B.—l [PT. IV].

GOVERNMENT LIFE INSURANCE DEPARTMENT. Revenue Account op the Government Life Insurance Department for the Year ended 31st December, 1938. £ s - d. £ s. d. Amount of funds at Ist January, 1938 10,349,248 6 5 Death claims under assurance policies, Renewal premiums—Assurance, annu- including bonus additions .. 221,198 1 0 ity, and endowment, less reinsurance Endowment assurances matured, inpremiums .. .. .. 665,590 3 1 eluding bonus additions .. .. 524,236 1 0 New premiums (including instalments Endowments matured .. .. 13,049 5 0 of first year's premiums falling due Premiums returned on endowments .. 703 0 0 in the year) less reinsurance premiums 70,180 10 11 Bonuses surrendered for cash .. 7,728 0 5 Single premiums—Assurance and en- Annuities .. .. .. 35,392 6 6 dowment .. .. .. 66,459 14 4 Surrenders .. .. .. 39,875 12 11 Consideration for annuities .. .. 22,999 3 3 Loans released by surrender .. 45,495 16 2 Interest, rent, and other £ s. d. £ s. d. income .. .. 465,394 6 2 Commission, new .. 53,089 15 4 Less property expenses 3,231 18 9 Commission, renewal .. 5,781 19 0 462,162 7 5 58,871 14 4 Contribution to Public Service Superannuation Fund .. .. 681 18 2 Land and income tax .. .. 36,280 11 7 £ s. d. Expenses of management— Salaries .. .. 41,419 410 Extra clerical assistance .. .. 432 9 8 Medical fees and expenses .. .. 2,719 0 6 Travelling-expenses 751 12 3 Advertising .. 552 5 3 Printing and stationery .. .. 1,621 8 4 Rent .. .. 5,817 3 4 Postage and telegrams .. .. 1,872 4 5 Exchange .. 43 0 9 Audit fees .. 325 0 0 General expenses .. 6,908 19 1 Services rendered by Government Actuary .. .. 3,244 10 2 — 65,706 18 7 Property depreciation .. .. 1,671 13 1 Transfer to Investment Fluctuation Reserve Account .. .. 10,000 0 0 Amount of funds, 31st December, 1938 10,575,749 6 8 £11,636,640 5 5 £11,636,640 5 5 Balance-sheet of the Government Life Insurance Department on 31st December, 1938. Liabilities. £ s. d. Assets. £ s. d. Total assurance, annuity, and en- Loans on policies .. .. .. 1,240,173 17 3 dowment funds (as per Revenue New Zealand Government securities .. 2,532,861 0 0 Account) .. .. .. 10,575,749 6 8 Loans to local bodies .. .. 1,759,580 6 6 Claims admitted, proofs not yet Landed and house property .. 453,057 15 1 completed .. .. .. 51,058 13 9 Landed and house property (leasehold) 1,029 18 4 Annuities .. .. .. 266 14 8 Mortgages on property .. .. 4,721,757 12 6 Medical fees .. .. .. 403 4 0 Properties acquired by foreclosure .. 38,298 10 7 Premium and other deposits .. 16,806 8 1 Overdue premiums on £ s. d. Sundry creditors .. .. .. 5,147 11 9 policies in force .. 4,743 16 6 Accident and Fidelity Fund .. 5,000 0 0 Outstanding premiums Investment Fluctuation Reserve .. 399,044 18 7 due but not overdue 53,659 2 8 Sinking funds on local £ s. d. 58,402 19 2 body loans .. 1,667 8 8 Overdue interest .. 16,848 11 10 Interest accrued thereon 20 4 3 Outstanding interest 1,687 12 11 due but not overdue 12,800 0 9 Interest accrued but not due .. .. 99,696 8 9 129,345 1 4 Sundry debtor .. 2,219 12 3 Income-tax paid in advance .. 33,000 0 0 Office furniture and fittings .. 3,296 18 10 Cash in hand and on current account 82,140 18 7 £11,055,164 10 5 £11,055,164 10 5 W. E. Arnold, Commissioner. J. W. Macdonald, Secretary. 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.—J. H. Fowler, Controller and Auditor-General.

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