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Revenue Accounts for the Year ended 31st March, 1945 Interest Account Dr. £ Cr. Interest on stock and debentures .. .. .. 1,612,260 Interest on mortgages and current accounts .. 1,7£ Interest on General Reserve Fund investments — Interest concessions on rehabilitation advances : Paid Payable on State's contribution.. .. .. 106,330 from War Expenses Account .. .. .. 3 Credited to General Reserve Fund .. .. 43,212 Interest on Government and local-body securities and. Gross profit transferred to Profit and Loss Account .. 427,756 on temporary investments .. .. .. 36 £2,189,558 £2,18 Profit and Loss Account Dr. £ Cr. Mangement expenses .. .. .. •• 212,416 Gross profit, transferred "from Interest Account .. 42 Administration of rehabilitation advances from War £ Expenses Account (business, tools of trade, furniture, Rentals : Properties acquired .. .. 1,357 and miscellaneous loans) .. .. .. . • 30,207 Less miscellaneous expenses thereon .. 405 War-damage insurance .. .. . ■ •• 9,026 Reserve for losses : Ex-State .. •• 20,000 Net profit, transferred to Appropriation Account .. 157,059 £428,708 £42 Profit and Loss Appropriation Account Dr. £ Cr. Reserve for taxes .. .. .. .. . • 152,000 Net profit, transferred from Profit and Loss Account .. 15 Balance: profits payable to Treasury .. .. 5,059 £157,059 £15 Balance-sheet as at 31st March, 1945 Liabilities £ Assets Authorized capital .. .. .. . • 1,000,000 Mortgages and accrued interest .. .. .. 43,99 £ Securities in course of realization .. .. .. 23 Stock and debentures .. .. 47,722,590 Advances on current account and accrued interest .. 23 Accrued intorest .. .. 254,700 Government and local-body securities and accrued 47,977,290 interest .. .. .. .. ..10,52 General Reserve, including (a) £2,753,164 repayable to Office furniture, equipment, and motor-vehicles, at the State under section 35 of tho State Advances cost, less depreciation .. .. .. .. 1 Corporation Act, 1934-35; (b) contribution from Current assets — £ War Expenses Account of £73,316 in respect of re- Sundry debtors .. . . . . 104,746 habilitation advances .. .. .. .. 3,949,079 Temporary investments, including accrued Specific reserves — interest .. . . .. .. 400,830 Reserve for losses — £ Lodgments in transit, cash in bank and on Ex-State .. .. .. 2,301,365 hand .. .. .. .. 486,067 New business . . . . 279,745 9S Investment Fluctuation Reserve 120,000 Reserve for taxes .. .. 152,798 2,853,908 Sundry creditors .. .. .. •• 107,267 Liability to the Crown— Surplus for year .. .. 5, 059 Interest payable on State's contribution to General Reserve .. .. 106,330 111,389 £55,998,933 £55,9 i W. G. Dent, 8.C0m., A.R.A.N.Z., for Chief Accountant. A. D.Park, F.LA.N.Z., F.R.A.N.Z.\ m . TV , T. N. Smallwood J» Managing Directors In accordance with the provisions of the State Advances Corporation Act, 1936, we report that we obtained all the information and explanations we have required in respect of the accounts of the Corpoi examined by us and in respect of the above Balance-sheet, which, in our opinion, is properly drawn up so exhibit a true and correct view of the state of the Corporation's affairs according to the best of our inforir and the explanations given to us and as shown by the books of the Corporation. Wellington, N.Z., 30th May, 1945. R. C. Burgess, F.P.A.N.Z. G. D. Stewart, F.P.A.N.Z./

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