B.—l [PT. IV],

DEPARTMENT OF AGRICULTURE —continued. NAURU AND OCEAN ISLANDS ACCOUNT. Revenue Account for the Year ended 31st Makch, 1937. Dr. £ s. d. Cr. £ s. d. Interest on debentures .. .. .. 13,973 14 10 Annual payment from British Phosphate CoinAdministration charge .. .. .. 500 0 0 mission (in sterling) .. .. .. 35,848 11 2 Audit fee .. .. .. .. .. 5 0 0 Exchange on annual payment .. .. .. 8,782 17 11 Balance to Appropriation Account .. .. 30,152 14 3 £44,631 9 1 £44,631 9 1 Appropriation Account for the Year ended 31st March, 1937. £ s. d. " £ s. d. Redemption of debentures .. .. .. 21,240 0 0 Balance, Ist April, 1936 .. .. .. 23,955 5 4 Balance, 31st March, 1937 .. .. .. 32,867 19 7 Revenue Account .. .. .. .. 30,152 14 3 £54,107 19 7 £54,107 19 7 Balance-sheet as at 31st March, 1937. Liabilities. £ s. d. Assets. £ s. d. Capital: Debentures at 3 J per cent. .. .. 389,675 0 0 Share (16 per cent.), Nauru and Ocean Islands Interest accrued but not due .. .. .. 2,802 9 2 Phosphate Rights (at cost) .. .. .. 565,040 0 0 Reserve Account .. .. .. .. 175,365 0 0 Proportion of annual payment from British PhosAppropriation Account .. .. .. 32,867 19 7 phate Commission accrued but not due .. 26,886 8 5 Cash (Loans Redemption Account) .. .. 8,784 0 4 £600,710 8 9 £600,710 8 9 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, 1936, 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, Controller and Auditor-General. THE BRITISH PHOSPHATE COMMISSIONERS. Trading Account for the Year ended 30th June, 1936. Dr. £ s. d. Cr. £ s. d. F.o.b. cost of phosphate, including interest on Phosphate sales and sundry credits, less freight capital, contribution to a sinking fund for the and insurance, &c. .. .. .. 835,147 16 8 redemption of capital, and other charges in accordance with Article 11 of the agreement of the 2nd July, 1919 .. .. .. 828,817 10 4 Balance .. .. .. .. .. 6,330 6 4 £835,147 16 8 £835,147 16 8 Transferred to Government Appropriation Ac- £ s. d. £ s. d. count .. .. .. .. .. 21,588 13 7 Balance brought forward at Ist July, 1935 ' .. 20,256 7 1 Balance carried forward .. .. .. 4,997 19 10 Balance for year ended 30th June, 1936 .. 6,330 6 4 £26,586 13 5 £26,586 13 5 Z Balance-sheet as at 30th June, 1936. Liabilities. £ s. d. | Assets. £ s. d. United Kingdom Government .. .. 1,352,077 710 Nauru and Ocean Island phosphate rights, Commonwealth Government .. .. 1,352,077 710 buildings and plant, ships, investments and New Zealand Government .. .. 515,077 3 9 deposits, less reserves for depreciation and — : other charges in accordance with Article 11 3,219,231 19 5 of the agreement of the 2nd July, 1919 .. 3,310,821 5 8 Sinking fund for redemption of capital .. 312,268 0 7 Sundry debtors and phosphate on consignment 385,132 7 1 Sundry creditors and outstandings .. .. 487.239 16 3 Voyages in progress .. .. .. 10,240 18 4 Government Appropriation Account .. 25,000 0 0 Phosphate and goods in transit .. .. 136,291 12 8 Trading Account, balance carried forward .. 4,997 19 10 Stocks at Nauru, Ocean Island, and elsewhere 162,916 0 1 Cash at banks and in hand .. .. 43,335 12 3 £4,048,737 16 1 £4,048,737 16 1 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. 16— B. 1 [PT. IV],

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