B.—l [PT. IV].

STATE ADVANCES CORPORATION OF NEW ZEALAND. Revenue Accounts fob the Year ended 31st March, 1937. Interest Account. £ s. d. £ s. d. £ s. d. Interest on stock and debentures .. .. 1,107,990 15 4 Interest on mortgages, current Gross income carried forward to Profit and Loss accounts, and local-body Account .. .. .. 747,206 9 6 securities .. .. 1,977,456 12 0 Less transferred to General Reserve Fund .. 128,291 8 4 1,849,165 3 8 Interest on temporary investments and sundries 6,032 1 2 £1,855,197 4 10 £1,855,197 4 10 Profit and Loss Account. £ s. d. £ s. d. Gross income brought forward from Interest Management expenses (all inclusive) .. .. 129,881 19 1 Account .. .. •• •• ® Reserve for losses .. . • . • • • 10,000 0 0 Sundries .. .. . ■ •• •• Contingent Liability Account —Amount transferred under section 3, State Advances Corporation Amendment Act, 1935 .. .. •• 72,500 0 0 Net income carried forward to Appropriation Account .. .. .. ■. •• 534,849 12 0 £747,231 11 1 £747,231 11 1 Appropriation Account. £ s. d. _ £ s. dDividends .. .. •• •• •• 4,558 1 1 Net income .. .. •• •• 534,849 12 0 Income-tax (balance, 1935-36) .. .. 58,020 0 0 Superannuation Reserve not required .. .. 14,748 12 2 Investment Fluctuation Reserve .. .. 20,000 0 0 Surplus, including income-tax provision available for distribution to the Crown .. . • 467,020 3 1 £549,598 4 2 £549,598 4 2 Balance-sheet as at 31st March, 1937. Liabilities. A ssets. £ s. d. £ s. d. £ s. d. £ s. d. Authorized capital .. .. 1,000.000 0 0 Mortgages and accrued interest .. 50,859,861 5 10 Stock and debentures ..39,774,500 0 0 Securities in course of realizaAocrued interest .. .. 241,975 6 4 tion .. .. 335,038 9 2 40,016,475 6 4 Realization Suspense Account Contingent liability to the Crown .. .. 11,715,730 5 9 (losses chargeable to ContinReserves S ellt Liability Account when General Reserve .. 3,254,300 11 4 defined) .. .. 63,656 11 4 Reserve for losses on in- 398,695 vestments .. .. 15,000 0 0 Advances on Current Account and accrued mInvestment Fluctuation terest .. .. .. •• •• 1,409,868 710 d._ 30.000 0 0 Government and local-body securities and ac- — 3,299,300 11 4 crued interest .. .. .. .. 3,230,079 13 2 Sundry creditors .. .. •• 28,676 3 9 Fixed assets —At cost, less provision for depreSurplus, including income- ciation —Office furniture, and motor-vehicles 29,517 3 2 tax provision .. .. 467,020 3 1 Current assets— £ s. d. Balance of interest on con- Sundry debtors .. .. 4,986 6 11 tribution to General Reserve 62,256 1 0 Lodgments m transit and 529,276 4 1 cash in bank and on hand 656,450 13 10 661,437 0 9 £56,589,458 11 3 £56,589,458 11 3 I " R. Robertson, Chief Accountant. A. D. Park, F.1.A.N.Z., F- R - A - N - z ->\]ytanaging Directors. T. N. Smallwood, J & b Auditors' Report. In accordance with the provisions of the State Advances Corporation Acts we report that we have obtained all the information and explanations we have required in respect of the accounts of the Corporation examined by us and in respect of the above Balance-sheet, and that in our opinion such Balance-sheet is properly drawn up so as to exhibit a true and correct view of the state of the Corporation s affairs according to the best of our information and the explanations given to us, and as shown by the books of the Corporation. L. H. Heslop, Public Accountant. R. C. Burgess, Public Accountant.

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