B.—l [PT. IV Sup. TO 1928

53

NAURU AND OCEAN ISLANDS ACCOUNT. Revenue Account fob the Year ended 31st March, 1928. Dr. £ s. d. Cr. £ s. d. To Interest on debentures .. .. .. 26,578 15 9 By Annual payment from British Phosphate Administration charges .. .. .. 500 0 0 Commission .. .. .. 35,848 11 2 Audit charges .. .. .. .. 5 0 0 Interest on investments .. .. .. 633 811 Balance (to Appropriation Account) .. 9,398 4 4 £36,482 0 1 £36,482 0 1 Appropriation Account for the Year ended 31st March, 1928. Dr. £ s. d. Cr. £ s. d. To Sinking Fund Reserve Account .. .. 10,121 6 3 By Balance, Ist April, 1927 .. .. .. 16,864 7 7 Balance, 31st March, 1928 .. .. 16,141 5 8 Revenue Account .. .. .. 9,398 4 4 £26,262 11 11 £26,262 11 11 Balance-sheet as at 31st March, 1928. Liabilities. Assets. Loan raised under section 15, £ s. d. £ s. d. Share (16 per cent.) Nauru and Ocean Islands £ s. d. Finance Act, 1920 .. 600,000 0 0 phosphate rights .. .. .. .. 565,040 0 0 Less debentures redeemed .. 77,880 0 0 Proportion of annual payment from British 522,120 0 0 Phosphate Commission and other interest Interest accrued .. .. .. 8,739 1 11 accrued but not due .. .. .. 26,945 18 7 Reserve Account .. .. .. 42,920 0 0 Investments — £ s. d. Sinking Fund Reserve Account .. .. 5,617 7 9 Nauru and Ocean Islands Account 3,200 0 0 Appropriation Account .. .. 16,141 5 8 Nauru and Oceans Islands Sinking Fund Account .. .. 100 0 0 3,300 0 0 Cash— Nauru and Ocean Islands Account 244 15 9 Nauru and Ocean Islands Sinking Fund Account .. .. 7 10 251 16 9 £595,537 15 4 £595,537 15 4 Note. —During 1927-28 debentures amounting to £9,430 have been redeemed out of sinking fund. The accounts of the British Phosphate Commission for the year ended 30th June, 1927, are published herewith. I hereby certify that the Revenue 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. —6. F. C. Campbell, Controller and Auditor-General. THE BRITISH PHOSPHATE COMMISSIONERS. Trading Account for the Year ended 30th June. 1927. Dr. £ s. d, Cr. £ s . d. To F.o.b. cost of phosphate, including interest on By Phosphate sales, and sundry credits, less capital, contribution to a sinking fund for freight and insurance, &c. .. .. 780,070 6 1 the redemption of capital, and o£her charges in accordance with Article 11 of Agreement of the 2nd July, 1919 .. .. .. 720,438 17 7 Government Appropriation Account .. 59,631 8 6 £780,070 6 1 £780,070 6 1 Balance-sheet as at 30th June, 1927. Liabilities. £ s. d. Assets. £ s. d. United Kingdom Government .. .. 1,440,348 12 3 Nauru and Ocean Island phosphate rights, Commonwealth Government .. .. 1,440,348 12 3 buildings and plant, and steamer "Nauru New Zealand Government .. .. .. 548,704 5 3 Chief," less reserves for depreciation and other charges in accordance with Article 3,429,401 9 9 11 of Agreement of the 2nd July, 1919 .. 2,733,885 12 6 Sinking fund for redemption of capital .. 102,098 10 3 Sundry debtors and bills receivable .. .. 350,510 19 7 Sundry creditors and outstandings .. .. 138,803 9 8 Voyages in progress .. .. .. 6,781 16 3 Government Appropriation Account .. 59,631 8 6 Phosphate and goods in transit .. .. 136,896 3 6 Stocks at Nauru and Ocean Island and Australia 254,686 17 3 Cash at banks and in hand .. .. 247,173 9 1 £3,729,934 18 2 £3,729,934 18 2 We have examined the foregoing Balance-sheet with the books and vouchers of the British Phosphate Commissioners and the audited accounts from London. We have accepted the certificates of officers of the Commissioners for the valuation of the stocks. We have obtained all the information and explanations we have required. In our opinion the balance-sheet is properly drawn up so as to exhibit a true and correct view of the state of the Commissioners' affairs according to the best of our information and the explanations given to us and as shown by the books of the Commissioners.—Kent, Brierley, and Sully, Public Accountants, Auditors. Melbourne, 29th October, 1927.