E.—7.

Balance-sheet as at 31st December, 1938. Liabilities. Assets. £ s. d. £ s. d. Buildings, &c. — £ s. d. £ s. d. Capital balance .. .. 176,194 18 9 College buildings .. .. 123,806 4 4 Plus excess of income over ex- Dairy-factory buildings and plant 21,611 18 9 penditure, 1938 .. .. 68 12 3 Cottages .. .. .. 2,960 0 0 176,263 11 0 Farm buildings .. .. 2,462 0 0 Depreciation Reserve Account .. .. 310 12 3 Farm-property improvements .. 6,865 6 8 Bailey Bequest .. .. .. 280 0 0 Poultry plant .. .. 973 0 0 Scholarship and Prize Funds— 158,678 9 9 Capital funds .. .. 3,380 0 0 Laboratory apparatus .. .. .. 4,466 1 0 Accumulated income to Ist College furniture .. .. .. 1,042 0 0 January, 1938 .. .. 832 9 1 Office equipment .. .. . . 199 0 0 Surplus, 1938 .. .. 67 7 4 Library books .. .. .. .. 2,504 18 0 Hostel furniture and equipment .. .. 1,721 0 0 4,279 16 5 Sundry debtors .. .. .. 2,458 9 8 Prize unpaid .. .. 0 14 11 Farm stock and produce .. .. 9,472 5 6 4,280 11 4 Implements and tools .. .. .. 1,516 1 3 Sundry trust funds— Carpenter's stores .. .. .. 52 11 1 Capital Funds .. .. .. 450 0 0 Depreciation Fund investment: Post Office SavingsAccumulated income to Ist bank .. .. .. .. 310 12 3 January, 1938 .. .. 66 17 4 Bailey Bequest investment: Post Office Savings-bank 280 0 0 Surplus, 1938 .. .. 15 9 2 Scholarship and Prize Fund investments — £ s. d. 532 6 6 Government stock .. .. 986 5 0 Unexpended balances of research Debentures .. .. .. 2,500 0 0 grants to 31st March, 1939— Post Office Savings-bank .. 794 6 4 Sterility research .. .. 56 19 11 ——— 4, 280 11 4 Root-development research .. 71 1 4 Sundry Trust Investment: Post Office Savings-bank 532 6 6 — 128 1 3 £ s. d. Fleece-testing Account .. .. .. 143 12 9 Bank of Now Zealand .. .. 614 4 11 Hennah Estate .. .. .. .. 3,689 17 6 Less outstanding cheques .. 241 14 0 Sundry creditors .. .. .. .. 2,260 2 7 372 10 11 Post Office Savings-bank .. 1 17 11 374 8 10 £187,888 15 2 £187,888 15 2

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