B.—l [PT. I]

Year ended 31st March, 1945, compared with the Year ended 31st March, 1944—continued ACCOUNT

17

Year Year EXPENDITURE. i9 4 5 MAKOH ' Net. £ s. d. £ s " d - 235,482,420 15 0 Securities renewed or converted .. .. .. .. •. • • 259,782,053 15 0 Premiums on conversion .. .. .. •• •• 210,365 0 0 930 0 0 Ordinary Stock exchanged for Death Duty Stock .. .. .. .. 1,135 0 0 262,260 0 0 Death Duty Stock exchanged or replaced by Ordinary Stock .. .. 377,025 0 0 52,005 0 0 Debentures exchanged for Stock .. .. .. .. .. •• 32,330 0 0 10,990,099 2 5 Securities redeemed at or before maturity .. .. .. 25,030,594 18 8 Balances at end of Year, — _ 23,868 11 8 Cash .. .. .. .. •• 208,716 13 6 Investment Account, — Securities held .. .. .. • • • • • • • • 2,500,000 0 0 £246,811,583 9 1 Totals .. .. .. .. .. £288,142,220 7 2 3—B. 1 [Pt. I]