New Zealand Gazette – 1937 – No. 9

Page 379

✨ Financial Statements and Audit Report



FEB. 10.]
THE NEW ZEALAND GAZETTE.
379
Nine Months ended 31st DECEMBER, 1936, compared with the Nine Months ended 31st DECEMBER, 1935—continued.

INVESTMENT ACCOUNT.

NINE MONTHS EXPENDITURE. NINE MONTHS ENDED 31ST DECEMBER,
ENDED 31ST DEC., Balances at end of Nine Months,— 1936.
1935. £ s. d. Cash ... ... ... Dr. 85,000 0 0
Dr. 1,080,000 0 0 Investment Account—
1,080,000 0 0 Securities held 85,000 0 0
Totals

G. C. RODDA,
Secretary to the Treasury.

B. C. ASHWIN,
Accountant to the Treasury.

The Treasury, Wellington,
4th February, 1937.

THE foregoing accounts have been examined and are certified with the following exceptions:

  1. As section 16 of the Finance Act, 1927 (No. 2), provides that certain payments are not to be shown as such in the Public Accounts, the total balances of the individual accounts as shown herein are excessive.

  2. During the nine months the State Advances Corporation paid to the Minister of Finance the sum of £655,054 18s. 11d., being profits and interest on stock issued. The bulk of this amount is shown in the accounts as a credit in reduction of interest. In the opinion of the Audit Office the whole of the amount should show as receipts in the Ordinary Revenue Account.

NOTE.—This certificate is given subject to the final audit of certain vouchers, which, owing to the post-audit system provided for by the Public Revenues Act, 1926, cannot be completely audited before the date at which the abstract is required by the Act to be certified.

J. H. FOWLER,
Deputy Controller and Auditor-General.

TREASURY NOTE.

(1) The exception referred to in paragraph 1 relates to investments of surplus funds held by some accounts in securities of other accounts. These investments are not regarded by section 16 of the Finance Act, 1927 (No. 2), as payments, and therefore the amounts of investments held at the end of the nine months, in conformity with established practice, are included in the balances carried forward as they are readily negotiable and form part of the resources of the holding account.

(2) The amount of £655,054 18s. 11d. in question is credited to Ordinary Revenue Account but not as revenue. The interest and profits arise from mortgages transferred from the State Advances Account. For the most part, in accordance with the Budget and the Estimates for the year that have been laid before Parliament, they are treated as a credit in reduction of interest on that portion of the Public Debt raised for State Advances purposes.

G. C. RODDA,
Secretary to the Treasury.



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✨ LLM interpretation of page content

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