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HOUSING ACCOUNT—continued Profit and Loss Account for the Year ended 31st March, 1943 Dr. £ Or. £ Balance Ist April, 1942 .. .. •• •• 110,135 Arrears of interest on loan liability written back . . *113,346 Cost of administration of Termites Act, 1940 . . .. 1,250 Profit for the year (see combined Revenue and ExpendiBalance, Ist April, 1943 .. .. .. •• 17,933 ture Account) .. .. .. •• •• ij ' J7 2 £129,318 £129,318 £ Balance, Ist April, 1943 .. .. .. ■■ 17,933 » All explanation of this item appears in the accompanying report.

Balance-sheet as at 31st March:, 1943 Liabilities £ Assets. £ £ Loan liability .. .. •• •• 21,743,300 Principal owing under agreements for sale Interest on loan liability overdue and payable .. 325 and purchase .. . . 98,845 Sundry creditors — £ Advances under— Deposits on contracts.. .. . ■ 17,818 Part 111, Housing Act, 1919 (loans to Tenancy deposits .. •• ..14,721 employers) .. . . 7,749 Rent paid in advance.. .. 10,598 Part V, Housing Act, 191J (local Departmental .. .. ..21,704 authorities: Urban housing) .. 423,089 Miscellaneous .. .. .. 8,414 Rural Housing Act, 1939 .. .. 165,901 73,315 Insurance Reserve .. ■■ •• ■■ 228,056 Bad Debts Reserve : Rented properties (old) .. 903 Instalments of principal overdue .. 4,6W Reserves: Rented properties (new) (rates, mainten- Interest receivable ance, bad debts, and vacant tenancies) .. .. 673,761 Overdue.. .. .. •• Profit and Loss Account .. •• 17,933 Accrued.. .. 2,209 Recoverable expenditure .. ■ ■ 110 705,749 Less amount in hand unallocated .. 3,816 — 701,933 Rented properties (old) . ■ • . 638,600 Less Depreciation Reserve .. .. 66,292 572,308 Rented properties (new) . . • ■ 19,663,972 Less Depreciation Reserve .. ■■ 459,128 19,204,844 Dwellings in course of construction under new housing scheme .. • • ■ • 665,822 Freehold land .. .. 1,282,156 Factories and plant: Capital Account . . .. 35,253 Plant, tools, and machinery .. . . . . 4,882 Stores .. . . . • • • • • 15,701 Motor-vehicles . . • • ■ ■ ■ • 695 Furniture and equipment .. .. • ■ 8, 655 Construction Branch preliminary expenses in respect of dwellings in course of construction .. .. .. '29,717 Rent receivable— £ Overdue .. . . .. ■ • 42,393 Postponed .. . . • • 376 Accrued .. .. . • • • 8,769 51,538 Insurance Reserve investment (Government stock) and accrued interest .. .. 9,859 Sundry debtors — Departmental .. .. 58,126 Miscellaneous .. .. .. 20,086 — 78,212 Writings-off Suspense ... .. •• 2,296 Cash in bank . . • • • • ■ • 73,722 £22,737,593 £22,737,593

R. Robertson,. Chief Accountant. A. D. Park, F.1.A.N.Z., F.R.A.N.Z.\ Joint Managing Directors. T. N. Smallwood J 00

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. The following comment is appended: In the opinion of Audit Office statutory authority is required to give legal effect to the writing-back of arrears of interest on loan liability due to the Consolidated Fund.—Cyril G. Collins,. Controller and Auditor-General.

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