8.—6.

Table No. 11. Statement showing how Accumulated Surpluses have been applied.

£ £ By Transfers to — £ £ To Accumulated surpluses at 31st March, 1932 30,395,817 Discharged Soldiers Settlement Account— Surplus for financial year, 1932-33 .. 40,142 1920-21 .. .. .. .. 13,330,000 30,435,959 1921-22 .. .. .. .. 170,000 Less— Ordinary revenue— 13,500,000 To balance revenue and expenditure— Less— £ Written off on account £ 1921-22 .. .. 279,831 of revaluations ..2,650,000 1928-29 .. .. 577,252 Transferred to Ordinary 1930-31 .. .. 1,639,111 Revenue Account—^ 1931-32 .. .. 278,601* 1931-32 .. .. 350,000 2,774,795 1932-33 .. .. 250,000 Written off or retransferred to Ordinary 3,250,000 Revenue Account, as per contra — 10,250,000 Discharged Soldiers Settle- Discharged Soldiers Settlement Loans Act ment Loans Act 1920 De- £ 1920 Depreciation Fund Account — preciation Fund Account 200,000 1920-21 .. .. .. .. 50,000 Discharged Soldiers Settle- 1921-22 .. .. .. .. 50,000 ment Account.. .. 3,250,000 1922-23 .. .. .. .. 50,000 Reserve Fund Account .. 636,076 1923-24 .. .. .. .. 50,000 4,086,076 6,860,871 Less— 200,000 Transferred to Ordinary Revenue Account, 1931-32 .. .. 200,000 Public Works Fund — 1920-21 .. .. .. .. 500,000 1923-24 .. .. .. .. 1,000,000 1924-25 .. .. .. .. 1,000,000 1925-26 .. .. .. .. 500,000 1927-28 .. .. .. .. 250,000 3,250,000 Reserve Fund Account — For purchase of securities, 1920-21 .. 1,200,000 For redemption of loan, 1922-23 .. 800,000 Less— 2,000,000 Transferred to Ordinary Revenue Account, £ 1931-32 .. .. 550,000 Net loss on realization of securities .. 86,076 636,076 1,363,924 Loans redemption— 1921-22 .. .. .. .. 560,011 1922-23 .. .. .. .. 2,337,360 1923-24 .. .. .. .. 1,367,341 1924-25 .. .. .. .. 1,052,130 1925-26 .. .. .. .. 566,161f 1926-27 .. .. .. .. 588,868J 1927-28 .. .. .. .. 95,980 1928-29 .. .. .. .. 50 6,567,901 Bank of New Zealand Shares Account —- 1926-27 .. .. .. .. 808,594 1927-28 .. .. .. .. 117,187 1928-29 .. .. .. .. 58,594 984,375 Education Loans Account, 1923-24 .. .. 100,000 Subsidies for relief of unemployment .. .. 531,415 Assistance towards earthquake services .. .. 33,322 Advance to State Forests Account .. .. 45,000 Advance to Rural Intermediate Credit Board .. .. .. .. .. 400,000 Advance to Westport Harbour Account) .. .. 5,000 Charges and expenses of renewing loans .. .. 4,105 Balance (cash) at 31st March, 1933 .. .. 40,046 £23,575,088 £23,575,088 * Total deficit £2,140,819, balance of £1,862,218 met out of proceeds of part of £3,030,000 Revenue Treasury Bills outstanding at 31st March, 1932. t Includes £151,824 of reparation-moneys received from Germany. J Includes £73,710 reparation-moneys received from Germany. In addition, £2,250,000 was obtained by hypothecation to Bank of New Zealand and National Bank of New Zealand of discharged-soldiers-settlcment securities in terms of section 7of the Finance Act, 1931 (No. 4). Repayment to be made out of the capital proceeds of instalment mortgages.

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