STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1922.

Appendix to the Journals of the House of Representatives, 1922 Session I, B-13

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1922. NEW ZEALAND.

STATE ADVANCES OFFICE (REPORT BY THE SUPERINTENDENT OF THE) FOR THE YEAR ENDED 31st MARCH, 1922.

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

ADVANCES TO SETTLERS BRANCH. Twenty-eighth 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 : — T» -ii 5.T.....1...,. ~f Amount of Advances Provincial Number of .„ithnri«.ri District. Applications. authorized. Auckland .. .. .. ..360 144,755 Taranaki .. .. .. .. 47 21,410 Hawke's Bay .. .. .. 84 41,720 Wellington' .. .. .. .. 246 116,485 Marlborough .. • .. .. 22 11,850 Nelson .. .. .. .. .. 17 4,910 Wetland .. .. .. .. .. 5 2,075 Canterbury .. .. .. .. .. 132 58,875 Otago .. .. .. .. 37 13,610 Southland .. .. .. .. .. 37 14,155 Totals.. .. .. .. .. 987 £429,845 The total advances to settlers now current are as follows :— Number. £ <1. Not exceeding £500 .. .. .. ..14,069 3,134,312 6 8 Exceeding £500 but not exceeding £1,000 .. 2,425 2,082,921 8 4 Exceeding £1,000 but not exceeding £2,000 .. 1,007 1,493,395 5 1 Exceeding £2,000 but not exceeding £3,000 .. 91 233,993 1 9 Totals .. .. .. .. 17,592 £6,944,622 1 10 The number and amounts of current advances on freehold and leasehold are as follows: — Number. f aoaat , „ On freeholds .. .. .. .. .. 10,791 5,067,782 16 5 On leaseholds .. .. .. .. 6,608 1,758,055 2 7 On freeholds and leaseholds combined .. .. 193 118,784 210 Totals .. .. .. .. 17,592 £6,944,622 1 10 The number and amounts of current advances on rural and urban and suburban land are as follows:— Number. Amount. On rural land .. .. .. .. .. 10,897 4,495,458 18 6 On urban and suburban land .. .. .. 6,695 2,449,163 3 4 Totals .. .. .. .. 17,592 £6,944,622 1 10 The amounts of the advances actually paid over to settlers during the year ended 31st March. 1922, are as follows : — Number. Am ° unt - Not exceeding £500 .. .. .. .. .. 521 200,995 Exceeding £500 but not exceeding £1,000 .. .. 397 276,355 Exceeding £1,000 but not exceeding £2,000 .. .. 38 52,635 Totals ~ .. ~ .. .. 956 £529,985

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The number and amounts actually paid over, classified according to tenure of the securities, are as follows :— Amount. Number. £ On freeholds .. .. .. .. 706 365,985 On leaseholds .. .. .. 242 156,805 On freeholds and leaseholds combined .. .. .. 8 7,195 Totals .. .. .. .. .. 956 £529,985 The gross profits for the year ended 31st March, 1922, were £54,586, and the cost of management and expenses of the branch £18,308, being 0*197 per cent., or 3s. lid. per £100 of the capital employed. £ s. a. The net profits for the year amounted to .. .. .. .. .. 35,595 18 8 The following are the appropriations from the profits for the year:— £ s. (1. Amount paid to the Public Debt Sinking Fund Branch .. 1,609 8 10 Income-tax payable for the year ended 31st March, 1921 .. 17,074 0 1 Approximate amount of income-tax payable for the year ended 31st March, 1922 .. .. .. .. 14,533 16 4 33,217 5 3 Leaving a balance of .. .. .. .. .. £2,378 13 5 which has been transferred to the Reserve Fund. The sinking fund amounts to £1,3,34,789, inclusive of the amount held by the Public Trustee (£302,904). Six leasehold and two freehold securities were realized by the Department during the year. Losses debited, and unpaid instalments in respect of mortgaged properties written off, amount to £2 321 Wm. Waddel, Superintendent. State Advances Offices, Wellington, 21st June , 1922. *

ADVANCES TO WORKERS BRANCH, Fifteenth 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 Amount of Advances District. Applications. authorized. Auckland .. .. .. .. ..279 127,460 Taranaki .. .. .. .. .. 31 11,705 Hawke's]jßay .. .. .. .. .. 106 46,835 Wellington .. .. .. .. .. 166 70,225 Marlborough .. .. .. .. .. 11 3,900 Nelson .. .. .. .. .. 5 1,675 Canterbury .. .. .. .. .. 200 90,185 Otago .. .. .. .. .. ..31 12,120 Southland .. .. .. .. ..23 9,820 Totals .. .. .. ..852 £373,925 The total of advances to workers now current and the tenure of the securities are as follows :— Number. Amount. On freeholds .. .. .. .. .. 9,158 2,741,264 1 5 On leaseholds ..' .. .. .. 569 114,120 1 8 Totals .. .. .. .. 9,727 £2,855,384 3 1 The advances to workers actually paid over during the year ended 31 st March, 1922, on freehold and leasehold are as follows : — Number. Amount. On freeholds .. .. .. .. .. .. 701 344,725 On leaseholds .. .. .. .. .. 29 13,145 Totals .. .. .. .. 730 £357,870

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The gross profits for the year ended 31st March, 1922, were £13,477, and the cost of management and expenses of the branch £3,921, being 0-162 per cent., or 3s. 3d. per £100 of the capital employed. £ s. d. The net profits for the year amounted to .. .. .. .. .. 8,830 17 4 The following are the appropriations from the profits for the year : — £ s. d. Loan-flotation charges written down . . .. . . 500 0 0 Amount paid to the Public Debt Sinking Fund Branch .. 597 5 4 Income-tax payable for the year ended 31st March, 1921 .. 3,535 9 9 Approximate amount of income-tax payable for the year ended 31st March, 1922 ... .. .. .. • .. 3,6</7 7 8 8,240 2 9 Leaving a balance of .. .. .. .. .. £590 14 7 which has been transferred to the Reserve Fund. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £75,532, inclusive of the amount held by the Public Trustee (£2,715). Three freehold and two leasehold securities were realized by the Department during the year. Losses debited, and unpaid instalments in respect of mortgaged properties written off, amount to £500. Wm. Waddel, Superintendent. State Advances Office, Wellington, 21st June, 1922.

ADVANCES TO LOCAL AUTHORITIES BRANCH. The amount actually paid over to local bodies during the year was £230,605. Loans to the number of 1,426 have been made to local bodies. They are now indebted to the extent of £2,434,844 in respect of principal moneys. The, net loss amounted to £3,196 14s. lid. Since the sinking fund is no longer a charge on the capital this loss will gradually disappear, and the operations of this branch of the Department eventually show a profit. The sinking fund amounts to £282,787, inclusive of the amount held by the Public Trustee (£48,461). Wm. Waddel, Superintendent. State Advances Office, Wellington. 21st June, 1922.

PUBLIC DEBT SINKING FUNDS BRANCH. The following is a statement showing the advances under this branch authorized during the year ended 31st March, 1922, classified according to provincial districts: : — Advances to Local Bodies. Provincial Number of Amount of Advance* -District. Applications. authorized. Auckland .. .. .. .. .. ..62 209,910 Taranaki .. .. .. .. .. ..21 70,930 Hawke'sßay .. .. .. .. .. ..12 43,620 Wellington .. .. .. .. .. ..10 111,180 Marlborough .. .. .. .. .. ..3 18,200 Canterbury .. .. .. .. .. ..10 39,400 Otago.. .. .. .. .. .. ..4 15,200 Southland .. .. .. .. .. ..2 -9,200 Totals .. .. .. .. .. ..154 £517,640 ... . , Advances to Settlers. „ . , Amount Of Advances Llov f " cal Number of authorized. District. Applications. Auckland .. .. .. .. .. .. 4 1,125 Taranaki .. .. .. .. .. .. 1 700 Wellington .. .. .. .. .. .. 3 900 Southland .. .. .. .. .. ..1 340 Totals.. .. .. .. .. ..9 £3,065

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The amount actually paid over to local bodies during the year was £427,900, and to settlers £25,485. Local bodies are now indebted (in respect of 1,059 loans) to the extent of £1,404,643 2s. 7d. ; and 389 settlers, £258,816 9s. 5d.: a total of £1,663,459 12s. in respect of principal moneys. The interest earned for the year amounted to £88,766. The cost of management and expenses Wm. Waddel, Superintendent, State Advances Office, Wellington, 21st June, 1922.

ADVANCES OFFICE SINKING FUND. The following is a statement showing the advances under this branch authorized during the year ended 31st March, 1922, classified according to provincial districts : — Provincial Advances to Settlers. Numberol Amount of Advance, District. Applications. authorized. Auckland .. .. .. .. .. ..216 131,105 Taranaki .. .. .. .. .. ..22 14,375 Hawke's Bay .. .. .. .. .. .. 37 24,150 Wellington .. .. .. .. . . ,137 91,730 Marlborough .. .. .. .. .. ..6 3,600 Nelson.. .. .. .. .. .. .. 4 2,120 Westland .. .. .. .. .. .. I 800 Canterbury .. .. .. .. .. .. 55 34,355 Otago .. .. .. .. .. .. ..27 20,040 Southland ' .. .. .. .. ..23 18,190 Totals .. .. .. .. .. ..528 £340,463 Provincial Advances to Workers. Amounl Advances i,lst Agitations, authorized. Auckland .. .. .. .. .. ..63 36,670 Taranaki .. . . .. . . .. .. 4 2,245 Hawke's Bay .. .. .. .; .. ..10 6,420 Wellington .. .. .. .. . . .. 25 13^895 Canterbury .. .. .. .. .. ..27 13,455 Otago .. .. .'. .. .. .. ..5 2,030 Southland .. .. . . ... . . . . 1 580 Totals .. .. .. .. .. ..135 £75,295 ~ , „. , Advances to Local Bodies. . ~.»., Provincial Number of Amount of Advances District. Applications. authorized. Auckland .. .. .. .. .. .. 4 7 500 Taranaki " 2 1^230 Wellington .. .. .. .. .. ~ 2 5)150 Totals , 8 £13,880 The amount actually paid over to settlers during the year was £250,505, to workers £49 710 and to local bodies £49,905—a total of £350,120. 1,125 settlers are now indebted to the extent of £719,496 14s. 7d., 90 workers £49 710 and local bodies (in respect of 215 loans) £302,911 13s. 10d.—a total of £1,072,118 Bs. sd. m respect of principal moneys. The interest earned, for the year amounted to £70,710. The cost of management and expenses was nil. aj _ . , rt ~ 117 ... , T Wm - Waddel, Superintendent. State Advances Office, Wellington, 21st June, 1922.

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STATE ADVANCES OFFICE. ADVANCES TO SETTLERS BRANCH. Statement of Liabilities and Assets as at 31st March, 1922. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. .. 9,283,193 1 10 Investment Account — Principal owing by Temporary advances from Advances Office mortgagors at 31st March, 1922 .. (i, 944,622 1 10 Sinking' Fund Account .. .. 219,000 0 0 Interest overdue .. .. .. 37,421 12 9 Temporary advances from Public Debt Interest on mortgages, accrued but not duo 75,808 6 8 Sinking Fund Branch .. .. 300,902 0 0 Temporary advances to Local Authorities Advances Suspense Account .. .. 10,205 0 0 Branch .. .. .. .. 409,000 0 0 Fire Loss Suspense Account . . . . 2,047 3 7 Temporary advances to Workers Branch .. 492,000 0 0 Income-tax Suspense Account .. .. 31,607 16 5 Temporary investments .. .. 1,424,773 7 9 Suspense Account .. .. .. 2,244 3 4 Interest on temporary investments, aocruod Interest on loans accrued but not due . . 75,494 7 0 but not due.. .. . . . . 19,308 2 5 Sinking Fund .. .. . . . . 849,423 18 0 Insurance Premium Account . . . . 344 8 10 Reserve Fund.. .. .. .. 52,378 13 5 Office Furniture and Equipmont Account.. 2,224 3 10 Realization Account .. .. ... 2,321 2 1 Sinking Fund investments — £ s. d. Held by Public Trustee 302,904 13 9 Advances Office Sinking Fund Account .. 1,019,250 1 9 Public Debt Sinking Fund Branch .. 12,634 4 5 1,334,788 19 11* Cash in hand and in bank at 31st March, 1922 .. .. .. .. 83,423 17 6 £10,827,156 3 7 £10,827,156 3 7 * This amount includes the sum of £485,865 Is. lid. capital paid into tin; sinking funds under the provisions of ttau State Advances Act. Statement of Profit and Loss Account for the Year ended 31st March, 1922. Dr. £ s. d. Or. £ s. d. To Management Expenses Account .. 18,308 2 9 By Interest Account —Gross profits .. 54,586 18 2 Office Furniture and Equipment Account written down .. .. .. 117 I 3 Loss on realization of securities. . .. 565 15 6 Balance—Net profits for the year .. 35,595 18 8 £54,586 18 2 £54,586 18 2 £ s. d. £ s. d. To Accumulated profits as at 31st March, 1921, By Balance as at 31st March, 1921.. .. 791,099 11 4 transferred to Sinking Fund .. .. 791,099 11 4 " Net profits for the year .. .. 35,595 18 8 Amount paid to Public Debt, Sinking Fund Branch .. ..... .. 1,009 810 Income-tax payable for year ended 31st March, 1921 .. ' .. .. 17,074 0 1 Approximate amount of income-tax payable for year ended 31st March, 1922 '.. 14,533 16 4 Balance —Net profits transferred to Reserve Fund .. .. .. 2,378 13 5 £826,695 10 0 £826,695 10 0 Statement of Interest Account for the Year ended 31st March, 1922. Dr. £ s. d. £ s. d. Or. £ s. d. £ s. d. To Interest on loans .. 340,064 4 0 By Interest on mortgages .. 308,128 0 10 Less accrued at 31st March, Less overduo and accrued 1921 .. .. 75,114 12 1 at 31st March, 1921 .. 104,059 8 2 271,549 12 5 — 204,068 12 8 Interest on loans, accrued but not due .. 75,494 7 0 Interest on bank balances .. .. 85 13 3 Interest on amounts temporarily trans- Interest on temporary advances to other ferred from other branches .. .. 20,768 16 3 branches .. .. .. .. 27,884 12 8 Balance —Gross profits transferred to Interest on temporary inProfit and Loss Account .. .. 54,586 18 2 vestments .. .. 97,005 5 4 Less accrued at 31st March, 1921 .. .. 34,302 II II . 62,702 13 5 Interest on temporary investments, accrued at 31st March, 1922 .. .. 19,368 2 5 Interest on mortgages— Overdue at 31st March, 1922 .. .. 37,4"21 12 9 Accrued but not due at 31st March, 1922 .. 76,868 6 8 114,289 19 5 £428,399 13 10 £428,399 13 10

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Statement of Management Expenses Account for the Year ended 31st March, 1922. Dr. £ s. d. Or. £ s. d. To Advertising, newspapers, &c. .. . . 9 14 6 By Consent fees .. .. .. . . 22 5 6 Audit Office services .. .. .. 300 0 0 Cost of preparation of mortgages .. 7 11 0 Commission fees .. .. .. 58 10 0 Production fees .. .. .. 009 19 11 Inspection fees . . . . .. 18 18 0 Release fees .. .. .. .. 243 0 0 Management charges on New Zealand stock Sundries .. .. .. .. 10 9 and bonds .. .. .. .. 929 8 5 Balance transferred to Profit and Loss Office maintenance .. .. .. 113 15 3 Account. .. .. .. .. 18,308 2 9 Petty general expenses . . . . 41 14 0 Post Office services .. . . . . 735 16 1 Postagos and telegrams . . .. 984 5 9 Printing and stationery . . . . 575 18 2 Rent .. . . . . .. 180 6 8 Salaries . . .. . . .. 14,098 6 6 Solicitors' costs .. . . .. 40 1 6 Telephones .. . . . . . . 75 13 0 Travelling-expenses .. .. .. 326 6 4 Typewriters and adding-maehines —Repairs 53 5 9 Valuation Department—Agency work .. 650 0 0 £19,191 19 11 £19,191 19 11 Wm. Waddel, Superintendent. State Advances Office, Wellington, 6th June, 1922. W. N. Hinchliffe, Accountant. The Audit Office having examined the balance-sheet and accompanying accounts, and compared them with the relative books, documents, and securities, hereby certifies them to be in accordance therewith. — G. F. C. Campbell, Controller and Auditor-General. ADVANCES TO WORKUPS BRANCH. Statement of Liabilities and Assets as at 31st March, 1922. Liabilities. £ s. d. Assets. £ s, d. Sundry loans .. .. .. .. 2,419,346 14 1 Investment Account—Principal owing by Temporary advances from Settlers Branch 492,000 0 0 mortgagors as at 31st March, 1922 .. 2,855,384 3 1 Interest on loans accrued but not due .. 25,262 9 9 Interest overdue .. .. .. 9,067 . 7 10 Advances Suspense Account .. .. 13,710 0 0 Interest on mortgages accrued but not due 32,144 7 11 Fire Loss Suspense Account .. .. 8 0 0 Loan Charges Account .. .. .. 11,500 0 0 Income-tax Suspense Account .. .. 7,142 17 5 Insurance Premiums Account .. .. 139 14 3 Suspense Account .. .. . . 539 1,9 8 Realization Account .. .. .. 500 13 1 Sinking Fund .. .. .. .. 45,307 5 4 Sinking Fund-investments — Reserve Fund.. .. .. .. 590 14 7 Held by Public Trustee .. 2,715 17 9 Advances Office Sinking Fund Account ..67,645 19 9 Public Debt Sinking Fund Branch .. ' .. 5,170 3 7 75,532 1 I* Cash in hand and in bank at 31st March, 1922 * .. .. .. .. 19,639 13 7 £3,003,908 0 10 £3,003,908 0 10 * This amount includes the sum of £30,224 15s. i)d. capital paid into tin; sinking funds under the provisions of the State Advances Act. Statement- of Profit and Loss Account for the Year ended 31st March, 1922. Dr. £ [s. d. Or. £ s. d. To Management Expenses Account .. 3,921 0 2 By Interest Account—Gross profits .. 13,477 2 4 Loss on realization of securities .. 724 18 10 Balance —Net profits for the year .. 8,830 17 4 £13,477 2 4 £13,477 2 4 £ s. d. £ s. d. To Loan-flotation charges written down .. 500 0 0 By Net profits for the year ... .. 8,830 17 4 Income-tax payable for year ended 31st March, 1921 .. .. .. 3,535 9 9 Approximate amount of income-tax payable for year ended 31st March, 1922 .. 3,607 7 8 Amount paid to Public Debt Sinking Fund Branch .. .. .. .. 597 5 4 Balance—Net profits transferred to Reserve Fund .. .. .. 590 14 7 £8,830 17 4 £8,830 17 4

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Statement of Interest Account for the Year ended 31st March, 1922. Dr. £ s. d. £ s. d. Gr. £ s. d. £ s. d. To Interest on loans .. 95,979 7 6 By Interest on mortgages .. 124,160 17 11 Less accrued at 31st March, Less overdue and accrued at 1921 .. .. 24,963 13 7 31st March, 1921 .. 39,369 5 3 71,015 13 11 84,791 12 8 Interest on amounts temporarily transferred Interest on bank balances .. .. 910 0 from Settlors Branch.. .. .. 16,257 12 5 Interest on mortgages— Interest on loans accrued but not due .. 25,262 9 9 Overdue at 3lst March, Balance—Gross profits transferred to Profit 1922 .. .. 9,067 710 and Loss Account .. .. .. 13,477 2 4 Accrued but not due at 31st March, 1922 .. 32,144 7 11 41,211 15 9 £126,012 18 5 £126,012 18 5 Statement of Management Expenses Account for the Year ended 31st March, 1922. Dr. £ a. d. Gr. - £ s. d. To Audit Office services .. .. . . 150 0 0 By Consent fees .. .. .. .. 110 Management charges on New Zealand Stock Cost of preparation of mortgages .. 44 7 6 and Bonds .. .. . . .. 178 7 10 Production fees .. .. .. 254 11 6 Postages and telegrams.. .. .. 146 II 4 Rolease fees .. .. .. .. 89 0 0 Post Offico services .. .. .. 400 0 0 Sundries .. .. .. .. 14 1 Printing and Stationery .. .. 200 0 0 Balance transferred to Profit and Loss Rent .. ".. .. .. 40 6 8 Account .. .. .. .. 3,921 6 2 Salaries .. .. .. .. 2,815 0 0 Solicitors' costs .. .. . . 31 4 5 Valuation Department—Agency work . . 350 0 0 £4,311 10 3 £4,311 10 3 Wm. Waddel, Superintendent. State Advances Office, Wellington, 6th June, 1922. W. N. Hinchliffe, Accountant. The Audit Office, having examined the balance-sheet and accompanying accounts and compared them with the relative books, documents, and securities, hereby certifies them to be in accordance therewith.— G. P. C. Campbell, Controller and Auditor-General. ADVANCES TO LOCAL AUTHORITIES BRANCH. Statement of Liabilities and Assets as at 31st March, 1922. Liabilities. £ s. d. Assets. £ s. d. Suadry loans.. .. .. .. 2,779,510 12 10 Investment Account —Principal owing by Temporary advances from Settlers Branch 409,000 0 0 local bodies .. .. .. 2,434,844 6 10 Temporary advances from Public Debt Interest on debentures — Sinking' Fund Branch .. .. 155,038 0 0 Overdue at 31st March, £ s. d. Interest on loans accrued but not due .. 36,385 6 7 1922 10,478 15 4 Sinking Fund .. .. .. 59,634 10 S Accrued but not due at 31st March, 1922 .. 19,596 4 3 30,074 19 7 Loan Charges Account .. .. 32,072 5 0 Temporary investments .. .. 545,226 12 3 Interest on temporary investments accrued but not due ' .. .. .. 9,351 3 5 Sinking Fund investments — £ s. d. Held by Public Trustee 48,401 0 5 Advances Offico Sinking Fund Account .. 222,559 13 10 Public Debt Sinking Fund Branch .. 11,766 11 10 282,787 0 1* Profit and Loss Account .. .. 76,968 3 4 Cash in hand and in bank at 31st March, 1922 .. .. .. .. 28,249 13 7 £3,439,574 10 1 £3,439,574 10 1 * rhis amount includes the sum of £223,152 15s. sd. capital paid into the sinking funds under the provisions of the State Advances Act. Statement of Profit and Loss Account for the Year ended 31st March, 1922. Dr. £ s. d. Gr. , £ s. d. To Balance—lnterest Account .. .. 2,174 0 9 By Balance—Loss for the year .. .. 3,196 14 II Balance —Management Expenses Account 1,022 8 2 £3,190 14 11 £3,196 14 11 £ s. d. £ s. d. To Balance as at 31st March, 1921 .. ..25,318 12 10 By Balance .. .. .. ..76,968 3 4 Loan flotation charges written down . . 801 0 0 Accumulated profits on sinking funds as at 31st March, 1921, transferred to sinking fund .. .. .. .. 47,651 15 7 Loss for the year .. .. .. 3,196 14 11 £76,968 3 4 £76,968 3 4 • *

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Statement of Interest Account for the Year ended 31st March, 1922. Dr. £ s. d. £• s. d. Gr. £ s. d. £ s. d. To Interest on loans .. 103,195 12 0 By Interest on debentures .. 91,972 0 6 Less accrued at 31st March, Less overdue and accrued at 1921.. .. .. 36,385 6 7 31st March, 1921 .. 30,714 1 4 66,810 5 11 61,257 19 2 Interest on amounts temporarily transferred Interest on bank balances .. .. 318 6 from other branches .. .. .. 17,828 10 8 Interest on temporary inInterost on loans accrued but not, due .. 36,385 0 7 vestments .. .. 27,512 19 2 Loss accrued at 31st March, 1921 .. .. .. 9,351 3 5 18,161 15 9 Interest on temporary investments accrued but not due .. .. .. 9,351 3 5 Interest on debentures — £ s. d. Overdue at 31st March, 1922 .. .. 10,478 15 4 Accrued but not due at 31st March, 1922 .. 19,596 4 3 30,074 19 7 Balance transferred to Profit and Loss Account .. .. .. .. 2,174 6 9 £121,024 3 2 £121,024 3 2 Statement of Management Expenses Account for, the Year, ended 31st March, 1922. Dr. £ s. d. Gr. £ s. d. To Audit Offico services .. .. .. 50 0 0 By Balance transferred to Profit and Loss Management charges, Now Zealand stock Account .. .. .. .. 1,022 8 2. and bonds .. .. .. .. 171 8 2 Post Office services . . . . 100 0 0 Postages and telegrams. . .. .. 150 0 0 Printing and stationery. . . .. 125 0 0 Rent..' .. .. . .. 46 0 0 Salaries .. .. .. . . 380 0 0 £1,022 8 2 £1,022 8 2 - Wm. Waddel, Superintendent. State Advances Office, Wellington, 6th June, 1922. W. N. Hincbliffe, Accountant. The Audit Office, having examined the balance-sheet and accompanying accounts and compared them with the relative books, documents, and. securities, hereby certifies them to be in accordance therewith. — G. F. C. Campbell, Controller and Auditor-General. • PUBLIC DEBT SINKING FUND BRANCH. Statement of Liabilities and Assets as at 31st March, 1922. Liabilities. £ s. d. £ s d. Asietv. £ s. d. £ s. d. Sinking Fund created Investment Account— under the provisions of Principal owing on the Public Debt Ex- loans to settlers .. 258,816 9 5 tinetion Act, 1910— Principal owing on Total fund as at 31st loans to local auMarch, 1921... .. 1,871,205 0 1 thorities .. .. 1,404,643 2 7 Principal received from 1,663,459 12 0 Treasury during the Temporary advances to Settlers Branch .. 300,902 0 0 year .. .. 203,132 0 0 Temporary advances to Local Authorities Interest earned by the Branch' .. .. .. .. 155,038 0 0 fund transferred from Insurance Premiums Account .. .. 310 0 Interest Account .. 88,706 I 10 Interest on mortgages— Principal short paid by Loans to settlers— Treasury as at 31st Overdue at 31st March, 1921.. .. 142,472 0 0 March, 1922 .. 1,224 16 2 Accumulated interest on Accrued but not due principal short, paid by at3lstMarch, 1922 2,769 5 I Treasury as at 31st 3,994 1 3 March, 1921.. .. 7,755 0 0 Interest on debentures— 2,313,330 7 11 Loans to local bodiesAdvances Suspense Account .. .. 1,169 9 6 Overdue at 31st Fire Loss Suspense Account .. .. 900 0 0 March, 1922 .. 4,284 10 5 Suspense Account .. .. .. 116 16 8 Accrued but not duo at 31st March, 1922 14,425 14 8 - ■ 18,710 5 I Sinking Fund Adjustment Account— Amount short paid by Treasury .. 150,227 0 0 Accrued interest on amount short paid by Treasury .. .. .. .. 6,488 6 I Cash in hand and in bank at 31st March, 1922 .. .. .. .. 16,033 19 8 £2,315,516 14 1 £2,315,516 14 1

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Statement of Interest Account for the Year ended 31st March, 1922. Dr. £ s. d. Gr. £ s. d. £ s. d. To Interest on investments transferred, to Sink- By Interest on mortgages— ing Fund Account '.. . .. . ... 88,766 1 10 Loans to settlers .. 10,650 1 0 Less overdue and accrued at 31st March, 1921 .. 3,100 19 3 7,549 1 9 Interest on debentures — Loans to local bodies .. 49,216 1 2 Less overdue and accrued at 31st March, 1921 ..14,792 5 5 34,423 15 9 Interest on bank balances .. .. 3 12 0 Interest on moneys temporarily transferred to other branches .. .. .. 17,596 19 11 Interest on mortgages— Loans to settlers — Overdue at 31st March, 1922 .. .. 1,224 16 2 Accrued but not due at 31st March, 1922 .. 2,769 5 1 3,994 1 3 Interest on debentures — Loans to local bodies— Overdue at 31st March, 1922 .. .. 4,284 10 5 Accrued, but not due at 31st March, 1922 ..14,425 14 8 18,710 5 1 Accrued interest on amount short paid by Treasury .. .. .. .'. 6,488 6 1 £85,766 1 10 £88,760 1 10 Wm. Waddel, Superintendent. State Advances Office, Wellington, 6th June, 1922. W. N. Hinchliffe, Accountant. The Audit Office having examined the balance-sheet and accompanying accounts and compared them with the relative books, documents, and securities, hereby certifies them to be in accordance therewith. — G. F. C. Campbell, Controller and Auditor-General. ADVANCES OFFICE SINKING FUND ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1922. Liabilities. £ s. d. £ s. d. Assets. £ s. d. Principal received as at Investment Account— 31st March, 192), Principal owing on loans to settlers .. 719,496 14 7 with accumulated in- Principal owing on loans to workers .. 49,710 0 0 terest— Principal owing on loans to local bodies.. 302,911 13 10 From, the Advances to Temporary advances to Settlers Branch .. 219,000 0 0 Settlers Branch .. 903,034 811 Insurance Premiums Account .. .. 21 17 2 Interest for year Interest on mortgages— ended 31st March, Loans to settlers— £ s. d. 1922 .. .. 56,215 12 10 Overdue at 31st March, From the Advances to 1922 .. ..3,065 2 11 Workers Branch.. 239,663 15 5 Accrued but not due at Inter c st for year 31st March, 1922 .. 7,288 0 0 ended 31st March, 10,353 3 5 1922 .. .. 2,982 4 4 Interest on mortgages— From the Advances to Loans to workers— Local Authorities Overdue at 31st March, Branch.. .. 211,046 19 0 1922 .. .. 14 14 6 Interest for year Accrued but not due at ended 31st March, 31st March, 1922 .. 445 9 5 1922 .. .. 11,512 14 10 460 311 Interest on debentures — 1,484,455 15 4 Loans to local bodies — Loss redemption of Overdue at 31st March, loans—Workers 1922 .. .. 1,167 9 7 Branch .. .. 175,000 0 0 Accrued but not due at 1,309,455 15 4 31st March, 1922 ..2,397 4 0 Advances Suspense Account .. .. 20,410 0 0 3,564 1.3 7 Fire Loss Suspense Account .. .. 150 0 0 Accrued interest on sinking funds held by Suspense Account .. .. .. 421 11 4 Public Trustee .. .. .'. 15,933 13 8 Cash in hand and in bank at 31st March, 1922 8,985 6 6 £1,330,437 6 8 £1,330,437 6 8

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Statement of Interest Account for the Year ended 31st March, 1922. Dr. £ s. d. Gr. £ s. d. £ s. d. To Interest on investments of the Settlers By Interest on mortgages-— Branch transferred to the Sinking Fund Loans to settlers .. 23,443 3 2 ' Account .. .. .. .. 56,215 12 10 Loans to workers .. 3 3 3 Interest on investments of the Workers Branch transferred to the Sinking Fund 23,446 6 5 Account .. .. .. .. 2,982 4 4 Less overdue and accrued Interest on investments of the Local Autho- at 31st March, 1921 .. 7,438 2 6 rities Branch transferred to the Sinking 10,008 3 11 Fund Account .. .. .. 11,512 14 10 Interest, on debentures — Loans to local bodies .. 12,895 810 Less overdue and accrued at 31st March, 1921 .. 3,880 17 1 9,014 11 9 Interest on bank balances .. .. 215 0 Interest on moneys temporarily transferred to Settlers Branch .. .. .. 15,373 6 9 Accrued interest on sinking funds held by Public Trustee .. .. .. 15,933 13 8 Interest on mortgages— Loans to settlors — Overdue at 31st March, 1922 .. .. 3,005 2 11 Accrued but not due at 31st March, 1922 .. 7,288 0 6 10,353 3 5 Interest on mortgages— Loans to workers— Overdue at 31st March, 1922 .. .. 14 14 6 Accrued but not due at 31st March, 1922 . . 445 9 5 460 3 II Interest on debentures— Loans to local bodies —- Overduo at 31st March, 1922 .. .. 1,167 9 7 Accrued but not due at 31st March, 1922 ..2,397 4 0 ___ 3,564 13 7 £70,710 12 0 £70,710 12 0 Wm. Waddel, Superintendent. State Advances Office, Wellington, 6th June, 1922. W. N. Hinchliffe, Accountant. The Audit Office, having examined the, balance-sheet and accompanying accounts, and compared them with the relative books, documents, and securities, hereby certifies them to be in accordance therewith. — G. P. C. Campbell, Controller and Auditor-General.

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