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B.— l [Pt. 111, Sup.]

POST AND TELEGRAPH DEPARTMENT. Balance-s-hbet as at 31-st Makcu, 1922. Liabilities. I Assets. Capital— £ s. d. \ Fixed assets and plant — £ s. rl. £ s. d. Capital funds .. .. .. 7,300,387 15 5 Buildings and equip-Saviugs-hank Account — nicnt— At credit of depositors .. .. 43,861,704 I 7 Postal .. .. 692,352 7 9 On transfer, New Zealand and other Ad- Telegraph .. 2,580,288 11 I ministrations .. .. .. 23,945 16 8 Telephone .. 3,141,057 I S Reserve fund .. .. .. 621,000 0 0 Wireless .. .. 56,349 2 5 At oredit Savings-bank Appropriation Ac- Workshops plant .. 8,856 8 4 count .. .. .. .. 176,095 4 11 Sundry creditors— 0,478,903 11 3 Money-order payees (for £ s. d. Less depreciation 206,094 14 5 unpaid money-orders) 80,097 6 0 Other Administrations 6,272,808 16 10 on money-order, pos- Stores and stationery tal, and cable accounts 70,878 16 2 in stock .. .. 828,877 18 7 Postal-note payees (for 7,101,686 15 5 unpaid postal notes) 56,185 13 0 Savings-bank Account— Sundry other creditors 313,379 1 11J Investments.. .. .. .. 44,016,256 9 7 Other Government De- Interest accrued, 31st March, 1922 .. 531,330 5 6 partments, for balances Sundry debtors— due on 31st March, Other Administrations, 1922 .. .. 208,962 7 5 on Money-order Ac- £ s. d. 7.35,503 46J count '.. .. 12,799 10 11 War-loan Certificates Account .. .. 3,981,564 7 10 Other Government DePost Office Investment Certificates Account 240,197 8 6 partments (balances Postmasters —For advances to Postmasters due 31st March) .. 10,578 18 9 of stamps, postal notes, British postal Sundry other debtors 46,663 14 1 orders, war-loan certificates, and other 70,042 3 9 documents of value, including stocks held War-loan Certificates Account —Investments in General Post Office.. .. .. 702,858 1 3 held in Government loans .. .. 3,962,260 0 0 Post Office investment certificates — Investments held in Government loans .. 233,350 0 0 Postmasters' balances £ s. d. held .. .. 994,405 2 I. Cash in bank (Head Office Account) .. 371,920 5 6 . 1,366,325 7 7 Treasury Adjustment Account . . .. 21.3,935 6 9 Loss on year's working— £ s. d. Telegraph Branch .. 346,958 15 10 Telephone Branch .. 73,528 17 2 Wireless Branch .. 10,421 8 0 430,909 I 0 . Less net profit, Postal Branch.. .. 282,839 5 10^ Net loss on year's working after charging 41 per cent, interest on capital .. .. 148,069 15 IJ £57,643,256 3 8| j £57,643,256 3 8} The figures appearing in the balance-sheet as assets represent the recorded capital expenditure on buildings and works, less depreciation. A valuation ol' all departmental assets is now Hearing completion. The gross profit for the year amounts to £327,910 4s. 10|d. Interest debited on capital expenditure amounts to £269,885 ss. 7d., leaving a profit of £58,024 19s. 3.', d. Depreciation totals £200,094 14s* 5d., and when taken into account makes a net loss of £148,069 15s. l|d. H. A. Huggins, Controller. Bth August, 1922. R. B. Mounts, Secretary. The attached Profit and Loss Accounts and balance-sheets have been duly examined with the relative books and documents submitted for audit, and approximately disclose the position of the Department. As soon as the valuation of assets is completed it will be possible to arrive at the correct charge for interest and depreciation. It will also be possible in future to credit the Justice Department with its share of stamp revenue now that an agreement has been come to between the Departments.—G. F. C. Campbell, Controller and Auditor-General. POSTAL BRANCH. Profit and Loss Account foe the Year ended 31st March, 1922. Dr. £ s. d. £ s. d. I Or. £ s. d. To Salaries of officers ..688,907 2 I By Postages .. .. .. .. 1,408,506 2 6 Carriage of mails .. 291,628 13 10 Private box and bag rents .. .. 28,491 4 6 Working-expenses .. 189,531 12 10 Money-order and postal-note commission 49,435 13 7 1,170,067 8 9 Miscellaneous revenue .. .. 4,516 4 3i Depreciation .. .. .. 13,86472 Profit before charging interest carried down 3107,017 8 llj £1,490,949 4 lOi £1,490,949 4 lOf £ s. d. £ s. d. £ s. d. To Interest on capital .. 28,395 12 9 By Balance brought down .. .. 307,017 8 Hi Less rents received .. 4,217 9 8 24,178 3 I Profit on year's working.. .. 282.839 5 10£ £307,017 8 llj £307,017 8 11J