7

F.—B

VI.—Statement showing (a) the Securities purchased and sold, and (b) the Sums received and expended on Account of the Cable Repair Reserve and General Renewal Fund for the Year ended the 31st March, 1904.

iS. Walpole, Chairman. Examined and found correct.—G. H. Hunt, Auditor. Pacific Cable Board, sth July, 1904. Sir,— The Pacific Cable Board, Queen Anne's Chambers, S.W., 4th July, 1904. In transmitting to you the accounts of this Board showing: (i.) the sum issued out of the Consolidated Fund, and the expenditure; (ii.) the money borrowed and the securities created; (iii.) the aggregate amount of capital expenditure; (iv.) the expenses of the cable in the year ending 31st March, 1904; (v.) the account of the Provident Fund; and (vi.) the account of the Reserve and General Renewal Fund, —I have the honour on behalf of the Pacific Cable Board to make the following observations: — 1. Throughout the year 1903-4 the cable was maintained and remained in efficient workingorder. lam glad to be able to report that no interruption of any kind occurred on any of its sections. 2. The gross message revenue received during the year 1903-4 was £81,832 16s. 5d., from which has to be deducted ,£2,008 11s. —being the sum paid to the Atlantic and Canadian Pacific Telegraph Companies, for supplying the date and time of filing all messages to or from the United Kingdom and the Continent —leaving the net message revenue £79,824 ss. 5d., as shown in the accounts. £12,440 17s. of this sum is on account of messages transmitted during 1902-3, and an approximately similar amount is outstanding and will appear in the next accounts.

Securities purchased. | Cash (For Details Receipts, see below.) Securities sold. (For Details see below.) Cash Payments. i 3alance on 31st March, 1903 Fran-ferred from the account of annual expenses (Statement IV.) interest on securities 3ecurities purchased (as per contra) £ e. d. 1,200 0 0 £ s. d. 1,319 4 9 35,500 0 0 £ s. d. Purchase of stock cable .. \ Invested insecurities, viz. :— Bank of England stock : — £800 at 322J £791 7s. 9d. at 315J £658 12s. 3d. at 314 Victoria 3-per-cent. stock :— £3,000 at 87J .. £1,000 at 89£ .. Victoria 3J-per-cent. stock:— £1,000 ai 92J .. New South Wales 3-per-cent.I stock:— £1,000 at 89J .. £1,157 13s. 8d. at 86J £2,842 6s. 4d. at 87J Queensland 3-per-cent. stock: — £1,000 at, 89| .. £1,162 14s. 8d. at 85 j £2,837 5s. 4d. at 86| New Zealand 3 - per - cent, stock :— £1,000 at 91J .. New Zealand 4-per-oent. debentures:— £1,000 at par Canadian3 per-cent. stock:— £2,400 at 101J £2,538 0s. 5d. at 98J £ s d. 1,290 5 0 24,188' 0 5 254 13 4 2,583 5 6 2,500 0 0 2,070 18 7 2,625 1 0 895 1 0 926 5 0 895 1 0 1,000 0 0 2,497 14 10 900 1 0 1,000 0 0 2,472 0 6 915 1 0 999 8 6 2,436 1 0 2,500 0 0 Balance on 31st March, 1904 25,388 0 5 28,505 18 11 8,567 19 2 25,388 0 5 25,388 0 5 37,073 18 1 25,388 0 5 37,073 18 1

Details of Securities. Balance on 31st March, 1903. Securities purchased during Period of Account. Total. Securities sold during Period of Account. Balance on 31st March, 1904. Vali 31st le at Market Price, March, 1904. iank of England stock r iotoria 3-per-cent. stock .. , 3J-per-oent. stock .. few South Wales 3-per-cent, stock Jueensland 3-per-eent. stock few Zealand 3 per-cent. stock )itto 4-per-oent. debentures Canadian 3-per-oent. stock £ s. d. 1,200 0 0 £ s. a. 2,250 0 0 4,000 0 0 1,000 0 0 5,000 0 0 £ s. d. 3,450 0 0 4,000 0 0 1,000 0 0 5,000 0 0 £ s. d. £ a. d. 3,450 0 0 4,000 0 0 1,000 0 0 5,000 0 0 ! 301J 854 95J 84J £ s. d. 10,393 2 6 3,420 0 0 950 0 0 4,225 0 0 5,000 0 0 1,000 0 0 5,000 0 0 1,000 0 0 5,000 0 0 1,000 0 0 85J 86J 4,275 0 0 865 0 0 1,000 0 0 4,938 0 5 1,000 0 0 4,938 0 5 1,000 0 0 4,938 0 5 94£ 991 13 4 4,654 1 7 1,200 0 0 24,188 0 5 25,388 0 5 25,388 0 5 29,773 17 5