B.—l FPT. IY, Sup.l .

The balance-sheet has been, compared with the various supporting books, vouchers, and documents, and found to correspond therewith, but in the opinion of the Audit Office the Depreciation Reserve Account cannot be accepted as complying with the provisions of section 10, State Supply of Electrical Energy Act, 1917, which requires the establishment of a depreciation fund, and there is also no authority of law for the charging against Net Revenue Account of interest in respect of Depreciation Reserve moneys.— J. H. Fowler, Deputy Controller and Auditor-General.

LAKE COLERIDGE HYDRO-ELECTRIC-POWER SUPPLY— continued. Balance-sheet at 31st March, 1925— continued.

21

1923-24. Liabilities 1921-25. 1923-24. Assets. 1924-25. : • j 1 £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. 977,701 18 5 Brought forward .. .. .. 1,096,261 0 0 643,806 6 0 Brought forward .. .. .. .. 750,794 13 6 Primary distribution — 7,021 16 1 Supply cables —Christehurch City .. 7,021 16 1 4,889 19 10 Christehurch Tramways.. 4,889 19 10 7,015 3 8 Lyttelton .. .. 7,097 13 1 18,997 4 11 Northern .. .. 19,168 19 6 11,886 15 6 Southern .. .. 11,281 7 4 4,045 9 5 Motukarara .. .. 4,046 14 1 1,613 19 10 Hororata- Darfield 4,712 10 9 —Hororata .. .. 4,961 11 3 8,265 8 9 Ashburton .. .. 8,863 1 8 9,984 1 6 Timaru .. .. .. 12,378 10 10 622 9 9 Lightning-arresters .. .. .. 622 9 9 300 4 5 Took and equipment .. .. .. 300 4 5 ' 1,516 12 8 Alterations to public telegraph-lines .. 1,516 12 8 82,149 0 6 80,871 17 1 Secondary distribution — 22,807 15 9 Supply cables and reticulation .. .. 15,432 8 3 26.689 19 7 Local substations .. .. .. 26,141 16 1 M 41,574 4 4 49,497 15 4 9,329 2 10 Service transformers and meters .. .. .. 8,910 7 3 6,865 16 4 Motor-cars, lorries, and cycles, &c. .. .. .. 7,171 4 8 102 9 4 Test-room equipment .. .. .. . ■ 107 9 4 11,415 9 4 Loose tools, plant, and equipment .. .. .. 14,870 18 10 1,729 3 9 Public telephones to the lake .. .. .. 1,729 3 9 Telephones to Christehurch City Council and 173 19 1 Tramway Board and local offices.. .. .. 173 19 1 250 3 10 Christchuroh office —Furniture and fittings .. .. 252 16 9 Engineering, office, and general expenses on 28,288 0 11 preliminary surveys and during construction .. 32,444 1 7 1 Salaries of Engineers and others on preliminary 27,646 16 10 surveys and during construction .. .. .. 31,796 19 2 32,823 19 1 Interest during construction .. .. .. 36,515 3 10 892,800 19 9 1,008,490 18 1 41,471 10 0 Stocks of material, &c., on hand at date .. .. 46,695 5 11 Telephone subscriptions, fire insurance, &c., 141 13 1 paid in advance .. .. .. .. 136 8 4 Sundry debtors — 20,115 6 0 For current, rent, work carried out, &c. .. .. 22,837 3 0 Amount misappropriated by clerk in Christchurch office .. .. .. .. .. 362 5 10 j 954,529 8 10 1,078,522 1 2 Balance from Profit and Loss Appropriation 23,172 9 7 Account .. .. .. .. .. 17,738 18 10 £977,701 18 5 £1,096,261 0 0 £977,701 18 5 £1,096,261 0 0