B.—l- [PT. IYI.

LAND FOR SETTLEMENTS ACCOUNT—continued. Balance-sheet as at 31st March, 1927. Liabilities. Assets. Capital— £ s. d. £ s. d. Sundry estates £ s. d. £ s. d. Loan Account .. .. 8,370,428 18 7 Leased .. .. 8,609,165 2 5 Loans redeemed from Con- Unleased .. .. 262,299 17 5 solidated Fund .. 112,400 0 0 8,871,464 19 10 Crown land included in Unpaid purchase price (not estates .. 208,428 0 0 yet payable)— Sales of Crown land .. 1,772,587 14 0 Sales of settlement land .. 440,119 19 9 10,463,844 12 7 Sales of Crown land .. 260,114 310 Sundry creditors, for interest on loans .. 995 0 0 Buildings .. .. 86,349 14 6 Deposits by lessees of Crown land under sec- 786,583 18 1 tion 208, Land Act, 1924 .. .. .. 7,445 6 1 Hutt Valley estates — Unpaid miscellaneous services, Clifton Estate .. 837 13 0 Cost of purchase .. 158,743 1 3 Interest on redemptions from Consolidated Cost of roading .. .. 30,496 4 3 Fund .. .. .. .. .. 28,051 6 10 Incidental expenses 2,787 15 5 Interest on loans accrued but not due .. 102,579 9 0 Interest on capital expendiPayments in advance— ture .. .. .. 14,088 2 11 Rents .. .. .. .. .. 4,216 17 II Interest on sales of settlement land .. 37 4 7 206,115 3 10 Principal instalments on sales of Crown land 714 0 5 Less sales of land .. 109,585 10 0 Principal instalments on buildings .. 79 13 1 96,529 13 10 Principal instalments on sales of settlement Te Wera Estate .. .. .. .. 67,320 3 3 land .. .. .. . . .. 353 7 9 Plant and machinery .. .. .. 3,835 0 0 Sundry creditors— Furniture and fittings, Land Purchase Board .. 27 0 0 Clifton Estate .. .. .. .. 338 15 2 Mechanical office appliances Land Purchase Miscellaneous .. .. .. .. 20,814 7 2 Board .. .. .. .. .. 23 0 0 Suspense Account, Teviot Estate .. .. 118 9 7 Stock of fencing-material on hand .. .. 64 2 6 Suspense Account —Credit to be allocated in Clifton Estate — accordance with Hutt Valley Lands Settle- Stock and implements .. .. .. 11,967 11 1 ment Act, 1925 .. .. .. .. 6,013 17 4 Improvements .. .. .. .. 2,994 14 10 Rents written oft Suspense Account .. .. 18,640 12 10 Working Suspense .. .. .. 18,094 16 3 Rents due but not accrued .. .. .. 106,865 711 Opening up Crown lands for settlement (amount Depreciation Reserve .. .. .. 1,055 7 6 set aside, including interest under section 47, Reserve Account, including unexpended load- Land for Settlements Act, 1925) .. .. 628,818 9 3 ing for roads, &c. .. .. .. 1,908,038 3 8 Hutt Valley Lands Settlement Account .. 115,599 7 4 Balance of Revenue Account .. .. 132,791 19 10 Sundry debtors for —■ Rents, &c. .. .. 106,536 14 3 Less reserve for irrecoverable rents .. .. 2,500 0 0 — 104,036 14 3 Principal instalments on sales of Crown land .. 11,093 10 6 Principal instalments on sales of settlement land.. .. .. .. .. 7,563 8 I Interest on sales of Crown land .. .. 2,596 4 9 Interest on sales of settlement land .. 3,504 5 6 Principal instalments on buildings .. .. 3,896 18 0 Royalties .. .. .. .. 169 15 5 Interest on investments .. .. .. 1,852 7 11 Insurance premiums, rates, &c. .. .. 92 15 6 Sales of stock, Teviot Estate .. .. 368 1 8 Miscellaneous .. .. .. .. 944 111 Postponements— Rents .. .. .. 72,646 6 9 Principal instalments .. 1,090 9 4 73,736 16 1 Interest accrued but not due .. .. 5,714 18 7 Rents writen off Suspense Account .. .. 18,640 12 10 Revaluation Board Determinations— Reductions in capital value 610,056 19 5 Rents written off .. 89,995 8 8 Rents remitted .. .. 76,148 3 4 Revaluation committees' expenses .. .. 7,405 8 I 783,605 19 6 Investment in Public Debt Redemption Account 1,019,239 10 2 Cash in Public Account .. 21,515 2 4 Imprests outstanding .. 837 13 0 Investments Account .. 141,100 0 0 163,452 15 4 £12,803,831 12 3 £12,803,831 12 3 J. B. Thompson, Under-Secretary for Lands. 23rd August, 1927. , J. H. O'Donnell, Controller of Accounts. 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. The following comments are appended :■ —• (1) The accounts do not bear the full interest charge as required by section 13 Land Laws Amendment Act, 1926. (2) No charge for interest and depreciation of buildings has been made against the Clifton Estate. (3) The Reserve Account (£1,908,038) should be dissected to show its composition. (4) There is no authority of law for off-setting of Sinking Funds created under the New Zealand Stateguaranteed Advances Act, 1909, against the liability to Consolidated Fund for the redemption of loans under the Repayment of Public Debt Act, 1925. (5) There is no statutory authority for the inclusion in the accounts of the liability of £112,400 for loans redeemed from Consolidated Fund ordinary Revenue Account and interest thereon. Note. —Comments Nos. 4 and 5 refer to the accounts for 1926-27 only. The Finance Act, 1927, now contains provisions which will legalize these transactions. G. F. C. Campbell, Controller and Auditor-General.

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