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8.—13.

Revenue Accounts fob, Year ended 31st March, 1939. Interest Account. Dr. £ s. d. Or. £ s. d. £ s. d. Interest on stock debentures.. .. .. 1,433,747 12 3 Interest on mortgages, current Gross income transferred to Profit and Loss Ac- accounts, and local-body count .. .. .. .. 819,071 12 11 securities .. .. 2,388,460 14 9 Less transferred to General Reserve Fund .. .. 138,358 1 3 — 2,250,102 13 6 Rentals : Properties acquired 4,402 14 1 Less miscellaneous expenses thereon .. .. 2,210 0 4 2,192 13 9 Interest on temporary investments and sundries 2,523 17 11 £2,254,819 5 2 £2,254,819 5 2 Profit and Loss Account. Dr. £ s. d. Or. £ s. d. Management expenses (all inclusive) .. .. 252,337 15 2 Gross income transferred from Interest Account 819,071 12 11 Reserve for losses .. .. .. .. 25,157 5 7 Contingent Liability Account: Amount transferred under section 3, State Advances Corporation Amendment Act, 1935 .. .. .. 15,000 0 0 Net income transferred to Appropriation Account 526,576 12 2 £819,071 12 11 £819,071 12 11 Profit and Loss Appropriation Account. Dr. £ s. d. Gr. £ s. d. Investment Fluctuation Reserve .. .. 60,000 0 0 Balance (transfer from Income-tax Reserve) .. 1,234 7 6 Balance profits payable to Treasury .. .. 467,810 19 8 Net income, transferred from Profit and Loss Account .. .. .. .. .. 526,576 12 2 £527,810 19 8 £527,810 19 8 Balance-sheet as at 31st March, 1939. Liabilities. Assets. £ s. d. £ s. d. £ s. d. £ s. d. Authorized capital .. .. .. 1,000,000 0 0 Mortgages and accrued inStock and debentures .. 44,521,490 0 0 terest .. .. .. .. 51,337,122 13 2 Accrued interest .. 249,367 19 3 Securities in course of realiza44,770,857 19 3 tion .. .. .. 523,148 19 4 Contingent liability to the Losses chargeable to conCrown .. .. .. 10,148,214 0 0 tingent liability when Reserves — defined .. .. 38,053 5 9 General Reserve .. 3,537,437 15 7 561,202 5 1 Reserve for losses on in- Advances on Current Account and accrued investments .. .. 60,000 0 0 terest .. .. .. .. . • 758,334 1 2 Investment Fluctuation Government and local-body securities and Reserve .. .. 120,000 0 0 accrued interest .. .. .. 6,213,200 11 8 3,717,437 15 7 Fixed assets at cost, less provision for depreciaSundry creditors .. .. .. .. 31,340 1 1 tion: Office furniture, equipment, and motorLiability to the Crown — vehicles .. .. .. .. 45,16161 Surplus for year .. 467 ,810 19 8 Current assets— £ s. d. Interest payable on State's Sundry debtors .. .. 30,828 3 7 contribution to General Temporary investment .. 300,000 0 0 Reserve .. .. 110,229 19 4 Lodgments in transit, cash 578,040 19 0 in bank, and on hand .. 1,000,041 14 2 1,330,869 17 9 £60,245,890 14 11 £60,245,890 14 11 R. Robertson, Chief Accountant. A. D. Park, FXA.N.Z„ F.R.A.N.Z. j Managing Dkectors . In accordance with the provisions 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, Public Accountant \ R. C. Burgess, Public Accountant f u 1 ors ' Wellington, N.Z., 28th June, 1939.

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