PUBLIC TRUST OFFICE (ACCOUNTS OF THE) FOR THE YEAR ENDED 31st MARCH, 1939.

Appendix to the Journals of the House of Representatives, 1939 Session I, B-09a

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1939. NEW ZEALAND.

PUBLIC TRUST OFFICE (ACCOUNTS OF THE) FOR THE YEAR ENDED 31st MARCH, 1939.

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 Right Hon. the Acting Minister of Finance. Sir, —- The Audit Office, 25th July, 1939. 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, 1939, 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 March, 1939. Liabilities. Assets. £ s. d. £ s. d. £ a. d. Amounts held in Common Freehold and leasehold premises and sites .. 386,698 3 11 Fund for sundry estates Furniture and plant, &c. .. .. .. 38,247 15 10 and funds .. .. 23,984,571 14 2 Stationery and stores, &c. .. .. .. 6,470 0 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 .. .. 56,140 6 1 (£4,451,770), plus pr«Amounts specially invested miums on purchase on behalf of certain estates (£10,506 15s. 7d.), less and funds .. .. 13,590,937 5 4 reserve for premiums 37,631,649 5 7 on conversion and disSundry creditors, including counts on purchase accounts passed for pay- (£3,328 18s. Bd.) .. 4,458,947 16 11 ment but not yet paid .. .. 195,946 0 8 Local bodies' debentures Reserve in respect of ex- (£6,635,777 4s. lid.), enemy property moneys.. 24,204 11 3 less reserve for preSpecial reserve for securities 68,584 12 5 miums and discounts General Legal Expenses on conversion or purAccount .. .. 7,772 17 6 chase (£198,051135. 4d.) 6,437,725 11 7 Investment Fluctuation Ac- 10,896,673 8 6 count .. .. 94,955 10 11 Mortgages, &c. (book value) 12,055,716 1 6 195,517 12 1 Less reserve .. .. 60,498 18 6 Assurance and Reserve Fund .. 413,715 16 1 — 11,995,217 3 0 Profit and Loss Appropria- Advances for protection of tion Account .. .. .. 133 7 6 securities acquired or in possession, &c. .. .. 68,584 12 5 Properties acquired (book value) .. .. 200,331 17 9 Less reserve .. .. 6,466 11 7 193,865 6 2 Advances (on overdraft) to estates and accounts (book value).. .. 675,871 1 9 Less reserve .. .. 2,698 13 8 673,172 8 1 Interest and rent accrued, due, and overdue— Interest accrued up to 31st March, 1939, but not yet due, and interest overdue .. .. 431,665 6 0 Rent due or accrued .. 168 18 11 431,834 4 11 Less provision for losses 100,970 2 0 — 330,864 2 11 Sundry debtors .. .. . . .. 30,745 0 1 Cash in hand, on current account, and on deposit in New Zealand and London .. .. 218,626 15 3 Investment of reserve for mortgages: Mortgages, &c. .. .. .. .. 6,860 0 Special investments (book value) held on behalf of certain estates and funds— £ s. d. Government securities .. 7,383,412 18 11 State Advances Corporation of New Zealand stock .. .. 130,000 0 0 Local bodies'debentures 1,802,587 2 4 Private debentures and shares .. .. 41,206 17 2 Realty arid leasehold .. 5,070 4 6 Fixed deposit s .. 900 0 0 Mortgages .. .. 4,144,608 16 1 Mortgage securities acquired .. .. 36,255 16 8 Advances for protection of securities .. .. 646 14 9 Financial assistance to mortgagors .. .. 170 16 10 Loans .. .. 6,280 0 0 Savings-banks accounts .. 10,791 5 10 Overdue interest on special investments.. .. 29,006 12 3 13,590,937 5 4 £38,436,962 1 11 £38,436,962 1 11 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 OFFICE —continued. Profit and Loss Account for the Year ended 31st March, 1939. Dr. £ s. d. Gr. £ s. d. Salaries .. .. .. .. .. 283,147 10 6 Commission, and other income (net) .. .. 398,430 10 7 Overtime .. .. .. .. .. 67 15 10 Service charges— £ s. d. Agents'commission .. .. 3,391 0 1 Services of High Commissioner .. 1,260 0 0 Services of General Post Office 886 18 0 5,537 18 1 Audit of books and accounts .. . . .. 850 0 0 Maintenance of premises and plant: Repairs, insurance, &c. .. .. .. 5,947 1 5 Rent .. .. .. . . •. 2,411 3 3 General charges— £ s. d. Advertising .. .. 4,156 14 1 Cleaning, heating, lighting, and power .. .. .. 5,771 8 0 Legal expenses .. .. 2,399 14 3 Rates .. .. .. 886 6 4 Miscellaneous payments .. 501 1 3 Postages and freight .. .. 4,258 17 4 Stamp duty on receipts and cheques .. .. .. 1,487 15 8 Telephone subscriptions .. 1,738 13 1 Printing, stationery, and requisites .. .. .. 5,108 6 6 Travelling-expenses .. .. 4,156 16 0 Salaries and expenses of Farm Inspectors.. .. .. 4,848 18 9 Salaries of Custodians and staff .. 7,636 8 6 42,950 19 9 Amount written off under section 43, Public Trust Office Amendment Act, 1913 .. .. 16 18 4 Compassionate allowances to dependants of deceased officers .. .. .. .. 332 0 0 Losses on mortgages : On realization or by operation of the Mortgagors and Lessees Rehabilitation Act, 1936 .. .. .. .. 33,399 11 8 Depreciation on office premises, furniture, plant, &c. .. .. ■■ •• 16,803 17 3 Contribution to subsidy to Public Service Superannuation Fund .. .. .. .. 3,533 15 7 Land-tax .. .. ... .. .. 3,165 310 Balance, being net profit for year, transferred to Appropriation Account .. .. .. 266 15 1 £398,430 10 7 £398,430 10 7 E. 0. Hales, Public Trustee. F. Menneer, Chief Accountant. Profit and Loss Appropriation Account for the Year ended 31st March, 1939. Dr. £ s. d. Gr. £ s. d. Consolidated Fund : One-half profits for year ended Balance .. .. .. .. .. 6,482 7 3 31st March, 1938, payable in accordance with Profit and Loss Account: Balance transferred .. 266 15 1 section 24 (1) of the Finance Act, 1929.. .. 6,482 7 3 Investment Fluctuation Account .. .. 133 7 7 Balance .. .. .. • • 133 7 6 £6,749 2 4 £6,749 2 4 £ s. d. Balance .. . . .. .. .. 133 7 6 E. 0. Hales, Public Trustee. F. Menneer, Chief Accountant.

Approximate Cost of Paper.—Preparation, not given; printing (880 copies), £4 10s.

By Authority: E. V. Paul, Government Printer, Wellington. —1939.

Price 3d.]

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