8.--1 TPT. IVI.

LAND FOR SETTLEMENTS ACCOUNT— continued. Balance-sheet as at 31st March, 1933 — continued. Assets —continued.

W. Robertson, Under-Secretary for Lands. W. E. Shaw, Accountant. 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, subject to the following exception: No interest has been allowed to the Cheviot Estate in respect of the assets of the Cheviot Estate Account, which have been transferred to the Land for Settlements Account; and, moreover, the Cheviot Estate has been charged interest on the value of such assets other than cash. As a result the accounts do not disclose the true amount of revenue earned by the Cheviot Estate and the Land for Settlements Account respectively. The following comment is appended: The Account contains no charge for the cost of exchange on payments of interest made in London; nor has any credit been allowed for exchange on the proceeds of sales of farmproduce overseas. —G. F. C. Campbell, Controller and Auditor-General.

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General. Cheviot, Hutt Valley Land. Total. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. Brought forward .. .. 12,981,549 10 2 401,075 8 11 58,737 Oil 289,587 12 6 I 13,730,949 12 6 Postponement of rents, &c. .. .. 139,688 15 9 1,261 0 11 9 4 6 .. 140,959 1 2 Interest accrued but not due on— Investments .. .. .. 592 9 6 .. .. .. 592 9 6 Deferred payment licenses .. .. 7,008 4 8 79 7 3 .. 638 13 6 7,726 5 5 Outstanding losses—Suspense Account .. 3,377 15 5 .. .. 2,460 3 11 5,837 19 4 Investment in Public Debt Redemption 1,233,636 15 7 3,253 12 1 .. .. 1,236,890 7 8 Fund Consolidated Fund: Proportion of interest 95,787 8 11 .. .. •• 95,787 8 11 on Loan Account Land for settlements: General, as per .. 230,342 2 11 47,523 2 11 .. 277,865 5 10 contra Cash .. .. .. .. 35,587 14 0 .. .. 10 3 5 Imprests outstanding in the Dominion .. 7 3 8 Investments Account: Securities held .. 22,200 0 0 57,805 1 1 £14,519,435 17 8 £636,011 12 1 £106,269 8 4 £292,696 13 4 '£15,554,413 11 5