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HOUSING ACCOUNT —continued. Profit and Loss Account for the Year ended 31st March, 1942. Dr. £ Or. £ Balance, Ist April, 1941 . . . . . . .. 118,030 Profit for the year (see combined Revenue and ExpendiTermites Act expenditure .. .. ;. .. 800 ture Account) .. .. .. .. .. 9,796 Borer-treatment investigation .. .. •• 33 Balance, Ist April, 1942 .. .. . .. 110,135 Pre-treatment of timber .. .. .. 1,068 £119,931 £119,931 £ Balance .. .. .. .. ..110,135 BALANCE-SHEET AS AT 31ST MARCH, 1942. Liabilities. £ Assets. £ £ Loan liability .. .. .. .. .. 20,618,945 Principal owing under agreements for sale Interest on loan liability overdue and accrued .. 117,873 and purchase .. .. .. 104,517 Liability to Consolidated Fund in terms of'section 22, Advances under — Finance Act, 1926 . . .. .. . . 100 Part 111, Housing Act, 1919 (loans to Sundry creditors— £ employers/ .. .. .. 8,188 Deposits on contracts .. .. 31,805 Part V, Housing Act, 1919 (local Tenancy deposits .. .. .. 13,542 authorities: Urban housing) .. 430.633 Rent paid in advance .. .. 8,536 Rural Housing Act, 1939 .. .. 160,815 Departmental •. ; .. 38,804 Miscellaneous .. .. .. 12,517 710,153 105,204 Instalments of principal overdue ~ 4,814 Insurance Reserve .. 1 .. . . . . 139,364 Interest receivable - Sinking Fund Reserve .. .. .. .. 2,486 Overdue .. .. .. .. 2,106 Reserves on dwellings completed under new housing Accrued . . . . .. . . 1,961 scheme (rates, maintenance, bad debts, and vacant Recoverable expenditure . . .. 106 tenancies) .. .. .. .. 459,233 719~ 140 Less amount in hand unallocated . . 1,921 717,219 Rented properties (old) .. .. 564,139 Less depreciation reserve .. .. 52,894 511,245 Rented properties (new) .. .. 17,999,430 Less depreciation reserve .. .. 280,114 17,719,316 Dwellings in course of construction under now housing scheme .. .. .. .. .. 1,127,295 Freehold land .. .. .. .. .. 976,201 Factories and Plant Capital Account .. .. 36,908 Plant, tools, and machinery .. .. .. 4,742 Stores .. ..' .. ... .. 9,077 Motor-vehicles .. .. ~ .. 1,299 Furniture and equipment .. .. .. 8,728 Construction Branch preliminary expenses in respect of dwellings in course of construction . . . . 47,955 Rent receivable— £ Overdue .. .. .. .. 17,786 Postponed .. .. .. .. 501 Accrued .. .. .. .. 7,638 25,925 Sinking Fund investment held by Public Debt Redemption Fund .. .. .. .. *5,841 Insurance Reserve Investment (Government stock) and accrued interest .. .. .. .. 9,859 Sundry debtors £ Departmental .. .. .. 21,803 Miscellaneous . . .. . . 2,460 24,263 Writings-off Suspense .. .. .. 3,022 Profit and Loss Account .. .. .. 110,135 Cash in bank .. .. .. ... .. 104,175 £21,443,205 £21,443,205

* This amount includes the amount of £3,355 paid into the Sinking Fund in accordance with the Public Debts Extinction Act, 1910.

R. Robertson, Chief Accountant. A. D. Park, F.1.A.N.Z., F.R.A.N.Z. V, ' T. N. Smallwood } Jomt Mana S m g Directors.

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