B—l3

HOUSING ACCOUNT— continued Balance-sheet as at 31st March, 1948— continued £ £ £ Brought forward .. .. .. .. 36,900,475 Brought forward .. .. 1,226,225 Insurance Reserve .. .. .. .. .. 628,239 Instalments of principal overdue.. .. 3,200 Reserves : Rented properties (new), (rates, maintenance, bad Interest receivable— debts, and vacant tenancies) .. .. .. .. 1,952,035 Overdue .. .. .. .. 2,331 Accrued .. .. .. .. 6,956 Recoverable expenditure .. .. 6 1,238,718 Less amount in hand unallocated .. 3,571 1,235,147 Rented properties (old) .. .. .. 908,149 Less Depreciation Reserve .. .. 151,952 756,197 Rented properties (new) .. .. 38,993,252 Less Depreciation Reserve .. .. 1,764, 127 37,229,125 Rent receivable— Overdue .. .. .. .. 38,254 Postponed .. .. .. .. 350 Accrued .. .. .. .. 12,772 51,376 Sundry debtors .. .. .. .. .. 70,399 Cash in hand of S.A.C. . . .. .. .. .. 14,177 Writings-off Suspense .. .. , . .. .. 746 Profit and Loss Account .. .. .. .. 123,582 £39,480,749 £39,480,749

Note.—Dwellings under construction and vacant land are under the control of the Public Works Department, and expenditure in connection therewith is not included in these accounts.

I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the relative books and documents submitted for audit, and correctly set out the position as disclosed thereby, subject to the above departmental note.—J. P. Rutherford, Controller and Auditor-General. sth October, 1948.

W. G. Dent, 8.C0m., F.R.A.N.Z., Chief Accountant. A. D. Park, F.1.A.N.Z., F.R.A.N.Z.\, T . . , T. N. Smallwood j-Managmg Directors.

21