A.—4a

26

Table B. —Statement of Assets (Liquid) and Liabilities on the 31st March, 1922. Assets. £ s. d. £ s. d. Liabilities. £ s. d. Cash in hand .. 212 9 8 Reserves .. .. .. 9,211 8 6 Cash at bank .. 1,689 19 2 Deposits .. .. .. 11,354 10 9 1,902 810 Suspense .. .. .. 10,003 14 2 Imprests .. .. .. 118 7 5 Loan Account — Unallocated stores .. .. 12.476 17 2 Provided tinder FiGernran currency .. .. - 95 9 3 nance Act (N.Z.), Advances ..' .. .. 21,424 15 4 1921-2, section 26 Loan Works Account— (a utho r i t y fin-Water-supply .. 19,471 0 8 £100,000 loan), at 5 Other works .. 74,094 4 8 per cent, interest and Stores .. .. 18,000 0 0 1 per cent, sinking £ s. d. — 111,565 5 4 fund .. .. 77,000 0 0 Investments —N.Z. Go- Provided by N.Z. Government, debentures vernment free of inand inscribed stock .. .. 55,704 1 8 forest and sinking fund .. .; 25,000 0 0 102,000 0 0 Currency notes ... .. 45,000 0 0 Excess of assets over liabilities .. .. .. 25,717 11 7 £203,287 5 0 £203,287 5 0 During the year the Treasury undertook a new branch of work in the centralization and control of departmental and "commercial undertaking" accounting. Numerous commercial and costing accounts were opened and subsidiary books commenced. Included in these activities is the finance of the importation and cost of Chinese labourers, and the collection, by quarterly instalments from employers, of all these, costs and taxes. This new work is in the direction of improved efficiency, and has already affected considerable savings to the Administration. It will be, noticed that the total of stores held arc shown as " Unallocated," £12,476 17s. 2d. ; on " Loan Account "as £18,000 : total, £30,476 17s. 2d. As these stores were purchased at high rates, they have been written down very considerably, funds for the purpose being supplied from reserves and from surplus balances from other stores accounts. The, curtailment of " Loan Account " funds and of the Publio Works " Loan " programme ha* caused this large, holding of material to become a financial embarrassment, and steps are being taken to dispose of certain stocks. Details are awaited of the settlerhents made with the Hong Kong Government in connection with the importation of Chinese labourers. When these arc received, the large balances shown in the various Chinese Accounts and the New Zealand Treasury Settling Account can be, reduced. The Public Works programme provided for under this account has been curtailed to include essential works only, and a slowing-up of expenditure has followed a reduction in the personnel of the Public Works Department.