B.—l [Pt. IV!.

MAIN HIGHWAYS ACCOUNT— continued. General Balance-sheet as at 31st March, 1927.

35

TTATtTTTTTTie Revenue ! Construction Tntal assets I Revenue i Construction T . , LIABILITIES. Fimd Fund lotal. ASbJilb. . Fund. Fund. lotal - i _ | Accumulated Construction Fund — £ s. d. £ s. d. £ s. d. £ s. d. Cash in Public Account — £ s. d. £ s. d. £ s. d. Balance at 31/3/26 .. .. .. .. .. 251,210 17 2 At call .. .. .. .. .. 100,039 7 5 65,559 10 6 165,598 17 11 Excess of expenditure, 1926-27 .. .. £273,758 7 6 Invested temporarily until required .. 652,900 0 0 5,000 0 0 657,900 0 0 Less " Cost of raising loans," 1925—26, Sundry debtors .. .. .. .. 12,161 16 4 47,435 16 7 59,597 12 11 chargeable to revenue .. •• 42,007 14 0 Motor-registration fees in hands of Postal Depart231,750 13 6 ment .. .. .. .. .. 78,693 10 0 .. 78,693 10 0 .. 19,460 3 8 i 19,460 3 8 Tire-tax in hands of Customs Department .. 7,792 15 1 .. 7,792 15 1 Interest due and accrued .. .. .. 11,370 16 6 .. 11,370 16 6 Accumulated Revenue Fund — ! Stocks of material, tools, &c. .. .. 5,612 12 8 22,471 2 6 28,083 15 2 Balance at 31/3/26 .. .. .. .. -• •• 645,285 14 5 .. Stocks, &c., deficits, Suspense Account .. 30 0 0 54 16 11 84 16 11 Less excess of expenditure over income for 1926-27 .. .. .. 2.542 10 11 .. •• Roadmen's cottages, huts, and road buildings generally .. .. .. .. 2,487 5 0 3,740 2 6 6,227 7 6 642,743 3 6 .. 642,743 3 6 Furniture, fittings, &c. — £ s. d. Sundry creditors .. .. .. •• •• •• -• 109,384 4 7 124,746 8 5 234,130 13 0 Expenditure to 31/3/27 .. 600 5 8 Interest accrued on loans .. .. .. •• .. .. 3,319 14 11 .. 3,319 14 11 | Depreciation, sales, &c., to 1927—28 motor-registration fees — • 31/3/27 .. .. 88 6 3 Received during 1926— 27 .. .. .. .. .. •• 188,500 0 0 .. 188,500 0 0 511 19 5 .. 511 19 5 Writings -off in Suspense .. .. .. .. .. .. 30 0 0 54 16 13 84 16 11 Plant and equipment — For Main Highways Board — Expenditure to 31/3/27.. 29,576 3 2 Less depreciation charged to works, and transfers 2,188 12 6 ■ 27,387 10 8 .. 27,387 10 8 Purchased for local bodies — Expenditure to 31/3/27.. 54,713 1 0 Less repayments of principal — Paid .. £9,434 14 10 Due .. 288 16 3 ! 9,723 11 1 44,989 9 11 .. 44,989 9 li 943,977 3 0 144,261 9 0 1,088,238 12 0 943,977 3 0 144,261 9 0 1,088, 238 12 0 J. J. Gibson, Accountant, Public Works Department. F. W. Furkert, Chairman, Main Highways Board. I hereby certify that the Income and Expenditure Account and Balance-sheet have been duly examined and compared with the relative books and documents submitted for audit and correctly state the position as disclosed thereby, except that an amount of £42,007 14s. representing charges and expenses of raising loans, which was properly expended from the Construction Fund in the year 1925-26, has now been erroneously included in the expenditure of the Revenue Fund. The transfer of this expenditure from the Construction Fund to the Revenue Fund is contrary to law. — G. F. C. Campbell, Controller and Auditor-General. Note. — It was considered that sufficient authority for the transfer to the Revenue Fund of the charge of £42,007 14s. for costs of raising loans existed in section 15 (1) (d) of the Main Highways Act, 1922. As it has since been held that this section is not applicable, Treasury has concurred with the Department that legislation should be asked for to cover the transaction. R. E. Hayes, Secretary to the Treasury.