B.—l [Pt. IV, Sup. B].

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NEW ZEALAND GOVERNMENT RAlLWAYS—continued. Working-expenses and Revenue Account (Lake Wakatipu Steamer Service), Year ended 31st March, 1924. Working-expenses. £ a. d. Revenue. £ s. d. To Wages and services .. .. 7,361 0 10 By Ordinary passengers .. .. 3,730 3 9 Stores and material.. .. .. 2,965 6 3 Season tickets .. .. .. 220 17 0 Miscellaneous .. .. .. 129 5 11 Parcels, luggage, and mails .. .. 1,174 8 6 Goods .. .. .. .. 3,626 5 0 Miscellaneous .. .. .. 22 2 5 Rents and commission .. .. 98 710 Total revenue .. ... .. 8,872 5 0 Balance .. .. .. .. 1,583 8 0 £10,455 13 0 £10,455 13 0 Railway Sawmills and Bush Accounts. —Trading, and Profit and Loss Account for Year ended 3 Ist March, 1924. To Stock of timber, firewood, and logs £ s. d. By Sales, issues, and £ s. d. £ s. d. on hand at Ist April, 1923 .. 126,940 15 7 transfersPurchases-— £ s. d. Timber .. 1.29,246 5 1 Timber .. 80,332 2 0 Firewood .. 5,649 2 2 Eirewood .. 4,299 11 6 Logs.. .. 7,477 2 3 Logs.. .. 14,776 2 6 142,372 9 6 ■ 99,407 16 0 Stocks on hand at Royalty payments .. .. 8,699 17 9 31st March, 1924— Wages .. .. .. .. 27,345 16 0 Timber .. 130,645 13 0 Salaries and miscellaneous expenses 13,495 11 6 Firewood .. 281 2 0 Balance to Reserve Account .. 3,558 11 9 Logs .. .. 5,329 15 5 136,256 10 5 Rents .. .. .. .. 819 8 8 £279,448 8 7 £279,448 8 7 L. Hamann, 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 set out the position as disclosed thereby. The Audit Office is of opinion that —(I) The rate of interest provided in the Net Revenue Account, 3f per cent., is insufficient; (2) provision for Depreciation and Renewal Reserve Funds should be made ; (3) credit should be taken for all services which are at present wholly or partially provided gratuitously for other Government Departments ; (4) no charge is included for interest on capital provided out of revenue for sawmills; (5) £163,871 expended by Public Works Department on Kaikohe-Okaihau Section is not included in the Capital Account owing to the fact that the amount was omitted from the statement supplied by Public Works Department, and correct particulars were not furnished until after Railway returns had been gazetted ; (6) the provisions of section 11, subsection (2), of Finance Act, 1922, regarding the writing-off of stores by Parliament have not been fully complied with. —G. F. C. Campbell, Controller and Auditor-General.