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APPENDIX XVll—continued Utilization Branch—Rotorua Conservancy : Statement of Operating Accounts for the Year Ended 31st March, 1949 (Showing Also Figures for the Previous Year) —continued Balance-sheet as at 31st March, 1949 31st March, 1948. 31st March, 1949. £ £ Current assets were as follows: —- ' £ £ Sundry debtors — 53,006 Trading accounts .. .. .. .. .. 70,811 9,323 Other departmental undertakings .. .. .. 19,858 62,329 90,669 Stocks and stores on hand—--2,027 Logs .. .. .. •• •• •• 2,498 47,320 Sawn timber .. .. .. .. .. 57,433 .12,415 Box-shook .. .. .. .. .. •• 11,708 7,358 Treated produce .. .. .. .. .. 3,892 6,294 Untreated produce .. .. .. .. .. 18,528 2,874 Creosote .. .. .. .. .. .. 1,539 72,523 General stores .. .. .. .. .. 54,051 150,811 149,649 213,140 240,318 Current liabilities were—--27,159 Sundry creditors .. .. .. -• 40,802 185,981 The working capital involved in the undertaking was therefore 199,516 The fixed assets, after making full allowance for normal depreciation, were valued as follows- — . 185,719 Plant .. .. .. .. •• •• 209,404 Less reserves for abnormal depreciation and maintenance of general plant and for renewals and maintenance of 15,709 motor-vehicles .. .. .. 18,506 170,010 190,898 135,477 Buildings .. .. .. .. •• •• 177,129 9,098 Tools, furniture, fittings, &c. .. * .. .. .. 10,662 47,133 Other installations .. .. .. .. .. 65,774 17,996 Other costs of establishment which were capitalized .. 15,811 379,714 460,274 565,695 659,790 Reserves which have been built up against the values of assets 14,665 shown above in respect of possible losses by fire amount to .. 18,569 £551,030 The net amount invested in the undertaking is therefore .. £641,221 The net amount invested as shown above has been provided — 473,357 By interest-bearing advances of .. .. •• 536,285 By accumulated profits as shown in the Appropriation \ 77,673 Account .. .. .. .. .. •• 104,936 £551,030 £641,221

Approximate Cost of Paper.—Preparation, not given ; printing 2724 copies), £2OO.

By Authority: R. E, Owen, Government Printer, Wellington.—1949,

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