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ADVANCES TO WORKERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1931. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. .. 13,366,549 10 4 Investment Account —Principal owing by Temporary advances from Settlers Branch .. 2,340,000 0 0 mortgagors .. .. .. .. 15,276,957 3 7 Liability to Railway Department (Railway Sinking Fund investments hold by Advances housing) .. .. .. .. 14,300 0 0 Office Sinking Fund Account .. .. 78,561 18 5 Advances Suspense Account .. .. 46,315 0 2 Interest on mortgages— £ s. d. Fire Loss Suspense Account .. .. 1,514 6 6 Overdue .. .. 158,311 19 0 Income-tax Suspense Account .. .. 6,819 14 0 Accrued .. .. 200,385 15 6 Sundry creditors .. .. .. 504 5 0 358,697 14 6 Interest on loans accrued but not due .. 111,632 10 2 Interest on temporary investments, overdue 012 1 Reserve for bad debts .. .. .. 13,788 18 5 Unregistered Transfers Account (Railway Sinking Fund .. ... .... .. 78,561 18 5 employees) .. .. .. .. 14,300 0 0 Sundry debtors .. .. .. .. 6,723 1 2 Realization Suspense Account .. .. 13,788 18 5 Loan Charges Account .. .. .. 195,374 5 9 Profit and Loss Account .. .. .. 31,812 9 4 Cash in hand and in bank at 31st March, 1931 3,769 19 9 £15,979,986 3 0 £15,979,986 3 0 Profit and Loss Account foe the Yeae ended 31st Maech, 1931. Dr. £ s. d. Or. £ s. d. To Management Expenses Account .. .. 9,403 8 0 By Interest Account—Gross profits .. .. 60,991 17 10 Loss on realization of securities .. .. 17,941 5 1 Loan-flotation charges written down .. 16,000 17 5 Income-tax .. .. .. .. 7,449 14 0 Balance —Net profits for the year .. .. 10,196 13 4 £60,991 17 10 £60,991 17 10 £ s. d. £ s. d. To Balance as at 31st March, 1930 .. .. 42,009 2 8 By Net profits for the year .. .. .. 10,196 13 4 Balance .. .. .-. .. 31,812 9 4 £42,009 2 8 £42,009 2 8 Inteeest Account foe the Year ended 31st March, 1931. Dr. £ s. d. £ s. d. Or. £ s. d. £ s. d. To Interest on loans .. .. 610,680 5 0 By Interest on mortgages .. 725,401 3 4 Less accrued at 31st March, Less interest overdue and 1930 .. .. 101,262 5 2 accrued at 31st March, 509,417 19 10 1930 .. .. 291,643 14 10 Interest on amounts temporarily transferred 433,757 8 6 from other branches .. .. .. 121,183 6 8 Interest on bank balances .. .. 208 4 3 Interest on Railway expenditure (erection of Interest on outstanding payments .. .. 69 10 11 dwellings) .. .. .. .. 896 12 9 Interest on temporary investments .. 10,303 13 1 Interest on loans accrued but not due .. 110,547 6 3 Interest on temporary investments, overdue 012 1 Balance —Gross profits transferred to Profit Interest on mortgages — and Loss Account .. .. .. 60,991 17 10 Overdue at 31st March, £ s. d. 1931 .. .. 158,311 19 0 Accrued but not due at 31st March, 1931 .. .. 200,385 15 6 358,697 14 6 £803,037 3 4 £803,037 3 4 Management Expenses Account poe the Yeae ended 31st Maech, 1931. Dr. £ s. d. Gr. £ s , a. To Audit Office services .. .. .. 200 0 0 By Consent fees ~ .. .. .. 715 0 Cleaning, lighting, heating, and messenger ser- Cost of preparation of mortgages .. .. 73 6 6 vices .. .. .. .. .. 180 0 0 Production fees .. .. .. .. 510 13 5 Contingencies .. .. .. .. 4 0 0 Release fees .. .. .. .. 107 9 6 Management charges on New Zealand stock and Balance transferred to Profit and Loss Account 9,403 8 0 bonds .. .. .. .. .. 1,235 9 5 Post Offices services .. .. .. 575 0 0 Postages and telegrams .. .. .. 348 6 3 Printing and stationery .. .. .. 250 0 0 Public Service Superannuation Fund contribution .. .. .. .. .. 170 0 0 Rent .. .. .. .. .. 620 0 0 Salaries .. .. .. .. .. 6,043 0 0 Solicitors' costs and Court costs * 7 14 8 Travelling-expenses .. .. .. 119 2 1 Valuation Department—Agency work .. 350 0 0 12 5 £10,102 12 5 E. 0. Hales, Superintendent. State Advances Office, Wellington, 13th June, 1931. E. Robeetson, 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.

2—B. 13.

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