B.—l [PT. IV].

NAURU AND OCEAN ISLANDS ACCOUNT. Revenue Account fob the Year ended 31st March, 1932. Dr. £ s. d. Gr. £ s. d. To Interest on debentures .. .. .. 24,319 3 9 By Annual payment from British Phosphate ComAdministration charge .. .. .. 500 0 0 mission .. .. .. .. 36,074 14 2 Audit charge .. .. .. .. 5 0 0 Interest on investments .. .. .. 388 3 4 Balance to Appropriation Account .. 11,638 13 9 £36,462 17 6 £36,462 17 6 Appropriation Account for the Year ended 31st March, 1932. Dr. £ s. d. Cr. £ s. d. To Sinking Fund Reserve Account .. .. 11,755 10 5 By Balance, Ist April, 1931 .. .. .. 15,742 6 2 Balance, 31st March, 1932 .. .. .. 15,625 9 6 Revenue Account .. .. .. 11,638 13 9 £27,380 19 11 £27,380 19 11 Balance-sheet as at 31st March, 1932. Liabilities. Assets. £ s. d. £ s. d. Share (16 per cent.), Nauru and Ocean Islands £ s. d. Capital—Debentures at 5 per cent. 600,000 0 0 phosphate rights (at cost) .. .. .. 565, 040 0 0 Less debentures redeemed .. 120,800 0 0 Proportion of annual payment from British Phos479,200 0 0 phate Commission and other interest accrued Interest .. .. .. .. .. 7,910 7 7 but not due .. .. .. .. 26,886 19 5 Reserve Account .. .. .. .. 85,840 0 0 Investments —Nauru and Ocean Islands Account.. 50 0 0 Sinking Fund Reserve Account . . ... 6,404 5 6 Cash — £ s. d. Appropriation Account .. .. .. 15,625 9 6 Nauru and Ocean Islands Account 2,937 18 9 Nauru and Ocean Islands Sinking Fund Account .. .. 65 4 5 3,003 3 2 £594,980 2 7 £594,980 2 7 A. S. Houston, Accountant, Department of Agriculture, Wellington. Notes. —(1) New Zealand's share of the profits earned by the Commission has been used for capital developments, but is not included in these accounts. (2) The accounts of the British Phosphate Commission for the year ended 30th June, 1931, 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, subject to the above departmental notes. —J. H. Fowler, Deputy Controller and Auditor-General. THE BRITISH PHOSPHATE COMMISSIONERS. Trading Account for the Year ended 30th June, 1931. Dr. £ s. d. Gr. £ 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 the freight and insurance, &c. .. .. 584,737 18 4 redemption of capital, and other charges in accordance with Article 11 of Agreement of the 2nd July, 1919 .. .. .. 584,244 4 8 Balance carried forward .. .. .. 493 13 8 £584,737 18 4 £584,737 18 4 Balance-sheet as at 30th June, 19-31. Liabilities. £ s. d. Assets. £ s, d. United Kingdom Government .. .. 1,406,744 14 10 Nauru and Ocean Island phosphate rights, buildCommonwealth Government... .. .. 1,406,744 14 10 ings, and plant and steamers " Triona" and New Zealand Government .. .. .. 535,902 16 3 " Nauru Chief," less reserves for depreciation — and other charges in accordance with Article 11 3,349,392 5 11 of Agreement of the 2nd July, 1919 .. 3,177,973 2 8 Sinking fund for redemption of capital .. 182,107 14 I Sundry debtors and bills receivable .. .. 197,923 16 6 Sundry creditors and outstandings .. .. 206,808 12 9 Voyages in progress .. .. .. 6,248 13 7 Bank balances, less cash in hand .. .. 31,222 8 0 Phosphate and goods in transit .. .. 119,807 12 6 Government Appropriation Account .. .. 43,411 6 5 Stocks at Nauru, Ocean Island, and elsewhere .. 311,482 15 7 Trading Account, balance carried forward .. 493 13 8 £3,813,436 0 10 £3,813,436 0 10 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, Chartered Accountants (Aust.), Auditors. Melbourne, Ist. December, 1931.

9 —B. 1 [PT. IVI.

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