8.—13.

BALANCE-SHEET. Statement of Liabilities and Assets at 31st March, 1908. Liabilities. Assets. £ s. d. £ s. d. £ s. d. £ s. d. 3-per-cent. loan, re- Investment Account— deemable Ist April, Advances on mort--1945, "A" .. 1,500,000 0 0 gage .. .. 6,754,704 8 0 3-per-cent. loan, re- Less repayments .. 2,574,088 5 9 deemable Ist April, 4,180,616 • 2 3 1945, "B" .. 500,000 0 0 Mortgage instalments receivable—overSundry loans .. 1,130,000 0 0 due .. .. .. .. 2,753 0 0 Advances on account Interest receivable—overdue .. .. 10,517 5 9 of loans .. .. 880,000 0 0 Interest receivable—accrued .. .. 42,121 810 4,110,000 0 0 Bill receivable .. .. .. 234 9 1 Accrued interest payable on deposits .. 20 3 8 Office Furniture Account .. .. 67 4 4 Accrued interest ] ayable on account of • Cash in hand and in bank 4,149 8 8 loans .. .. .. .. 11,210 1 8 Less cheques not presented 3,022 19 1 Reserve Fund .. .. .. 50,000 0 0 1,126 9 7 Sinking Fund .. .. .. 23,659 0 0 Suspense Account .. .. .. 35,108 19 8 Profit and Loss Account .. .. 7,437 14 10 £4,237,435 19 10 £4,237,435 19 10 Government Advances to Settlers Office, Wellington, 2nd June, 1908. P. Heyes, F.S.A.A., Eng., Superintendent. W. N. Hinchlifpe, Accountant.

Examined and found correct, subject to the remark that the Sinking Fund shown as a liability has not been established by being set apart from the moneys of the Advances to Settlers Account and accounted for as a separate fund, the moneys required for such Sinking Fund not having been paid out of the Advances to Settlers Account, as directed by section 22 (e) of the Act. J. K. Warburton, Controller and Auditor-General.

Statement of Profit and Loss Account for the Year ended 31st March, 1908. Dr. £ s. d. On. £ s. d. To Management Expenses Account .. 7,323 6 1 By Balance at 31st March, 1907 .. 2,936 1 1 Balance at 31st £ s. d. Interest Account, gross profit* .. 55,772 7 4 March, 1907 .. 2,936 1 1 Net profits for the year ended 31st March, 1908 .. 48,449 1 3 51,385 2 4 £58,708 8 5 £58,708 8 5 Transfer to sinking fund .. .. 17,206 0 0 Balance down .. .. .. 51,385 2 4 Balance loan-floiation charges written off .. .. .. .. 26,741 7 6 Balance net profits carried forward .. 7,437 14 10 £51,385 2 4 £51,385 2 4

Statement of Interest Account for the Year ended 31st March, 1908. Dr. £ s. d. £ s. d. [ Cb. £ s. d. £ s. d. To Interest paid on loans 112,313 11 0 By Interest received on Less accrued interest at mortgages .. 172,060 6 11 31st March, 1907 .. 5,706 5 6 Interest received on' 106,607 5 6 bank balances .. 70 010 Interest paid on deposits 47 18 8 172,130 7 9 Less accrued interest at Less interest overdue and accrued at 31st March, 1907 .. 20 4 7 31st March, 1907 .. .. 51,130 0 1 27 14 1 , Accrued interest payable on deposits at 121,000 7 8 31st March, 1908 .. .. 20 3 8 Interest receivable— £ s. d. /SBWj Acorued interest payable on loans at Overdue at 31st - '•• 31st Maicli, 1908 .. .. .. 11,210 1 8 March, 1908 .. 10,517 5 9 '.'■"" ■ Interest refunded to mortgagor .. 1 10 0 Accrued at 31st Balance of interest gross profits trans- March, 1908 .. 42,121 810 : ' ferred to Profit and Loss Account .. 55,772 7 4 52,638 14 7 £173,639 2 3 £173,639 2 3

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