B—l3

Balance-sheet as at 31st March, 1948 Liabilities £ Assets £ Authorized capital .. .. .. .. .. 1,000,000 Mortgages and accrued interest .. .. .. .. 62,261,350 £ Securities in course of realization .. .. •• 113,531 Stock and debentures .. .. .. 58,522, 590 Advances on current account and accrued interest .. .. 432, 327 Accrued interest .. .. .. 304, 229 Government and local- body securities and accrued interest .. 4,867, 965 58,826,819 Office furniture, equipment, and motor-vehicles, at cost, less General Reserve, including (a) £2,753,164 repayable to the depreciation .. .. .. .. .. 41,028 State under section 35 of the State Advances Corporation Act, Current assets— £ 1934-35; (&) contribution from War Expenses Account of Sundry debtors .. .. .. .. 99,000 £650,397 in respect of rehabilitation advances .. .. 4,753,336 Lodgments in transit, cash in bank and on hand .. 292,519 Specific reserves— 391,519 Reserve for losses— £ Ex-State .. .. .. .. 2,345,176 New business .. .. .. 340,000 Investment Fluctuation Reserve .. 120,000 2,805,176 Provision for taxation .. .. .. .. .. 130,147 Sundry creditors .. .. .. .. .. 471,871 Liability to the Crown— Surplus for year .. .. .. 15,934 Interest payable on State's contribution to General Reserve .. .. .. .. .. 104,437 120,371 £68,107,720 £68,107,720 W. Gr. Dent, 8.C0m., F.R.A.N.Z., Chief Accountant. A. D. Park, F.1.A.N.Z., F.R.A.N.Z. ) M , T. N. Smallwood I iVlauagmg - Uirectors -

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, 1948. R. C. Burgess, F.P.A.N.Z. } . Gr. D. Stewart, F.P.A.N.Z. i Auailors -

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