B.—l [PT. IV, Sup.].

LAND FOR SETTLEMENTS ACCOUNT (DISCHARGED SOLDIERS SETTLEMENT ACCOUNT). Revenue Account foe Year ended 31st March, 1928. Dr. £ s. d. Cr. £ s. d. To Administration expenses .. .. .. 1,849 7 2 By Accrued rents, &o. .. .. .. 85,339 18 5 Improvements to settlements (Vote, "Ex- Accrued royalties .. .. .. 120 7 4 penses") .. .. .. .. 732 10 7 Interest on sales.. .. .. .. 639 18 3 Interest on loans .. .. .. 131,272 311 Interest on investments .. .. .. 6,813 12 1 Irrecoverable rents .. .. .. 7,933 14 4 Interest allowed on sinking-fund contributions 1,251 5 1 Losses under Deteriorated Balance carried down .. .. .. 227,903 12 10 Lands Act, 1925 — £ s. d. Reductions in value of land 18,140 0 0 Reductions in value of buildings .. .. 515 0 0 Remissions of rent .. 292 1 7 Rents written off .. 2,576 6 8 21,523 8 3 Miscellaneous expenses .. .. .. 278 7 5 Rebates .. .. .. .. 5,137 14 4 Remissions of rent .. .. .. 3,341 8 0 Reserve for losses on revaluation of properties 150,000 0 0 £322,068 14 0 £322,068 14 0 £ s. d. £ s. d. To Balance brought down .. .. .. 227,903 12 10 By Interest allowed on sinking-fund contributions Balance from previous year .. .. 289,351 17 1 to 31st March, 1927 .. .. .. 4,106 6 2 Accumulated revenue loss written off under Finance Act, 1927 (No. 2), section 22 .. 289,351 17 1 Balance carried forward .. .. .. 223,797 6 8 £517,255 9 11 £517,255 9 11 Balance-sheet as at 31st March, 1928. Liabilities. I Assets. Capital Account — £ s. d. £ s. d. Estates— £ s. d. £ s. d. Debenture Account .. 2,111,050 0 0 Leased .. .. 1,658,349 0 10 Crown lands in estates .. 5,741 0 0 Unleased .. .. 242,737 19 2 2,116,791 0 0 ——— 1,901,087 0 0 Sundry creditors — Unpaid purchase price (not yet payable)— Interest due on loans — Land .. .. .. .. .. 14,565 1 10 Consolidated Fund .. 81,628 0 4 Buildings .. .. .. .. 69,798 14 9 Due and unpaid .. 256 3 4 Mount Pisa Estate Account .. .. 112 16 8 81,884 3 8 Sundry debtors— £ s. d. Interest accrued but not due on loans .. 10,813 9 2 Rents, &c. .. .. 31,680 8 10 Miscellaneous .. .. .. . . 2,161 12 9 Less reserve for irrecoverPayments in advance — able rents .. .. 1,500 0 0 Rents .. .. .. 1,607 7 11 — 30,180 8 10 Principal instalments on buildings .. 42 4 8 Principal instalments on buildings .. 998 4 9 Principal instalments on sales of land .. 355 1 8 Principal instalments on sales of land .. 254 111 Sales of land .. .. .. .. 45 0 0 Interest on sales of land .. .. 261 6 1 Interest on sales of land .. .. 33 15 9 Interest on purchase price, Mataikona Estate 28,149 0 3 Amounts charged in advance — Interest on investments .. .. .. 260 5 3 Rents .. .. .. .. 20,015 17 4 Miscellaneous .. .. .. .. 84 13 2 Interest .. .. •. • • 40 0 0 Bills receivable—Glencoe Settlement Drains Writings-off in Suspense .. .. .. 5,858 10 5 Account .. .. .. .. 240 0 0 Reserve for losses on revaluation of properties 150,000 0 0 Postponements outstanding— Reserve .. .. .... 90,930 8 2 Rent .. .. .. .. .. 42,288 9 4 Accumulated losses written off under section 22 Principal instalments on buildings .. 800 7 7 of the Finance Act, 1927 (No. 2) — Interest on sales .. .. .. 129 2 10 Remission of interest due £ s. d. Interest accrued but not due on— to Consolidated Fund .. 466,229 7 6 Sales of land .. .. .. .. 144 6 3 Reduction of Capital Ac- Investments .. .. .. .. 799 9 0 count .. .. 1,011,000 0 0 Losses in Suspense Account .. .. 5,858 10 5 Against Reserve Account 26,975 7 0 Depreciation in land-values, &e. .. .. 60,543 13 6 — Revaluation Board determinations, & c.—As per contra .. .. .. 1,504,204 14 6 Reduction in value of £ s. d. land .. .. 11,002 7 8 Reduction in value of buildings .. .. 162 18 5 Rents written off .. 523 15 7 Remissions .. .. 4,113 19 7 15,803 1 3 Accumulated losses written off under section 22 of the Finance Act, 1927 (No. 2) — Revenue Account —Loss to £ s. d. 31st March, 1927 .. 289,351 17 1 Depreciation of land-values 115,362 14 11 Revaluation Board reductions .. .. 1,099,490 2 6 As per contra .. .. .. .. 1,504,204 14 6 Revenue Account .. .. .. 223,797 6 8 Investment in Public Debt Redemption Fund 32,532 12 11 Cash in Public Account .. 6,889 18 3 Investment Account .. 45,000 0 0 51,889 18 3 £3,984,783 6 0 £3,984,783 6 0 J. B. Thompson, Under-Secretary for Lands. J. H. O'Donnell, Controller of Accounts. I hereby certify that the Receipts and Payments, Revenue Account, and Balance-sheet have been duly examined and compared witli the relative books and documents submitted for audit, and correctly state the position as disclosed thereby. The following comment is appended : Interest on the amount held in the Public Debt Redemption Fund has been compounded, whereas there is no statutory provision therefor. —G. F. C. Campbell, Controller and Auditor-General.

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