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ADVANCES TO WORKERS BRANCH. Statement or Liabilities and Assets as at 31st March, 1928. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. .. 8,948,022 19 11 Investment Account—Principal owing by mortTemporary advances from Settlers Branch .. 1,810,500 0 0 gagors .. .. .. .. 10,453,194 410 Interest due'and unpaid .. .. .. 8,942 3 8 Temporary investments .. .. .. 128 16 6 Interest on loans accrued but not due .. 69,506 16 6 Sinking Fund investments held by Advances Advances Suspense Account .. .. 99,235 17 8 Office Sinking Fund Account .. .. *88,734 5 5 Fire Loss Suspense Account .. .. 2,148 18 0 Interest on mortgages — £ s. d. Suspense Account .. .. .. 5,279 6 10 Overdue .. .. 62,447 0 6 Income-tax Suspense Account .. .. 589 1 6 Accrued .. .. 125,649 2 9 Sundry creditors .. .. .. .. 200 17 2 188,096 3 3 Reserve for bad debts .. .. .. 985 6 5 Sundry debtors .. . . .. .. 1,535 14 5 Sinking Fund .. .. .. .. 67,642 17 6 Loan Charges Account .. .. .. 234,393 910 Profit and Loss Account .. .. .. 45,265 3 4 Cash in hand and in bank at 31st March, 1928 1,706 7 7 £11,013,054 5 2 £11,013,054 5 2 * This amount includes the sum of £21,091 7s. lid. capital paid into the Sinking Fund under the provisions of the State Advances Act. Profit and Loss Account for the Year ended 31st March. 1928. Or. £ s. d. Dr. £ s. d. By Interest Account —Gross profits .. .. 12,122 9 5 To Management Expenses Account .. .. 7,902 10 2 Losses on realization of securities .. .. 985 6 5 Balance—Net profits for the year .. .. 3,234 12 10 £12,122 9 5 £12,122 9 5 £ s. d. £ s. d. To Balance as at 31st March, 1927 .. .. 32,975 0 9 By Net profits for the year .. .. .. 3,234 12 10 Loan-flotation charges written down .. 11,936 11 11 Balance.. .. .. .. .. 45,265 3 4 Income-tax .. .. .. .. 588 3 6 £48,499 16 2 £48,499 16 2 Interest Account for the Year ended 31st March, 1928. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. .. 392.692 7 8 By Interest on mortgages .. 459,338 19 1 Less accrued at 31st March, Less interest overdue and 1927 .. .. .. 69,833 7 8 accrued at 31st March, 1927 151,702 13 2 322,859 0 0 307,636 5 11 Interest on amounts temporarily transferred Interest on bank balances .. .. .. 105 9 7 from other branches .. .. .. 84,857 19 0 Interest on outstanding payments .. .. 8 9 1 Interest due and unpaid .. .. .. 8,942 3 8 Interest on temporary invest- £ s. d. Interest on loans accrued but not due .. 69,506 16 6 ments .. .. 3,858 1 3 Balance —Gross profits transferred to Profit Less accrued at 31st March, and Loss Account .. .. .. 12,122 9 5 1927 .. .. .. 1,416 0 6 2,442 0 9 Interest on mortgages— Overdue at 31st March, 1928 62,447 0 6 Accrued but not due at 31st March, 1928 .. .. 125,649 2 9 • — 188,096 3 3 £498,288 8 7 £498,288 8 7 Management Expenses Account for the Year ended 31st March, 1928. Dr. £ s. d. Or. £ s. d. To Audit Office services .. .. .. 150 0 0 By Cost of preparation of mortgages .. .. 117 3 0 Cleaning, lighting, heating, and messenger Inspection fees .. .. .. .. 1139 services .. .. .. .. 150 0 0 Production fees .. .. .. .. 520 14 6 Court costs and solicitors' costs .. .. 9 7 6 Release fees .. .. .. . . 84 0 0 Management charges on New Zealand stock and Search and registration fees .. . . 177 3 3 bonds .. .. .. .. . ■ 2,509 0 4 Sundry fees .. .. .. .. 20 11 1 Post Office services .. .. .. 520 0 0 Balance transferred to Profit and Loss Account 7,902 10 2 Postages and telegrams .. .. .. 219 17 11 Printing and stationery .. .. .. 310 0 0 Public Service Superannuation Fund contribution .. .. .. • ■ •. 38 0 0 Rent .. .. • ■ .. . • 600 0 0 Salaries .. .. .. .. .. 3,977 0 0 Valuation Department —Agency work .. 350 0 0 £8,833 5 9 £8,833 5 9 Wm. Waddel, Superintendent. State Advances Office, Wellington, 23rd August, 1928. 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, —G. F. C. Campbell, Controller and Auditor-General.

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