B.—lBh.

2

3. Under both Acts. The security in each case is a special rate sufficient to meet the annual charges on account of each loan. Under the New Zealand State-guaranteed Advances Act, 1909, in addition to the main security of a special rate the Advances Board has also required a collateral security in those cases in which the loan-money was granted for revenue-producing works. There are not many of these—there being only twelve instances. The following are the instances above referred to, and the collateral security in each such case : —

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Nn.tnro of flnllo.tflra.1 fiftn,nrit,v. iNature ot collateral security. Nature of Collateral Security. Eoad Board— Otahuhu, £15,000 loan and 10 per cent, additional loan of £1,500 Town Boards— Frankton, £10,000 Johnsonville, £3,500 Otane, £1,500 A mortgage or charge over the undertaking, works, and the revenue therefrom, less working-expenses, and also all the revenues of the said Board. A mortgage over the proposed works. it a A security over the plant and a right of access over the site included. Harbour Boards— Hokitika, £25,000 The revenue to be derived from an export duty, not exceeding 2s. 6d. per 1,000 superficial feet, on timber to be exported from Hokitika. The revenue from the port and leases to be assigned as additional security. Wairoa, £78,000 ... Borough Councils— Cambridge, £3,800 Eltham, £10,000 loan and 10 per cent, additional loan of £1,000 Greytown, £6,000 Mortgage to be given over the gasworks. The proposed undertaking, works, and plant; the revenues and profits thereof are also accepted as collateral security. Mortgage over gasworks to be given in addition to the special rate, Milton, £2,800 ... Mortgage to be given over the gasworks in addition to the special rate. Ditto. Queenstown, £1,250 Sumner, £10,000 ...