PROFITS FOR THE STATE

Sun (Auckland), Volume IV, Issue 1033, 25 July 1930, Page 8

PROFITS FOR THE STATE

TRADING DEPARTMENTS’ RECORDS RAILWAYS ALONE LOSE WELLINGTON, Today. Excepting railways, all the State trading departments last year yielded profits. The Post and Telegraph Department earned a net profit of approximately £IO,OOO. Extensive business was done, cash receipts totalling. £3,641,619. The payments amounted to £3,111,199, including £481,000 paid to the credit of the Consolidated Fund as interest on capital. A further sum of £500,000 was carried to the reserve for the renewal and replacement o£ telegraph and telephone equipment. The State savings bank continues to be popular. Deposits for the year totalled £28,561,854, and the withdrawals £29,575,994. The excess of withdrawals was £1.014,140. compared with £559,559 for the previous year. Interest credited to depositors amounted to £1,806,414, as against £1,745,050 last year, so that notwithstanding the heavy withdrawals, the accumulated funds showed an increase of £792,274. The balance at credit o£ depositors on March 31 last amounted to £49,436,491. The sales of Post Office investment certificates amounted to £639,000. PUBLIC TRUST RECORD The Public Trust Office more than maintained its previous rapid progress. A new record was established, the value o£ estates and funds under its administration being £53,049,437. New business totalled £8,473,916, so the net profits totalled £13,256. The Government Life Insurance Department vielded a net cash surplus of £222,540, while the new business for the vear amounted to £1.918,600 —the highest in the department’s history. A record was also achieved by the State Fire Insurance Office, both the total income and profit being larger than for any previous year. The accident branch of the same office also experienced a record year, its profit being £18,066. The profit of the fire branch was £75,276. ' All these offices pay both land and income-tax, and legislation will be introduced this session providing for the charging in addition of licence fees and stamp duty on cheques. The State coal mines earned a net profit of £15.856 for the year.