8.—13.

Revenue Accounts for Year ended 31st March, 1940. Interest Account. Dr. £ s. d. Cr. £ s. d. £ s. d. Interest on stock and debentures .. . . 1,497,292 10 10 Interest on mortgages, current Gross income transferred to Profit and Loss accounts, and local-body Account .. .. .. .. 798,379 3 10 securities .. ..2,420,530 7 G Less transferred to General Reserve Fund .. .. 140,865 2 10 ■ 2,279,665 4 8 Rentals: Properties acquired 10,273 10 4 Less miscellaneous expenses thereon .. .. 7,278 1 4 2,995 15 0 • Interest on temporary investments .. .. 1'3,010 15 0 £2,295,671 14 8 £2,295.671 14 8 Profit and Loss Account. T)r. £ s. d. Cr. £ s. d. Management expenses (all inclusive) .. .. 258,106 13 0 Gross income transferred from Interest Account.. 798,379 310 Reserve for losses .. .. .. .. 40,000 0 0 Sundries .. .. .. .. .. 25 0 0 Net income transferred to Appropriation Account 500,207 10 10 £798,404 3 10 £798,404 3 10 Profit and Loss Appropriation Account. Dr. £ s. d. Or. £ s . d. Income and Social Security Tax Reserve .. 50,000 0 0 Net income transferred from Profit and Loss Balance, profits payable to Treasury .. .. 450,207 10 10 Account .. .. .. .. .. 500,207 10 10 £500,207 10 10 £500,207 10 10 Balance-sheet as at 31st March, 1940. Liabilities. Assets. £ s. d. £ s. d. £ s. d. Mortgages and accrued interest .. .. 51,178,923 9 0 Authorized capital .. .. .. 1,000,000 0 0 Securities in course of realization and losses Stock and debentures .. 44,201,150 0 0 chargeable against contingent liability when Accrued interest .. 254,566 14 8 defined .. .. .. .. 616,065 8 0 44,455,716 14 8 Advances on Current Account and accrued Contingent liability to the interest .. .. .. .. 562,830 1 10 Crown .. .. .. .. 9,821,635 1 4 Government and local-body securities and Reserves — accrued interest .. .. .. 6,435,734 511 General Reserve .. 3,613,573 12 11 Fixed assets at cost, less provision for depreReserve for losses on in- eiation : Office furniture, equipment, and vestments .. .. 100,000 0 0 motor-vehicles.. .. .. .. 46,931 19 2 Investment Fluctuation Current assets — £ s. d. Reserve .. .. 120,000 0 0 Sundry debtors .. 8,559 12 5 Reserve for Income and Temporary investment .. 450,000 0 0 Social Security Tax .. 50,000 0 0 Lodgments in transit, cash —■ 3,883,573 12 11 in bank and on hand .. 470,021 18 0 Sundry creditors .. .. .. .. 48,724 0 7 928,581 10 5 liability to the Crown' — Surplus for year .. 450,207 10 10 Interest payable on State's Contribution to General Reserve .. .. 109,209 14 0 559,417 4 10 £59,769,066 14 4 £59,769,066 14 4 R. Robertson, Chief Accountant. A. D. Park, P.1.A.N.Z., F.R.A.N.Z.I , T • . T. N. Smallwood Managing Directors. In accordance with, the provisions of the State Advances Corporation Act, 1936, we report that we have obtained all the information and explanations we have required in respect of the accounts of the Corporation examined by us, and in respect of the above Balance-sheet, which in our opinion is properly drawn up so as to exhibit a true and correct view of the state of the Corporations's affairs according to the best of our information and the explanations given to us, and as shown by the books of the Corporation. L. H. Heslop, Public Accountant t-, R. C. Burgess, Public Accountant f u< 1 ora ' Wellington, N.Z., 19th Juno, 1940.

3 —B. 13.

11