H—44b

THE LINEN FLAX CORPORATION OF NEW ZEALAND— continued Balance-sheet as at 31st December, 1948 (Figures to the nearest pound) Liabilities £ Fixed Assets * £ £ Capital .. .. .. .. .. .. 190,000 Land and buildings .. .. .. .. 68,047 Reserve: Workers' accident insurance .. .. .. 2,285 Plant and motor-vehicles .. .. .. 50,754 Sundry creditors (including liability to Treasury on account assets 118, 801 being realized, £79,544) .. .. . . .. 117,788 Current Assets Bank .. .. .. .. .. .. 28,828 Sundry debtors .. , .. .. .. .. 33,542 \ Stocks of fibre, tow, meal and seed, stores, and work in progressf .. .. .. .. .. 115,390 177,760 Intangibles Research expenditure .. .. .. .. .. 7,041 Profit and Loss Appropriation Account .. .. .. 4,542 £ Fire Loss Adjustment Account .. .. .. 11,795 Less insurance reserve on buildings and contents .. 9,866 1,929 £310,073 £310,073 * Fixed assets are at valuations in accordance with the Linen Flax Corporation Act, 1945, plus additionsless annual depreciation (3 per cent, on buildings, 10 per cent, on plant 20 per cent, on motor-vehicles). f Work in progress has been valued conservatively at open and close of financial year by including straw stocks at cost plus direct wages only. 14th July, 1949. F. Johnson, Chairman of Directors. H. D. McCrostie, General Manager. I hereby certify that the statement of accounts 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.— J. P. Rutherford, Controller and Auditor-General.

By Authority: E. E. Owen, Government Printer, Wellington.— 1949. Price 6d.]

Approximate Cost of Pape>.—Preparation, not given ; printing (789 copies), £l2 10s.

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