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GOVERNMENT ACCIDENT INSURANCE ACCOUNT Revenue Account for the Year Ended 31st December, 1949 £ s. d. £ s. dReserve for unearned premiums at 31st December, 1948 .. 233,023 2 11 Bonus rebate to policyholders .. .. .. 5,363 18 3 Premiums after deduction of reinsurances .. .. 337,716 0 2 Claims .. .. .. .. .. •• 308,815 15 3 £ s. d. Commission .. . . .. • • • • 8,863 3 6 Interest .. .. .. 29,355 10 1 Salaries .. .. .. .. .. .. 54,807 0 0 Less income arid social security taxes on Contribution to Government Superannuation Fund .. 1,656 0 0 interest .. .. .. .. 14,003 17 '9 Expenses of management .. .. .. .. 15,471 19 3 15,351 12 4 Reserve for unearned premiums at 31st December, 1949 .. 179,931 2 11 Profit on realization of investments .. .. .. 812 0 0 Commission on profits .. .. .. 1150 574,908 19 2 Income-tax and social security tax on underwriting account 8,895 13 4 Accident Funds at end of year .. .. .. 3,109 7 11 £586,914 0 5 £586,914 0 5 Balance-sheet as at 31st December, 1949 Liabilities £ s. d. Assets £ s. dAccident Insurance Funds as per Revenue Account .. 3,109 7 11 Government securities .. .. .. .. 719,537 0 0 Outstanding accident claims .. .. .. 283,297 14 0 Local-authority securities .. .. .. .. 81,718 11 10 Government taxes accrued but not due .. .. 24,469 11 1 Interest accrued but not due .. .. .. 8,573 0 0 Commission .. .. .. .. .. 1,268 0 0 Outstanding premiums .. .. .. .. 8,520 1 10 Premium and other deposits .. .. .. 3,787 4 7 Motor-vehicles Insurance (Third-party Risks) Pool .. 236,658 2 1 Sundry creditors .. .. .. .. .. 1,602 4 2 Sundry debtors .. .. .. .. .. 6,819 16 Employers' Liability Insurance Account .. .. 88,770 13 7 Cash at bank .. .. .. .. .. 101,102 1 0 Officers' Fidelity Fund .. .. .. .. 500 0 0 Reserve for Unearned Premiums .. .. .. 179,931 2 11 Bonus Reserve .. .. .. .. .. 60,000 0 0 Investments Fluctuation Reserve .. .. .. 70,000 0 0 Reinsurance Reserve . . .. .. . . 66,000 0 0 Bad Debts Reserve .. .. .. .. 1,000 0 0 Reserve Fund constituted under section 6 of the Government Accident Insurance Amendment Act, 1924 .. 379,183 0 0 £1,162,927 18 3 £1,162,927 18 3 R. H. Newbold, General Manager. T. .L. Seator, Deputy General Manager. Ist May, 1950. I hereby certify that the Revenue 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-General,

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