B.—l [Pt. TV

STATE FIRE INSURANCE OFFlCE—continued. Revenue Account of the State Fire Insurance Office for the Year ended 31st December, 1939. Dr. £ s. d. Or. £ s. d. Premiums after deduction of reinsurances .. 205,539 10 5 Bonus rebate to policyholders .. .. 37,200 13 5 Other receipts— £ •s. d. Losses by fire and earthquake (after deduction of Interest, commission, and rent 52,934 811 reinsurances) .. .. .. .. 39,443 7 6 Less land-tax .. .. 2,191 14 2 Income-tax.. .. ~ .. .. '51,273 1 10 50,742 14 9 Commission .. .. .. .. 10,663 5 6 Salaries .. .. .. .. .. 31,798 11 11 Contributions to Public Service Superannuation Fund .. .. .. .. .. 404 14 6 Contributions to Fire Boards under the Fire Brigades Act, 1908 .. .. .. 11,364 12 4 Expenses of management— £ s. d. Travelling-expenses .. .. 2,088 17 0 Printing, stationery, and advertising .. .. 1,311 17 11 Rent .. .. .. 1,470 2 0 Exchange .. .. .. 50 3 5 Postages, telegrams, cablegrams, and sundrv charges.. 3,434 7 0 : 8,355 7 4 Office equipment .. .. .. .. 3,129 7 7 Office premises: Depreciation .. .. 3,880 17 2 197,513 19 1 Investments Fluctuation Reserve .. .. 10,000 0 0 Reinsurance Reserve .. .. .. 20,000 0 0 Office premises : Written off .. .. .. 28,000 0 0 Amount of fire-insurance funds at end of year .. 768 6 1 £256,282 5 2 £256,282 5 2

Balance-sheet of the State Fire Insurance Office as at 31st December, 1939. Liabilities. Assets. £ s. d. Capital authorized by the State Fire £ £ s. d. Government securities .. .. .. 642,189 12 0 Insurance Act, 1908 .. .. 100,000 Local-authority securities .. .. .. 257,879 15 2 Less not raised .. .. .. 100,000 Rural Advances bonds .. .. .. 14,175 0 0 —r Nil. Fixed deposits and at short call . . .. 130,000 0 0 Bad Debts Reserve .. .. .. .. 1,500 0 0 Land and buildings .. .. .. .. 165,573 19 11 Reserve Fund ... ... .. .. 747,160 10 3 Outstanding premiums .. .. .. 10,891 13 3 Investments Fluctuation Reserve Fund .. 85,000 0 0 Interest accrued but not due .. .. .. 10,482 3 10 Reserve for unearned premiums .. .. 104,246 911 Rent accrued or due.. .. .. .. 4,190 15 2 Bonus Rebate Reserve .. .. .. 112,500 0 0 Rent overdue .. .. .. .. 138 0 0 Reinsurance Reserve Fund .. .. .. 140,000 0 0 Cash in Reserve Bank of New Premium and other deposits .. .. .. 1,059 11 9 Zealand at Wellington, or in £ s. d. Outstanding fire and earthquake losses.. .. 4,459 0 0 transit to Wellington .. 96,376 18 9 Government taxes .. .. .. .. 83,848 16 10 Imprest Account balances: Head Sundry creditors .. .. .. .. 35,684 0 5 Office and Branches .. .. 1,344 19 9 Other amounts owing by the Office— £ s. d* 97,721 18 6 Reinsurance premiums due 12,268 3 8 Commission .. .. 2,174 14 0 Printing, stationery, and advertising .. .... 38 12 10 Postages and sundry charges 2,534 12 1 17,016 2 7 Fire-insurance funds, as per Revenue Account . . 768 6 1 £1,333,242 17 10 £1,333,242 17 10

J. H. Jerram, General Manager. L. H. Osborn, Deputy General Manager.

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.— Cyril G. Collins, Controller and Auditor-General.

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