B— 13a.

Accounts for 1936-37. Turning now to the accounts for the year, it is appropriate that I should give a short commentary on various aspects of the year s wor . 17 Arrears of Instalments.-The movement of arrears since the Ist August , 1935 (the date on which the Corporation assumed control), can readily be seen fror the following table : — L ; LU —

A* explained in the previous year's To arrears of instalments of principal and mterests,nee 1932 and ' bc date (including the eight months' period ending on 31st March, 133b, may summarized as follows : £ Increasein arrears ~,34 35 .. .. .. 207,671 1932-33 " •• •• 559.210 | 31st March, 1936 . .. lJl ' 3 f 1933-34 •• •• 508 ' 132 I 1936 ~ 37 •' (Reduction) 38,529 mi oW . fioTI , PS do not take into account capitalization of arrears of interest Corporation Act 193 . P h bmtatioil Act 1936; as adjustments cToTed S showfa e Stiontf a' gross'improvement in twelve mo t s 5 MS fddta'lttSeS mortgages, the transfer of which was not completed until the 31st March, 1937, will be included in next year s report, 18. Interest due and received.-Interest due in respect of mortgage seen,.rties f^/tolhfsTst 1 Ma S reh e itS'Ts" con®2ed° wdh thTyears° ended 31st March', 1934' 1935, and 1936, and ihe cash" received for those periods is shown hereunder : — _ —

interest due has increased fro , the 1936 figure was for a the current year, but it a figure rwffltluud m °t£ S tL y S has actually decreased from £86,898 (on a pro rata basis) to £67,488.

19

: —~~ " < 6 > (c) Capitalizations Arrears if Book Value oi effected during Capitalization had Arrears. yie Year. not been effected. 2 552 405 I £ - 2,552,405 1st August, 1935 •• 2'487'065 256,687 2,743,752 ,31st March, 1936 .. •• ■■ 2 ; 039 ' 6 7 6 408,860 2,705,223 31st March, 1937 • • " j

~ Percentage of Net Interest Interest Shortage. Receipts to Net due. received. Interest due. £ £ Per Cent. i®-« .. .. ■ ■■ j« !:?2:S JS;J5 2:2 .:*»:«» 6 '- 932 w ' w March, 1936 7S3 047 1,665,55a 67,488 96-11 1936-37 .. •• '• '