B.—l [PT. IY, Sup.].

The balance-sheet has been compared with the various supporting books, vouchers, and documents, and found to correspond therewith, but in the opinion of the Audit Office the Depreciation Reserve Account cannot be accepted as complying with the provisions of section 10, State Supply of Electrical Energy Act, 1917, which requires the establishment of a depreciation fund, and there is also no authority of law for the charging against Net Revenue Account of interest in respect of Depreciation Reserve moneys.— J. H. Fowler, Deputy Controller and Auditor-General.

WAIKATO ELECTRIC-POWER SUPPLY.—HORAHOR A SCHEME- continued. Balance-sheet at 31st March, 1925— continued.

27

1923-24. Liabilities. \ 1924-25. |j 1923-24. Assets. 1924-25. I )1 £ S. d. £ s. d. £ s. d. £ s. d. £ a. d. 512,201 19 0 Brought forward .. .. .. .. 565,267 14 9 320,603 15 3 Brought forward .. .. .. .. 361,895 11 1 Main substations (50,000-volt) — 20,612 13 8 Waikino .. .. .. .. 20,719 18 6 7,826 2 5 Hamilton .. .. .. .. 7,836 15 6 5,453 16 2 Te Awamutu .. .. .. 5,478 14 1 7,230 16 3 Waihou .. .. .. .. 7,230 16 3 41,266 4 4 41,123 8 6 Distribution-lines (11,000-volt) — ■ 33,333 19 7 Horahora-Frankton .. .. .. 33,155 11 3 704 11 11 Waihi Grand Junction Company line .. 704 11 11 6,000 0 0 Waikino-Waihi .. .. .. 6,000 0 0 39,860 3 2 40,038 11 6 7,413 16 8 Distribution substations (11,000-volt) .. 7,406 1 11 3,975 11 9 Land at Ruakura .. .. .. 3,975 11 9 Stores buildings and fittings and railway -siding, 7,365 7 2 Ruakura .. .. .. .. 7,365 7 2 3,521 5 1 Staff residences, Ruakura .. .. .. 3,511 19 9 3,723 15 0 Loose tools and equipment .. .. 3,256 13 11 4,694 5 0 Motor lorries, cars, and cycles .. .. 4,035 6 10 494 2 5 Office furniture, Hamilton.. .. .. 648 2 2 Office accommodation .. .. .. 218 19 9 Engineering, office, and general expenses on 6,898 2 4 surveys and on construction .. .. 7,266 6 2 Salaries of officers on surveys and on con10,740 11 9 struction .. .. .. .. 12,400 8 2 24,224 9 2 Interest during construction .. .. 29,865 16 11 79,950 14 6 474,817 1 7 522,972 13 1 24,571 14 11 General stocks of material on hand .. .. .. 15,964 12 2 Debtors — 12,596 4 7 For electricity and sales of material .. 14,077 1 11 216 17 11 For payments in advance .. .. 18 5 11 14,095 7 10 12,813 2 6 Sinking Fund Investment .. .. .. 12,000 0 0 Interest accrued on Sinking Fund .. .. 126 11 6 In hands of Treasury .. .. --. 108 10 2 12,235 1 8 £512,201 19 0 £565,267 14 9 £512,201 19 0 £565,267 14 9