8.—13 A.

STATE ADVANCES CORPORATION OF NEW ZEALAND. Revenue Accounts for the Year ended 31st March, 1938. Interest Account. Dr. £ s. d. Cr. £ s. d. £ 3. d. Interest on stock and debentures .. .. 1,398,614 6 7 Interest on mortgages, current Gross income carried forward to Profit and Loss 900,298 15 3 accounts, and local-body Account securities .. .. 2,431,104 18 6 Less transferred to General Reserve Fund .. 134,187 8 0 2,296,917 10 6 Interest on temporary investments and sundries 1,995 11 4 £2,298,913 1 10 £2,298,913 1 10 Profit and Loss Account. Dr. £ s. d. Gr. £ s. d. Management expenses (all inclusive) .. .. 212,185 9 0 Gross income brought forward from Interest Reserve for losses .. .. .. .. 20,000 0 0 Account .. .. .. .. .. 900,298 15 3 Contingent Liability Accounts : Amount transferred under section 3, State Advances Corportation of New Zealand Amendment Act, 1935 56,000 0 0 Net income carried forward to Appropriation Account .. .. .. .. 612,113 6 3 £900,298 15 3 £900,298 15 3 Appropriation Account. Dr. £ s. d. £ s. d. Cr. £ s. d. Income-tax reserve .. .. 175,000 0 0 Net income .. .. .. .. 612,113 6 3 Less excess provision, 1936-37 3,937 10 0 171,062 10 0 Investment Fluctuation Reserve .. 30,000 0 0 Surplus available for distribution to the Crown .. 411,050 16 3 £612,113 6 3 £612,113 6 3 Balance-sheet as at 31st March, 1937. Liabilities. Assets. £ s. d. £ s. d. £ s. d. £ s. d. Authorized capital .. .. .. 1,000,000 0 0 Mortgages and accrued interest .. .. 51,199,247 5 9 Stock and debentures .. 41,585,970 0 0 Securities in course of realization 319,054 1 3 Accrued interest .. 220,198 9 2 Realization Suspense Account 41,806,168 9 2 (losses chargeable to ConContingent liability to the tingent Liability Account Crown .. .. .. 11,422,254 5 6 when defined) .. .. 41,844 13 4 Reserves— 360,898 14 7 General Reserve .. 3,404,803 0 10 Advances on Current Account and accrued Reserve for losses on in- interest.. .. .. .. 1,256,299 8 4 vestments .. .. 35,000 0 0 Other securities transferred to the Corporation Investment Fluctuation under section 36 (1) (/) of the State Advances Reserve .. .. 60,000 0 0 Corporation Act, 1934-35 .. .. .. 18,320 12 6 ■ 3,499,803 0 10 Government and Local-body securities and Sundry creditors .. .. .. .. 28,181 13 11 accrued interest .. .. .. .. 5,115,133 19 11 Liability to the Crown — Fixed assets : At cost, less provision for depreSurplus for year .. 411,050 16 3 ciation office furniture and motor-vehicles .. 35,774 9 3 Income-tax .. .. 175,000 0 0 Current assets — £ s. d. Balance of interest on con- Sundry debtors .. .. 20,896 16 1 tribution to General Lodgments in transit and cash Reserve .. .. 111,316 11 8 in bank and on hand .. 447,203 10 11 697,367 7 11 468,100 7 0 £58,453,774 17 4 £58,453,774 17 4 ~ i «•= j ■ : . —= i ' R. Robertson, Chief Accountant. A. D. Park, F.1.A.N.Z., F.R.A.N.Z.I . TV T. N. Smallwood j* Managing Directors. Auditors' Report. In accordance with the provision of the State Advances Corporation Act, 1936, 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, which, in our opinion, 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 \ p u j- )^c Accountants, Auditors. R. C. Burgess J ' Wellington, 20th June, 1938.

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