H—3s

j Cash on hand and in bank .. .. .. 28,145 11 9 I Acquired Assets Value Adjustment Account .. .. .. 11,127 14 11 Less written off, year ended 31st March, 1948.. .. .. 2,225 11 0 Preliminary development and deferred expenses .. .. .. 36,449 19 5 Less written off', year ended 31st March, 1948 .. .. 7,299 0 10 £1,038,659 0 2 £1,038,659 0 2 L. M. Isitt, Chairman. D. E. Foley, Chief Accountant. Wellington, 18th November, 1948. I 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.— C. J. M. Gair, Deputy Controller -and Auditor-General.

By Authority: E. V. Paul, Government Printer, Wellington.— 1948.

Price 6d.~\

Approximate Cost of Paper.—Preparation, not given ; printing (753 copies), £l4.

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