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Statement of Profit and Loss Account fob the Year ended 31st March, 1923. Dr. £ a . d. i Or. £ s. d. To Management Expenses Account .. .. 3,830 19 7 By Interest Account —Gross profits .. .. 15,559 17 5 Loss on realization of securities and doubtful securities written down .. .. .. 500 13 1 Balance—Net profits for the year .. .. 11,228 4 9 £15,559 17 5 £15,559 17 5 £ s. d. £ s. d. To Income-tax .. .. .. .. 1,500 o o By Net profits for the year .. .. .. 11,228 4 il Loan-flotation charges written down .. 500 0 0 Sinking fund invested in Public Debt Branch. . 1,064 0 10 Balance —Net profits transferred tq Reserve Fund .. .. .. .. .. 8,164 3I 1 £11,228 4 9 £11,228 4 9 Statement of Interest Account for the Year ended 31st March, 1923. Dr. £ s. d. £ s. d. j Or. £ s. d. £ s. d To Interest on loans .. .. 95,881 8 0 By interest on mortgages .. 129,118 0 I Less accrued at 31st March, Less interest overdue and 1922 .. .. 25,262 9 9 accrued at 31st March, 1922 41,211 15 9 70,618 18 3 87,906 4 4 interest on amounts temporarily transferred Interest on bank balances .. .. .. 19 17 (i from Settlers Branch .. .. .. 24,416 11 10 i Interest on mortgages — Interest on loans accrued but not due .. 25,074 17 5 Overdue at 31st March, 1923 11,768 13 5 Balance Oross profits transferred to Profit Accrued but not due at 31st and Loss Aooount .. .. .. 15.55!) 17 5 March, 1923 .. .. 35,975 9 8 47,744 3 1 £135,670 4 11 £135,670 4 11 Statement of Management Expenses Account for the Year ended 31st March, 1923. Dr. £ s. d. j Or. £ s. d. To Audit Office services .. .. .. 150 00' By Cost of preparation of mortgages .. .. 116 6(i Cleaning, lighting, heating, and messenger ser- Inspection fees .. .. .. .. 5 5 0 Vices .. .. .. .. .. 100 0 0 I Production fees .. .. .. .. 298 15 0 Contingencies . . . . . . . . 0 3 5 Release fees .. . . • . .. 90 8 S .Management charges on New Zealand stock and Balance transferred to Profit and Loss Account 3,830 19 7 bonds .. . . .. . . .. 412 2 7 Post Office services .. ... .. 450 0 0 Postages and telegrams .. .. .. 148 3 1 Printing and stationery . . . . . . 200 0 0 Kent .. .. .. .. .. 175 0 0 Salaries .. .. .. .. ..2,351 0 0 Solicitors' costs .. .. .. .. 5 5 8 Valuation Department—Agency work .. 350 0 0 £4,341 14 9 £4,341 14 9 Wm. Waddel, Superintendent. State Advances Office, Wellington, sth June, 1923. R. Robertson, 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. (!. Campbell, (lontroller and Auditor-General,

advances to local authorities branch. Statement of Liabilities and Assets as at 31st March, 1923. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. .. 2,775,529 9 5 Investment Aooount Principal owing by local Loan-moneys—Unexpended balances under see- bodies .. .. .. .. 2,573,971 14 6 tion 72, Local Bodies'Loans Apt, 1913 .. 3,987 12 10 Sinking Fund investments laid Temporary advances from Settlers Branch .. 145,500 0 0 by— £ s. d. Suspense Aooount .. .. ... .. 22 8 8 Advances Office Sinking Fund Sundry creditors .. .. .. .. 25 0 () Aooount .. .. 283,066 12 4 Interest on loans accrued but not due .. 36,385 16 7 Public Debt Sinking Fund Sinking fund .. .. .. .. 72,205 0 8 Branch .. .. 14,762 13 3 *297,829 5 7 Interest on debentures — Overdue.. .. .. 5,421 4 3 Accrued but not due .. 21,015 14 8 20,436 18 11 Interest on temporary investments accrued but not due .. ' .. .. .. 898 7 3 Loan Charges Account .. .. .. 31,271 14 5 Profit and Loss Account .. .. .. 82,192 6 3 Cash in hand and in bank at 31st March, 1923.. 21,055 I 3 £3,033,655 8 2 £3,033,655 8 2

* This amount includes the sum of £225,624 4s. lid. capital paid into the sinking funds under the provisions of the State Advances Act.

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