H—44b

THE LINEN FLAX CORPORATION OF NEW ZEALAND— continued Balance-sheet as at 31st December, 1949 (Figures to the nearest pound) Liabilities £ Fixed Assets* £ £ Loan capital .. .. .. .. .. .. 300,000 Land and buildings .. .. .. .. 64,373 Plant and motor-vehicles .. .. .. 42,605 Insurance Reserves £ 106,978 Workers' accident insurance .. .. .. 2,995 • . ' Fire insurance .. .. .. .. .. 1,244 Current Assets 4,239 Factory imprest balances .. .. .. 469 Sundry debtors .. .. .. .. 28,049 Current Liabilities Stocks of fibre, tow, meal and seed, stores, and work in Sundry creditors (including liability to Treasury for progressf .. .. .. .. .. 119,700 United Kingdom and New Zealand Governments' 148 218 share of profit on 1945-46 and previously sown crops finally processed in 1947, £8,042 9s. Bd.) .. .. 15,252 Intangibles Bank of New Zealand overdraft .. .. .. 3,941 Research expenditure .. .. .. .. .. 6,852 19,193 Profit and Loss Appropriation Account— £ Balance as at 31st December, 1948 .. .. 4,542 United Kingdom and New Zealand Governments' share of profit on 1945-46 and previously sown crops finally processed in 1947, payable to Treasury .. 8,042 Net loss year ended 31st December, 1949 .. .. 48,800 61,384 £323,432 £323,432 * are at valuation in accordance with the Linen Flax Corporation Act, 1945, plus additions less depreciation (3 per cent, on buildings, 10 per cent, on plant, 20 per cent, on motor-vehicles). 1 ' t "Work in progress valued at cost of straw stocks plus direct wages. F. Johnson, Chairman of Directors. 29th March, 1950. H. D. McCrostie, General Manager. I hereby certify that the statement of accounts 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. Approximate Cost of Paper.—Preparation, not given; printing (784 copies), £l5 .

By Authority: R. E. Owen, Government Printer, Wellington.— 1950.

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