H.—3Bb

48

Statement linking dp Trading Account Profits with "Adjusted Profits" at 31st March, 1918. New Zealand, Waal and Sheep-skins — £ Trading Account profits .. .. .. .. .. .. .. 389,041 Overcharge on transfers to — Top-distribution .. .. .. .. .. .. £202,000 Blending and scouring .. .. .. .. .. £18,000 Total adjustment to profits as shown irr Trailing Accounts (deduct) 220,000 Adjusted profits .. .. .. .. .. .. £29,893 £139,148 £169,041 £169,041

Estimate of Rebate on Military Wools and Division of Remaining Profits for the Period ending 31st March, 1918.

Analysis of Sales for the Period ending 31st March, 1918. Showing the Invoice-weights and Values sold for Military and Civil Purposes respectively. New Zealand Wool. Wool sold for military purpose's — lb. £ France.. .. .. .. .. .. .. 1,947,818 206,530 Italy -. .. .. •• .. •• •• 324,716 31,453 United Kingdom .. .. .. .. .. 21,406,358 2,624,953 23,678,892 2,862,036 Wools sold for civil purposes .. .. .. .. .. 1,211,349 128,152 24,890,241 2,991,088 Special U.S.A. sales (not subject to rebate) .. .. .. 0,803,164 682,358 31,693,405 £3,673,446 On sales of £2,991,088 divisible profits wero made of £29,893, or 1 per- cent, of the sales.

Trading Accounts. Adjusted Profits. Rebates irrtcrrded to restore the Trices charged orr Military Wools to Cost New Zealand's Share of Profits. Slew Zealand wool and sheep-skins -lew Zealand wool and sheep-skins (direct shipments) 1'op-distribution and merchant noils Blending and scouring Carbonizing Overcharge on provision for war and marine risk Underwriting profit £ 29,893 139,148 £ 28,612 £ 577 62,617 193,940 637 400 32,618 336,636 Total amount due £627,425