B.—l [PT. IY].

NATIONAL ENDOWMENT ACCOUNT. Revenue Account fob the Year ended 31st March, 1926. Dr. £ s. d. Cr. £ s. d. To Administration expenses .. .. .. 6,694 3 3 By Accrued coal rents and royalties .. .. 709 18 7 Interest charges under section 20, Discharged Accrued interest on sales of land .. .. 1,712 7 7 Soldiers Settlement Act, 1923 .. .. 61 7 5 Accrued rents .. .. .. .. 134,147 18 1 Irrecoverable rents .. .. .. 1,794 9 6 Accrued royalties .. .. .. 37,890 0 8 Loan repayments — Interest on National Endowment Account, Local Bodies' Loans Act, 1908 .. .. 3,177 10 10 investments .. .. .. .. 2,699 15 11 Section 47, Land for Settlements Act, 1925 3,513 0 8 Interest on National Endowment Trust Rebates .. .. .. .. 2,315 8 1 Account investments .. .. .. 711 13 5 Remissions of rent, &c. .. .. 1,249 3 2 Reserve for irrecoverable rents .. .. 162 9 5 Survey costs .. .. .. .. 476 0 3 " Thirds," " fourths," and " halves " .. 14,585 0 0 Balance carried down .. .. .. 143,843 1 8 £177,871 14 3 £177,871 14 3 £ s. d. £ s. d. To Contributions for education and old-age pen- By Balance brought down .. .. .. 143,843 1 8 sions .. .. .. .. 127,269 9 7 Balance from previous years .. .. 24,838 410 Balance .. .. .. .. 41,821 13 1 Adjustments on account of previous years .. 409 16 2 £169,091 2 8 £169,091 2 8 Balance-sheet as at 31st March, 1926. Liabilities. £ s. d. Assets. £ s. d. Capital, including loading for roads, &c. .. 4,748,564 8 2 Land .. .. .. .. .. 4,666,355 12 7 Discharged Soldiers Settlement Account (sec- National Endowment Trust Account.. , .. 52,025 3 8 tion 20, Discharged Soldiers Settlement Act, Unpaid purchase price of buildings (not yet 1923) .. .. .. .. .. 3,172 ]1 5 payable) .. .. .. .. 454 3 3 Appreciation in land-values.. .. .. 14,023 17 7 Sundry debtors — £ s. d. Sundry creditors — Rents, &c. .. .. 41,067 19 5 Miscellaneous .. .. .. .. 325 8 2 Less reserve for irrecoverable Endowments payable for education and old- rents.. .. .. 750 0 0 age pensions .. .. .. .. 126,393 1 6 40,317 19 5 Payments in advance—Rents, &c. .. .. 1,085 18 4 Royalties .. .. .. .. 3,208 0 7 Rents, &c., charged in advance .. .. 43,449 11 6 Royalties recoverable from State Forests Writings off in Suspense .. .. .. 1,679 15 10 Account in terms of section 39 (2t Forests Revenue Account .. .. .. .. 41,82113 1 Act, 1921-22 .. .. .. .. 15,658 15 4 Coal rents and royalties .. .. .. 175 19 7 Interest on sales of land .. .. .. 152 14 4 Miscellaneous .. .. .. .. 101 12 7 Postponed rent .. .. .. .. 9,103 11 4 Outstanding rents in Suspense .. .. 1,679 15 10 . Sundry debtors outstanding (amounts accrued but not yet due) — Royalties .. .. .. .. 2,480 15 2 Interest on sales of land .. .. .. 427 6 1 Interest on investments .. .. .. 873 18 0 Revaluation Board determinations — Reductions in capital values .. .. 47,923 1 6 Rent written off.. .. .. .. 6,113 13 1 Remissions of rent .. .. .. 6,970 13 7 Cash in Public Account .. 26,393 9 8 Investment Account .. 100,100 0 0 126,493 9 8 £4,980,516 5 7 £4,980,516 5 7 J. B. Thompson, Under-Secretary for Lands. 10th November, 1926. J. H. O'Donnell, Controller of Accounts. 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— (1) The accounts have been compiled from unaudited copies of journal entries of the District Land Boards of North Auckland, Auckland, Poverty Bay, Taranaki, Wellington, Marlborough, Nelson, Canterbury, Otago, and audited copies of the District Land Boards of Hawke's Bay, Westland, and Southland ; (2) the Capital Account includes the total amount the land was loaded for roading, &c., whereas the unexpended portion of such amount (if any), and the liability to the Opening up Crown Land Account and to Consolidated Fund should be separately shown ; (3) in the opinion of the Audit Office, repayments of principal should not be included in the Revenue Account; (4) the accounts do not include a charge for any portion of the Government subsidy paid to the Superannuation Fund.—G. F. C. Campbell, Controller and Auditor-General. Note.—-As this separate account exists only for apportionment of revenue from national endowments for old-age pensions and education purposes, there is no practical value in charging thereto a specific portion of the Government subsidy paid to the Superannuation Fund.—A. D. Park, F.1.A.N.Z., Accountant to the Treasury.

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