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HOUSING ACCOUNT—continued. Profit and Loss Account por Year ended 31st March, 1939. £ s. d. £ s. d. Management,and administration .. .. 12,877 611 Gross profit from Interest Account .. ..13 501 2 5 Losses written off .. .. .. .. 2,425 14 5 Balance, loss for the year .. .. 22 2595 14 4 Insurance and maintenance .. .. .. 13,692 18 3 Kates .. .. .. .. .. 6,800 17 2 £35,796 16 9 £35,796 16 9 £ s. d. £ g _ ,j_ Balance as at 31st March, 1938 .. .. 73,397 5 0 Balance, Ist April, 1939 .. 95 692 19 4 Loss for the year .. .. .. .. 22,295 14 4 £95,692 19 4 £95,692 19 4 =L=== £ s. d. Balance, Ist-April, 1939 .. .. .. 95,692 19 4

Statement op Assets and Liabilities as at 31st March, 1939. Liabilities. Assets. £ s. d. £ s. d. £ s. d. £ s. d. Loan liability .. .. .. 6,458,945 0 0 Principal owing under agreements Interest overdue and unpaid to for sale and purchase .. 125,399 14 4 Treasury .. .. 72,284 19 2 Advances to local authorities .. 302,173 19 2 Add interest accrued .. 7,762 13 4 Advances under Part 111, Housing Act, 1919.. .. .. 7,093 12 10 80,047 12 6 434 g 4 Less interest on Treasury bills Instalments of principal overdue . . .. 8 476 8 8 paid in advance .. .. 15,563 14 1 1 64,483 18 5 443,143 15 0 Liability to Consolidated Fund in terms of See- Dwellings let (old) . . .. 479 769 19 5 tion 22, Finance Act, 1926 .. 100 0 0 Freehold land .. .. ..' 922,'130 311 Sundry creditors £ s. d. Dwellings in course of erection or completed Deposits on contracts .. 31,548 4 ] under new housing scheme .. .. 4 354 110 2 4 Tenancy deposits .. .. 2,924 0 0 Factories and Plant Capital Account .. .. ' 44*931 18 4* Rent paid in advance .. 1,736 4 I Motor-vehicles .. .. .. .. 2 085 6 5 Miscellaneous .. .. 13,974 3 7 Furniture and equipment .. .. .. 16 2 T „ , 50,182 11 9 Construction Branch preliminary expenses .. 163,966 8 5* Insurance lund .. .. .. .. 19,210 6 1 Sinking Fund investment held by Public Debt Sinking lund Reserve .. .. .. 2,079 7 2 Redemption Fund .. .. .. 5,434 7Of Reserves on dwellings completed under new Insurance Fund investment (Government stock) 9 750 0 0 housing scheme .. .. .. .. 59,477 9 7 Sundry debtors— £ s. d. Labour subsidy .. .. 12,409 12 0 Miscellaneous .. .. 5,341 9 2 17,751 1 2 Interest receivable — Overdue .. .. .. 7,881 15 7 Accrued .. .. .. 595 6 10 — 8,477 2 5 Rentals receivable— Overdue .. .. .. 6,069 10 7 Accrued .. .. .. 2,691 19 10 Postponed .. .. 1,255 3 7 j — 10,016 14 0 | Insurance premiums— Receivable (overdue) .. 214 4 5 Payable (paid in advance) .. 592 8 4 | . 806 12 9 j Realization Suspense Account .. .. 2,938 7 1 Profit and Loss Account .. .. 95 692 19 4 | Cash in bank .. .. .. 19 3 £6,654,478 13 0 j £6,654,478 13 0 Debt ExMncS Act at l9lo ntS anneXed " * This amount includes the sum of £3,354 19s. lOd. paid into the Sinking Fund in accordance with the Public S. Robertson, Chief Accountant. A. D. Park, F.1.A.N.Z., F.R.A.N.Z "\ T . T. N. Smallwood Jomt Managing Directors. [ 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.— J. H. Fowler, Controller and Auditor-General.

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