B—l [Pi. IVj

Due to Consolidated Fund (less net revenue paid Debtorsdirect) .. .. .. •• •• 487,367 Rents .. .. .. .. .. 2,923 601,292 Principal— £ Instalment mortgages .. .. 900 Sharemilkers' loans .. .. 245 1,145 Interest— Instalment mortgage .. .. 2,170 Sharemilkers' loans . . .. 45 Current Account .. .. .. 1,459 3,674 Water levies .. .. .. .. 635 Miscellaneous (departmental, &c.) .. .. 4,789 13,166 Interest unrecouped on development expenditure .. .. 449,704 Losses in Suspense Account .. .. .. .. 18,208 Subsidies in respect of blocks disposed of— Employment Promotion Fund .. .. 151,675 Consolidated Fund .. .. .. .. 90,795 242,470 Revenue Account: Balance carried forward .. .. 369,127 .:••• £8,108,321 £8,108,321 Note.—(a) Profits or losses from farming operations on blocks under development are included in the Revenue Account only when the final position is ascertained on realization of the block ; (b) interest on expenditure on blocks under development has been credited to Revenue Account only to the extent that trading results have enabled it to be met. The balance has been credited to the Balance-sheet item " Accrued interest on capital on blocks being developed, £449,704." D. M. Greig, Under-Secretary. ■ • G. I. Beeson, Chief 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 departmental notes enfaced thereon and the explanatory notes dealing with departmental accounts generally as appearing at commencement of parliamentary return 8.-l [Pt. IV]. The following comments are appended : (1) The account does not bear a charge for the cost of expenses incurred by Departments administering the scheme, other than a reduced charge for the supervision of the erection of cottages and milkingsheds ; (2) it is unlikely that the realizable value of certain properties is equal to the development expenditure thereon ; (3) the audit of the accounts of the Wellington and Nelson Land Districts is not yet completed.— J. P. Rutherford, Controller and Auditor-General.

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