PUBLIC TRUST OFFICE (ACCOUNTS OF THE) FOR THE YEAR ENDED 31st MARCH, 1938.

Appendix to the Journals of the House of Representatives, 1938 Session I, B-09a

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1938. NEW ZEALAND.

PUBLIC TRUST OFFICE (ACCOUNTS OF THE) FOR THE YEAR ENDED 31st MARCH, 1938.

Laid before the General Assembly in pursuance of Section 27 of the Public Trust Office Amendment Act, 1921-22.

The Controller and Auditor-General to the Hon. the Minister of Finance, Sir, —- The Audit Office, 27th July, 1938. I have the honour, in accordance with the provisions of Section 27 of the Public Trust Office Amendment Act, 1921-22, to transmit to you the Balance-sheet of the Public Trust Office as at the 31st March, 1938, and to advise you that it has been examined and found correct. I have the honour to be, Sir, Your obedient servant, J. H. Fowler, Controller and Auditor-General.

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PUBLIC TRUST OFFICE. Balance-sheet of the Public Trust Office as at 31st Makch, 1938. Liabilities. Assets. £ s. d. £ s. d. £ s. d. Amounts held in Common Freehold and leasehold premises and sites .. 384,805 4 11 Fund for sundry estates Furniture and plant, &c. .. .. .. 39,061 6 5 and funds .. .. 24,134,535 13 1 Stationery and stores, &c. .. .. 5,629 16 5 Amounts held for special Stocks, bonds, and debeninvestment on behalf of tures (book value) — £ s. d. certain funds, but not yet Government securities invested .. .. 51,002 12 3 (£4,430,470), plus preAmounts specially invested miums on purchase on behalf of certain estates (£11,230 15s. 3d.), less and funds .. .. 12,704,869 1 10 reserve for premiums 36,890,407 7 2 on conversion and disSundry creditors, including counts on purchase accounts passed for pay- (£4,569 15s. lOd.) .. 4,437,130 19 5 ment but not yet paid .. .. 148,986 17 6 Local bodies' debentures Reserve in respect of ex- (£6,776,412 lis.), less enemy property moneys.. 22,764 5 7 reserve for premiums Special reserve for securities 66,472 19 1 and discounts on conGeneral Legal Expenses version or purchase Account .. .. 7,806 9 6 (£206,880 4s. 7d.) .. 6,569,532 6 5 Investment Fluctuation 11,006,663 5 10 Account .. .. 96,933 16 8 Mortgages, &c. (book value) 11,980,360 17 8 193,977 10 10 Less reserve .. .. 108,772 10 4 Assurance and Reserve Fund .. 413,715 16 1 11,871,588 7 4 Profit and Loss Appropria- Advances for protection of tion Account .. .. .. 6,482 7 3 securities acquired or in possession, &c. .. .. 66,472 19 1 Properties acquired (book value) .. .. 206,536 10 0 Less reserve .. .. 9,415 18 8 197,120 11 4 Advances (on overdraft) to estates and accounts (book value) .. 610,044 12 6 Less reserve .. .. 2,788 8 5 607,256 4 1 Interest and rent accrued, due, and overdue — Interest accrued up to 31st March, 1938, but not yet due, and interest overdue .. .. 532,911 7 6 Rent due or accrued .. 579 15 4 533,491 2 10 Less provision for losses 176,077 15 3 357,413 7 7 Sundry debtors .. .. .. .. 28,208 3 3 Cash in hand, on current account, and on deposit in New Zealand and London .. 377,621 10 9 Investment of reserve for mortgages : Mortgages, &c. .. .. .. .. 6,860 0 0 Special investments (book value) held on behalf of certain estates and funds — £ s. d. Government securities .. 6,379,231 5 11 State Advances Corporation of New Zealand stock .. .. 130,000 0 0 Local bodies'debentures 1,827,169 16 10 Private debentures and shares .. .. 37,705 10 7 Realty and leasehold . . 7,890 4 6 Fixed deposits . . 15,300 0 0 Mortgages .. .. 4,189,243 7 10 Mortgage securities acquired .. .. 38,677 16 7 Financial assistance to mortgagors .. .. 331 5 10 Loans .. .. 4,996 14 11 Savings-banks accounts .. 15,464 3 1 Overdue interest on special investments.. .. 58,858 15 9 12,704,869 1 10 £37,653,569 18 10 £37,653,569 18 10 E. 0. Hales, Public Trustee. F. Menneer, 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. H. Fowler, Controller and Auditor-General.

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PUBLIC TRUST OFFlCE—continued. Profit and Loss Account foe the Year ended 31st March, 1938. Dr. £ s. d. Or. £ s. d. Salaries .. .. .. .. 280,817 1 7 Commission, and other income (net). .. .. 384,649 5 3 Overtime .. .. .. .. 109 4 8 Income-tax: Refund of amount charged in Service charges— £ s. d. accounts to 31st March, 1937 .. .. 8,491 2 6 Agents' commission .. .. 3,875 4 3 Services of High Commissioner .. 1,246 0 0 Services of General Post Office .. 895 2 6 6,016 6 9 Audit of books and accounts .. .. 850 0 0 Maintenance of premises and plant: Repairs, insurance, &c. .. .. .. 11,455 14 0 Rent .. .. .. .. .. 2,436 6 2 ■General charges— £ s. d. Advertising .. .. .. 4,014 12 8 Cleaning, lighting, heating, and power .. .. .. 5,916 3 8 Legal expenses .. .. 2,187 11 11 Rates .. .. .. 717 9 0 Miscellaneous payments .. 460 11 8 Postages and freight .. .. 4,244 3 .6 Stamp duty on receipts and cheques .. .. .. 1,436 16 0 Telephone subscriptions .. 1,703 6 3 Printing, stationery, and requisites 5,636 12 9 Travelling-expenses .. .. 5,162 4 9 Salaries and expenses of Farm Inspectors .. .. .. 5,162 18 4 Salaries of Custodians and Staff 7,474 10 7 44,117 1 1 Amount written off under section 43, Public Trust Office Amendment Act, 1913 .. .. .. .. .. 63 8 9 Losses on mortgages : On realization or by operation of the Mortgagors and Lessees Rehabilitation Act, 1936 .. .. .. .. 9,878 7 8 Depreciation on office premises, furniture, plant, &c. 17,399 6 4 Contribution to subsidy to Public Service Superannuation Fund .. .. .. .. 3,728 16 9 Land-tax .. .. .. .. .. 3,303 19 6 Balance, being net profit for year, transferred to Appropriation Account .. .. .. 12,964 14 6 £393,140 7 9 £393,140 7 9 E. 0. Hales, Public Trustee. F. Menneer, Chief Accountant. Profit and Loss Appropriation Account for the Year ended 31st March, 1938. Dr. £ s. d. Cr. £ s. d. Consolidated Fund: One-half profits for year ended Balance .. .. .. .. .. 10,946 5 9 31st March, 1937, payable in accordance with Profit and Loss Account: Balance transferred .. 12,964 14 6 section 24 (1) of the Finance Act, 1929 .. 10,946 5 9 Profit on sale of freehold property .. .. 18,477 8 3 Investment Fluctuation Account .. .. 24,959 15 6 Balance .. .. .. .. .. 6,482 7 3 £42,388 8 6 £42,388 8 6 £ s. d. Balance .. .. .. .. .. 6,482 7 3 E. 0. Hales, Public Trustee. F. Menneer, Chief Accountant.

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