B—l3

Housing Construction Department. The effect of higher building costs is thus reflected in the Revenue Account, and this factor, together with the increased cost of management, has resulted in a deficiency for the year in this section of the Housing Account amounting to £58,833. In the Profit and Loss Account, to which the balances of the subsidiary accounts are transferred, there was at the 31st March, 1946, a credit of £52,786. Interest charges on loan capital in respect of assets taken over from the Construction Branch have in past years been assessed on estimates of capital costs, but we have now completed a final adjustment with the Department under which the Housing Account has been charged with an additional loan liability of £609,204. The interest due for past periods in respect of this capital, amounting to £27,414, is charged to Profit and Loss Account, and after allowing for some minor adjustments there is a debit balance of £23,255 to be carried forward. In terms of section 35 of the Housing Act, 1919, the following statement is submitted : £ s. d. (1) Payments received during the year ended 31st March, 1947 .. 1,455,438 10 5 (2) Amount of arrears in respect of rentals (old and new houses) and instalments under agreements for sale and purchase as at 31st March, 1947 .. .. .. .. ..30,412 16 10 Further statistical information of general interest is summarized below : (a) Number of new housing units taken over up to 31st March, 1947 (in addition, there are 1,276 old houses under administration) .. 22,511 (b) Book value of new housing units as at 31st March, 1947 .. £31,968,235 (c) Total amount of rent receivable on all new housing units from 31st March, 1937, to 31st March, 1947 .. .. .. £7,741,346 (d) Amount of rent in arrear as at 31st March, 1947, in respect of new housing units .. .. .. .. .. .. £6,422 (e) Total amount of rent in respect of new housing units written off from 1937 to 1947 .. .. .. .. .. £4,466 An important feature in the foregoing report is the low percentage of loss and arrears of rent. The good performance of tenants in this respect is highly regarded, as also is the manner in which the buildings and grounds have been maintained. A. D. Pabk, Chairman of Directors. T. N. Smallwood, Deputy Chairman of Directors. B. C. Ashwin ~] D. Barnes R. G. Macmokran j

2—B 13

17