5

H.-8

Revenue Account of the Government Life Insurance Department for the Year ended 31st December, 1929. £ s. d. £ a. d. Amount of Funds at Ist January, 1929 7,582,679 311 Death claims under assurance policies, Renewal premiums — Assurance, An- including bonus additions .. 195,581 11 0 nuity, and Endowment .. .. 567,277 16 2 Endowment Assurances matured, inNew premiums (including instalments eluding bonus additions .. .. 285,731 6 0 of first year's premiums falling due Endowments matured .. .. 11,343 10 0 in the year) .. .. .. 60,778 19 9 Premiums returned on endowments .. 511 18 11 Single premiums—Assurance and En- Bonuses surrendered for cash .. 8,427 14 4 dowment .. .. .. 5,16885 Annuities .. .. .. 23,038 11 9 Consideration for Annuities .. 21,621 14 1 Surrenders .. .. .. 36,498 15 11 Refund of Income-tax for years 1927 Loans released by surrender .. 59,983 5 S and 1928 .. .. .. 10,562 14 8 £ s. d. £ s. d. Commission, new* .. 35,341 10 0 Interest and Rent .. 441,988 12 0 ~ renewal 4,385 11 10 Less land and in- 39,727 1 10 come tax after Contribution to Public Service Superdeducting refund annuation Fund .. .. 717 16 0 (£6,511 ss. 9d.) Expenses of management — for 1929, £20,558 Salaries— £ s. d. 2s. 2d.; property Head Office .. 22,514 9 9 expenses, £3,272 Branch offices and os. 9d. .. 23,830 211 agents .. 12,285 2 1 418,158 9 1 Extra clerical assistance .. .. 2,285 9 3 Medical fees and expenses .. 3,149 3 2 Travelling-expenses 742 10 3 Advertising . . 632 5 10 Printing and stationery .. .. 1,374 18 5 Rent .. .. 5,302 0 7 Postage and telegrams 1,759 17 0 Exchange .. 70 1 7 General expenses .. 3,745 310 53,861 1 9 Property depreciation .. .. 4,300 0 0 Transfer to Investment Fluctuation Reserve Account . . .. 20,000 0 0 Amount of funds, 31st December, 1929 7,926,524 12 11 £8,666,247 6 1 ' £8,666,247 6 1 " " ~ - * Including agents' allowances. —• ~~ Balance-sheet of the Government Life Insurance Department on 31st December, 1929. Liabilities. j Assets. £ s. d. £ s. d. Total Assurance, Annuity, and En- Loans on policies .. .. .. 1,014,921 1 7 dowment Funds (as per Revenue New Zealand Government securities.. 2,273,160 0 0 Account) . . . . 7,926,524 12 11 Rural Advances Bonds .. .. 85,230 0 0 Claims admitted, proofs not yet com- Municipal Corporation debentures .. 231,739 14 9 pleted .. .. .. .. 33,463 17 0 County securities .. .. .. 103,448 011 Annuities .. .. .. 1,128 14 7 Harbour Board debentures .. 28,700 0 0 Commission .. .. . . 933 15 1 Town Board debentures .. .. 31,919 5 8 Medical fees .. .. .. 263 11 0 Road Board debentures .. .. 21,800 0 0 Premium and other deposits .. 6,213 2 0 Drainage Board debentures .. 1,790 2 3 Sundry creditors .. .. .. 8,428 011 Power Board debentures .. .. 700,853 8 0 Accident and Fidelity Fund .. 3,911 18 5 Landed and house property .. 142,251 10 0 Investment Fluctuation Reserve .. 222,895 11. 5 Landed and house property (leasehold) 1,775 9 3 Sinking Funds on Local Body Loans 11,161 7 5 Mortgages on property .. .. 3,365,032 15 10 Properties acquired by foreclosure .. 1,394 9 4 Overdue premiums on £ s. d. policies in force .. 8,290 17 9 Outstanding premiums due but not overdue 56,184 8 0 64,475 5 9 Overdue interest .. 7,193 15 3 Outstanding interest due but not overdue 9,755 0 10 Interest accrued but not due .. .. 107,581 15 11 124,530 12 0 Sundry debtors (including refund of income-tax for 1927, 1928, and 1929) 18,318 16 1 Cash in hand and on current account 3,583 19 4 £8,214,924 10 9 £8,214,924 10 9 A. E. Allison, Commissioner. H. Rose, Secretary. Government Life Insurance Department. The Audit Office, having examined the Revenue Account and Balance-sheet, and compared them with the relative books, documents, and securities, hereby certifies them to be in accordance therewith.—G. F. 0. Campbell, Controller and Auditor-General.