B.—l [Pt. IV],

DEPARTMENT OF AGRICULTURE—continued. NAURU AND OCEAN ISLANDS ACCOUNT. Revenue Account for the Year ended 31st March, 1936. Dr. £ s. d. Gr. £ . s. d. Interest on debentures .. .. .. 14,684 6 8 Annual payment from the British Phosphate Com - Administration charge .. .. .. 500 0 0 mission .. .. .. .. ..35,848112 Audit fee .. .. .. .. .. 500 Balance to Appropriation Account .. .. 20,659 4 6 £35,848 11 2 £35,848 11 2 Appropriation Account for the Year ended 31st March, 1936. £ s. d. £ s. d Redemption of debentures .. .. .. 20,560 0 0 Balance, Ist April, 1935 .. .. .. 23,856 010 Balance, 31st March, 1936 .. .. .. 23,955 5 4 Revenue Account .. .. .. .. 20,659 4 6 £44,515 5 4 £44,515 5 4 Balance-sheet as at 31st March, 1936. Liabilities. Assets. Capital— £ s. d. £ s. d. Share (16 per cent.) Nauru and Ocean Islands £ s. d. Debentures at 3J per cent. .. 402,275 0 0 Phosphate Rights (at cost) .. .. .. 565,040 0 0 Debentures at 4 per cent. .. 8,640 0 0 Proportion of annual payment from British 410,915 0 0 Phosphate Commission, accrued but not due .. 26,886 8 5 Interest accrued but not due .. .. .. 2,934 14 7 Cash (Loans Redemption Account) .. .. 311 6 Reserve Account .. .. .. .. 154,125 0 0 Appropriation Account .. .. .. 23,955 5 4 £591,929 19 11 £591,929 19 11 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, 1935, are published herewith. A. S. Houston, Accountant, Department of Agriculture, Wellington. 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 departmental notes enfaced thereon. —J. H. Fowler, Deputy Controller and AuditorGeneral. THE BRITISH PHOSPHATE COMMISSIONERS. Trading Account for the Year ended 30th June, 1935. Dr. £ s. d. Gr. £ s. d. F. 0.8. cost of phosphate, including interest on Balance brought forward, Ist July, 1934 .. 9,618 17 I capital, contribution to a sinking fund for the Phosphate sales and sundry credits, less freight redemption of capital, and other charges in and insurance, &c. .. .. .. 769,483 0 10 accordance with Article 11 of Agreement of the 2nd July, 1919 .. .. .. .. 758,845 10 10 Balance carried forward .. .. .. 20,256 7 1 £779,101 17 11 £779,101 17 11 Balance-sheet as at 30th June, 1935. Liabilities. £ s. d. Assets. £ s. d. United Kingdom Government .. .. 1,364,320 12 7 Nauru and Ocean Island phosphate rights, Commonwealth Government .. .. 1,364,320 12 7 buildings and plant, ships, investments and New Zealand Government .. .. .. 519.741 5 5 deposits, less reserves for depreciation and other charges in accordance with Article 11 of 3,248,382 10 7 Agreement of the 2nd July, 1919 .. .. 3,529,422 10 9 Sinking fund for redemption of capital .. 283,117 9 5 Sundry debtors and bills receivable .. .. 135,447 6 3 Sundry creditors and outstandings .. .. 405,072 11 5 Voyages in progress .. .. .. 6,992 15 2 Government Appropriation Account .. 3,411 6 5 Phosphate and goods in transit .. .. 82,797 10 9 Trading Account: Balance carried forward .. 20,256 7 1 Stocks at Nauru, Ocean Island, and elsewhere 189,325 15 11 Cash at banks and in hand .. .. 16,254 6 1 £3,960,240 4 11 £3,960,240 4 11 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,

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