B.- 15a.

1904. NEW ZEALAND.

ASSETS REALISATION BOARD: BALANCE-SHEET FOR THE YEAR ENDED 31st MARCH, 1904, STATEMENT OF REALISATIONS, STATEMENT OF RECEIPTS AND EXPENDITURE, AND GENERAL MANAGER'S REPORT ON OPERATIONS FOR THE YEAR.

Lmd before Parliament in -pursuance of Section 23 of " The Bank of Neiu Zealand and Banking Act, 1895," and its Amendments.

I, William Callendbk, the Auditor appointed under " The Bank of New Zealand and Banking Act, 1895," to audit the accounts of the Assets Eealisation 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." W. Callendbk, Wellington, 7th July, 1904. Chief Auditor.

A.—Balance-sheet at 31st Maech, 1904.

Liabilities. Total debentures issued £ s. d. £ s. d. in terms of " The Bank of New Zealand and Banking Act, 1895 " .. • ■ 2,680,285 6 9 Since redeemed .. 880,285 6 9 £1,800,000 0 0 Exohanged for new debentures in terms of "The Bank of New Zealand Act, 1903 " 1,800,000 0 0 New debentures issued in terms of " The Bank of New Zealand Act, 1903" .. •■ •• •• 1,800,000 0 0 Produce Advance Account,— Drafts drawn against shipments .. 28,079 0 0 Bank of New Zealand,— Including station overdrafts and credits 7,562 19 7 Sundry liabilities .. .. ■• 6,230 1 6 Profit and Loss Account .. .. 144,076 2 3 £1,985,948 3 4

Assets. £ 8. d. £ s. d. Stations .. 916,184 9 4 Other freeholds .. 189,996 15 1 Other properties .. 162,638 11 5 Amount paid in exoess of Mr. Hean's valuation .. 54,507 0 0 1,323,326 15 10 Balances due by purchasers.. .. 440,725 15 7 Realisation Adjustment Account .. 181,668 7 11 Accrued Revenue Account .. .. 4,569 6 4 Cash Account .. .. .. 74 111 Sundry Assets .. .. .. 2,874 15 9 Produce Consignment Account .. 32,709 0 0 £1,985,948 3 4

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, 6th July, 1904. W. C. Walteb G. Poster, General Manager.

I-β. 15a.