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EXHIBIT "C." THE STERLING INVESTMENTS CO. (N.Z.), LTD. Balance-sheet as at 28th February, 1934. Liabilities. Assets. £ s. d. £ s. d. £ s. d. £ s. d. Capital, nominal .1 .. .. 50,000 0 0 Farms and Farmlets, Ltd. .. .. 21 8 6 Less— Stock Exchange Corporation of New Unallotted .. .. .. 28,993 0 0 Zealand .. .. .. .. 912 18 6 Uncalled .. .. .. 18,636 6 0 C. G. Alcorn .. .. .. .. 100 0 0 —47,629 6 0 T.A.Hyde .. .. .. .. 25 0 0 ■ Alcorn and McArthur .. .. ... 23 10 0 2,370 14 0 Liberty Motors Corporation, Ltd .. .. 365 0 0 Creditors British National Investment Trust, N.Z. Redwood Forests, Ltd. .. 300 0 0 Ltd. .. .. .. .. .. 2,139 4 6 British National Trust, Ltd. ..44,879 0 4 Sundry debtors (interest accrued) .. .. 621 0 0 Investment Executive Trust of N.Z. Shareholders' Trust, Ltd. .. .. 814 3 3 N.Z. Ltd. .. .. .. 4,270 0 0 N.Z. Redwood Forests, Ltd. .. .. 2,173 14 4 49,449 0 4 Mclnness and Co., Ltd. .. .. .. 5 0 0 Afforestation Underwriters Co., Ltd. .. 19 1 8 Industrial and Agricultural Research Co. .. .. .. •• 26 10 6 Southern British National Trust, Ltd. .. 39 10 0 Transport Mutual and General Insurance Co., Ltd. .. .. .. 50 0 0 Financial Publications, Ltd. .. .. 5,446 0 0 Taihape Borough Council debentures .. 4,270 0 0 N.Z. Shareholders Trust (shares) .. .. 877 18 0 Investment Executive Trust of N.Z., Ltd. (debentures and shares) .. .. 20,481 17 4 Loans (as per schedule) .. .. .. 9,654 14 9 Cash — India .. .. .. 497 3 10 Auckland .. .. .. 765 12 7 1,262 16 5 Profit and Loss Account (loss) .. 3,186 19 1 Less profit to Ist September, 1932 696 12 6 2,490 6 7 £51,819 14 4 £51,819 14 4 Profit and Loss Account. £ s. d. £ s. d. General expenses .. .. • ■ • • 965 12 1 Exchange .. .. .. .. .. 242 4 3 Interest .. .. 6,013 19 2 N.Z. Redwood Forests, Ltd. : Debenture sales .. 997 410 Interest received British National Trust, Ltd. .. 1,512 15 3 Interest — Accrued .. .. . ■ .. . • 621 0 0 Received (sundry) .. .. .. .. 381 3 7 Profits on sale of assets to Wynwood Investments, Ltd 38 4 3 Loss 3,186 19 1 £6,979 11 3 £6,979 11 3

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