071 10 11 Receipts and Payments Account for the Year ended 31st March, 1925. Receipts. Payments. To Balance at Ist April, 1924 — £ s. d. £ s. d. By Administration expenses under section 17, £ s. d. Cash in Public Account .. 49,663 3 0 Land Laws Amendment Act, 1912, and Investment Account .. 75,000 0 0 section 295 (2), Land Act, 1924 .. .. 6,197 13 7 124,663 3 0 Refunds of revenue .. .. .. 979 12 0 Rents, &c., from national-endowment lands .. 117,957 9 9 Payments for education and old-age pensions 123,923 3 0 Sales of land under section 267, Land Act, 1908 35 5 0 Balance at 31st March, 1925— £ s. d. Interest on securities held by National En- Cash, in Public Account 45,555 8 2 dowment Account Investment Account .. 2,242 4 11 Investment Account .. 81,100 0 0 Interest on sales of land under section 302(9), — 126,655 8 2 Land Act, 1924 .. .. .. 1 2 8 Interest on securities held by National Endowment Trust Account Investment Account under section 302 (14), Land Act, 1924 . . 244 19 10 Receipts from State Forest Account under section 39 (2), Forests Act, 1921-22 .. 12,611 11 7 £257,755 16 9 £257,755 16 9 Balance-sheet as at 31st March, 1925. Liabilities. £ s. d. Assets. £ s. d. Capital, including loading for roads, &c. .. 4,760,761 7 5 Land .. .. .. .. .. 4,714,297 911 Appreciation in land-values .. .. 19,462 8 4- National Endowment Trust Account .. 27,372 6 1 Sundry creditors .. .. .. .. 2,461 11 3 Unpaid purchase price (not yet payable) of Payments in advance — buildings .. .. .. .. 17613 Rents .. •• •• 2,213 7 6 Sundry debtors for — £ s. d. Royalties .. •• .. .. 2 16 2 Rents, &e. .. .. 35,975 0 0 Interest on sales of land .. .. .. 5 15 7 Less reserve for irrecoverRents charged in advance .. .. .. 43,591 14 2 able rents .. .. 587 10 7 Writings off, Suspense .. .. .. 2,283 13 2 35,387 9 5 Endowments payable for education and old-age Royalties .. .. .. .. 942 8 4 pensions .. .. .. .. 124,140 10 8 Coal rents and royalties .. .. .. 255 1 8 Balance of Revenue Account .. .. 24,838 4 10 Principal instalments on buildings .. .. 48 18 9 Miscellaneous .. .. .. .. 8,868 12 7 Outstanding Rents Suspense .. .. 2,283 13 2 Postponed rent .. .. .. .. 10,125 111 Royalties accrued but not due .. .. 2,500 0 0 Interest on sales accrued but not due .. 191 8 10 Interest on investments accrued but not due .. 1,094 7 1 Capital reduction by Revalua- £ s. d. tion Board .. .. 39,104 13 6 Rents written off by Revaluation Board .. .. .. 4,654 0 5 Remissions of rent by Revaluation Board .. .. 5,772 11 10 — 49,531 5 9 Cash in Suspense Account .. .. 31 16 2 Cash in Public Account .. 45,555 8 2 Investment Account .. 81,100 0 0 126,655 8 2 £4,979,761 9 1 £4,979,761 9 1 30th July, 1925. J. B. Thompson, Under-Secretary for Lands. J. H. O'Donnell, Chief Accountant. I hereby certify that the Statement of Receipts and Payments, Revenue Account, and Balance-sheet have been duly examined and compared with copies of journal entries of the District Land Boards submitted for audit, and correctly state the position as disclosed thereby, except that (a) the Capital Account is overstated by the total amount the land was loaded for roading, &c., whereas the unexpired portion of such amount (if any) and the liability to the Opening-up Crown Lands for Settlement Account and to Consolidated Fund should be separately shown ; (b) in the opinion of the Audit Office instalments of principal included in loan repayments should not be a charge against the Revenue Account. —G. F. C. Campbell, Controller and Auditor-General.