Balance-sheet as at 31st March, 1946 Liabilities. £ Assets £ Authorized capital .. .. .. .. .. 1,000,000 Mortgages and accrued interest .. .. .. .. 47,588,484 £ Securities in course of realization ~ .. .. .. 172,431 Stock and debentures ... .. ..• 47,722,590 Advances on current account and accrued interest .. .. 256,390 Accrued interest .. .. .. 254,700 Government and local-body securities and accrued interest .. 7,777,537 47,977,290 Office furniture, equipment, and motor-vehicles, at cost, less General Reserve, including (a) £2,753,164 repayable to the depreciation .. .. .. .. .. .. 18,751 State under section 35 of the State Advances Corporation Act, Current assets— £ 1934-35; (6) contribution from War Expenses Account of Sundry debtors .. .. .. .. 287,762 £208,683 in respect of rehabilitation advances .. .. 4,147,144 Lodgments in transit, cash in bank and on hand .. 198,429 Specific reserves— 486,191 Reserve for losses— £ Ex-State .. .. .. .. 2,313,413 New business .. .. .. 299,738 Investment Fluctuation Reserve .. 120,000 2,733,151 Sundry creditors . . . . .. .. .. 241, 400 Provision for taxation . . . . .. . . .. 88,749 Liability to the Crown— Surplus for year .. .. . . .. 6,099 Interest payable on State's contribution to General Reserve .. .. .. .. .. 105,951 112,050 £56,299,784 £56,299,784 W. G. Dent, 8.C0m., A.R.A.N.Z., for Chief Accountant. A. D. Park, F.1.A.N.Z., F.R.A.N.Z.\ M . , T. N. Smallwood J>Managing Directors. In accordance with the provisions of the State Advances Corporation Act, 1936, we report that we have obtained all the information and explanations we have required in respect of the accounts of the Corporation examined by us and in respect of the above Balance-sheet, which, in our opinion, is properly drawn up so as to exhibit a true and correct view of the state of the Corporation's affairs according to the best of our information and the explanations given to us and as shown by the books of the Corporation. Wellington, N.Z., 20th May, 1946. R. C. Burgess, F.P.A.N.Z. \ a Gr. D. Stewart, F.P.A.N.Z. j Auaitors -

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