PUBLIC TRUST OFFICE (ACCOUNTS OF THE) FOR THE YEAR ENDED 31st MARCH, 1928.

Appendix to the Journals of the House of Representatives, 1928 Session I, B-09a

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1928. NEW ZEALAND.

PUBLIC TRUST OFFICE (ACCOUNTS OF THE) FOR THE YEAR ENDED 31st MARCH, 1928.

Laid before the General Assembly in pursuance of Section 27 of the Public Trust Office Amendment Act, 1021-22.

The Controller and Auditor-General to the Hon. the Minister of Finance. Sir, — The Audit Office, Wellington, 20th September, 19*28. I have the honour, in accordance with the provisions of Section 27 of the Public Trust Office Amendment Act, 1921-22, to transmit to you the attached balance-sheet of the Public Trust Office for the year which ended on 31st March, 1928, and to report that it has been examined and found correct. I have, &c., G. F. C. Campbell, The Hon. the Minister of Finance, Wellington. Controller and Auditor-General.

Public Trust Office. —Balance-sheet as at 31st March, 1928. Liabilities. \ Assets. £ s. d. £ s. d. j £ s. d. £ s. d. Amounts held in Common ! Freehold and leasehold preFund for sundry estates mises and sites .. .. 444,019 It) 0 and funds .. .. 20,251),728 5 1 j Furniture and plant, &o. .. .. 36,544 19 7 Amount held for special ' Stationery and stores, &o. .. 5,659 14 0 investment on behalf of '■ (Stocks, bonds, and debencertain funds, but not yet ' tures — invested .. .. 37,51481 Government securities .. 1,332,399 17 1 Amount specially invested Land Settlement Finance on behalf of certain es- Act debentures .. 38,500 0 0 tates and funds .. 8,188,198 19 5 , Local bodies'debentures 6,722.129 19 4 28,485,441 12 7 8,093,029 16 5 Sundry creditors, including Mortgages, &c. .. .. 11,744.912 17 5 accounts passed for pay- Less reserve .. .. 56,333 10 10 ment but not yet paid .. .. 157,876 16 9 11,688,579 6 7 Overdraft—Bank of New Advances for protection of Zealand, Wellington .. .. 59,364 7 5 securities acquired or in Reserve for income-tax .. 3,213 15 5 possession, &c. .. .. 15,169 3 2 Reserve in respect of enemy- Properties acquired .. 163,854 5 11 property moneys .. 82,805 1 4 Less reserve .. .. 32,983 3 4 Special reserve for securities 15,000 0 0 130,871 2 7 General Legal Expenses : Advances (on overdraft) to Account .. .. 12,960 11 4 estates and accounts.. 368,383 9 7 Investment Fluctuation Ac- Less reserve .. .. 1,931 3 7 count .. .. 129,645 9 10 — 366,452 6 0 243,624 17 11 Interest and rent accrued, Assurance and Reserve due and overdue— Fund .. •• 427,346 1 3 Interest accrued up to 31st March, 1928, but not yet due, and interest overdue .. 345,543 9 5 Rent due or accrued .. 589 13 6 346,133 2 11 Sundry debtors .. .. .. 2,624 0 8 I Cash in hand, on current account, and on deposit in New Zealand and in London .. .. .. .. 56,371 6 1 ! Special investments held on behalf of certain estates and funds — ; Government securities .. 812,720 12 10 Local bodies'debentures 2,000,384 9 1 Land Settlement Finance Act debentures . . 4,500 0 0 Private debentures and , shares .. .. 17,852 6 6 Mortgages .. .. 5,310,804 10 7 Mortgage securities acquired .. .. 24,231 15 10 Advances for protection of securities acquired.. 85 14 7 Loans .. .. 964 5 4 Savings-bank accounts .. 318 0 5 Overdue interest on special investments .. 16,337 4 3 8,188,198 19 5 £29,373,653 15 11 £29,373,653 15 11 J. W. Macdonald, Public Trustee. W. Babb, Chief Accountant. ] 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. 6. P. C. Campbell, Controller and Auditor-General.

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Public Trust Office. —Profit and Loss Account for the Year ended 31st March, 1928. £ s. d. £ s. d. £ s. d. To Salaries .. 180,273 19 3 By Commission and other income ..275,544 3 5 Overtime .. .. .. 433 15 9 Service charges— Agents'commission .. 7,517 10 5 Services of High Commissioner .. .. .. 1,150 0 0 Services of General Post Office 714 16 6 9,382 6 11 Audit of books and accounts .. .. 700 0 0 Maintenance of premises and plant— Repairs, insurances, &c. .. .. 3,714 4 6 Rent .. .. .. .. 1,084 17 5 General charges — Advertising .. .. 2,980 15 11 Cleaning, lighting, heating, and power .. .. 4,118 14 4 Legal expenses .. .. 128 19 11 Rates .. .. .. 877 12 6 Miscellaneous payments .. 422 18 3 Postages and freight .. 3,506 15 7 Stamp duty on receipts and cheques .. .. 917 9 0 Telephone subscriptions .. 930 7 3 Printing, stationery, and requisites .. .. 4,489 19 2 Travelling-expenses .. 3,660 18 7 Salaries and expenses of Farm Inspectors .. .. 3,624 13 2 Salaries of custodians and staff .. .. .. 5,700 19 5 31,360 3 1 Depreciation on office premises, furniture, plant, &c. .. .. 14,483 18 6 Contributions to subsidy to Public Service Superannuation Fund .. .. .. 3.005 15 1 Balance, being net profit for year transferred to Appropriation Account .. .. .. 31,105 2 11 £275,544 3 5 £275,544 3 5 J. W. Macdonald, Public Trustee. W. Bark, Chief Accountant. Public Trust Office.—Profit and Loss Appropriation Account for the Year ended 31st March, 1928. £ s- d. £ s . d. To Reserve for income-tax, 1928-29 .. .. 2,800 0 0 By Profit and Loss Account— General Legal Expenses Account .. .. 2,000 0 0 Balance transferred .. .. .. 31,105 211 Balance transferred to Investment Fluctuation Profit on realization of lease .. .. 25 0 0 Account .. .. .. .. 26,330 211 £31,130 2 11 £31,130 2 11 J. W. Macdonald, Public Trustee. W. Barr, Chief Accountant.

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