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LOANS TO EMPLOYERS FOR WORKERS' DWELLINGS ACCOUNT. Statement of Liabilities and Assets as at 31st March, 1928. Liabilities. £ s. d. Asset*. Sundry loans .. .. .. .. 3,975 0 0 Investment Account —Principal owing by mort- £ s. d. Income-tax Suspense Account .. .. 3 5 6 gagors .. .. .. .. .. 2,912 14 2 Interest on loans — £ s. d. Temporary advances to Settlers Branch . . 850 0 0 Overdue.. .. .. 44 7 1 Sinking Fund investments held by Public Debt Accrued .. .. 38 15 5 Redemption Fund .. .. . . . . *39 7 9 83 2 6 Interest on mortgages— £ s. d. Sinking Fund .. .. .. .. 34 0 6 Overdue .. .. .. 284 3 0 Accrued .. .. .. 2 3 5 286 6 11 Cash in hand and in bank at 31st March, 1928 . . 619 8 £4,095 8 6 £4,095 8 6 * This amount includes the sum of £5 7s. 3d. capital paid into the Sinking Fund in accordance with the Public Debt Extinction Act, 1910. Profit and Loss Account for the Year ended 31st March, 1928. Dr. £ s. d. Gr. £ s. d. To Administration expenses .. .. 10 0 0 By Interest Account—Gross profits .. .. 28 5 6 Balance—Net profits for the year .. 18 5 6 £28 5 6 £28 5 f. £ s. d. £ s. d. To Income-tax .. .. .. .. ..3 5 6 By Balance as at 31st March, 1927 .. 13 0 8 Balance of net profits invested in Public Debt Net profits for the year .. .. 18 5 6 Redemption Fund .. .. .. 28 0 8 £31 6 2 | £31 6 2 ■ i = I ===== Interest Account for the Year ended 31st March, 1928. Dr. £ s. d. £ s. d. Gr. £ s. d. £ s. d s To Interest on loans .. .. .. 159 0 0 By Interest 011 mortgages .. .. 123 19 6 Less accrued at 31st March, 1927 .. 38 15 4 Interest on mortgages— 120 4 8 Overdue at 31st March, 1928 . . 284 3 6 Interest on loans accrued but not due . . 38 15 5 Accrued at 31st March, 1928 .. 2 3 5 Balance—Gross profits transferred to Profit and — Loss Account .. .. .. 28 5 6 410 6 5 Less interest overdue and accrued at 31st March, 1927.. .. 263 13 7 146 12 10 Interest on temporary loans to Settlers Branch .. .. ... .. 39 11 8 Interest on bank balances .. .. .. 11l £187 5 7 £187 5 7 Management Expenses Account for the Year ended 31st March, 1928. DY. £ s. d. j Gr. £ s. d. To Administration expenses .. .. 10 0 0 By Balance transferred to Profit and Loss Account .. 10 0 0 £10 0 0 j £10 0 0 Wm. Waddel, Superintendent. State Advances Office, Wellington, 23rd August, 1928. R. Robertson, Accountant. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the books and documents submitted for audit, and correctly state the position as disclosed thereby. —G. F. C. Campbell, Controller and Auditor-General.

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