8.—13 A.

Management Expenses, Year ended 31st March, 1938. Dr. £ s. d. Cr. £ s. d. Audit fees .. .. .. .. .. 50 0 0 Sundry fees .. .. .. . . . . 173 6 0 Commission .. .. .. .. .. 2,528 17 8 Balance transferred to Revenue Accounts — Advertising . . . . . . . . . . 415 8 Properties sold under sale and purchase agreeAdministration costs . . . . . . . . 763 15 9 ments .. .. .. .. .. 488 0 10 Sundries .. .. . . . . . . 0 7 2 Advances to local bodies .. .. .. 118 7 Advances under section 111, Housing Act, 1919 2 5 5 Rented properties (erected prior to 31st March, 1937) .. .. .. .. .. 2,28911 6 Rented properties (erected since 31st March, 1937) 422 13 11 £3,387 6 3 £3,387 6 3 Statement of Assets and Liabilities as at 31st March, 1938. Liabilities. Assets. £ s. d. £ s. d. £ s. d. £ s. d. Loan liability . . . . .. 2,457,820 0 0 Principal owing under agreement Interest due and unpaid to for sale and purchase . . 130,209 3 8 Treasury .. .. 34,417 3 9 Advances to local authorities .. 117,627 9 11 Interest accrued .. .. ]7,888 4 7 Advances under Part 111, 52,305 8 4 Housing Act, 1919 .. 4,600 0 0 Liability to Consolidated Fund in terms of 252,436 13 7 section 22, Finance Act, 1926 .. .. 100 0 0 Instalments of principal overdue .. .. 7,269 14 4 Liability to State Advances Account .. 2,455 19 6 Ex Discharged Soldiers Settlement Transfer 259,706 7 11 Reserve Account .. .. .. 4,590 19 3 Dwellings let .. .. .. .. 500,311 19 11 Sundry creditors .. .. .. .. 21,204 4 9 Freehold land .. .. .. .. 332,062 18 4 Deposits on contracts . . .. . . 25,089 4 9 Dwellings in course of erection or completed Insurance Fund .. ... .. .. 10,590 6 2 under new housing scheme .. .. 1,089,227 5 6 Sinking Fund Reserve .. .. .. 1,943 16 9 Factories and Plant Capital Account .. 46,517 13 0 Reserves on dwellings completed under new Motor-vehicles . . .. .. .. 1,029 13 5 housing scheme— £ s. d. Furniture and equipment .. .. .. 1,582 19 4 Depreciation Reserve .. 702 17 8 Construction Branch preliminary expenses .. 60,607 1 6 Maintenance Reserve . . 702 17 8 Sinking Fund investment held by Public Debt Insurance Reserve .. 263 ll 9 Redemption Fund .. .. .. *5,298 16 7 Rates Reserve .. .. 913 14 9 Insurance Fund investment (Government stock) 9,750 0 0 Vacant Tenancies Reserve .. 210 17 1 Sundry debtors .. .. .. .. 3,083 14 4 2,793 18 11 Interest receivable — £ s. d. Depreciation Reserve: Dwellings let (erected Overdue .. .. .. 6,499 19 2 prior to 31st March, 1937) .. .. 2,670 13 9 Accrued .. .. .. 135 5 4 6,635 4 6 Rentals receivable — £ s. d. Overdue .. .. .. 6.895 10 7 Postponed . . . . 1,996 2 0 8,891 12 7 Insurance premiums— Receivable (overdue) . . 302 5 10 Payable (paid in advance) .. 205 15 2 508 1 0 Realization Suspense Account .. .. 3,733 22 Profit and Loss Account .. .. .. 73,397 5 0 Cash in bank .. .. .. .. 179,220 17 1 £2,581,564 12 2 £2,581,564 12 2 * This amount includes the sum of £3,354 19s. lOd. paid into the Sinking Fund in accordance with the Public Debt Extinction Act, 1910. R. Robertson, Chief Accountant. A. D. Park F.1.A.N.Z., F.R,A.N.Z.\ T■ , ' . n . . , n AT „ ' > Joint Managing Directors. T. N. Smallwood J ° b 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, Controller and Auditor-General.

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