B.—l [PT. IV

16

DISCHARGED SOLDIERS SETTLEMENT ACCOUNT—continued. Balance-sheet as at 31st March, 1929—continued. Liabilities. Assets. £ s. d. £ s. d. Brought forward .. .. 20,808,671 10 5 Brought forward .. .. 16,838,911 19 6 Per contra— Accumulated losses written oif under section 22, Finance Act, 1927 (No. 2)— Revenue Account— Loss £ s. d. to 31st March, 1928.. 1,652,443 17 4 Reserve Account — Losses on abandoned properties, &c. .. 750,000 0 0 Revaluation reductions, Sc. .. .. 1,422,315 13 7 Charges and expenses of raising loans .. 145,000 0 0 3,969,759 10 11 £20,808,671 10 5 £20,808,671 10 5 J. B. Thompson, Under-Secretary for Lands. J. H. O'Donnell, Controller of Accounts. I hereby certify that the Revenue Account and Balance-sheet have been duly examined and compared with tin relative books and documents submitted for audit, and correctly state the position as disclosed thereby. The following comments are appended : — 1. The only assets verified are cash in Public Account, imprests outstanding, investments and interest accrued on investments, and the only liability that for debenture loans. 2. There is no statutory authority under section 22 of the Finance Act, 1927 (No. 2), for writing off to Reserve Account, Revaluation Board reductions, remissions, and Revenue Account losses, amounting to £388,879 15s. 6d., determined subsequent to the sth December, 1927, the daite of the passing of that Act. The Treasury advises that this will be remedied by legislation. 3. The accounts do not include a charge for interest for the period from 31st March, 1928, to 31st March, 1929, on the sum of £1,050,000 by which the capital was reduced under the authority of section 22 of the Finance Act, 1927 (No. 2). This position has arisen through a claim that the authority for the writing-off of the amount in question should be antedated to 31st March, 1928. The certified Balance-sheet for the year 31st March, 1928, does not show such amount as written off at that date. —J. H. Fowler, Deputy Controller and Auditor-General. DISCHARGED SOLDIERS SETTLEMENT LOANS ACT 1920 DEPRECIATION FUND ACCOUNT. (Established under Section 7, Discharged Soldiers Settlement Loans Act, 1920.) Income and Expenditure Account for the Year ended 31st March, 1929. Expenditure. £ s. d. Income. £ s. d. To Excess of income over expenditure .. .. 19,137 0 5 By Interest on investments .. .. .. 19,137 0 5 £19,137 0 5 £19,137 0 5 Balance-sheet as at 31st March, 1929. Liabilities. Assets. £ s. d. Accumulated fund— £ s. d. £ s. d. Investments .. .. .. .. 457,525 0 0 Balance as at 31st March, 1928 422,462 14 3 Interest accrued on investments .. .. 5,832 4 1 Add — Interest due and unpaid on investments .. 119 0 Transferred from Consolidated Cash in Public Account .. .. .. 27,151 4 1 Fund .. .. .. 50,000 0 0 Excess of income over expenditure for year ended 31st March, 1929 .. 19,137 0 5 491,599 14 8 Less — Redemptions in terms of section 7, Discharged Soldiers Settlement Loans Act, 1920 1,079 17 6 490,519 17 2 £490,519 17 2 £490,519 17 2 A. D. Park, F.1.A.N.Z., F.R.A.N.Z., Accountant to the Treasury. I hereby certify that the Income and Expenditure 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. —G. F. C. Campbell, Controller and Auditor-General.