a—s.

Balance-sheet as at 31st March, 1928. Liabilities. Assets. Capital— £ s. d. £ s. d. Sundry Estates — £ s. d. £ s. d. Loan Account .. .. 8,366,439 12 9 Leased .. .. 8,540,820 12 3 Crown land included. in Unleased .. .. 302,014 19 2 estates .. .. 208,428 0 0 ■ 8,842,835 11 5 Sales of Crown land .. 1,946,331 9 4 Unpaid purchase price (not; 10,521,199 2 1 yet payable)Deposits by lessees of Crown land under sec- Sales of settlement land.. 449,743 9 9 tion 208,' Land Act, 1924 .. .. 7,445 6 1 Sales of Crown land .. 259,617 18 7 Interest on. redemptions from Consolidated Buildings .. .. 80,082 5 9 Fund .. .. .. .. 4,636 13 2 789,443 14 1 Interest on loans— £ s. d. H utt Valley estates— Due and unpaid .. 1,185 5 6 Purchases .. .. 161,592 17 1 Accrued but not due .. 90,324 13 6 Roading .. .. 116,053 911 91,509 19 2 Incidental expenses .. 6,249 4 7 Interest under section 13, Land Laws Amend- Interest .. .. 26,773 19 2 ment Act, 1926.. .. .. .. 50,804 19 0 Payments in advance— £ s. d. 310,669 10 9 Rents .. .. 4,921 10 10 Lews receipts, section 11 Principal instalments on (2) (<«), Hutt Valley sales of settlement land 2.375 10 8 Land Settlement, Act, Principal instalments on 1925 .. .. 95,366 II 5 buildings .. .. 84 6 2 — 215,302 19 4 Sales of Crown land .. 1,19115 10 Te Wcra Estate—Stock, implements, Ac. .. 17,026 15 9 Interest on sales of settle- Opening up Crown lands for settlement (amount ment land .. .. 1,535 16 10 set aside, including interest under section 47, 10.109 (I 4 Land for Settlements Act, 1925) .'. .-. 657,115 oil Sundry creditors—Miscellaneous .. .. 393 13 3 Plant and machinery .. .. .. 3,874 15 0 Rents charged in advance .. .. .. 106,848 1 5 Furniture and fittings .. .. .. 27 0 0 Depreciation Reserve .. .. .. 1,176 9 0 Mechanical office appliances .. .. 23 0 0 Writings-off in Suspense .. .. .. 13,556 510 Sundry debtors for — £ s. d. Reserve Account, including unexpended load- Rents, &c. .. .. 89,207 15 10 ing for roads, &c. .. .. .. 1,377,152 9 2 Less reserve .. .. 2,500 0 0 Accumulated revaluation losses written off under section 22, Finance Act, 1927 86,707 15 10 (No. 2), by discharge of liabilities — Principal instalments on Interest due on liability to sales of settlement land 7,812 9 7 Consolidated Fund for £ s. d. Principal instalments on loans redeemed .. 28.051 6 10 sales of Crown land .. 1.2,165 9 7 Consolidated Fund, for Principal instalments on loans redeemed .. 115,900 0 0 buildings .. .. 3,526 II 5 Reserve .. .. 639,654 12 8 Interest on sales of settlement land .. .. 4,630 3 2 As per contra .. .. .. .. 783,605 19 6 Interest on sales of Crown land .. .. 1,932 3 1 f Interest on investments 2,753 13 9 Insurance premiums, rates, &c. .. .. 37 11 2 Miscellaneous .. .. 808 10 11 120,374 8 6 Postponements, rents . . .. .. 69,214 7 3 Interest accrued but not due .. .. 6,039 19 3 Outstanding rents, &c, Suspense .. .. 13,556 5 10 Revaluation Board determinations — Reductions in value of £ s. d. land .. .. 15,244 10 7 Remissions .. .. 8,674 18 9 Rents written off .. 659 11 3 24,579 0 7 Accumulated revaluation losses written off under section 22, Finance Act, 1927 (No. 2), ....... as per contra .. .. .. .. 783,605 19 6 Investment in Public Redemption Fund .. 10 4 £ s. d. Cash in Public Account .. 6,277 5 3 Investments Account .. 180,325 0 0 - 186,602 5 3 £12,968,437 18 0 £12,968,437 18 0 J. P.. Thompson, Under-Secretary for Lands. J. H. O'Donnell, Controller of Accounts. 1 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 Reserve Account (£1,377,152) should be dissected to show its composition; (2) certain questions relative to the authority for writing off losses and charging of compound interest in. respect of liabilities to the Consolidated Fund and also in respect of sinking-fund contributions to be set off against such liabilities are still under consideration.—G. F. C. Campbell, Controller and Auditor-General.

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