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Revenue Accounts for the Year ended 31st March, 1943 Interest Account Dr. £ Cr. £ Interest on stock and debentures .. .. .. 1,622,347 Interest on mortgage and current accounts .. .. 1,991,650 Interest on General Reserve Fund investments— Interest on Government and local-body securities and Payable on State's contribution .. .. 105,808 temporary investments .. .. .. 260,943 Credited to General Reserve Fund .. .. 37,707 Gross profit, transferred to Profit and Loss Account .. 486,731 £2,252,593 £2,252,593

Profit and Loss Account Dr. £ Cr. £ Management expenses .. .. .. .. 170,735 Gross profit, transferred from Interest Account .. 486,731 Administration of" rehabilitation advances from War £ Expenses Account . . .. . . .. 4,943 Rentals : Properties acquired .. .. 7,202 War-damage insurance .. .. .. .. 50,692 Less miscellaneous expenses thereon .. 2,937 Reserve for losses: New business .. .. .. 50,451 4,265 Net profit, transferred to Profit and Loss Appropriation Sundries .. .. .. .. .. .. 2 Account .. .. .. .. .. 214,177 £490,998 £490,998

Profit and Loss Appropriation Account Dr. £ Cr. £ Reserve for taxes .. .. .. .. .. 145,000 Net profit, transferred from Profit and Loss Account .. 214,177 Balance: Profits payable to Treasury .. .. 69,177 £214,177 £214,177

Balance-sheet as at 31st March, 1943 Liabilities. £ £ Assets. £ Authorized capital .. .. .. .. 1,000,000 Mortgages and accrued interest .. .. .. 45,817,760 Stock and debentures .. .. 48,072,090 Securities in course of realization.. .. .. 401,742 Accrued interest .. .. .. 313,944 Advances on Current Account and accrued interest 310,372 48,386,034 Government and local-body securities and accrued General Reserve, including £2,753,164 Is. lid. repay- interest .. .. .. .. .. 8,348,023 able to the State under section 35 of the State Fixed assets, at cost, less provision for depreciation : Advances Corporation Act, 1934-35 .. .. 3,776,233 Office furniture, equipment, and motor-vehicles .. 22,806 Specific reserves— Current assets— £ Reserve for losses — Sundry debtors .. .. .. 52,429 On final adjustment of contingent £ Temporary investments, including aeliability to the Crown .. .. 2,329,240 crued interest .. .. .. 1,002,384 New business .. .. .. 250,000 Lodgments in transit, cash in bank and Investment Fluctuation Reserve .. 120,000 on hand .. .. .. 293,571 Reserve for taxes .. .. .. 151,123 1,348,384 2.850,363 Sundry creditors .. .. .. .. 61,472 Liability to the Crown— Surplus for year .. .. .. 69,177 Interest payable on State's contribution to General Reserve .. .. 105,808 174,985 £56,249,087 £56,249,087

R. Robertson, Chief Accountant. A. D. Park, F.1.A.N.Z., F.R.A.N.Z."I ~ . T ,. T. N. Smallwood j* Managing Directors.

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. R. C. Burgess, F.P.A.N.Z.\. Wellington, N.Z., 19th May, 1943. G. D. Stewart, F.P.A.N.Z./ Auclltors -

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