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The Canteen Board's business is conducted on commercial lines, which permit of the profits indicated being earned. This profit accrues for the benefit of Service personnel, and the undistributed portion provides the Board with working capital, thus enabling it to operate without assistance from Government or other sources. The Board's low-selling-price policy confers many direct benefits in addition to the distribution of profit referred to above. No portion of canteen profit is paid to Government or other funds. It is claimed that the Canteen Board's organization has provided a high standard of service to the Armed Forces in all areas in which it has been called upon to operate, and conventional necessities have been made available at reasonable prices. The Board has established and enjoys the best of relations with the commercial community. This opportunity is taken to express appreciation to those within the Service Departments who, outside the scope of official requirements, have rendered willing and useful service to this organization. F. Jones, Minister of Defence, Chairman.

CANTEEN BOARD Trading Account foe the Year ended 31st March, 1943 Vr Per Cent. £ 8. d. Or. Per Cent. £ s. d. Stock, Ist April, 1942 .. .. 48,733 410 Gross sales .. ..100 1,742,87112 10 Phis purchases .. .. .. 1,471,383 1 2 1,520,116 6 0 Less stock, 31st March, 1943 .. 160,502 18 2 Cost price of goods sold .. 78-01 1,359,613 7 10 Gross profit, transferred to Profit and Loss Account .. 21-99 383,258 5 0 100-00 £1,742,871 12 10 100 £1,742,871 12 10 Profit and Loss Account for the Year ended 31st March, 1943 Dr. Per Cent. £ s. d. Or. Per Cent. £ s. d. Canteen salaries and wages .. 3-98 69,510 19 3 Gross profit, transferred from Canteen freights, cartage, postage, Trading Account .. .. 21-99 383,258 5 0 and sundry expenses.. .. 1-10 19,079 811 Depreciation of assets .. .. 0-53 9,185 13 2 Administrative expenses .. 0-40 6,967 13 3 Net profit, to Appropriation Account .. .. 15-98 278,514 10 5 2L99 £383,258 5 0 21-99 £383,258 5 0 Profit and Loss Aitkofbiation Account for the Year ended 31st March, 1943 Dr. £ s. (1. (Jr. £ S. d. Distribution of profits to defence Services 49,761 7 5 Balance, brought forward .. .. 102,743 210 Balance .. .. .. ■• 331,491) 5 10 Net profit, from Profit and Loss Account 278,514 10 5 £381,257 13 3 £381,257 13 3 Balance-sheet as at 31st March, 1943 Liabilities £ s. d. Assets £ s. d. Sundry creditors .. .. .. 136,329 4 5 Plant, equipment, furniture, and fittings, Reserve for power, lighting, and heating .. 1,692 17 7 less depreciation .. .. .. 2,034 18 5 Profit and Loss Appropriation Account .. 331,496 510 Stocks on hand and in transit .. 160,502 18 2 Sundry debtors .. .. .. 117,287 19 0 Investments : 3 per cent. New Zealand Government stock, 1945 .. .. 15,000 0 0 Cash at bank, in hand, and in transit .. 174,692 12 3 £469,518 7 10 £469,518 7 10 J. H. Slater, Secretary, Canteen Board. I hereby certify that the Trading, Profit and Loss, and Appropriation Accounts and the Balancesheet 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 AuditorGeneral.

Approximate Cost of Paper.—Vreparation, not given ; printing (048 copies), £4 10s.

By Authority: E. V. PAUL, Government Printer, Wellington. —1944.

Price 3d. ]

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