B. —1 [PT. IV], SUP. to 1932.

MARINE DEPARTMENT. WESTPORT HARBOUR ACCOUNT. Income and Expenditure Account foe the Year ended 31st March, 1932. Expenditure. £ s. d. Income. £ s. d. To Dredging.. .. .. .. .. 10,885 9 4 By Special coal rate .. .. .. .. 16,843 13 4 Harbour maintenance .. .. .. 2,247 9 7 Endowment revenue .. .. .. 13,563 8 8 Protective works .. .. .. .. 148 11 3 Port dues .. .. .. .. 3,624 12 10 Working-expense 3 of tug and launch .. 173 5 2 Cape Eoulwind Railway : Revenue .. .. 78 10 3 Cape Eoulwind Railway: Maintenance .. 210 3 8 Sale of quarry refuse .. .. .. 2 0 0 Office administration .. .. . . 1,743 14 2 Sale of surplus stores .. • .. 49 4 5 Endowments : Administration expenses . . 392 12 9 Interest on investments .. .. .. 204 18 1 Audit fees .. .. .. .. 35 15 0 Hire of launch .. .. .. .. 2 0 0 Telephone services .. .. .. 68 0 3 Hire of plant .. .. .. .. 61 17 6 Compensation for accidents .. .. 116 0 7 Rent .. .. .. .. .. 92 6 6 Superannuation subsidy .. .. .. 134 8 7 Miscellaneous receipts .. .. .. 80 1 2 10-per-cent. reduction in salaries and wages, Balance carried down .. .. .. 7,521 14 11 transferred to Consolidated Fund .. .. 1,270 7 0 Combating fire on endowment lands .. 69 0 0 Rebate of royalty on bunker coal for overseas ships .. .. .. .. .. 172 4 3 Depreciation .. .. .. .. 2,528 16 3 Interest on loans .. .. .. .. 21,928 9 10 £42,124 7 8 £42,124 7 8 £ s. d. £ s. d. To Balance brought down .. .. .. 7,521 14 11 By Transfer from Harbour Maintenance Reserve.. 12,200 9 7 Transfer to Sinking Fund .. .. .. 4,678 14 8 £12,200 9 7 £12,200 9 7 Balance-sheet as at 31st March, 1932. Liabilities. Assets. Loan capital— £ s. d. Endowment lands— £ s. d. £ s. d. Westport Harbour Board Act, 1884, and Loan Leased .. ~ .. 33,148- 3 2 Acts, 1896, 1897, and 1900 .. .. 271,264 14 1 Unleased .. .. .. 22,460 1 0 Westport Harbour Board Loan Act, 1908 .. 125,898 0 8 55,608 4 2 Finance Act, 1921, section 4 .. .. 83,884 16 1 Breakwaters .. .. .. .. 344 332 15 3 Training-walls .. .. .. .. 102,998 0 0 481,047 10 10 Limestone quarry .. .. .. .. 128 0 0 Endowment capital .. .. .. .. 55,608 4 2 Protective works and relief channel .. .. 17,384 9 0 Sinking Fund Reserve .. .. .. 157,102 10 9 Gridiron .. .. .. .. .. 2,196 0 0 Depreciation Reserve .. .. .. 30,729 17 7 Dredge wharf .. .. .. .. 2,790 0 0 General Reserve .. .. .. .. 12,705 17 8 Martin's Island .. .. .. .. 700 0 0 Harbour Maintenance Reserve .. .. 2,034 11 9 Harbour buildings .. .. .. .. 4,619 0 0 Writings-off Reserve Account.. .. .. 252 14 11 Dredges, tug " Mana," plant, &c. .. .. 43,601 14 11 Payments in advance .. .. .. 459 13 11 Cape Foulwind Railway .. .. .. 8,250 19 6 Survey costs, Suspense Account .. .. 470 15 0 Stock and stores .. .. .. .. 6,860 1 4 Creditors — Survey charges: Endowment lands .. .. 470 15 0 Consolidated Fund for interest on £ s. d. Debtors— £ s. d. loans .. .. .. 9,014 11 2 Accrued revenue .. .. 4,032 1 3 Accrued interest .. .. 3,482 11 5 Departmental .. .. 64 18 8 Departmental .. .. 458 19 6 Sundry .. .. .. 1,516 6 2 Sundry .. .. .. 18 5 3 5,613 6 1 12,974 7 4 Sinking Fund investments .. .. .. 157,102 10 9 Writings-off, Suspense Account .. .. 252 14 11 Cash in Public Account .. .. .. 477 13 0 £753,386 3 11 £753,386 3 11 J. E. Engel, A.R.A.N.Z., Accountant. I hereby certify that the Income and Expenditure Account and Balance-sheet have been duly examined and compared with the relative books and documents submitted for audit, and correctly state the position as disclosed thereby. The following comments are appended : (1) The Audit Office is of opinion that there is no authority of law for the inclusion of a charge for interest and sinking fund on £8,250 19s. 6d., the outstanding capital liability for the Cape Foulwind Railway line transferred from the Government Railway Account during the year 1931-32. (2) The value of the Cape Foulwind Railway was written out of the Railway Accounts at £93,450, and is brought into the Westport Harbour Account at £8,250 19s. 6d. This latter figure represents the outstanding liability of the original loan. The contribution of the Sinking Fund instalments having been made from Consolidated Fund. The Audit Office is of opinion that the asset should be shown at its full value, and a liability raised to Consolidated Fund for the difference.—G. F. C. Campbell, Controller and Auditor-General. Treasury Note.—The original value of the Cape Foulwind Railway as shown in the books of the Railway Department amounted to £93,450, which was the cost of the line on which work was commenced in 1887. The present value of the line is very small, and it is considered it should not be brought into account at a value of more than £8,250 19s. 6d., which is the amount of the outstanding liability of the original loan. The balance of the cost has been paid off out of sinking fund. The line is now used mainly for the purpose of conveying stone for the breakwater.—G. C. Rodda, Acting-Secretary to the Treasury, 21st February, 1933.

127