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Balance-sheet as at 31st March, 194? Liabilities £ Assets £ Authorized capital .. .. .. .. 1,000, 000 Mortgages and accrued interest .. . . .. . . 55,333, 501 £ Securities in course of realization .. .. .. 114,015 Stock and debentures .. .. .. 51,822,590 Advances on current account and accrued interest .. .. 441,232 Accrued interest .. .. .. 272,371 Government and local-body securities and accrued interest .. 4,504,408 —■—■ 52,094,901 Office furniture, equipment, and motor-vehicles, at cost, less General Reserve, including (a) £2,753,164 repayable to the depreciation .. .. .. .. .. 33,705 State under section 35 of the State Advances Corporation Act, Current assets— £ 1934-35; (b) contribution from War Expenses Account of Sundry debtors .. .. .. .. 161,691 £442,735 in respect of rehabilitation advances .. . . 4,457,886 Lodgments in transit, cash in bank and on hand . . 251,417 Specific reserves— 413,1.08 Reserve for losses— £ Ex-State .. .. .. .. 2,327,985 New business .. .. .. 320,000 Investment Fluctation Reserve .. 120,000 • 2,767,985 Sundry creditors .. .. .. .. .. 327,829 Provision for taxation .. .. .. .. . . 76,873 Liability to the Crown— Surplus for year . . .. .. .. 8,394 Interest payable on State's contribution to General Reserve .. .. .. .. .. 106,041 114,435 £60,839,969 £60,839,969 W. G. Dent, 8.C0m., F.K.A.N.Z., Chief Accountant. A. D. Park, F.1.A.N.Z., F.R.A.N.Z.\ M . TV , 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. Wellington, N.Z., 21st May, 1947. R. C. Burgess, F.P.A.N.Z.\ A ~ -G. D. Stewart, F.P.A.N.Z. j-AudltorB-

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