B—l [Pt. IV]

Loan Redemption Fund Account

Depreciation Reserve Account

11

Dr. 1947-48. 1946-47. Or. 1947-48. 1946-47. Replacements, renewals, &c. Balance £ 370,546 4,094,585 £ 66,538 4,040,459 Balance (North Island Account) Balance (South Island Account) Interest at 4 per cent, per annum Net Revenue and Appropriation Account: Depreciation at 1 per cent, on completed works £ 2,729,718 1,310,741 £ 2,382,622 1,226,274 4,040,459 161,618 263,054 3,608,896 144,354 (a) 353,747 £4,465,131 £4,106,997 £4,465,131 £4,106,997 (a) The rate of depreciation was amended by section 4 of the Finance Act (Ho. 2), 1947, from 2 per cent, per annum to 1 per cent, per annum as from 1st April, 1947. The limit of the Depreciation Reserve was, by the same Act, raised from one-eighth to one-quarter of the capital outlay.

Dr. 1947-48. 1946-47. On j 1947-48. 1946-47. Balance at end of year £ 3,540,426 1 £ 3,349,024 Balance (North Island Account) .. .. Balance (South Island Account) .. .. .. Net Revenue and Appropriation Account: Balance avail- j able for further redemption £ 2,025,045 1,323,979 £ 2,025,045 1,150,237 3,349,024 191,402 3,175,282 173,7-42 £3,540,426 £3,349,024 £3,540,426 £3,349,024