8.—5

46

33. Savings-bank systems be promoted for the purchase of bonds. 34. The annual report and balance-sheet of the Farm Loan Branch be presented to both Houses of Parliament, if sitting, within six weeks of the end of the financial year, or if not sitting, then within ten days after the commencement of the next ensuing session. 35. Shares in co-operative associations established for the purposes of intermediate credit be £l, and that shares in all new co-operative societies taking advantage of the proposed intermediate credit shall be limited to £l. 36. The Farm Loan Board be given power to at any time demand and enforce the sale of intermediate-credit securities. 37. In the case of societies or associations using intermediate credit the provisions of the Companies Act, 1908, should be applied where consistent. 38. An adequate system of warehousing produce is necessary in order to simplify the process of making advances against produce. Legislation should be enacted to provide for the licensing and bonding of public warehouses storing agricultural products under conditions tending to establish the integrity of their receipts and make them generally acceptable as security for loans. 39. The principles embodied in the draft of suggested legislation submitted in the appendix hereto be adopted and applied. J. J. Ess on, Chairman. P. H. Cox. W. J. POLSON. Wellington, 31st July, 1926.