B.—9a

1924. NEW ZEALAND.

PUBLIC TRUST OFFICE (ACCOUNTS OF THE) FOR THE YEAR ENDED 31st MARCH, 1924.

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 Eight Hon. the Minister of Finance. Sir,— The Audit Office, Wellington, 11th July, 1924. 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 attached balance-sheet of the Public Trust Office for the year which ended on the 31st March, 1924, and to report that I have examined the balance-sheet and found it correct. I desire, however, to direct your attention to the item included in the assets, " £2,783, advances for protection of securities in possession." In order to protect his interest as mortgagee of certain farming property which had practically been abandoned by the mortgagor, it became necessary during the year for the Public Trustee to incur expenditure by placing stock thereon, and the item in question represents the value of such stock. The PublicTrustee is unable to quote any specific authority in the Public Trust Act for expenditure of this nature, and as, no doubt, it will be necessary in the interests of his office for him to incur similar expenditure from time to time, I bring the matter under your notice in order that the Government may consider the advisability of introducing such amendment of the law as is necessary to permit of this expenditure being legally incurred. I have, &c, G. F. C. Campbell, The Eight Hon. Minister of Finance, Wellington. Controller and Auditor-General. Balance-sheet of the Public Trust Office as at 31st March, 1924. Liabilities. Assets. £ s. d. £ s. d. £ s . d. £ s. d. Amounts held in Common Freehold and leasehold preFund for sundry estates mises and sites .. .. 338,836 10 4 and funds .. .. 16,201,782 12 3 Furniture and plantAmounts held for special Furniture and library, &c. 17,954 9 5 investment on behalf of Mechanical appliances .. 4,769 7 2 certain funds, but not yet Motor ears and cycles .. 3,734 16 0 invested .. .. 49,251 I 11 -— 26,458 12 7 Amount specially invested Stationery, stores, &c. .. .. 5,548 13 9 on behalf of certain Stocks, bonds, and debenestates and funds .. 2,229,482 5 1 tures— 18,480,515 19 3 Government securities .. 999,453 19 6 Sundry creditors .. .. 134,838 13 0 Land Settlement Finance Reserve for income-tax .. 18,725 9 7 Act debentures .. 50,192 0 0 Reserve in respect of enemy- Local bodies'debentures 4,549,576 8 7 property moneys .. 60,624 8 4 5,599,222 8 1 Special reserve for securities 15,000 0 0 Mortgages, &c.— General Legal Expenses Mortgages .. .. 9,667,079 9 8 Account .. .. 6,903 4 0 Advances for protection Investment Fluctuation Ac- of securities in possession 2,783 0 0 count .. .. 95,142 19 10 9,669,862 9 8 196,396 2 3 Properties acquired .. 72,289 13 10 Assurance and Reserve Less reserve .. .. 20,790 0 0 Fund .. .. -. 403,637 7 10 51,499 13 10 Advances (on overdraft) to estates and accounts, &c. .. 315,203 9 4 Interest and rent accrued due and overdue— Interest accrued up to 31st March, 1924, but not yet due, and interest overdue .. .. 271,215 10 2 Rent due or accrued .. 269 12 3 271,485 2 5 Sundry debtors .. .. .. 13,363 12 11 Cash and deposits— Cash in hand and on current accounts in New Zealand* .. .. 665,528 13 7 Cash in hand and on current account in London 21,834 14 4 Cash on deposit in London 7,061 16 5 694,425 4 4 Carried forward .. .. .. 19,215,388 2 4 Carried forward .. 16,985,905 17 3 ♦ Includes an amount of £612,104 received on 31st March, 1924.