8.—15 a

1903. NEW ZEALAND.

ASSETS REALISATION BOARD: BALANCE-SHEET FOR THE YEAR ENDED 31st MARCH, 1903, STATEMENT OF REALISATIONS, STATEMENT OF RECEIPTS AND EXPENDITURE, AND GENERAL MANAGER'S REPORT ON OPERATIONS FOR THE YEAR.

Laid before Parliament in pursuance of Section S3 of " The Bank of New Zealand and Banking Act Amendment Act, 1898."

I, Alexander Macintosh, the Auditor appointed under " The Bank of New Zealand and Banking Act, 1895," to audit the accounts of the Assets Realisation Board, do hereby certify :— (1.) That I have carefully examined the attached balance-sheet marked "A," and initialled by me, and the attached statement marked " B," and initialled by me, and the accounts and other material whereon the same are based. (2.) That the said balance-sheet and statement are correct in every particular, and truly and fully set forth the position of the Board at the date thereof, subject to the following observations: (a) All assets in the shape of landed property are taken at book value ; (b) live and dead stock on the General Manager's valuation ; (c) the amount shown to credit of Profit and Loss Account is not a cash balance, but is to a certain extent an adjustment of stock and produce values to correspond with market prices of the day. It also includes statutory payments received from the Bank of New Zealand, and is held as a set-off against deficiencies on realisations as explained by footnote on statement marked " B." A. Macintosh, Wellington, 24th June, 1903. Chief Auditor.

A.—Balance-sheet at 31st March, 1903. Liabilities. Assets. 31-per-cent. debentures £ s. d. £ s. d. £ s. d. £ p. d. issued .. .. 2,680,285 6 9 Stations .. 1,252,297 15 7 Since redeemed .. 610,285 6 9 Other freeholds .. 246,746 19 1 Other properties .. 165,153 17 1 Balance outstanding .. .. 2,070,000 0 0 j Amount paid in exProduce Advance Account,-— oess of Mr. Hean's Drafts drawn against shipments .. 46,854 0 0 valuation .. 54,507 0 0 Bank of New Zealand,— 1,718,705 11 9 Including station overdrafts and Balances due by purchasers .. 261,958 1 3 credits .. .. ■■ 18,998 9 6 Realisation Adjustment Account .. 205,984 4 9 Profit and Loss Account .. .. 134,387 12 7 i Government Debenture Account .. 38,500 0 0 Accrued Revenue Account .. .. 3,069 10 7 Cash Account .. .. .. 64 1 0 Suspense Acoounts .. .. .. 2,216 5 2 Produce Consignment Account . . 39,618 0 0 Accident Insurance Account .. 124 7 7 £2,270,240 2 1 £2,270,240 2 1 We hereby certify that we have carefully examined the foregoing balance-sheet and statement, and also the accounts and other material whereon they are based, and that such balance-sheet and statement are correct in every particular, and truly and fully set forth the position of the Board at the date thereof. W. C. Cuff, Accountant, Geo. Todd, Chairman. Wellington, 24th June, 1903. A. M. Walter G. Poster, General Manager.

B. Profit and Loss Account for Twelve Months ending 31st March, 1903. £ s. d. £ s . d. Land-tax .. •• £6,364 9 7 Balance, 31st March, 1902 .. .. 13,592 7 7 General oharges .. 4,039 17 11 Net profit on stations .. .. 38,524 2 0 , Revenue from freeholds and other pro--10,404 7 6 perties,— Less land-tax paid 1901 Rent .. .. 1,462 5 8 and 1902 on account of Interest .. .. 11,488 17 4 debentureholders, refunded by the bank .. 7,627 11 8 12,946 3 0 2,776 15 10 Deduct expenditure on Interest on debentures .. •• 76,887 6 3 account of properties.. 833 8 1 Revenue accrued—Reversal entry, 31st 12,112 14 11 March 1902 .. •• •• 4,383 6 3 Revenue aocrued ~ .. .. 3,069 10 7 Balance' .. •• •• .. 134,387 12 7 Exchange Account .. .. .. 1 510 Bank of New Zealand, — Payment in terms of Act £50,000 0 0 Additional payment .. 101,135 0 0 151,135 0 0 £218,435 0 11 £218,435 0 11 The balance of £134,387 12s. 7d. here shown represents Contingent Asset. the balance of the statutory payments by the bank after Amount outstanding at 31st March, 1903, £ s. d. providing for debenture interest, and is a contra to the an d due by Bank of New Zealand .. 50,000 0 0 deficiency on realisations as shown m balance-sheet as Amounts previously received under this •' Realisation Adjustment Account," and to be transferred head __ 350,000 0 0 to that aocount as at Ist April. The relative cash has Additional payment .. .. .. 101,135 0 0 been applied to the redemption of debentures. £501,135 0 0 W. C. Ccfp, Aooountant. G. T. W. G. P. A. M.

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