8.—15 a.

1902. NEW ZEALAND.

ASSETS REALISATION BOARD: BALANCE-SHEET FOR THE YEAR ENDED 31st MARCH, 1902, STATEMENT OF REALISATIONS, STATEMENT OF RECEIPTS AND EXPENDITURE, AND GENERAL MANAGER'S REPORT ON OPERATIONS FOR THE YEAR.

Laid before Parliament in pursuance of Section 23 of " The Bank of New Zealand and Banking Act Amendment Act, 1898."

I, Alexander Macintosh, the Auditor appointed under " The Bank of New Zealand and Banking Act, 1895," to audit the accounts of the Assets Eealisation Board, do hereby certify : — (1.) That I have carefully examined the attached balance-sheet marked " A," and initialled by me, and the attached statement marked " B," and initialled by me, and the accounts and other material whereon the same are based. (2.) That the said balance-sheet and statement are correct in every particular, and truly and fully set forth the position of the Board at the date thereof, subject to the following observations: (a) All assets in the shape of landed property are taken at book value, (b) live and dead stock on the General Manager's valuation ; (c) the amount shown to credit of Profit and Loss Account is not a cash balance available for distribution, but is to a certain extent an adjustment of stock and produce values to correspond with market prices of the day. A. Macintosh, Wellington, 11th July, 1902. Chief Auditor.

A.—Balance-sheet at 31st March, 1902

Liabilities. 3J-per-cent. debentures £ s. d. £ s. d. issued .. .. 2,680,285 6 9 Since redeemed .. 330,285 6 9

Balance outstanding .. .. 2,350,000 0 0 Produce Advance Account, — Drafts drawn against shipments .. 32,492 0 0 Bank of New Zealand, — Including station overdrafts and credits .. .. .. 32,352 8 7 Profit and Loss Account .. .. 13,592 7 7

Total .. £2,428,436 16 2

Assets. £ s. d. £ s. d. Stations, per schedule 1,389,750 0 11 Other freeholds .. 260,998 12 6 Other properties .. 155,086 1 6 Amount paid in excess of Mr. Hean's valuation .. 54,507 0 0

1,860,341 14 11 Colonial Consignment Company .. 419 16 6 Balances due by purchasers.. .. 281,486 11 3 Realisation Adjustment Account .. 198,866 13 9 Government Debenture Account .. 38,500 0 0 Accrued Revenue Account .. .. 4,383 6 3 Cash Account .. .. .. 60 13 5 Suspense Accounts .. .. 2,307 12 6 Produce Consignment Account .. 41,946 0 0 Accident Insurance Acoount .. 124 7 7 £2,428,436 16 2

Wβ hereby certify that we have carefully examined the foregoing balance-sheet and statement, and also the accounts and other material whereon they are based, and that such balance and statement are correct in every particular, and truly and fully set forth the position of the Board at the date thereof. W C. Cuff, Accountant. Gbo. Todd, Chairman. Wellington, 11th July, 1902. A. M. Waltee G. Fosibh, General Manager.

B.—Profit and Loss Account, Twelve Months ending 31st Makch, 1902.

£ s. d. Land-tax .. .. £7,735 6 2 General oharges .. 4,056 1 7 11,791 7 9 Interest, Bank of New Zealand .. 551 13 4 Interest on debentures .. .. 82,826 10 10 Revenue accrued —Reversal entry, 31st March, 1901 .. .. .. 2,838 11 1 Exchange Account .. .. .. 617 1 Balance .. .. .. t. 13,592 7 7 £111,607 7 8

£ s. d. Balance, 31et March, 1901 .. .. 25,878 7 3 Net profit on stations .. .. 21,927 11 2 Revenue from freeholds and other properties,— Rent .. .. £2,337 1 0 Interest .. .. 8,012 19 3 10,350 0 3 Deduct expenditure on account of properties .. 931 17 3 9,418 3 0 Revenue accrued .. .. .. 4,383 6 3 Bank of New Zealand, payment in terms of Act .. .. ... .. 50,000 0 0 £111,607 7 8 Contingent Asset. Amount outstanding at 31st March, 1902, £ s. d. and due by Bank of New Zealand .. 50,000 0 0 Amounts previously received under this head .. .. .. .. 300,000 0 0 £350,000 0 0

W, C. Cuff, Accountant,

G. T. W. G. P. A.M.