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"jpROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 ST MaRCH, 1948 br. £ Or. £ Salaries and general working-expenses .. .. .. 500,963 Commission and other income (net) .. .. .. 516,303 Losses on realization of mortgages .. .. .. .. 608 Balance, being net loss for year, transferred to Appropriation Depreciation on office premises, furniture, &c. .. .. 17,178 Account .. .. .. .. .. .. 2,446 £518,749 £518,749 Profit and Loss Appropriation Account for the Year ended 31st March, 1948 Dr. £ Or. £ Profit and Loss Account: Balance transferred .. .. 2,446 Balance .. .. .. .. .. .. .. 4,127 Consolidated Fund : One-half of profits for year ended 31st March, Profit on sale of investments .. .. .. .. 2,771 1946, payable in accordance with section 24 (1), Finance Act, 1929 4,127 Transfer from Assurance and Reserve Fund .. .. .. 2,446 Transfer to Investment Fluctuation Account .. .. .. 2,771 £9,344 £9,344 W. Gr. Baird, Public Trustee. A. J. Anderson, F.R.A.N.Z., Chief Accountant. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the relative books and documents submitted for audit, and correctly state the position as disclosed thereby.— J. P. Rutherford, Controller and Auditor-General.

By Authority: E. V. Paul, Government Printer, Wellington.— 1948.

Approximate Cost of Paper.— Preparation, not given ; printing (593 copies), £6

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