PUBLIC TRUST OFFICE (ACCOUNTS OF THE) FOR THE YEAR ENDED 31st MARCH, 1941.

Appendix to the Journals of the House of Representatives, 1941 Session I, B-09a

B.—9a.

1941. NEW ZEALAND.

PUBLIC TRUST OFFICE (ACCOUNTS OF THE) FOR THE YEAR ENDED 31st MARCH, 1941.

Laid before the General Assembly in pursuance of Section 27 of the Public Trust Office Amendment Act, 1921-22.

The Controller and Auditor-General to the Hon. the Minister of Finance. Sir, — The Audit Office, 27th June, 1941. 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 Balance-sheet of the Public Trust Office as at the 31st March, 1941, and to advise you that it has been examined and found correct. I have the honour to be, Sir, Your obedient servant, Cyril G. Collins, Controller and Auditor-General.

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PUBLIC TRUST OFFICE. Balance-sheet of the Public Trust Office as at 31st March, 1941. Liabilities. Assets. £ £ £ Amounts held in Common Fund for Freehold and leasehold premises and sites .. 386,963 sundry estates and funds .. .. 24,030,145 Furniture and plant, &c. .. .. .. 33,318 Amounts held for special investment on Stationery and stores, &c. .. .. .. 6,444 behalf of certain funds, but not yet Stocks, bonds, and debeninvested .. .. .. 50,998 tures (book value) — £ £ Amounts specially invested on behalf of Government securities 4,935,545 certain estates and funds .. .. 14,639,800 Plus premiums on 38,720,943 purchase .. 8,972 Sundry creditors, including accounts passed for payment but not yet paid .. 151,422 4,944,517 Writings off, Suspense Account .. . . 43,483 Less reserve for preReserve in respect of enemy property miums on conversion moneys .. .. . . 27,238 and discounts on Reserve for taxation . . .. 586 purchase .. .. 2,934 Special reserve for securities .. 73,964 4,941,583 General Legal Expenses Account .. 7,773 Local bodies' debentures 6,383,234 Investment Fluctuation Account .. 106,602 Less reserve for pre216,163 miums and discounts Assurance and Reserve Fund .. .. 413,71.6 on conversion or Profit and Loss Appropriation Account .. 8,537 purchase.. .. 176,117 6,207,117 11,148,700 Mortgages, &c. (book value) .. 11,636,381 Less reserve .. .. .. 64,236 11,572,145 Advances for protection of securities acquired or in possession, &c. .. .. 73,964 Properties acquired (book value) .. 322,046 Less reserve .. .. .. 601 321,445 Advances (on overdraft) to estates and accounts (book value) .'. .. 649,914 Less reserve .. .. .. 2,660 647,254 Interest and rent accrued, due, and overdue— Interest accrued up to 3.lst March, 1941, but not yet due, and interest overdue .. .. .. 380,414 Rent due or accrued .. .. 271 380,685 Less provision for losses .. 95,760 284,925 Sundry debtors .. .. .. .. 21,727 Assets in Suspense .. .. .. .. 43,483 Cash in hand, on current account, and on deposit in New Zealand and London .. .. .. 367,236 Investment of reserve for mortgages : Mortgages, &c. 6,860 Special investments (book value) held on behalf of certain estates and funds — £ Government securities .. .. 8,774,^80 State Advances Corporation of New Zealand stock .. .. .. 130,000 Local bodies'debentures .. .. 1,705,133 Private debentures and shares .. 57,879 Realty and leasehold .. .. 8,720 Fixed deposits .. .. .. 10,750 Mortgages .. .. .. 3,866,436 Mortgage securities acquired .. 46,059 Advances for protection of securities 620 Financial assistance to mortgagors .. 527 Loans .. .. .. .. 1,857 Savings-banks accounts .. .. 11,629 Overdue interest on special investments .. w .. 25.510 14,639,800 £39,554,264 £39,554,264 E. 0. Hales, Public Trustee. F. Menneer, Chief Accountant. I hereby certify that the balance-sheet and accompanying accounts have been duly examined and compared with the relative books and documents submitted for audit, and correctly state the position as disclosed thereby.— 'Cyril G. Collins, Controller and Auditor-General.

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PUBLIC TRUST OFFlCE—continued. Profit and Loss for the Year ended 31st March, 1941. Dr. £ Cr. £ Salaries .. .. .. .. .. 272,259 Commission, and other income (net) .. .. .. 397,393 Overtime .. .. .. .. 422 Service eharges-— £ Agents' commission .. .. .. 3,285 Services of High Commissioner .. .. 1,260 Services of General Post Office .. .. 896 5,441 Audit of books and accounts .. .. .. 850 Maintenance of premises and plant: Repairs, insurance, &c. 6,066 Rent .. .. .. .. .. .. 2,188 General eharges— ' £ Advertising .. .. .. .. 3,813 Cleaning, heating, lighting, and power .. 6,444 Legal expenses .. .. .. .. 195 Rates .. .. .. .. .. 927 Miscellaneous payments .. .. .. 461 Postages and freight .. .. .. 7,196 Stamp duty on receipts and cheques .. 1,631 Telephone subscriptions .. .. .. 1,874 Printing, stationery, and requisites .. 3,632 Travelling-expenses .. .. 3,437 Salaries and expenses of Farm Inspectors .. 5,074 Salaries of Custodians and staff .. .. 8,900 43,584 Amount written off under section 43, Public Trust Office Amendment Act, 1913 .. . . . . .. 355 Compassionate allowances to dependants of deceased officers .. .. .. .. .. 362 Losses on realization of mortgages and of mortgage securities acquired, and reserve for anticipated losses on mortgages . . .. .. .. .. 23,755 Depreciation on office premises, furniture, plant, &c. .. 16,912 Contribution to subsidv to Public Service Superannuation Fund .. .. .. .. .. .. 3,086 Land-tax .. .. .. .. .. 4,476 New Zealand Centennial Exhibition .. .. .. 46 Reserve for taxation .. .. .. .. 518 Balance, being net profit for year, transferred to Appropriation Account .. .. .. .. .. 17,073 £397,393 £397,393 E. O. Hales, Public Trustee. F. Menneer, Chief Accountant. Profit and Loss Appropriation Account for the Year ended 31st March, 1941. Dr. £ Cr. £ •Consolidated Fund : One-half profits for year ended 31st Balance .. .. .. .. ~ .. 8,489 March, 1940, payable in accordance with section 24 (1) Profit and Loss Account: Balanoe transferred .. 17,073 of the Finance Act, 1929 .. .. .. .. 8,489 Investment Fluctuation Account .. .. .. 8,53.6 Balance .. .. .. .. .. .. 8,537 £25,562 £25,562 £ Balance .. .. ~ . . . . 8,537 E. 0. Hales, Public Trustee. F. Menneer, Chief Accountant.

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