H—3s

NEW ZEALAND NATIONAL AIRWAYS CORPORATION ;.;■;!: Profit and Loss Account for Year ended 31st March, 1947 Depreciation, of— £ 3. d. , Dividend accruing from liquidator of Union Airways of £ s. d. Aircraft and engines .. .. .. .':. 8,231 17 4 New Zealand, Limited, in respect of operations for year Motor-vehicles ... .. .. .. .;. 25 11 4 ended 31st March, 1947 .. .. .. .. 11,838 16 9 Subscription : International Air Transport Association .;. 1,551 8 0 Hire charge for use of aircraft and engines .. .. 11,767 8 6 Directors' fees ... .. .. .. .. 1,786 .3 5 Other revenue .. ~ .. .. .. 5 6 6 Directors' travelling and incidental expenses .. .. 169 3 7 Audit and legal fees ~ .. .. 37 .17 0 Other expenses .... .. .. ...'926 Interest on capital advances from New Zealand Govern- : ment Treasury ! ..', . :.. .. .. .'. • 5,786 60 :, Net profit for year ended 31st March, 1947 ... . : . 6,014 2 1 ' ' £23,611 11 3 ' £23,611 11 3 ]■. • Balance-sheet as at 31st March, 1947 " , Capital and Liabilities £s.d. • , Assets £s. d. Capital: Advances from New Zealand Government Aircraft and flight equipment (see provision for under section 25 of New Zealand National Airways obsolescence, £8,231 17s. 4d.) ' .. ..." .. 122,022 1 2 Act, 1945 .. .. .. .. .. 300,000 0 0 Acquired assets value adjustment j .. .. , .. 12,541 11 9 Profit and Loss Account .. .. .. .. 6,014 2 1 Land and buildings .. I .. ;.. .. 45,931 0 0 Current liabilities— £ s. d. Plant and equipment .. .. .. .. 16,044 6 8 Sundry creditors .. .. .. 97,927 22 Motor-vehicles .. '.'.<• .. .. .. 2,578 0 5 Accrued Habilities .. .. ..41,635 15 10 Office furniture and fittings, &c. .. .. .. 4,231 14 2 Unearned fares and deposits .. 28,269 17 3 • Spare parts and stores .. ' .. ..... .. 63,815 17 10 1 Sundry deferred credits .. .. 834 18 5 Debtors— £ s. d. !— 168,667 13 8 Sundry debtors .. 86,551 12 3 Provision for obsolescence .. ... .. 8,231 17 4 Agents'balances receivable .. .. 12,129 10 8 . : ; • Accrued assets .. .. .. 543 15 2 . . Deposits and prepayments .. .. 5,741 15 1 ; ; 104,966 13 2 ;■" . • Cash on hand and in bank .. .. .. .. 106,044 9 3 ; . ; Preliminary expenditure .. .. .. .. 4,737 18 8 :.- ' ' £482,913 13 1; ■ ; £482,913 13 1 .1 hereby certify that the Profit and Loss 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.— J. P. Rutherford, Controller and Auditor-Greneral. , T x ™ . Leonard Isitt, Chairman. D. E. Foley, Chief Accountant.

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