C—3b

Balance-sheet of the New Zealand State Coal-mines— continued. Statement of Liabilities and- Assets at 31st March, 1909 — continued. Liabilities. £ s. d. Assets. £ s. d. £ s. d. Wanganui Depot Property Account— Cost at 31st March, 1908 .. .. .. .. .. 1,681 18 9 Additional outlay during the year .. .. .. .. 70 14 6 1,752 13 3 Loss of horse .. .. .. .. .. .. .. 40 0 0 1,712 13 3 Depreciation .. .. .. .. .. .. .. 85 12 8 • „ , 1,627 0 7 Stocks on hand .. .. .. .. .. .. 993 ig 5 Dunedin Depot Property Account .. .. .. .. .. 1,068 6 9 Stocks on hand .. .. .. .. .. .. ggO 0 10 Wellington office furniture— 2 048 7 • Cost at 31st March, 1908 .. .. .. .. ... 95 5 2 ' Depreciation .. .. .. .. .. .. .. 4 15 3 Sundry debtors .. .. .. ~ .. .. .. 20 170 2 6 Deposits, contracts account .. .. .. ~ .. .. ' 65 0 0 Cash in hand and in the Publio Aocount at 31st March, 1909 .. .. 27,021 8 0 Less vouchers outstanding .. .. ~ .. .. 8 974 9 5 — 18,046 18 7 £196 4 6215 ° £196,462 15 0 State Coal-mines Office, Wellington, 4th June, 1909. Louis H. Eilers, Accountant. R- McKenzie, P. Heyes, F.S.A.A.Eng., Inspecting Accountant. Minister of Mines. Examined and found correct, subject to the following remarks :— 1. The Sinking Fund shown as a liability has not been established by being set apart from the moneys of the State Coal-mines Account. A. Inere is no authority of law for the establishment of the Reserve Fund shown as a liability. J- X- Wabbtjkton, Controller and Auditor-General. 7/9/9. The explanation in reply to the foregoing tag is as follows :— o'wwye-. c-e-i S + ir tu ing Fund is a u tr ? ly f , tablished b y a transfer from Profit and Loss Account as if the actual " moneys " had been paid or " set apart " 2. Whilst there is no authority of law to compel the establishment of a Reserve Fund, there is no law prohibiting the foundation of such a desirable fund to provide against the possibility of losses which may occur at some future time. provide P. Heyes, F.S.A.A.Eng., Inspecting Accountant.

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