B—l [Pt. IV]

(a) The rate of depreciation was amended by section 4 of the Finance Act (No. 2), 1947, from 2 per cent, per annum to 1 per cent, per annum as from Ist April, 1947. The limit of the Depreciation Reserve was, by the same Act, raised from one-eighth to one-quarter of the capital outlay.

ELECTRIC SUPPLY ACCOUNT.—STATEMENT OF ACCOUNTS AT 31st MARCH, 1948—continued Net Revenue and Appropriation Account

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Dr. 1947-48. 1946-47. Or. 1947-48. 1946-47. North Island Account balance Interest — On capital liability at 4 per cent, per annum Less interest capitalized. £ 1,204,946 294,308 £ 167,606 £ 91,652 1,016,878 277,429 Balance from Gross Revenue Account Interest Reserve North Island Account balance £ 1,799,081 60,997 £ 1,579,192 167,606 On Depreciation Reserve at 4 per cent, per annum 910,638 161,618 1,072,256 739,449 144,354 883,803 Depreciation at 1 per cent, per annum on completed works Social security charge National security tax Income-tax 263,054 (a) 353,747 21,684 144,076 165,760 30,567 10,189 203,098 243,854 Balance to Loans Redemption Fund 191,402 173,742 £1,860,078 £1,746,798 £1,860,078 £1,746,798