B.—l [PT. IV].

STATE ADVANCES oEFlCE—continued. ADVANCES TO WORKERS BRANCH. Statement op Liabilities and Assets as at 31st March, 1932. Liabilities. £ s. d. Assets. £ S. d. Sundry loans .. .. .. .. 13,066,549 10 4 Investment Account—Principal owing by Temporary advances from Settlers Branch .. 2,607,000 0 0 mortgagors .. .. .. .. 15,088,587 19 6 Liability to Railway Department (Railway Sinking Fund investments held by Advances housing) .. .. .. .. 13,830 0 0 Office Sinking Fund Account .. .. 82,354 16 4 Advances Suspense Account .. .. 7,242 711 Interest on mortgages — £ s. d. Fire Loss Suspense Account .. .. 1,978 6 0 Overdue .. .. 316,051 8 0 Income-tax Suspense Account .. .. 10,749 19 10 Accrued .. .. 201,345 0 6 Sundry creditors .. .. .. .. 4,470 16 10 517,396 8 6 Interest on loans— £ s. d. Unregistered Transfers Accouiit (Railway emDeferred .. .. 7,386 7 3 ployees) .. .. .. .. 13,830 0 0 Accrued but not due .. 107,900 18 9 Sundry debtors .. .. .. .. 25,704 4 4 Overdue on liability to Realization Suspense Account .. .. 9,353 8 4 Railway Department .. 1,711 12 2 Loan Charges Account .. .. .. 179,885 12 4 116,998 18 2 Profit and Loss Account .. .. .. 20,069 14 1 Reserve for bad debts .. .. .. 26,353 8 4 Cash in hand and in bank at 3lst March, 1932.. 346 0 4 Sinking Fund .. .. .. .. 82,354 16 4 £15,937,528 3 9 £15,937,528 3 9 Profit and Loss Account for the Year ended 31st March, 1932. Dr. £ s. d. Or. £ s. d. To Management Expenses Account .. .. 11,496 10 11 By Interest Account—Gross profits .. .. 77,187 13 11 Loss on realization of securities .. .. 25,658 3 7 Loan-flotation charges written down .. 16,108 18 2 Income-tax .. .. .. .. 12,181 6 0 Balance —Net profits for the year .. .. 11,742 15 3 £77,187 13 11 £77,187 13 11 £sd £ 3 To Balance as at 31st March, 1931 .. .. 31,812 9 4 By Net profits for the year .. .. .. 11,742 15 3 Balance .. .. .. .. 20,069 14 1 £31,812 9 4 £31,812 9 4 Interest Account for the Year ended 31st March, 1932. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest on loans .. .. 643,843 5 2 By Interest on mortgages k> 673,240 16 1 Less accrued at 31st March, Less interest overdue and 1931 .. .. 110,547 6 3 accrued at 31st March, 533,295 18 11 1931 .. .. 358,697 14 6 Interest on amounts temporarily transferred 314,543 1 7 from Settlers Branch .. .. .. 113,145 16 8 Interest on bank balances .. .. .. 303 2 8 Interest on railway expenditure (erection of Interest on outstanding payments .. .. 3 15 dwellings) .. .. .. .. 724 15 3 Interest on temporary invest- £ s. d. Interest on loans accrued but not due .. 107,900 18 9 ments .. .. 10 1 5 Balance —Gross profits transferred to Profit Less overdue at 31st March, and Loss Account .. .. .. 77,187 13 11 1931 .. .. 012 1 9 9 4 Interest on mortgages — Overdue at 31st March, 1932 .. .. 316,051 8 0 Accrued but not due at 31st March, 1932 .. 201,345 0 6 517,396 8 6 £832,255 3 6 £832,255 3 6 Management Expenses Account for the Year ended 31st March, 1932. Dr. £ s. d. Cr. £ s. d. To Audit services .. .. .. .. 215 0 0 By Consent fees .. .. .. .. 3 0 0 Cleaning, lighting, heating, and messenger services 200 0 0 Cost of preparation of mortgages .. .. 163 7 6 Contingencies .. .. .. .. 713 10 Production fees .. .. .. .. 284 0 0 Management charges on New Zealand stock and Release fees .. .. .. .. 169 1 11 bonds .. .. .. .. .. 1,234 19 0 Balance transferred to Profit and Loss Account 11,496 10 11 Post Office services .. .. .. 675 0 0 Postages and telegrams .. .. .. 748 5 9 Printing and stationery .. .. .. 275 0 0 Public Service Superannuation Fund contribution .. .. .. .. •• 66 0 0 Rent 720 0 0 Salaries .. .. .. .. .. 7,385 0 0 Solicitors' costs and Court costs .. .. 18 0 10 Travelling-expenses .. .. .. 221 0 11 Valuation Department—Agency work .. 350 0 0 £12,116 0 4 £12,116 0 4 E. 0. Hales, Superintendent. 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.— J. H. Fowler, Deputy Controller and Auditor-General.

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