PUBLIC TRUST OFFICE (ACCOUNTS OF THE) FOR THE YEAR ENDED 31st MARCH, 1940.

Appendix to the Journals of the House of Representatives, 1940 Session I, B-09a

B.—9a.

1940. NEW ZEALAND.

PUBLIC TRUST OFFICE (ACCOUNTS OF THE) FOR THE YEAR ENDED 31st MARCH, 1940.

Laid before the General Assembly in pursuance of Section 27 of the Public Trust Office Amendment Act, 1921-22.

The Controller and Auditor-General to the Hon. the Minister of Finance. Sir, — The Audit Office, 22nd. July, 1940. I have the honour, in accordance with the provisions of section 27 of the Public Trust Office Amendment Act, 1921-22, to transmit to you the Balance-sheet of the Public Trust Office as at the 31st March, 1940, and to advise you that it has been examined and found correct. I have the honour to be, Sir, Your obedient servant, Cyril G. Collins, Controller and Auditor-General

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PUBLIC TRUST OFFICE. Balance-sheet of the Public Trust Office as at 31st March, 1940. Liabilities. Assets. £ s. d. £ s. d. £ s. d. Amounts held in Common Freehold and leasehold premises and sites .. 398,700 19 8 Fund for sundry estates Furniture and plant, &c. .. .. .. 36,174 8 7 and funds .. .. 23,810,641 5 9 Stationery and stores, &c. .. .. 5,974 10 11 Amounts held for special Stocks, bonds, and debeninvestment on behalf of tures (book value) — £ s. d. certain funds, but not yet Government securities invested .. .. 44,392 18 6 (£4,514,630), plus preAmounts specially invested miums on purchase on behalf of certain estates (£9,751 7s. Id.), less and funds .. .. 14,103,491 0 10 reserve for premiums on 37,958,525. 5 1 conversion and disSundry creditors, including counts on purchase accounts passed for pay- (£3,447 15s. 5d.) .. 4,520,933 11 8 ment but not yet paid.. .. 157,449 17 6 Local bodies' debentures Writings off, Suspense Ac- (£6,447,083 18s. 2d.), count .. .. .. 4,758 18 3 less reserve for preReserve in respect of enemy miums and discounts property moneys .. 25,695 4 11 on conversion or purReserve for taxation .. 1,350 0 0 chase (£187,226 4s. 2d.) 6,259,857 14 0 Special reserve for securities 71,938 16 11 10,780,791 5 8 General Legal Expenses Ac- Mortgages, &c. (book value) 12,023,711 1 2 count .. .. 7,772 17 6 Less reserve .. .. 62,812 7 1 Investment Fluctuation Ac- 11,960,898 14 1 count .. .. 100,090 14 4 Advances for protection of 206,847 13 8 securities acquired or in Assurance and Reserve Fund .. 413,715 16 1 possession, &c. .. .. 71,938 16 11 Profit and Loss Appropria- Properties acquired (book tion Account .. .. .. 8,489 8- 0 value) .. .. 277,618 1 1 Less reserve .. .. 5,79714 9 271,820 6 4 I Advances (on overdraft) to estates and accounts (book value) .. 672,779 7 1 Less reserve .. . . 2,660 4 2 — 670,119 2 11 Interest and rent accrued, due, and overdue— Interest accrued up to 31st March, 1940, but not yet due, and interest overdue .. .. 413,318 2 3 Rent due or accrued .. 343 19 4 413,662 1 7 Less provision for losses 99,484 19 10 •, ~ rr- 314,177 I 9 Sundry debtors .. .. .. .. 8,174 17 10 Assets in suspense .. .. .. 4ii708 18 3 Cash in hand, on current account, and on deposit in New Zealand and London .. .. 115,846 14 10 Investment of reserve for mortgages : Mort- , , gages, &c. .. .. .. .. 6,.860 0 0 Special investments (book value) held on behalf of , certain estates and funds— £ s. d. Government securities .. 8,022,004 1 11 State Advances Corporation of New Zealand stock .. . . 130,000 0 0 Local bodies' debentures 1,752,605 8 11 Private debentures and shares .. .. 50,185 6 11 Realty and leasehold .. 6,570 4 6 i Fixed deposits .. 11,275 0 0 Mortgages .. .. 4,046,518 7 8 Mortgage securities acquired .. .. 41,183 18 11 Advances for protection of securities .. .. 620 0 0 Financial assistance to mortgagors .. .. 660 16 10 Loans .. . . 1,245 0 0 Savings-banks accounts 10,288 13 0 Overdue interest on special investments .. .. 30,334 22 14,103,491 0 10 £38,749,786 18 7 £38,749,786 18 7 E. 0. Hales, Public Trustee. F. Menneer, Chief Accountant. 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 state the position as disclosed thereby.— Cyril G. Collins, Controller and Auditor-General.

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B.—9A,

w PUBLIC TRUST OFFlCE—continued. V Profit and Loss Account for the Year ended 31st March, 1940. „ , . Dr - £ s. d. Cr. £ s. d. [salaries .. .. .. .. 273,253 19 1 Commission, and other income (net .. .. 384,108 4 6 Overtime .. .. .. .. 5X7 j g Service charges—• £ s. d. Agents' commission .. .. 3,742 17 0 Services of High Commissioner 1,260 0 0 Services of General Post Office .. 882 5 0 5,885 2 0 Audit of books and accounts .. .. 850 0 0 Maintenance of premises and plant: Repairs, insurance, &c. .. .. 5,621 1 5 Rent .. .. .. .. .. 2,091 13 2 General charges— Advertising .. .. .. 4,041 1 2 Cleaning, heating, lighting, and power .. .. .. 6,311 13 11 Legal expenses .. .. 1,140 610 Kates .. .. .. 917 5 11 Miscellaneous payments .. 533 10 2 Postages and freight .. .. 6,046 16 7 Stamp duty on receipts and cheques .. .. .. 1,567 16 2 Telephone subscriptions .. 1,819 16 0 Printing, stationery, and requisites .. .. .. 5,782 5 1 Travelling-expenses .. .. 3,616 9 3 Salaries and expenses of Farm Inspectors .. .. 4,873 14 8 Salaries of Custodians and staff 7,881 5 5 44,532 1 2 Compassionate allowances to dependants of deceased officers .. .. .. .. 587 0 0 Losses on mortgages : On realization or by operation of the Mortgagors and Lessees Rehabilitation Act, 1936 .. .. .. 7,300 7 2 -Depreciation on office premises, furniture, plant, .. .. . . .. . . 17,522 17 2 Contribution to subsidy to Public Service Superannuation Fund .. . . .. ~ 3,365 8 7 - Land-tax .. .. .. .. 3,573 9 1 New Zealand Centennial Exhibition . . .. 706 18 4 Reserve for taxation .. .. .. 1,350 0 0 Balance, being net profit for year, transferred to Appropriation Account .. .. 16,951 5 11 £384,108 4 6 £384,108 4 6 E. 0. Hales, Public Trustee. F. Menneer, Chief Accountant. Profit and Loss Appropriation Account for the Year ended 31st March, 1940, Dr. £ s. d. Cr. £ 8 . d. Consolidated Fund: One-half profits for year ended Balance .. .. .. 133 7 g 31st March, 1939, payable in accordance with Profit and Loss Account: Balance transferred !! 16,951 511 section 24 (1) of the Finance Act, 1929 .. 133 7 6 Recovery, in part, of loss on sale of office property 27 10 0 Investment Fluctuation Account .. .. 8,489 711 Balance .. .. .. .. .. 8,489 8 0 £17,112 3 5 £17,112 3 5 £ s. d. Balance .. .. .. .. .. 8,489 8 0 E. 0. Hales, Public Trustee. F. Menneer, Chief Accountant.

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