7

8.—14

By section 29 of the Finance Act, 1929, the Financial Adviser to the Government was constituted a member ex officio of the boards charged with the control and investment of public moneys or other moneys administered by any Department of State and of certain other boards, including the Rural Intermediate Credit Board, the operations of which were of a public character. Since the retirement of Colonel J.J. Esson, one of the original members of the Board, from the position of Financial Adviser to the Government, his successor, Mr. R. E. Hayes, has acted as a member of the Board. Colonel Esson has continued in his private capacity to be chairman of the Board. The Board at present consists of the following members : — Colonel J. J. Esson, C.M.G., V.D., J.P., Wellington, Chairman of the Rural Intermediate Credit Board. Mr. J. W. Macdonald, C.M.G., Wellington, Public Trustee of the Dominion of New Zealand, Commissioner of Rural Intermediate Credit. Mr. John Brown, Lowcliffe, Canterbury, farmer. Mr. T. E. Corkill, Wellington, formerly assistant general manager of the Bank of New Zealand. Mr. Norton Francis, C.M.G., Christchurch, company-director. Mr. R. E. Hayes, C.M.G., Wellington, Financial Adviser to the New Zealand Government. Mr. J. N. Massey, M.P., Puni, Auckland, farmer. Mr. W. Waddel, Wellington, Superintendent of the State Advances Office. It will be observed that farming interests are adequately provided for by the appointment of a farming representative from each Island. Mr. Corkill, who had been absent on a trip to England, returned to the Dominion in October last, and since that date has taken part in the deliberations of the Board. Under the provisions of the Act Mr. J. Snell, of Wellington, was appointed Deputy Commissioner of Rural Intermediate Credit, and discharges the duties of that position in conjunction with those of Controller of the Mortgage Division of the Public Trust Office. 13. Meetings of the Board and Committees of the Board.—The Board has met regularly in Wellington at monthly intervals during the past year, the meetings being held as a rule on the second Friday of the month. Matters affecting the Board's lending business which have arisen in the intervals between the meetings of the full Board have been dealt with by a Local Committee composed of three members resident in Wellington, which meets weekly or more frequently if required for the purpose of considering loan applications, consenting to the registration of co-operative rural intermediate credit associations, dealing with the acceptance of guarantees under Part 111 of the Act, and endorsements of notes for discounting with the Board, considering the appointment of valuers, and similar matters. By adopting this procedure it has been possible to deal expeditiously with applications and other matters incidental to the lending operations. Particulars of the matters dealt with by the Local Committee are furnished to all members of the Board so that they may be conversant with the lines upon which the Local Committee is proceeding. It may be generally stated that the Board at its monthly meetings deals with matters of policy and the Local Committee with the individual lending transactions, but from time to time the Local Committee has referred applications or other matters involving important decisions to the full Board for consideration, so that the general policy of the Board in regard to special classes of transactions may be defined. For the year ended the 30th June, 1930, twelve meetings of the full Board and forty-three meetings of the Local Committee were held.