B.—l [PT. IV].

DEPARTMENT OF AGRICULTURE. NAURU AND OCEAN ISLANDS ACCOUNT. Revenue Account foe the Yeae ended 31st Maech. 1939. Dr. £ S. d. Or. • £ s. d. Interest on debentures .. .. .. 11,520 18 0 Annual payment from British Phosphate CommisAdministration and management charges .. 534 9 9 sion (in sterling) .. .. .. 35,848 11 2 Audit fee .. .. .. .. .. 500 Exchange on annual payment .. .. .. 8,603 13 1 Balance to Appropriation Account .. .. 32,391 16 6 £44,452 4 3 £44,452 4 3 Appeopeiation Account foe the Yeae ended 31st March, 1939. Dr. £ s- d. Cr. £ s. d. Redemption of debentures .. .. .. 32,150 0 0 Balance, Ist April, 1938 .. .. .. 24,374 6 6 Balance, 31st March, 1939 .. .. .. 24,616 3 0 Revenue Account .. .. .. .. 32,391 16 6 £56,766 3 0 £56,766 3 0 Balance-sheet as at 31st Maech, 1939. Liabilities. £ s. d. Assets. £ s. d. Capital: Debentures at 3i per cent. .. .. 317,850 0 0 Share (16 per cent.), Nauru and Ocean Islands Interest accrued but not due .. .. .. 2,285 18 1 phosphate rights (at cost) .. . . .. 565,040 0 0 Reserve Account .. .. .. .. 247,190 0 0 Proportion of annual payment from British PhosAppropriation Account .. .. .. 24,616 3 0 phate Commission accrued but not due .. 26,886 8 5 Cash— £ s. d. Loans Redemption Account .. 10 2 5 Deposits: Miscellaneous .. 510 3 15 12 8 £591,942 1 1 £591,942 1 1 Notes. (1) New Zealand's share of the profits earned by the Commission has been used for capital developments, but is not included in these accounts ; (2) the accounts of the British Phosphate Commission for the year ended 30th June, 1938, are published herewith. L. C. Scott, Accountant. I hereby certify that the Revenue 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, subject to the departmental notes enfaced thereon.—J. 11. Fowlee, Controller and Auditor-General. THE BRITISH PHOSPHATE COMMISSIONERS. Teading Account foe the Year ended 30th June, 1938. Dr. £ Or. £ F.o.b. cost of phosphate, including interest on capital, Phosphate sales and sundry credits, less freight and contribution to a sinking fund for the redemption of insurance, &c. .. .. .. .. .. 944,068 capital, and other charges in accordance with Article 11 of the agreement of the 2nd July, 1919 .. . ■ 940,059 Balance .. .. •• •• •• •• 4,009 £944,068 £944,068 £ £ Balance carried forward ■. ■. •. • • 15,024 Balance brought forward at Ist July, 1937 .. .. 11,015 Balance for year ended 30th June, 1938 .. .. 4,009 £15,024 £15,024 Balance-sheet as at 30th June, 1938. Liabilities. £ Assets. £ United Kingdom Government .. .. .. 1,325,343 Nauru and Ocean Island phosphate rights, buildings and Commonwealth Government .. .. 1,325,343 plant, ships, investments and deposits, less reserves New Zealand Government .. •• •• 504,893 for depreciation and other charges in accordance — with Article 11 of the agreement of the 2nd July, 1919 3,174,395 3,155,579 Sundry debtors and phosphate on consignment .. 516,722 Sinking fund for redemption of capital .. .. 375,921 Voyages in progress .. .. .. 20,694 Sundry creditors and outstandings .. .. 629,556 Phosphate and goods in transit .. .. .. 168,425 Trading Account balance.. .. •• •• 15,024 Stocks at Nauru, Ocean Island, and elsewhere .. 244,293 Cash at banks and in hand .. .. .. 51,551 £4,176,080 £4,176,080 We have examined the foregoing Balance-sheet with the books and vouchers of the British Phosphate Commissioners and the audited accounts from London. We have accepted the certificates of officers of the Commissioners for the valuation of the stocks. We have obtained all the information and explanations we have required. In our opinion the Balance-sheet is properly drawn up so as to exhibit a true and correct view of the state of the Commissioners' affairs according to the best of our information and the explanations given to us and as shown by the books of the Commissioners. Kent, Beieeley, and Sully, Chartered Accountants (Aust.), Auditors.

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