B. —13

STATE ADVANCES OFFICE. ADVANCES TO SETTLERS BRANCH. Statement op Liabilities and Assets as at 31st March, 1928. Liabilities. £ s. d. Assets. £ s. d. Sundry loans .. .. .. .. 19,342,780 3 5 Investment Account — Principal owing by Temporary advances from— mortgagors .. .. .. .. 16,955,067 9 2 Public Debt Sinking Fund £ s. d. Temporary investments .. .. .. 150,000 0 0 Branch .. .. 108,000 0 0 Temporary advances to — £ s. d. Advances Office Sinking Workers Branch .. 1,810,500 0 0 Fund Account .. 666,500 0 0 Local Authorities Branch 374,500 0 0 Miscellaneous Business Rural Advances Branch .. 270,500 0 0 Branch .. .. 269,400 0 0 2,455,500 0 0 — 1,043,900 0 0 Sinking Fund investments held by Advances Amount held for investment on behalf of the . Office Sinking Fund Account .. .. * 1,804, 662 15 2 Housing Insurance Fund .. .. 4,392 8 0 Interest on mortgages — £ s. d. Advances Suspense Account .. .. 13,710 0 0 Overdue .. .. 169,882 5 9 Fire Loss Suspense Account . . .. 16,942 14 1 Accrued .. .. 215,402 18 8 Income-tax Suspense Account .. .. 8,936 6 6 385,285 4 5 Sundry creditors .. .. .. .. 1,708 14 0 Interest on temporary investments accrued .. 36 19 9 Interest on loans accrued but not due .. 167,661 7 7 Office furniture and equipment .. .. 6,137 17 1 Reserve for bad debts .. .. .. 63,291 15 5 Sundry debtors .. .. .. .. 65,552 10 5 Sinking Fund .. .. .. .. 1,445,997 13 3 Loan Charges Account .. .. .. 192,217 13 7 Reserve Fund .. .. .. .. 25,000 0 0 Cash in hand and in bank at 31st March, 192S 119,860 12 8 £22,134,321 2 3 £22,134,321 2 3 * This amount includes the sum of £358,665 Is. lid. capital paid into the Sinking Fund under the provisions of the State Advances Act. Profit and Loss Account for the Year ended 31st March, 1928. Dr. £ s. d. Or. £ s. d. To Management Expenses Account .. .. 35,099 11 2 By Interest Account—Gross profits .. .. 123,723 16 3 Loss on realization of securities and doubtful securities written down.. .. . . 39,222 1 9 Office furniture and equipment written down 323 0 11 Balance—Net profits for the year .. .. 49,079 2 5 £123,723 16 3 £123,723 16 3 £ s. d. £ s. d. To Loan-flotation charges written down .. 12,351 411 By Net profits for the year .. .. .. 49,079 2 5 Income-tax .. .. .. .. 8,937 5 9 Balance of net profits invested in Advances Office Sinking Fund Account .. .. 27,790 11 9 £49,079 2 5 £49,079 2 5 Interest Account for the Year ended 31st March, 1928. Dr. £ s. d. £ s. d. (Jr. £ s. d. £ s. d. To Interest on loans .. .. 875,205 14 1 By Interest on mortgages .. 878,773 2 5 Less accrued at 31st March, Less overdue and accrued at 1927 .. .. .. 176,996 19 10 31st March, 1927 .. .. 354,561 11 0 698,208 14 3 524,211 11 5 Interest on loans accrued but not due ..167,661 7 7 Interest on outstanding payments .. .. 49 18 8 Interest on amounts temporarily transferred Interest on bank balances .. .. .. 792 15 7 from other branches .. .. .. 39,294 3 0 Interest on temporary advances to other Balance —Gross profits transferred to Profit and branches .. .. .. .. 118,435 15 5 Loss Account .. .. .. .. 123,723 16 3 Interest on temporary invest- £ s. d. ments .. .. 8,071 12 9 Less accrued at 31st March, 1927 .. .. . . 7,995 16 11 75 15 10 Interest on temporary investments accrued at 31st March, .1928 .. .. .. 36 19 9 Interest on mortgages — £ s. d. Overdue at 31st March, 1928 169,882 5 9 Accrued but not due at 31st March, 1928.. ..215,402 18 8 385,285 4 5 £1,028,888 1 I £1,028,888 1 1

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