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W. G-. Dent, 8.C0m., F.R.A.N.Z., Chief Accountant. A. D. Park, F.1.A.N.Z., F.R.A.N.Z. \jy[ ana „j no . Di rec tors T. N. Smallwood f s c 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 explanation given to us and as shown by the books of the Corporation. Wellington, N.Z., 23rd May, 1949. R. C. Burgess, F.P.A.N.Z. \ A dit G. D. Stewart, F.P.A.N.Z. J

Balance-sheet as at 31st March, 1949 Liabilities £ Assets £ Authorized capital .. .. .. .. .. 1,000, 000 Mortgages and accrued interest . . .. .. .. 68,836, 679 £ Securities in course of realization .. .. .. 70,575 Stock and debentures .. .. .. 64,722,590 Advances on current account and accrued interest .. .. 565,060 Accrued interest .. .. .. 333,834 Government and local-body securities and accrued interest .. 5,199,491 65,056,424 Office furniture, equipment, and motor-vehicles, at cost, less General Reserve, including (a) £2,753,164 repayable to the depreciation .. .. .. .. .. 38,556 State under section 35 of the State Advances Corporation Act, Current assets— £ 1934-35; (6) contribution from War Expenses Account of Sundry debtors .. .. .. .. 66,349 £843,599 in respect of rehabilitation advances .. .. 5,050,712 Lodgments in transit, cash in bank and on hand . . 280,739 Specific reserves— 347,088 Reserve for losses— £ Ex-State .. .. .. .. 2,366,572 New business .. .. .. 360,000 Investment Fluctuation Reserve . . 120,000 2,846,572 Provision for taxation .. .. .. .. .. 181,678 Sundry creditors .. .. .. .. .. 778,568 Liability to the Crown— Surplus for year . . .. .. 40,035 Interest pavable on State's contribution to General Reserve" .. .. .. .. .. 103,460 143,495 £75,057,449 £75,057,449

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