STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1920.

Appendix to the Journals of the House of Representatives, 1920 Session I, B-13

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1920. NEW ZEALAND.

STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1920.

Laid before Parliament pursuant to Subsection (3) of Section 64 of the State Advances Act, 1913.

ADVANCES TO SETTLERS BRANCH. Twenty-sixth Annual Report and Balance-sheet. The following is a statement showing the advances authorized for settlers by the Board during the year, and classified according to provincial districts : — Provincial Number of Amount of Advances District. Applications. authorized. Auckland .. .. .. .. ..675 288,390 Taranaki .. .. .. .. .. 80 37,295 Hawke's Bay .. .. .. .. .. 176 89,070 Wellington .. .. .. .. .. 534 256,590 Marlborough .. .. .. .. .. 41 18,390 Nelson .. .. .. .. .. 29 11,095 Westland .. .. .. .. .. 27 9,500 Canterbury .. .. .. .. ..269 108,580 Otago .. .. .. .. .. .. 61 25,210 Southland .. .. .. .. .. 57 18,870 Totals.. .. .. .. .. 1,949 £862,990 The total advances to settlers now current are as follows :— Number. Amount. Not exceeding £500 .. .. .. .. 14,698 3,171,19010 6 Exceeding £500 but not exceeding £1,000 .. 2,645 2,086,871 8 4 Exceeding £1,000 but not exceeding £2,000 .. 1,066 1,498,145 1 2 Exceeding £2.000 but not exceeding £3,000 .. 102 256172 2 8 Totals .. .. .. .. 18,511 £7,012,379 2 8 The number and amounts of current advances on freehold and leasehold are as follows: — Number. Amount. On freeholds .. .. .. .. .. 11,313 5,108,763 "s 4 On leaseholds .. .. .. .. .. 6,992 1,784,198 2 8 On freeholds and leaseholds combined .. .. 206 119,417 11 8 Totals .. .. .. .. 18,511 £7,012,379 2 8 The number and amounts of current advances on rural and urban and suburban land are as follows :— Number. Amount. On rural land .. .. .. .. .. 11,531 4.541,052 1 2 On urban and suburban land .. .. .. 6,980 2,471,327 1 6 Totals .. .. .. .. 18,511 £7,012,379 2 8 The amounts of the advances actually paid over to settlers during the year ended 31st March, 1920, are as follows :— Number. Amount. Not exceeding £.500 .. .. .. .. ..1,016 362,725 Exceeding £500 but not exceeding £1,000 .. .. 373 257,520 Exceeding £1,000 but not exceeding £2,000 .. .. 28 39,900 Totals .. .. .. ~ ~ 1,417 £660,145

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The number and amounts actually paid over, classified according to tenure of the securities, are as follows:— Number. Arao £ unt - On freeholds .. .. .. .. .. .. 1,154 530,310 On leaseholds .. .. .. .. .. 259 127,345 On freeholds and leaseholds combined .. .. .. 4 2,490 Totals .. .. .. .. .. 1,417 £660,145 The gross profits for the year ended 31st March, 1920, were £64,270, and the cost of management and expenses of the branch £12,403, being 0-133 per cent., or 2s. Bd. per £100 of the capital employed. The net profits amounted to £50,895. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £930,661, inclusive of the amount held by the Public Trustee (£302,904). Five leasehold and eight freehold securities were realized by the Department during the year. Losses debited, and unpaid instalments in respect of mortgaged properties written off, amount to £972. Wm. Waddel, Deputy Superintendent. State Advances Offices, Wellington, Bth July, 1920.

ADVANCES TO WORKERS BRANCH. Thirteenth Annual Report and Balance-sheet. The following is a statement showing the advances to workers authorized by the Board during the year, and classified according to provincial districts: — Provincial Number of District. Applications. autnorlzoa. Auckland .. .. .. .. ..256 98,905 Taranaki .. .. .. .. ..38 13,420 Hawke'a Bay .. .. .. .. ..133 54,005 Wellington .. .. .. .. ..308 125,490 Marlborough .. .. .. .. ..21 7,885 Nelson .. .. .. .. ..11 3,125 Canterbury .. .. .. .. ..236 92,605 Otago.. .. .. .. .. .. 60 19,010 Southland .. .. .. .. .. 20 6,020 Totals .. .. .. .. 1,083 £420,465 The total of advances to workers now current and the tenure of the securities are as follows :— Number. £ Amount - , „ On freeholds .. .. .. .. .. 8,718 2,343,971 2 5 On leaseholds .. .. .. .. 514 89,065 4 8 Totals .. .. .. .. 9,232 £2,433,036 7 1 The advances to workers actually paid over during the year ended 31st March, 1920, on freehold and leasehold are as follows :— Number. Amount. On freeholds .. .. .. .. .. ..588 220,980 On leaseholds .. .. .. .. .. ..16 4,075 Totals .. .. .. .. ..604 £225,055 The gross profits for the year ended 31st March, 1920, were £10,729, and the cost of management and expenses of the branch £3,275, being 0-135 per cent., or 2s. Bd. per £100 of the capital employed. The net profits amounted to £7,201, of which the sum of £5,000 has been applied in writing down loan charges. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £70,838, inclusive of the amount held by the Public Trustee (£2,715). Seven freehold and four leasehold securities were realized by the Department during the year. Losses debited, and unpaid instalments in respect of mortgaged properties written off, amount to £252. Wm. Waddel, Deputy Superintendent. State Advances Office, Wellington, Bth July, 1920.

ADVANCES TO LOCAL AUTHORITIES BRANCH. The amount actually paid over to local bodies during the year was £88,935. Local bodies are now indebted to the extent of £2,160,421 in respect of principal moneys. The loss amounted to £2,059, but the operations of this branch will in due course show a profit. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £202,081, inclusive of the amount held by the Public Trustee (£48,461). Wm. Waddel, Deputy Superintendent. State Advances Office, Wellington, Bth July, 1920.

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PUBLIC DEBT SINKING FUNDS BRANCH. The following is a statement showing the advances under this branch authorized during the year ended 31st March, 1920, classified according to provincial districts:— Advances to Local Bodies. Provincial Number of A ' no ™ t t „° r , f r , A fi d J anC6S District. Applications. authorized. Auckland .. .. .. .. .. ..45 105,105 Taranaki .. .. ...... .. ..8 12,745 Hawke'sßay .. .. .. .. .. ..10 19,050 Wellington .. .. .. .. .. ..16 27,140 Marlborough .. .. .. .. .. ..1 10,000 Canterbury .. .. .. .. .. 1 80 Otago .. .. .. .. .. .. ..1 1,000 Totals.. .. .. .. .. ..82 £175,120 Advances to Settlers. „ , . Amount of Advances Provincial Number of authorized. District. Applications. £ Auckland .. .. .. .. .. ..5 1,805 Wellington .. .. .. .. .. ..3 1,835 Canterbury .. .. .. .. .. .. 1 200 Totals.. '.. .. .. .. ..9 £3,840 The amount actually paid over to local bodies during the year was £170,600. Local bodies are now indebted to the extent of £812,617, and settlers £138,286: a total of £950,903 in respect of principal moneys. The profit earned for the year amounted to £61,553, or £4 IBs. Bd. per £100 of the funds invested The cost of management and expenses was nil. Wm. Waddel, Deputy Superintendent. State Advances Office, Wellington, Bth July, 1920.

ADVANCES OFFICE SINKING FUND. The following is a statement showing the advances under this branch authorized during the year ended 31st March, 1920, classified according to provincial districts :— Provincial Advances to Settlers. Numberof Amount of Advances District. Applications. authorized. Auckland .. .. .. .. .. ..130 81,970 Taranaki ... .. .. .. .. ..8 4,530 Hawke'sßay .. .. .. .. .. ..19 10,450 Wellington .. .. .. .. .. ..67 47,100 Marlborough .. .. .. .. .. .. 3 1,550 Nelson .. .. .. .. .. .. 2 1,220 Westland .. .. .. .. .. .. 2 1,400 Canterbury .. ~ .. .. .. ..14 6,030 Otago.. .. .. .. .. .. ..7 4,530 Southland .. .. .. .. .. .. 9 6,245 Totals.. ■-.. '.. .. .. ..261 £165,025 pro™,!,,, Advances to Local Bodies. ol Dmtnct. Applications. authorized. Auckland 34 102,055 T T ? ranakl 3 4,800 Wellington 8 15620 Southland i 3000 Totals 46 £125,475 The amount actually paid over to settlers during the year was £141,335, and to local bodies £52,345 : a total of £193,680. Settlers are now indebted to the extent of £524,304, and local bodies £136,642: a total of £660,946 in respoct of principal moneys. The profits for the year ended 31st March, 1920, amounted to £53,210. The cost of management and expenses was nil. Wm. Waddel, Deputy Superintendent. State Advances Office, Wellington, Bth July, 1920.

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BALANCE-SHEET. ADVANCES TO SETTLERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1920. Liabilities. £ s. d. [ Assets. £ s. d. Sundry loans .. .. .. 9,283,193 1 10 Investment Account, less total repayTemporary advances from Public Debt ments .. .. .. .. 6,997,716 7 6 Sinking Fund Branoh .. .. 491,962 0 0 Plus mortgage instalments overduo— Temporary advances from Advances principal .. .. .. .. 14,662 15 2 Office Sinking Fund Acoount .. 350,000 0 0 Advances Suspense Aooount .. .. 22,259 9 6 Total principal owing by mortgagors Fire Loss Suspense Account .. .. 916 4 10 at 31st March, 1920 ' .. .. 7,012,379 2 8 Suspense Account .. .. .. 5,826 8 9 Mortgage instalments overdue—interest 28,919 8 8 Reserve Fund .. .. .. 50,000 0 0 Interest on mortgages, accrued but not Interest payable on loans, acorued but due .. .. .. .. 77,022 2 6 not due .. .. .. .. 74,94119 11 Temporary advances to Workers Branch 100,000 0 0 Interest payable on deposits, accrued Temporary advances to Local Authobutnotdue .. .. .. 1 14 4 rities Branch .. .. .. 100,000 0 0 Profit and Loss Account .. .. 522,028 111 Temporary investments .. .. 2,391,773 7 9 Interest on temporary investments, acorued but not due .. .. 33,224 9 6 Insurance Premiums Account .. 466 1 6 Office Furniture and Equipment Aooount 1,288 18 8 Sinking Funds— £ s. d. Public Trustee .. 302,904 13 9 Advances Office Sinking Fund Acoount 619,673 11 0 Public Debt Sinking Fund Branch .. 8,082 16 5 930,661 1 2 Gash in bank at 31st March, 1920 .. 125,394 8 8 £10,801,129 1 1 £10,801,129 1 1 Statement of Profit and Loss Account for the Year ended 31st March, 1920. Dr. £ s. d. Gr. £ s. d. To Management Expenses Account .. 12,402 17 5 By Interest Account—gross profit< .. 64,270 8 5 Losses on realization of securities, and doubtful securities written down .. 972 1 0 Balance —net profits for the year ended 31st March, 1920 .. .. .. 50,895 10 0 £64,270 8 5 £64,270 8 5 £ s. d. £ s. d. Office Furniture and Equipment Ac- Balance as at 3ist March, 1919 .. 471,275 16 2 count written down .. .. 143 4 3 Net profits for the year .. .. 50,895 10 0 Balanoe—net profits carried forward.. 522,028 111 £522,171 6 2 £522,171 6 2 Statement of Intbhest Account for the Year ended 31st March, 1920. Dr. £ s. d. £ s. d. Gr. £ s. d. £ s. d. To Interest paid on loans.. 345,239 4 6 By Interest received on Less accrued interest at mortgages .. 337,967 9 8 31st March, 1919 .. 74,810 911 Less overdue and . 270,428 14 7 acorued at 31st Interest payable on March, 1919 .. 117,99119 4 loans, accrued but 219,975 10 4 not due at 31st Interest on bank balances .. .. 415 3 0 March, 1920 .. .. 74,941 19 11 Interest on temporary advances to Interest paid on deposits 9 4 8 other branches .. .. 7,942 9 0 Less aoorued interest at Interest on temporary £ s. d. 31st March, 1919 .. 3 7 2 investments .. 95,089 8 1 5 17 6 Less acorued interest Interest payable on deposits accrued at at 31st March, 1919 25,764 4 4 31st March, 1920 .. .. 1 14 4 69,325 3 9 Interest paid on amounts temporarily Interest on temporary investments transferred from other branches .. 27,175 12 0 aoorued at 31st March, 1920 .. 33,224 9 6 Balance —gross profits transferred to Interest on mortgages— Profit and Loss Account .. .. 64,270 8 5 Overdue at 31st £ s. d. March, 1920 .. 28,919 8 8 Acorued but not due at 31st Maroh, 1920 .. .. 77,022 2 6 105,941 11 2 £436,824 6 9 £436,824 6 9

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Statement of Management Expenses Account for the Year ended 31st March, 1920. Dr. £ s. d. Cr. £ s. d. To Audit Office services .. ' ~ .. 300 0 0 By Consent feeß .. .. .. 18 10 0 Inspeotion fees .. .. .. 97 18 0 Production fees .. .. .. 1,191 3 5 Office maintenance .. .. .. 100 3 0 Release fees .. .. .. 676 19 6 Petty general expenses .. .. 92 1 2 Sundries .. .. .. .. 35 18 4 Postages and telegrams .. .. 722 7 5 Balance transferred to Profit and Loss Post Office services .. .. .. 620 10 2 Account .. .. .. .. 12,402 17 5 Printing and stationery .. .. 581 6 6 Salaries .. .. .. .. 11,003 11 11 Telephones .. .. .. .. 39 810 Travelling-expenses .. .. .. 268 1 8 Valuation Department—agency work .. 500 0 0 £14,325 8 8 £14,325 8 8 Wm. Wadded, Deputy Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 25th June, 1920. Examined and found correct. —Eobert J. Collins, Controller and Auditor-General.

ADVANCES TO WORKEBS BBANCH. Statement of Liabilities and Assets as at 31st March, 1920. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. 2,419,346 14 1 Investment Acoount, less total repayTemporary loans from Settlers Branch 100,000 0 0 ments .. .. .. .. 2,426,090 17 6 Interest payable on loans, accrued but Plus mortgage instalments overdue— not due .. .. .. .. 24,922 11 8 principal.. .. .. .. 6,945 9 7 Advances Suspense Aocount .. .. 8,155 0 0 Fire Loss Suspense Account .. .. 258 10 0 Total principal owing by mortgagors Suspense Account .. .. .. 587 17 11 at 31st March, 1920 .. ..2,433,036 7 1 Reserve Fund .. .. .. 23,039 19 1 Mortgage instalments overdue—interest 9,537 8 2 Interest on mortgages, accrued but not due .. .. .. .. 28,048 8 7 Loan Charges Account .. .. 17,000 0 0 Insuranoe Premiums Aocount .. 192 10 10 Sinking Funds— £ s. d. Publio Trustee .. 2,715 17 9 Advances Office Sinking Fund Account .. 64,764 11 11 Public Debt Sinking Fund Branch .. 3,357 9 5 70,837 19 1 Cash in bank at 31st March, 1920 .. 17,657 19 0 £2,576,310 12 9 £2,576,310 12 9 Statement of Pbofit and Loss Account for the Year ended 31st March, 1920. Dr. £ s. d. Cr. £ s. d. To Management Expenses Aocount .. 3,274 15 2 By Interest Aocount—gross profits .. 10,728 11 5 Losses on realization of securities, and doubtful securities written down .. 252 4 2 Balance —net profits for the year .. 7,201 12 1 £10,728 11 5 £10,728 11 5 £ s. d. £ s. d. Loan-flotation charges written down .. 5,000 0 0 Net profits for the year .. .. 7,201 12 1 Balance—net profits transferred to Reserve Fund .. .. .. 2,20112 1 £7,201 12 1 £7,201 12 1

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Statement of Interest Account for the Year ended 31st March, 1920. Dr. £ s. d. £ s. d. Cr. £ s. d. £ s. d. To Interest paid on loans .. 95,854 7 6 By Interest on mortgages ..119,212 11 7 Loss interest acorued at Less interest overdue and 31st March, 1919 .. 24,922 11 8 aooruod at 31st Maroh, . 70,931 15 10 ! 1919 .. .. 42,926 12 4 Interest paid on amounts temporarily ■ 76,285 19 3 transferred from Settlers Branch .. 7,342 9 1 Interest on bank balances .. .. 53 12 0 Interest payable on loans, accrued but Interest on mortgages — notdue .. .. .. .. 24,922 11 8, Overdue at 31st Balance — profits transferred to March, 1920 .. 9,537 8 2 Profit and Loss Account .. .. 10,728 11 5 Aoorued but not due at 31st March, 1920 .. 28,048 8 7 37,585 16 9 £113,925 8 0 £113,925 8 0 Statement of Management Expenses Account for the Year ended 31st March, 1920. Dr. £ s. d. Cr. £ s. d. To Audit Office services .. .. .. 150 0 0 By Consent fees.. .. .. .. 0 5 0 Post Office services .. .. .. 400 0 0 Court costs .. .. .. .. 0 4 0 Postages and telegrams .. .. 149 2 1 Release fees .. .. .. .. 264 15 0 Printing and stationery .. .. 200 0 0 Search and registration fees .. .. 14 3 2 Production fees .. .. .. 15 0 Sundries .. .. .. .. 914 2 Salaries .. .. .. .. 2,405 0 0 Balanoe transferred to Profit and Loss Solicitor's costs .. .. .. 8 9 5 Acoount .. .. .. .. 3,274 15 2 Valuation Department—agency work .. 250 0 0 £3,563 16 6 £3,563 16 6 Wm. Waddel, Deputy Superintendent. W. N. Hinchlifpe, Accountant. State Advances Office, Wellington, 25th -Tune, 1920. Examined and found correct. —Eobekt J. Collins, Controller and Auditor-General.

ADVANCES TO LOCAL AUTHORITIES BRANCH. Statement of Liabilities and Assets as at 31st March, 1920. Liabilities. £ g, d. Assets. Sundry loans .. .. .. 2,775,529 0 0 Investment Account, less £ s. d. £ s. d. Money reoeived from Treasury in accord- total repayments— ance with section 72, Local Bodies' Local bodies .. 2,112,951 13 0 Loans Act, 1913 .. .. .. 3,987 12 10 Seotion 70, Local Temporary loans from Public Debt Sink- Bodies' Loans Aot, ing Fund Branch .. .. .. 155,038 0 0 1913 .. .. 43,596 8 2 Temporary loan from Settlers Branch .. 100,000 0 0 2,156,548 1 2 Suspense Account .. .. .. 73 2 6 Plus debenture instalInterest on loan-moneys, aoorued but not ments overdue— due .. .. .. .. 36,385 6 7 principal— Local bodies .. 3,595 18 8 Seotion 70.. .. 277 11 0 3,873 9 8 Total balanoe of principal owing on debentures .. .. .. 2,160,421 10 10 Interest on debentures— Looal bodies— Overdue at 31st £ s. d. March, 1920 .. 7,322 2 2 Aoorued but not due at 31st Maroh, 1920 18,617 14 1 Seotion 70— Overdue at 31st March, 1920 .. 673 9 2 . Aoorued but not due at 81st Maroh, 1920 383 6 11 26,996 12 4 Loan Charges Account .. .. 39,113 5 0 Temporary investments .. .. 545,226 12 3 Interest accrued but not duo on temporary investments .. .. 9,351 3 5 Sinking Funds— £ s. d. Publio Trustee .. 48,461 0 5 Advances Office Sinking Fund Acoount .. 146,002 16 7 Public Debt Sinking Fund Branch .. 7,617 14 3 : 202,081 11 3 Profit and Loss Account .. .. 60,896 10 3 Cash in bank at 31st March, 1920 .. 26,925 16 7 £3,071,013 1 11 £3,071,013 1 11

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Statement of Profit and Loss Account for the Year ended 31st March, 1920. Dr. £ s. d. Cr. £ s. d. To Balanoe —Interest Account .. .. 1,334 15 2 By Balance —loss for the year .. .. 2,059 12 8 Balance—ManagementExpensesAcoount 724 17 6 £2,059 12 8 £2,059 12 8 ~~£ s. d. £ s. d. Balance as at 31st Maroh, 1919 .. ..58,836 17 7 Balanoe .. .. .. ..60,896 10 3 Loss for the year .. .. .. 2,059 12 8 £60,896 10 3 £60,896 10 3 Statement of Interest Account for the Year ended 31st March, 1920. Dr. £ s. d. £ s. d. Gr. £ s. d. & s. d. To Interest paid on loans .. 103,195 12 6 By Interest on debentures — Less accrued interest at Local bodies .. 77,369 4 6 31st March, 1919 .. 36,385 6 7 Section 70 .. .. 1,651 3 3 66,810 5 11 Interest paid on temporary loans .. 6,801 10 4 79,020 7 9 Interest payable on loans, accrued but Less interest overdue and not due at 31st Maroh, 1920 ..36,385 6 7 accrued at 31st March, 1919 .. .. 24,878 14 7 54,14113 2 Interest on temporary investments .. .. 27,512 19 2 Less interest accrued at 31st March, 1919 .. 9,351 3 5 18,161 15 9 Interest on bank balances .. .. 113 0 Interest on temporary investments, aoorued but not due at 31st Maroh, 1920 9,351 3 5 Interest on debentures— Overdue at 31st March, £ s. d. 1920 .. .. 7,995 11 4 Aoorued but not due at 31st March, 1920.. 19,001 1 0 20,996 12 4 Balance transferred to Profit and Loss Aooount .. .. .. .. 1,334 15 2 £109,997 2 10 £109,997 2 10 Statement of Management Expenses Account for the Year ended 31st March, 1920. Dr. £ s. d. : Cr. £ s. d. To Audit Offioe services .. .. .. 50 00j By Sundries .. .. .. .. 02 6 Post Office services .. .. .. 100 0 0 ; Balance transferred to Profit and Loss Postages and telegrams .. .. 150 0 0 Account .. .. .. .. 724 17 6 Printing and stationery .. .. 125 0 0 Salaries .. .. .. 300 0 0 £725 0 0 £725 0 0 Wm. Waddel, Deputy Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 25th June, 1920. Examined and found correct.—Robert J. Collins, Controller and Auditor-General.

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PUBLIC DEBT SINKING FUND BRANCH. Statement of Liabilities and Assets as at 31st March, 1920. Liabilities. £ s. d. Assets. Amount received from Treasury .. 1,386,790 0 0 Investment Account, less £ s. d. £ s. d. Suspense Account .. .. .. 50 14 11 total repayments .. 138,090 13 4 Profit and Loss Aocount .. .. 260,957 7 1 I Plus mortgage instalments overdue —prinoipal .. 196 5 5 Total prinoipal owing on mortgages advanced to settlers .. 138,286 18 9 Investment Aooount, less total repayments .. 812,039 8 5 Plus debenture instalments overdue —principal .. 578 0 6 Total prinoipal owing by local authorities.. 812,617 8 11 Interest on mortgages — Settlers— Overdue at 31st Maroh, 1920 .. .. 451 3 1 Aoorued but not due at 31st Maroh, 1920 .. 1,412 11 7 1,863 14 8 Interest on debentures — Local Authorities — Overdue at 31st Maroh, 1920 .. .. 2,020 10 3 Accrued but not due at 31st Maroh, 1920 .. 9,002 18 11 11,083 9 2 Temporary advances to Sottlers Branoh .. 491,962 0 0 Temporary advances to Local Authorities Branoh .. .. .. .. 155,038 0 0 Insuranoe Premiums Account .. .. 3 4 5 Cash in bank at 31st March, 1920 .. 36,943 6 1 £1,647,798 2 0 j £1,647,798 2 0 Statement of Profit and Loss Account for the Year ended 31st March, 1920. Dr. £ s. d. Cr. £ s. d. To Insurance premium unrecoverable .. 112 6 By Interest Account .. .. .. 61,545 6 5 Balance—net profits for the year .. 61,553 12 10 Management Acoount—sundry fees .. 918 11 £61,555 5 4 £61,555 5 4 £ s. d. £ s. d. Balance—net profits carried forward.. 260,957 7 1 Balance as at 31st March, 1919 ..199,403 14 3 Net profits for the year .. ..61,553 12 10 £260,957 7 1 £260,957 7 1 Statement of Interest Account for the Year ended 31st March, 1920. Dr. £ s. d. Cr. £ s. d. £ s. d. To Balance transferred to Profit and Loss By Interest on mortgages— Account .. .. .. .. 61,545 6 5 Settlers .. .. 7,026 5 7 Less interest overdue and accrued at 31st March, 1919 .. .. 2,275 9 4 4,750 16 3 Interest on debentures— Local Authorities .. 30,780 18 3 Less interest overdue and aoorued at 31st Maroh, 1919 .. .. 9,142 5 2 21,638 13 1 Interest on bank balances .. .. 9 12 Interest on amounts temporarily transferred to other branoh.es .. .. 22,199 1 3 Interest on mortgages— Settlers— Overdue at 31st £ s. d. Maroh, 1920 .. 451 3 1 Acorued but not due at 31st March, 1920 1,412 11 7 Interest on debentures— Local Authorities— Overdue at 31st March, 1920 .. 2,020 10 3 Accrued but not due at 31st March, 1920 9,062 18 11 12,947 3 10 £61,545 6 5 £61,545 6 5

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Statement of Management Expenses Account for the Year ended 31st March, 1920. Dr. £ s. d. Cr. £ s. d To Balance transferred to Profit and Loss By Consent foes.. .. .. .. 0 5 0 Aocount .. .. .. .. 918 11 Production fees .. .. .. 0 5 0 Release fees .. .. .. .. 9 5 0 Sundries .. .. .. .. 0 3 11 •• • • £9 18 11 £9 18 11 Wm. Waddel, Deputy Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 25th June, 1920. Examined and found correct.—Robert J. Collins, Controller and Auditor-General. ADVANCES OFFICE SINKING FUND ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1920. Liabilities. Assets. Total amount paid in as at £ s. d. £ s. d. Investment Account, less & s. d. £ s. d. 31st March, 1919 ..879,24110 3 total repayments .. 523,556 18 10 Less redemption of loans 175,000 0 0 plus mortgage mstal704 241 10 3 ments overdue — prinAmounts paid in for year ended 31st _ <=ip»l . • • . • • 747 5 3 March 1920— Total P" nol P al owm S on Advances to Settlers £ s. d. mortgages advanced to settlers .. 524,304 4 1 Branch .. .. 84,512 12 7 Investment Account, less £ s d. Advances to Workers total repayments .. 136,542 5 4 Branch .. .. 21,106 3 1 Plus debenture instalAdvances to Local ments overdue - pnnAuthorities Branch.. 20,580 13 7 m CI P al .. ;• . •• 10 ° 8 n 126,199 9 3 Total principal owing by Advances Suspense Account .. .. 2,370 0 0 local authorities . IZfifmU 3 Suspense Account . .. .. 1,305 10 6 Temporary advances to Settlers Branch 350,000 0 0 Profit and Loss Account .. .. 219,240 19 10 Insurance Premiums Account.. .. 4 6 0 Interest on mortgages— Settlers — Overdue at 31st March, £ s. d. 1920 .. .. 1,944 19 5 Accrued but not due at 31st March, 1920 '.. 5,453 10 4 ■ 7,398 9 9 Interest on debentures — Local authorities — Overdue at 31st Maroh, 1920 .. .. 342 4 7 Accrued but not due at 31st March, 1920 .. 1,290 10 10 1,632 15 5 Cash in bank at 31st Maroh, 1920 .. 33,375 0 4 £1,053,357 9 10 £1,053,357 9 10 Statement of Profit and Loss Account for the Year ended 31st March, 1920. Dr. £ s. d. Gr. £ s. d. To Balance—net profits for the year .. 53,210 3 9 By Interest Account .. .. .. 53,185 8 5 Management Account —sundry foos .. 24 15 4 £53,210 3 9 £53,210 3 9 £ s. d. £ s. d. Balance—net profits carried forward 219,240 19 10 Balance at 31st Maroh, 1919 .. 166,030 16 1 Net profits for the year .. .. 53,210 3 9 £219,240 19 10 £219,240 19 10

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Statement of Interest Account for the Year ended 31st March, 1920. Dr. £ s. d. Cr. £ s. d. £ s. d. To Balance transferred to Profit and Loss By Interest on mortgages— Account .. .. ... 53,185 8 5 Settlers .. 21,194 13 5 Less interest overdue and accrued at 31st March, 1919 .. .. 6,560 10 11 14,634 2 6 Interest on debentures— Local authorities .. 4,106 13 8 Less interest overdue and accrued at 31st March, 1919 .. .. 1,353 19 1 2,752 14 7 Interest on bank balances .. .. 913 0 Interest on amounts temporarily transferred to Settlers Branch.. .. 11,178 1 2 Interest on sinking funds hold by Public Trustee .. .. .. 15,579 12 0 Interest on mortgages— Settlers— Overdue at 31st £ s. d. Maroh, 1920 .. 1,944 19 5 Accrued but not due at 31st Maroh, 1920 .. .. 5,453 10 4 7,398 9 9 Interest on debentures— Local authorities — Overdue at 31st March, 1920 .. 342 4 7 Accrued but not duo at 31st March, 1920 .. .. 1,290 10 10 1,632 15 5 £53,185 8 5 £53,185 8 5 Statement of Management Expenses Account for the Year ended 31st March, 1920. Dr. £ s. d. Cr. £ s. d. To Solicitor's oosts .. .. .. 112 0 By Consent fees .. .. .. ..050 Balance transferred to Profit and Loss Release fees .. .. .. 20 10 0 Account .. .. .. .. 24 15 4 Sundries .. .. .. ..5124 £26 7 4 £26 7 4 Wm. Waddel, Deputy Superintendent. W. N. Hinchliffe, Accountant. State Advances Office, Wellington, 25th June, 1920. Examined and found correct. —Robert J. Collins, Controller and Auditor-General.

Approximate Cost of Paper. —Preparation, not given; printing (550 copies), £12 10s.

Authority : Marcus F, Marks, Government Printer, Wellington.—l92o.

Price Bd.]