B. —13a.

true position after allowing for depreciation, which has not been taken into account prior to this date. Action is also being taken to deal with the arrears of rent which have accumulated over a period of some years. After these adjustments have been made it will be possible to show the net returns. In the Balance-sheet there is an item " Dwellings in course of erection or completed under new housing scheme, £1,089,227 ss. 6d." This represents the total expenditure to 31st March, 1938, on the dwellings which have been or are being erected under direction of the Housing Construction Branch, and it is proposed as soon as the final accounts for each contract are closed off to transfer the cost of properties to an asset account entitled "New dwellings let." "Freehold land, £332,062 18s. 4d." and "Construction Branch preliminary expenses, £60,607 Is. 6dare also items representing cost of land and services, respectively, incurred in connection with the new properties, and appropriate transfers will be made to " New dwellings let " at the proper time. The revenue and cost of maintenance, supervision, and. the interest charges in respect of these assets will be separately assessed annually. 5. Statutory Returns. —The following information is submitted as required by section 35 of the Housing Act, 1919 : — (a) Money expended during the year ended 31st March, 1938, in acquiring land and preparing same for dwellings amounted to £270,611 13s. 3d., representing expenditure in the following localities : — - £ s. d. £ s. d. Ashburton .. 1,180 3 5 Mosgiel .. 822 6 7 Auckland .. 35,887 711 Napier .. 1,517 6 2 Blenheim .. 1,783 22 Nelson .. 1,300 0 0 Cambridge .. 926 11 8 New Plymouth .. 3,563 17 5 Christchurch .. 19,371 610 Qamaru .. 1,979 6 1 Dunedin . . 17,859 2 0 Pahiatua . . 802 2 1 Dannevirke .. 1,247 3 1 Palmerston North 2,398 10 0 Dargaville .. 1,234 9 7 Stratford .. 984 6 3 Eltham . . 302 4 1 Taihape . . 619 10 5 Feilding .. 2,305 17 1 Tauranga .. 1,1791310 Gisborne .. 3,333 7 0 Te Awamutu .. 1,274 6 7 Greymouth .. 561 14 1 Thames .. 709 10 1 Hamilton .. 3,981 7 9 Timaru .. 5,040 2 6 Hastings .. 8,807 7 4 Wanganui .. 4,590 11 0 Hawera .. 1,214 8 0 Westport .. 289 17 2 Invercargill .. 4,244 610 Whakatane .. 1,088 18 7 Lower Hutt .. 22,110 8 1 Whangarei .. 67 3 9 Marton .. 2,112 2 5 Wellington .. 105,615 2 8 Masterton .. 2,354 6 6 Other towns .. 4,770 6 7 Morrinsville .. 1,181 19 8 (b) Money expended in the erection of dwellings during the year ended 31st March, 1938, amounted to £1,089,227 ss. 6d. (c) The amount outstanding on 323 dwellings sold under agreements for sale and purchase is £136,474, and in respect of 810 dwellings let to tenants £500,312. At the close of the year arrears in respect of dwellings sold amounted to £13,604 and in respect of rented dwellings £8,892. In addition to the above-mentioned 810 dwellings, there were under administration 360 houses erected during the year under the new housing scheme the final cost of which is approximately £377,000. (Note. —Up to 31st July, 1938, 1,094 new houses had been handed over to the Corporation for administration.) A. I). Park, Chairman of Directors. T. N. Smallwood, Deputy Chairman of Directors. G. A. Lewin 1 lv T-, r , i >1 directors. B. C. Ash win f

3—B. 13 A.

17